Carousel Capital Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Carousel Capital has acquired 8 companies.

Carousel Capital’s most common sectors for investment aresoftware (13%) and consumer services (13%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (46%) and recapitalization (31%). In total, Carousel Capital has invested in 8 US states.

In the last 3 years, Carousel Capital has exited 4 companies. The Firm’s most common exit type is secondary buyout (62%). Carousel Capital’s largest (disclosed) exit occurred in 2015 when it sold Nestor Sales for $39M.

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M&A Summary

  • M&A Total Activity51
    • M&A Buy Activity33
    • M&A Sell Activity18
  • Total Sectors Invested 20
  • Total Countries Invested 1
  • M&A Buy/Sell Connections 17
  • M&A Advisors 7

Carousel Capital

201 N Tryon Street Suite 2450,
Charlotte, North Carolina 28202
United States
(704) 372-2040
www.carouselcapital.com
info@carouselcapital.com

Carousel Capital is a private investment group that invests in companies headquartered in the Southeast US. The Firm targets leveraged buyouts and recapitalizations of businesses in consumer products/services, business services, and healthcare services. Carousel will consider both the majority and minority situations. Prospective companies are generally valued up to $250 million and have at least $3 million of EBITDA. Carousel Capital was formed in 1996 and is based in Charlotte, North Carolina.


Investment Criteria

Sectors of Interest: Business Services, Consumer Services, Healthcare Services

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Recapitalization, Secondary Buyout

Geographic Preferences: South US

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA 3 -
Investment Size - -
Enterprise Value - 250
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '16 '17 '18 '19 '20 '21 T
Buy (2.0/yr) # 23 2 2 3 2 1 33
Sell (1.0/yr) # 13 1 1 2 - 1 18
vol $39M $39M
  51

Most Recent M&A

Company Date Value Type
Legacy Data Access LLC 2021-07-20 - Recapitalization
Charlotte, North Carolina · www.legacydataaccess.com
The Advantage Software Co. 2021-01-19 - Add-on Acquisition
Mooresville, North Carolina · www.gotoadvantage.com
Ethos Risk Services, Inc. 2020-11-20 - Recapitalization
St. Petersburg, Florida · www.ethosrisk.com
Landscape Workshop, Inc. 2020-09-22 - Recapitalization
Birmingham, Alabama · www.landscapeworkshop.com
Pye-Barker Fire & Safety LLC 2019-11-26 - Secondary Buyout
Alpharetta, Georgia · www.pyebarkerfire.com
Joe Hudson's Collision Center 2019-08-22 - Secondary Buyout
Montgomery, Alabama · www.jhcc.com
Armstrong Transport Group LLC 2019-06-18 - Recapitalization
Charlotte, North Carolina · www.armstrongtransport.com
Palmetto Infusion Services LLC 2019-04-16 - Divestiture
West Columbia, South Carolina · www.palmettoinfusion.com
Process Equipment, Inc. 2019-03-06 - Secondary Buyout
Pelham, Alabama · www.processbarron.com
Caldwell & Gregory, Inc. 2018-12-06 - Secondary Buyout
Manakin-Sabot, Virginia · www.caldwellandgregory.com
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Consumer Services - - 4 (12%) -
Software 2 (20%) - 4 (12%) -
Business Services 2 (20%) - 3 (9%) -
Healthcare Services 1 (10%) - 3 (9%) -
Building Materials - - 2 (6%) -
Environmental 1 (10%) - 2 (6%) -
Franchising - - 2 (6%) -
Automotive - - 1 (3%) -
Consumer Products - - 1 (3%) -
Distribution - - 1 (3%) -
Electrical Equipment - - 1 (3%) -
Information Services - - 1 (3%) -
Information Technology 1 (10%) - 1 (3%) -
Internet Software and Services 1 (10%) - 1 (3%) -
Machinery 1 (10%) - 1 (3%) -
Medical Products - - 1 (3%) -
Packaging - - 1 (3%) -
Publishing - - 1 (3%) -
Safety/Security - - 1 (3%) -
Transportation 1 (10%) - 1 (3%) -
Total 10 - 33 -

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 10 (100%) - 33 (100%) -
  North Carolina 5 (50%) - 11 (33%) -
  Alabama 2 (20%) - 6 (18%) -
  Florida 2 (20%) - 5 (15%) -
  South Carolina 1 (10%) - 5 (15%) -
  Virginia - - 2 (6%) -
  Georgia - - 2 (6%) -
  Texas - - 1 (3%) -
  Kentucky - - 1 (3%) -
Total 10 - 33 -

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) - - 15 (45%) -
Recapitalization 7 (70%) - 10 (30%) -
Secondary Buyout 2 (20%) - 6 (18%) -
Divestiture 1 (10%) - 1 (3%) -
Going Private - - 1 (3%) -
Total 10 - 33 -

Exits by Deal Type

Type Total # Value
Secondary Sale 11 (61%) -
Trade Sale - Public Company 3 (17%) 39M (100%)
Trade Sale 2 (11%) -
Unknown 2 (11%) -
Total 18 $39M

Top M&A Advisors

Financial Deals
Harris Williams & Co.
 2
Fidus Partners LLC
 1
Sagent Advisors LLC
 1
Legal Deals
K&L Gates LLP
 9
Bradley Arant Boult Cummings LLP
 1
Culp Elliott & Carpenter P.L.L.C.
 1

Deal Values

sell # Total
< $100M 1 $39M
TOTAL $39M
Largest Nestor Sales LLC
$39M (2015-08-03)

M&A Connections

Deals
Acquired from
Investor(s)
18%
6 (18%)
Strategic(s)
3%
1 (3%)
Exited to
Investor(s)
61%
11 (61%)
Strategic(s)
28%
5 (28%)

Investor Summary

Investor Type

Private Equity Firm

Size

Large

PE Assets

1.3B USD

Established

1996

Specialist/Generalist

Generalist

Leadership

Nelson Schwab III

Co-Founder & Senior Advisor

Charles Grigg

Managing Partner

Jason Schmidly

Managing Partner

Alan Welch Jr

Partner

Peter Clark Jr.

Partner

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