Cartesian Capital Group Mergers and Acquisitions Summary

Private Equity Profile

Cartesian Capital Group’s most common sectors for investment are communications (12%) and financial services (12%). The Firm’s most common investment types include stake purchase (28%) and growth capital (23%). In total, Cartesian Capital Group has invested in 3 US states and 11 different countries. Its largest (disclosed) acquisition occurred in 2009 when it acquired Banco Daycoval S.A for $111M.

In the last 3 years, Cartesian Capital Group has exited 3 companies. The Firm’s most common exit type is secondary buyout (34%). Cartesian Capital Group’s largest (disclosed) exit occurred in 2010 when it sold ReSearch Pharmaceutical Services for $227M.

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M&A Summary

  • M&A Total Activity24
    • M&A Buy Activity18
    • M&A Sell Activity6
  • Total Sectors Invested 14
  • Total Countries Invested 11
  • M&A Buy/Sell Connections 8
  • M&A Advisors 3

Cartesian Capital Group LLC

505 Fifth Avenue, 15th floor,
New York, New York 10017
United States
(212)461-6363
www.cartesiangroup.com
info@cartesiangroup.com

Cartesian Capital Group LLC is a private equity firm that invests in high growth businesses in emerging markets across the globe. Cartesian focuses on profitable companies with strong growth prospects and experienced management. The Firm looks to invest $25 - $125 million (generally minority positions) in businesses generating at least $250 million in revenues. Specific areas of interest include financial and business services, telecommunications, specialized retail, transportation and logistics, and material products. Cartesian Capital Group LLC was formed in 2006 and is based in New York City. The Firm has additional offices in Sao Paolo, Shanghai, Vienna, Warsaw, Bucharest, and Bermuda.


Investment Criteria

Sectors of Interest: Building Materials, Business Services, Communications, Education, Financial Services, Insurance, Metals/Mining, Retail, Transportation

Target Transaction Types: Buyout (LBO, MBO, MBI), Consolidation, Divestiture, Going Private, Growth Capital, Recapitalization, Special Situations/Distressed

Geographic Preferences: East US, Midwest US, South US, West US, Canada, United Kingdom, Western Europe, Eastern Europe, Scandinavia, Africa, Asia/Pacific, Australia/New Zealand, Central Asia/India, Latin/South America, Middle East

Transaction Criteria Min Max
Target Revenue 250 -
Target EBITDA - -
Investment Size 25 125
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (0.4/yr) # 16 2 - - - - 18
vol $111M $111M
Sell (0.8/yr) # 2 1 1 2 - - 6
vol $227M $117M $344M
  24

Most Recent M&A

Company Date Value Type
Waypoint Leasing Ltd. 2018-11-25 - Bankruptcy
Limerick, Ireland · www.waypointleasing.com
Neuberger Berman Insurance-Linked Strategies 2018-11-01 - Secondary Buyout
New York, New York · www.nb.com/pages/public/global/nb-ils.aspx
Belgravia Capital International, Inc. 2017-11-22 - IPO
Toronto, Ontario · www.belgraviacapital.ca
Digital Unlimited Group Ltd. 2016-11-17 117M GBP Going Private
London, United Kingdom · www.unlimitedgroup.com
Aqua Comms Ltd. 2016-05-05 - Growth Capital
Dublin, Ireland · www.aquacomms.com
Westport Fuel Systems, Inc. 2016-01-11 - Stake Purchase
Vancouver, British Columbia · www.wfsinc.com
Belgravia Capital International, Inc. 2014-11-26 - Growth Capital
Toronto, Ontario · www.belgraviacapital.ca
Flemingo International (BVI) Ltd. 2014-10-01 - Growth Capital
Dubai, United Arab Emirates · www.flemingo-intl.com
Circle K Mexico 2014-02-01 - Growth Capital
, Mexico · www.kmexico.com.mx
Public Mobile, Inc. 2013-10-24 - Add-on Acquisition
Toronto, Ontario · www.publicmobile.ca
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Arlington Industries Group Ltd 2013-01-01 Gustav Wahler GmbH & Co. KG 2019-04-03 2
Manchester, United Kingdom · www.arlingtonindustriesgroup.com Esslingen, Germany · www.wahler.de
Arlington Industries Group Ltd 2013-01-01 Magal Engineering 2017-05-17 1
Manchester, United Kingdom · www.arlingtonindustriesgroup.com Reading, United Kingdom · www.magal.co.uk

M&A by Sector

Sector Current # Value All-time # Value
Financial Services 2 (17%) 111M (100%) 2 (11%) 111M (100%)
Communications 1 (8%) - 2 (11%) -
Insurance 1 (8%) - 2 (11%) -
Restaurants 2 (17%) - 2 (11%) -
Aerospace - - 1 (6%) -
Automotive 1 (8%) - 1 (6%) -
Business Services - - 1 (6%) -
Education 1 (8%) - 1 (6%) -
Franchising 1 (8%) - 1 (6%) -
Information Technology 1 (8%) - 1 (6%) -
Life Science - - 1 (6%) -
Manufacturing 1 (8%) - 1 (6%) -
Marketing - - 1 (6%) -
Transportation 1 (8%) - 1 (6%) -
Total 12 $111M 18 $111M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 1 (8%) - 3 (17%) -
  California 1 (8%) - 1 (6%) -
  Pennsylvania - - 1 (6%) -
  New York - - 1 (6%) -
Canada 1 (8%) - 3 (17%) -
  Ontario - - 2 (11%) -
  British Columbia 1 (8%) - 1 (6%) -
Brazil 2 (17%) 111M (100%) 2 (11%) 111M (100%)
United Kingdom 1 (8%) - 2 (11%) -
Ireland 1 (8%) - 2 (11%) -
China 1 (8%) - 1 (6%) -
Bermuda 1 (8%) - 1 (6%) -
Mexico 1 (8%) - 1 (6%) -
Russia 1 (8%) - 1 (6%) -
Turkey 1 (8%) - 1 (6%) -
United Arab Emirates 1 (8%) - 1 (6%) -
Domestic 1 (8%) - 3 (17%) -
Cross-border 11 (92%) 111M (100%) 15 (83%) 111M (100%)
Total 12 $111M 18 $111M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Stake Purchase 5 (42%) - 5 (28%) -
Growth Capital 3 (25%) - 4 (22%) -
PIPE 2 (17%) 111M (100%) 3 (17%) 111M (100%)
Buyout (LBO, MBO, MBI) 1 (8%) - 3 (17%) -
Joint Venture 1 (8%) - 2 (11%) -
Venture - - 1 (6%) -
Total 12 $111M 18 $111M

Exits by Deal Type

Type Total # Value
Secondary Sale 2 (33%) 227M (66%)
Sold to Existing Investors 1 (17%) 117M (34%)
Bankruptcy 1 (17%) -
IPO 1 (17%) -
Trade Sale - Public Company 1 (17%) -
Total 6 $344M

Top M&A Advisors

Financial Deals
Sandler O'Neill + Partners LP
1
Legal Deals
Kirkland & Ellis LLP
1
The Leman Law Firm
1

Deal Values

buy # Total
$100M to $1B 1 $111M
TOTAL $111M
Largest Banco Daycoval S.A
$111M (2009-03-02)
sell # Total
$100M to $1B 2 $344M
TOTAL $344M
Largest ReSearch Pharmaceutical Services, Inc.
$227M (2010-12-28)

M&A Connections

Deals %
Exited to
PE Firm(s)
75%
3 75%
Strategic(s)
25%
1 25%

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