Comvest Partners Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Comvest Partners has acquired 11 companies. It has also invested in 8 others.

Comvest Partners’ most common sectors for investment arehealthcare services (12%) and financial services (9%) . The Firm’s most common investment types include growth capital (34%) and buyout (lbo, mbo, mbi) (24%). In total, Comvest Partners has invested in 23 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 9 companies. The Firm’s most common exit type is trade sale (61%). 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 Activity103
    • M&A Buy Activity70
    • M&A Sell Activity33
  • Total Sectors Invested 33
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 62
  • M&A Advisors 9

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 ≤ '16 '17 '18 '19 '20 '21 T
Buy (5.0/yr) # 45 6 8 1 3 7 70
vol $801M $801M
Sell (2.2/yr) # 22 2 4 3 - 2 33
vol $1.8B $318M $2.1B
  103

Most Recent M&A

Company Date Value Type
Renovation Brands LLC 2021-11-22 - Secondary Buyout
Florence, Alabama · www.renovationbrands.com
Gen3 Marketing LLC 2021-09-21 - Secondary Buyout
Blue Bell, Pennsylvania · www.gen3marketing.com
RugsUSA LLC 2021-09-10 - Secondary Buyout
Cranbury, New York · www.rugsusa.com
ClearOne Advantage LLC 2021-08-11 - Growth Capital
Baltimore, Maryland · www.clearoneadvantage.com
Above Lending, Inc. 2021-07-20 - Growth Capital
Houston, Texas · www.abovelending.com
Atomic Transport LLC 2021-07-01 - Growth Capital
Chattanooga, Tennessee · www.atomictransport.com
Leixir Dental Group 2021-04-08 - Growth Capital
Gurugram, United States · www.leixir.com
D&S Community Services 2021-02-22 - Add-on Acquisition
Austin, Texas · www.dscommunity.com
Beyond Finance 2021-02-08 - Growth Capital
Houston, Texas · www.beyondfinance.com
Seven Seas Water Corp. 2020-03-30 - Buyout (LBO, MBO, MBI)
Tampa, Florida · www.7seaswater.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Uniguest, Inc. 2013-12-16 Eleven, Inc. - Hospitality Business Center Division 2016-04-04 7
Nashville, Tennessee · www.uniguest.com , United States

M&A by Sector

Sector Current # Value All-time # Value
Healthcare Services 3 (8%) - 8 (11%) -
Financial Services 5 (13%) - 6 (9%) -
Business Services 3 (8%) - 5 (7%) -
Information Technology 2 (5%) - 5 (7%) -
Distribution 2 (5%) - 3 (4%) -
Education 3 (8%) - 3 (4%) -
Software - - 2 (3%) 780M (97%)
Airlines - - 2 (3%) -
Building Materials 1 (3%) - 2 (3%) -
Consumer Services 1 (3%) - 2 (3%) -
E-Commerce - - 2 (3%) -
Energy Services and Equipment 2 (5%) - 2 (3%) -
Environmental 2 (5%) - 2 (3%) -
Internet Software and Services - - 2 (3%) -
Manufacturing 2 (5%) - 2 (3%) -
Marketing 1 (3%) - 2 (3%) -
Restaurants 2 (5%) - 2 (3%) -
Retail 2 (5%) - 2 (3%) -
Semiconductors - - 2 (3%) -
Transportation - - 1 (1%) 21M (3%)
Apparel/Textiles 1 (3%) - 1 (1%) -
Beverages - - 1 (1%) -
Chemicals 1 (3%) - 1 (1%) -
Communications 1 (3%) - 1 (1%) -
Electronics 1 (3%) - 1 (1%) -
Insurance 1 (3%) - 1 (1%) -
Life Science - - 1 (1%) -
Machinery - - 1 (1%) -
Media 1 (3%) - 1 (1%) -
Medical Products 1 (3%) - 1 (1%) -
Metals/Mining - - 1 (1%) -
Safety/Security - - 1 (1%) -
Utilities 1 (3%) - 1 (1%) -
Total 39 - 70 $801M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 37 (95%) - 69 (97%) 801M (100%)
  Florida 5 (13%) - 11 (15%) -
  Texas 5 (13%) - 9 (13%) 21M (3%)
  California 4 (10%) - 7 (10%) -
  New York 4 (10%) - 7 (10%) -
  Tennessee 5 (13%) - 5 (7%) -
  Colorado - - 3 (4%) -
  Massachusetts - - 3 (4%) -
  Pennsylvania 2 (5%) - 2 (3%) -
  Missouri 2 (5%) - 2 (3%) -
  Michigan 2 (5%) - 2 (3%) -
  North Carolina 1 (3%) - 2 (3%) 780M (97%)
  Arizona 1 (3%) - 2 (3%) -
  Alabama 1 (3%) - 2 (3%) -
  Nevada - - 2 (3%) -
  Minnesota - - 2 (3%) -
  Georgia 1 (3%) - 1 (1%) -
  Oregon 1 (3%) - 1 (1%) -
  Maryland 1 (3%) - 1 (1%) -
  Indiana 1 (3%) - 1 (1%) -
  Illinois - - 1 (1%) -
  Virginia - - 1 (1%) -
  South Carolina - - 1 (1%) -
Canada 2 (5%) - 2 (3%) -
  Ontario 2 (5%) - 2 (3%) -
Domestic 37 (95%) - 69 (97%) 801M (100%)
Cross-border 2 (5%) - 2 (3%) -
Total 39 - 71 $801M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Growth Capital 12 (31%) - 24 (34%) -
Buyout (LBO, MBO, MBI) 11 (28%) - 17 (24%) -
Secondary Buyout 8 (21%) - 9 (13%) -
Divestiture 2 (5%) - 5 (7%) -
PIPE 1 (3%) - 4 (6%) 21M (3%)
Recapitalization 3 (8%) - 4 (6%) -
Venture 1 (3%) - 4 (6%) -
Special Situations/Distressed 1 (3%) - 2 (3%) -
Going Private - - 1 (1%) 780M (97%)
Acquisition Financing - - 1 (1%) -
Total 39 - 71 $801M

Exits by Deal Type

Type Total # Value
Trade Sale 12 (36%) -
Trade Sale - Public Company 8 (24%) 2.0B (97%)
Bankruptcy 3 (9%) -
Recapitalization 3 (9%) -
Secondary Sale 3 (9%) -
Divestiture 1 (3%) 40M (2%)
Merger 1 (3%) 25M (1%)
IPO 1 (3%) -
Unknown 1 (3%) -
Total 33 $2.1B

Top M&A Advisors

Financial Deals
Robert W. Baird & Co., Inc.
1
Lazard Ltd.
1
Raymond James - Investment Banking
1
Legal Deals
McDermott Will & Emery LLP
9
Akerman Senterfitt LLP
2
Kirkland & Ellis 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
Investor(s)
13%
9 (13%)
Strategic(s)
7%
5 (7%)
Exited to
Investor(s)
15%
5 (15%)
Strategic(s)
67%
22 (67%)

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