Comvest Partners Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Comvest Partners has acquired 4 companies. It has also invested in 5 others.

Comvest Partners’ most common sectors for investment are healthcare services (14%) and information technology (7%). The Firm’s most common investment types include growth capital (32%) and buyout (lbo, mbo, mbi) (22%). In total, Comvest Partners has invested in 21 US states and 2 different countries. Its largest (disclosed) acquisition occurred in 2012 when it acquired Tekelec Global for $780M.

In the last 3 years, Comvest Partners has exited 6 companies. The Firm’s most common exit type is trade sale (64%). Comvest Partners’ largest (disclosed) exit occurred in 2010 when it sold AirTran Airways for $1.4B.

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M&A Summary

  • M&A Total Activity89
    • M&A Buy Activity59
    • M&A Sell Activity30
  • Total Sectors Invested 31
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 54
  • M&A Advisors 7

Comvest Partners

525 Okeechobee Boulevard, Suite 1050,
West Palm Beach, Florida 33401
United States
(561) 727-2000
www.comvest.com
michaelf@comvest.com

Comvest Partners is a private investment firm that provides equity and debt capital to middle-market companies across the US. Comvest funds a variety of investment situations, including buyouts, divestitures, recapitalizations, consolidations, take privates, and turnarounds. Sectors of interest include business services, information services, education, financial services, healthcare services, software, IT, and transportation. For equity investments, Comvest prefers control and looks to invest $35 to $125 million per transaction. For debt needs, Comvest seeks to provide $10 to $25 million per transaction. Comvest Partners was formed in 2000 and is based in West Palm Beach, Florida.


Investment Criteria

Sectors of Interest: Aerospace, Airlines, Apparel/Textiles, Beverages, Building Materials, Business Services, Communications, Construction, Consumer Products, Consumer Services, Defense, Distribution, Education, Electrical Equipment, Electronics, Financial Services, Healthcare Services, Information Technology, Internet Software and Services, Life Science, Marketing, Media, Medical Products, Metals/Mining, Restaurants, Retail, Safety/Security, Semiconductors, Software, Transportation, Utilities

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

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

Transaction Criteria Min Max
Target Revenue 50 1,000
Target EBITDA - -
Investment Size 35 125
Enterprise Value 75 400
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (3.6/yr) # 41 2 6 7 1 2 59
vol $801M $801M
Sell (2.2/yr) # 19 3 2 4 2 - 30
vol $1.8B $318M $2.1B
  89

Most Recent M&A

Company Date Value Type
Cassavant Machining, Inc. 2020-02-20 - Recapitalization
Phoenix, Arizona · www.cassmac.com
Encompass Supply Chain Solutions, Inc. 2020-01-15 - Recapitalization
Lawrenceville, Georgia · www.encompass.com
SunteckTTS, Inc. 2019-11-18 - Add-on Acquisition
Jacksonville, Florida · www.suntecktts.com
VanDeMark Chemical, Inc. 2019-04-23 - Secondary Buyout
Lockport, New York · www.vdmchemical.com
Transfast 2019-03-08 - Add-on Acquisition
New York, New York · www.transfast.com
Ojos Locos LLC (Ojos Locos Sports Cantina) 2018-11-06 - Growth Capital
Plano, Texas · www.ojoslocos.com
Red Hawk Fire & Security LLC 2018-10-25 318M USD Add-on Acquisition
Boca Raton, Florida · www.redhawkus.com
Integrated Oncology Network LLC 2018-10-08 - Recapitalization
Corona Del Mar, California · www.ion-llc.com
HOP Energy LLC 2018-07-31 - Divestiture
White Plains, New York · www.hopenergy.com
Spinrite LP 2018-07-03 - Secondary Buyout
Listowel, Ontario · www.spinriteyarns.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
CarePayment Technologies, Inc. 2017-03-13 Horizon Health Fund 2020-03-09 1
Lake Oswego, Oregon · www.carepayment.com Durham, North Carolina · www.horizonhealthfund.com
IMC Health Medical Centers 2017-02-02 Iglesias Carlos MD 2019-10-09 2
Miami Lakes, Florida · www.imchealth.com Coral Gables, Florida
HOP Energy LLC 2018-07-31 Kosco Heritage Energy LLC 2019-06-20 1
White Plains, New York · www.hopenergy.com Kingston, New York · www.koscoheritage.com
Engage2Excel, Inc. 2018-03-08 Rideau, Inc. 2019-04-30 1
Statesville, North Carolina · www.engage2excel.com Montréal, Quebec · www.rideau.com
Lasko Holdings, Inc. (Lasko Products) 2016-11-21 Intertex, Inc. 2019-02-05 1
Chester, Pennsylvania · www.laskoproducts.com Azusa, California · www.b-air.com
IMC Health Medical Centers 2017-02-02 Sunset Cardiology P.L. 2019-01-30 1
Miami Lakes, Florida · www.imchealth.com Miami, Florida · www.sunsetcardiology.com
Southern Technical Institute LLC 2012-11-09 Florida Medical Prep LLC 2013-04-09 1
Orlando, Florida · www.southerntech.edu Pinellas Park, Florida
Lennox Hearth Products LLC 2012-04-25 Innovative Hearth Products 2012-09-19 1
Nashville, Tennessee · www.lennoxhearthproducts.com Santa Ana, California · www.fmiproducts.com
Digital Domain Holdings Ltd. (Digital Domain 3.0, Inc.) 2006-07-21 In-Three, Inc. 2010-11-10 1
Venice, California · www.digitaldomain.com Westlake Village, California · www.in-three.com

M&A by Sector

Sector Current # Value All-time # Value
Healthcare Services 3 (9%) - 8 (14%) -
Business Services 3 (9%) - 4 (7%) -
Financial Services 4 (12%) - 4 (7%) -
Information Technology 2 (6%) - 4 (7%) -
Software - - 2 (3%) 780M (97%)
Airlines - - 2 (3%) -
Building Materials 1 (3%) - 2 (3%) -
Consumer Services 2 (6%) - 2 (3%) -
Distribution 1 (3%) - 2 (3%) -
E-Commerce 1 (3%) - 2 (3%) -
Education 2 (6%) - 2 (3%) -
Internet Software and Services - - 2 (3%) -
Manufacturing 2 (6%) - 2 (3%) -
Restaurants 2 (6%) - 2 (3%) -
Retail 2 (6%) - 2 (3%) -
Semiconductors - - 2 (3%) -
Transportation - - 1 (2%) 21M (3%)
Apparel/Textiles 1 (3%) - 1 (2%) -
Beverages - - 1 (2%) -
Chemicals 1 (3%) - 1 (2%) -
Communications 1 (3%) - 1 (2%) -
Electronics 1 (3%) - 1 (2%) -
Energy Services and Equipment 1 (3%) - 1 (2%) -
Environmental 1 (3%) - 1 (2%) -
Insurance 1 (3%) - 1 (2%) -
Life Science - - 1 (2%) -
Machinery - - 1 (2%) -
Marketing - - 1 (2%) -
Media 1 (3%) - 1 (2%) -
Metals/Mining - - 1 (2%) -
Safety/Security - - 1 (2%) -
Total 33 - 59 $801M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 31 (94%) - 58 (97%) 801M (100%)
  Florida 4 (12%) - 10 (17%) -
  New York 5 (15%) - 7 (12%) -
  California 5 (15%) - 7 (12%) -
  Texas 3 (9%) - 6 (10%) 21M (3%)
  Tennessee 3 (9%) - 3 (5%) -
  Massachusetts 1 (3%) - 3 (5%) -
  Colorado - - 3 (5%) -
  Michigan 2 (6%) - 2 (3%) -
  North Carolina 1 (3%) - 2 (3%) 780M (97%)
  Arizona 1 (3%) - 2 (3%) -
  Nevada - - 2 (3%) -
  Minnesota - - 2 (3%) -
  Pennsylvania 1 (3%) - 1 (2%) -
  Oregon 1 (3%) - 1 (2%) -
  Missouri 1 (3%) - 1 (2%) -
  Indiana 1 (3%) - 1 (2%) -
  Illinois 1 (3%) - 1 (2%) -
  Georgia 1 (3%) - 1 (2%) -
  Virginia - - 1 (2%) -
  South Carolina - - 1 (2%) -
  Alabama - - 1 (2%) -
Canada 2 (6%) - 2 (3%) -
  Ontario 2 (6%) - 2 (3%) -
Domestic 31 (94%) - 58 (97%) 801M (100%)
Cross-border 2 (6%) - 2 (3%) -
Total 33 - 60 $801M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Growth Capital 9 (27%) - 19 (32%) -
Buyout (LBO, MBO, MBI) 9 (27%) - 13 (22%) -
Secondary Buyout 6 (18%) - 7 (12%) -
Divestiture 2 (6%) - 5 (8%) -
PIPE 1 (3%) - 4 (7%) 21M (3%)
Recapitalization 3 (9%) - 4 (7%) -
Venture 2 (6%) - 4 (7%) -
Special Situations/Distressed 1 (3%) - 2 (3%) -
Going Private - - 1 (2%) 780M (97%)
Acquisition Financing - - 1 (2%) -
Total 33 - 60 $801M

Exits by Deal Type

Type Total # Value
Trade Sale 11 (37%) -
Trade Sale - Public Company 8 (27%) 2.0B (97%)
Bankruptcy 3 (10%) -
Recapitalization 2 (7%) -
Secondary Sale 2 (7%) -
Divestiture 1 (3%) 40M (2%)
Merger 1 (3%) 25M (1%)
IPO 1 (3%) -
Unknown 1 (3%) -
Total 30 $2.1B

Top M&A Advisors

Financial Deals
Lazard Ltd.
1
Raymond James - Investment Banking
1
Stifel, Nicolaus & Co., Inc.
1
Legal Deals
McDermott Will & Emery LLP
7
Kirkland & Ellis LLP
1
Akerman Senterfitt LLP
1

Deal Values

buy # Total
$100M to $1B 1 $780M
< $100M 1 $21M
TOTAL $801M
Largest Tekelec Global, Inc.
$780M (2012-01-27)
sell # Total
> $1B 1 $1.4B
$100M to $1B 3 $616M
< $100M 2 $65M
TOTAL $2.1B
Largest AirTran Airways, Inc.
$1.4B (2010-09-27)

M&A Connections

Deals %
Acquired from
PE Firm(s)
74%
14 74%
Strategic(s)
26%
5 26%
Exited to
PE Firm(s)
13%
3 13%
Strategic(s)
88%
21 88%

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