Carousel Capital Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Carousel Capital has acquired 4 companies.

Carousel Capital’s most common sectors for investment are consumer services (19%) and healthcare services (12%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (60%) and recapitalization (19%). In total, Carousel Capital has invested in 8 US states.

In the last 3 years, Carousel Capital has exited 3 companies. The Firm’s most common exit type is secondary buyout (63%). 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 Activity43
    • M&A Buy Activity27
    • M&A Sell Activity16
  • Total Sectors Invested 17
  • Total Countries Invested 1
  • M&A Buy/Sell Connections 15
  • M&A Advisors 6

Carousel Capital

201 North Tryon Street, Suite 2450,
Charlotte, North Carolina 28202
United States
(704) 372-2040
www.carouselcap.com
whobbs@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 majority and minority situations. Prospective companies are generally valued up to $200 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: Automotive, Building Materials, Business Services, Consumer Products, Consumer Services, Distribution, Environmental, Franchising, Healthcare Services, Manufacturing, Media, Medical Products, Packaging, Publishing

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 - 200
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (1.0/yr) # 22 - - 2 3 - 27
Sell (1.0/yr) # 11 2 1 1 1 - 16
vol $39M $39M
  43

Most Recent M&A

Company Date Value Type
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 Columbiax, 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
Huseby, Inc. 2018-06-04 - Recapitalization
Charlotte, North Carolina · www.huseby.com
Pegasus Transtech LLC 2018-01-17 - Recapitalization
Tampa, Florida · www.transflo.com
Express Oil Change & Service Center LLC 2017-06-15 - Secondary Buyout
Birmingham, Alabama · www.expressoil.com
HEPACO, Inc. 2016-08-23 - Secondary Buyout
Charlotte, North Carolina · www.hepaco.com
Sona MedSpa International, Inc. 2016-01-20 - Add-on Acquisition
Charlotte, North Carolina · www.sonamedspa.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Huseby, Inc. 2018-06-04 Discovery Litigation Services LLC 2019-03-11 4
Charlotte, North Carolina · www.huseby.com Atlanta, Georgia · www.discoverylit.com
Huseby, Inc. 2018-06-04 Edwards Reporting, Inc. 2019-02-12 3
Charlotte, North Carolina · www.huseby.com Flowood, Mississippi · www.edwardsreporting.com
Huseby, Inc. 2018-06-04 King Reporting 2019-02-12 2
Charlotte, North Carolina · www.huseby.com Melbourne, Florida · www.kingreporting.com
Huseby, Inc. 2018-06-04 Ruffin Consulting, Inc. 2019-02-12 1
Charlotte, North Carolina · www.huseby.com Wilson, North Carolina · www.ruffinconsulting.com

M&A by Sector

Sector Current # Value All-time # Value
Consumer Services - - 5 (19%) -
Healthcare Services 2 (18%) - 3 (11%) -
Building Materials 1 (9%) - 2 (7%) -
Business Services 2 (18%) - 2 (7%) -
Information Technology 1 (9%) - 2 (7%) -
Software 2 (18%) - 2 (7%) -
Automotive - - 1 (4%) -
Consumer Products - - 1 (4%) -
Distribution - - 1 (4%) -
Electrical Equipment - - 1 (4%) -
Environmental - - 1 (4%) -
Franchising - - 1 (4%) -
Machinery 1 (9%) - 1 (4%) -
Medical Products 1 (9%) - 1 (4%) -
Packaging - - 1 (4%) -
Publishing - - 1 (4%) -
Transportation 1 (9%) - 1 (4%) -
Total 11 - 27 -

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 11 (100%) - 27 (100%) -
  North Carolina 3 (27%) - 8 (30%) -
  South Carolina 2 (18%) - 5 (19%) -
  Alabama 1 (9%) - 5 (19%) -
  Florida 2 (18%) - 4 (15%) -
  Virginia 1 (9%) - 2 (7%) -
  Kentucky 1 (9%) - 1 (4%) -
  Georgia 1 (9%) - 1 (4%) -
  Texas - - 1 (4%) -
Total 11 - 27 -

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 3 (27%) - 16 (59%) -
Recapitalization 4 (36%) - 5 (19%) -
Secondary Buyout 3 (27%) - 5 (19%) -
Divestiture 1 (9%) - 1 (4%) -
Total 11 - 27 -

Exits by Deal Type

Type Total # Value
Secondary Sale 10 (63%) -
Trade Sale - Public Company 3 (19%) 39M (100%)
Unknown 2 (13%) -
Trade Sale 1 (6%) -
Total 16 $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
 6
McGuireWoods LLP
 1
Bradley Arant Boult Cummings LLP
 1

Deal Values

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

M&A Connections

Deals %
Acquired from
PE Firm(s)
89%
8 89%
Strategic(s)
11%
1 11%
Exited to
PE Firm(s)
78%
14 78%
Strategic(s)
22%
4 22%

Investor Summary

Size

Large

PE Assets

1.2B USD

Established

1996

Specialist/Generalist

Generalist

Leadership

Charles S. Grigg

Managing Partner

Jason C. Schmidly

Managing Partner

Robert L. Kreidler

CFO & CCO

Alan C. Welch

Principal

Peter L. Clark Jr.

Principal

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