Boathouse Capital Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Boathouse Capital has acquired 2 companies. It has also invested in 9 others.

Boathouse Capital’s most common sectors for investment are software (17%) and business services (15%). The Firm’s most common investment types include growth capital (70%) and secondary buyout (12%). In total, Boathouse Capital has invested in 19 US states. Its largest (disclosed) acquisition occurred in 2012 when it acquired Hoonuit for $19M.

In the last 3 years, Boathouse Capital has exited 10 companies. The Firm’s most common exit type is trade sale (50%). Boathouse Capital’s largest (disclosed) exit occurred in 2017 when it sold Convene for $68M.

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M&A Summary

  • M&A Total Activity54
    • M&A Buy Activity42
    • M&A Sell Activity12
  • Total Sectors Invested 19
  • Total Countries Invested 1
  • M&A Buy/Sell Connections 25
  • M&A Advisors 5

Boathouse Capital

353 West Lancaster Avenue, Suite 200,
Wayne, Pennsylvania 19087
United States
(610) 688-6314
www.boathousecapital.com
Colin.Raws@boathousecapital.com

Boathouse Capital is a provider of mezzanine and equity capital to lower middle-market companies in a variety of industries. The Firm works in partnership with management teams and private equity firms in funding private equity sponsored buyouts, management buyouts, recapitalizations, refinancings, and growth capital financings. Boathouse can commit up to $20 million per transaction and generally pursues companies with 'exceptional' management, sustainable competitive advantages, growing end markets, 'sticky' business models, and diversified customers. Boathouse seeks companies with at least $10 million in revenues and at least $5 million of EBITDA. Boathouse is based in Wayne, Pennsylvania.


Investment Criteria

Sectors of Interest: Aerospace, Apparel/Textiles, Business Services, Education, Franchising, Healthcare Services, Information Services, Information Technology, Internet Software and Services, Leisure, Marketing, Retail, Software, Staffing

Target Transaction Types: Buyout (LBO, MBO, MBI), Growth Capital, Recapitalization

Geographic Preferences: East US, Midwest US, South US, West US

Transaction Criteria Min Max
Target Revenue 10 -
Target EBITDA 5 -
Investment Size 5 20
Enterprise Value 15 100
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (3.0/yr) # 27 4 3 3 5 - 42
vol $19M $19M
Sell (2.4/yr) # - 2 7 2 1 - 12
vol $68M $68M
  54

Most Recent M&A

Company Date Value Type
Fresh Dining Concepts LLC 2019-12-04 - Secondary Buyout
Coral Gables, Florida
Network for Good 2019-11-12 - Growth Capital
Washington, District of Columbia · www.networkforgood.com
2nd Ave Stores LLC 2019-09-18 - Secondary Buyout
Laurel, Maryland · www.2ndavestores.com
AnalyticsIQ 2019-08-21 - Growth Capital
Atlanta, Georgia · www.analytics-iq.com
Finch 2019-08-05 - Growth Capital
Salt Lake City, Utah · www.finch.com
OrthoFi, Inc. 2019-05-03 - Secondary Buyout
Denver, Colorado · www.orthofi.com
Energy Planning Associates Corp. 2018-12-20 - Add-on Acquisition
Sanford, Florida · www.envirobrite.net
TapClicks, Inc. 2018-09-26 - Growth Capital
San Jose, California · www.tapclicks.com
Cal Net Technology Group, Inc. 2018-08-07 - Add-on Acquisition
Chatsworth, California · www.calnettech.com
Unitas Global LLC 2018-01-30 - Growth Capital
Los Angeles, California · www.unitasglobal.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Hoonuit LLC 2012-04-11 Tembo, Inc. 2019-12-05 4
Minneapolis, Minnesota · www.hoonuit.com Philadelphia, Pennsylvania · www.temboinc.com
Hoonuit LLC 2012-04-11 DecisionInsite 2019-06-12 3
Minneapolis, Minnesota · www.hoonuit.com Irvine, California · www.decisioninsite.com
Hoonuit LLC 2012-04-11 Mizuni, Inc. 2019-04-03 2
Minneapolis, Minnesota · www.hoonuit.com Addison, Texas · www.mizuni.com
MISTI (MIS Training Institute) 2014-04-02 LeaderQuest 2019-04-01 1
Southborough, Massachusetts · www.misti.com Englewood, Colorado · www.leaderquestonline.com
MISTI (MIS Training Institute) 2014-04-02 InfoSec World Conference & Expo 2019-02-26 1
Southborough, Massachusetts · www.misti.com Southborough, Massachusetts · www.infosecworld.misti.com
DuckerFrontier 2016-10-03 Versalinx Global Events 2018-12-03 1
Washington, District of Columbia · www.duckerfrontier.com , United States
Hoonuit LLC 2012-04-11 Versifit Technologies LLC 2015-07-16 1
Minneapolis, Minnesota · www.hoonuit.com Appleton, Wisconsin · www.versifit.com
IMPLAN 2013-07-16 MIG, Inc. 2013-07-16 1
Huntersville, North Carolina · www.implan.com , United States

M&A by Sector

Sector Current # Value All-time # Value
Software 3 (14%) - 7 (17%) -
Business Services 3 (14%) - 6 (14%) -
Marketing 4 (18%) - 6 (14%) -
Internet Software and Services 2 (9%) 19M (100%) 3 (7%) 19M (100%)
Information Services 1 (5%) - 3 (7%) -
Information Technology 2 (9%) - 3 (7%) -
Manufacturing - - 2 (5%) -
Aerospace 1 (5%) - 1 (2%) -
Consumer Products 1 (5%) - 1 (2%) -
Distribution - - 1 (2%) -
Education 1 (5%) - 1 (2%) -
Electrical Equipment - - 1 (2%) -
Franchising 1 (5%) - 1 (2%) -
Leisure 1 (5%) - 1 (2%) -
Restaurants - - 1 (2%) -
Retail 1 (5%) - 1 (2%) -
Safety/Security - - 1 (2%) -
Staffing 1 (5%) - 1 (2%) -
Transportation - - 1 (2%) -
Total 22 $19M 42 $19M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 22 (100%) 19M (100%) 42 (100%) 19M (100%)
  Florida 2 (9%) - 6 (14%) -
  California 4 (18%) - 5 (12%) -
  New York 1 (5%) - 4 (10%) -
  Illinois 2 (9%) - 3 (7%) -
  District of Columbia 2 (9%) - 3 (7%) -
  Pennsylvania 2 (9%) - 3 (7%) -
  North Carolina 2 (9%) - 3 (7%) -
  Utah 1 (5%) - 2 (5%) -
  Texas 1 (5%) - 2 (5%) -
  Virginia - - 2 (5%) -
  Minnesota 1 (5%) 19M (100%) 1 (2%) 19M (100%)
  Idaho 1 (5%) - 1 (2%) -
  Georgia 1 (5%) - 1 (2%) -
  Massachusetts 1 (5%) - 1 (2%) -
  Maryland 1 (5%) - 1 (2%) -
  Kentucky - - 1 (2%) -
  Kansas - - 1 (2%) -
  Connecticut - - 1 (2%) -
  Colorado - - 1 (2%) -
Total 22 $19M 42 $19M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Growth Capital 14 (64%) - 29 (69%) -
Secondary Buyout 4 (18%) 19M (100%) 5 (12%) 19M (100%)
Recapitalization 1 (5%) - 3 (7%) -
Acquisition Financing 2 (9%) - 2 (5%) -
Buyout (LBO, MBO, MBI) - - 2 (5%) -
Divestiture 1 (5%) - 1 (2%) -
Total 22 $19M 42 $19M

Exits by Deal Type

Type Total # Value
Trade Sale 5 (42%) -
Secondary Sale 3 (25%) -
Recapitalization 2 (17%) 68M (100%)
Trade Sale - Public Company 1 (8%) -
Unknown 1 (8%) -
Total 12 $68M

Top M&A Advisors

Legal Deals
Drinker Biddle & Reath LLP
2
Paul Hastings LLP
1
DLA Piper
1

Deal Values

buy # Total
< $100M 1 $19M
TOTAL $19M
Largest Hoonuit LLC
$19M (2012-04-11)
sell # Total
< $100M 1 $68M
TOTAL $68M
Largest Convene
$68M (2017-05-04)

M&A Connections

Deals %
Acquired from
PE Firm(s)
88%
7 88%
Strategic(s)
13%
1 13%
Exited to
PE Firm(s)
40%
4 40%
Strategic(s)
60%
6 60%

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