Comvest Partners Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Comvest Partners has acquired 8 companies. It has also invested in 5 others.

Comvest Partners’ most common sectors for investment are healthcare services (13%) and financial services (8%). The Firm’s most common investment types include growth capital (34%) and buyout (lbo, mbo, mbi) (23%). In total, Comvest Partners has invested in 22 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 8 companies. The Firm’s most common exit type is trade sale (63%). 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 Activity94
    • M&A Buy Activity62
    • M&A Sell Activity32
  • Total Sectors Invested 33
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 59
  • 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 ≤ '16 '17 '18 '19 '20 '21 T
Buy (3.8/yr) # 43 6 7 1 3 2 62
vol $801M $801M
Sell (2.0/yr) # 22 2 4 3 - 1 32
vol $1.8B $318M $2.1B
  94

Most Recent M&A

Company Date Value Type
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
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
Citizens Rx LLC 2019-02-01 - Recapitalization
Oak Park, Illinois · www.citizensrx.com
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Healthcare Services 3 (9%) - 8 (13%) -
Financial Services 4 (13%) - 5 (8%) -
Business Services 2 (6%) - 4 (6%) -
Information Technology 1 (3%) - 4 (6%) -
Education 3 (9%) - 3 (5%) -
Software - - 2 (3%) 780M (97%)
Airlines - - 2 (3%) -
Building Materials 1 (3%) - 2 (3%) -
Distribution 1 (3%) - 2 (3%) -
E-Commerce 1 (3%) - 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%) -
Consumer Services - - 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%) -
Medical Products 1 (3%) - 1 (2%) -
Metals/Mining - - 1 (2%) -
Safety/Security - - 1 (2%) -
Utilities 1 (3%) - 1 (2%) -
Total 32 - 62 $801M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 30 (94%) - 61 (97%) 801M (100%)
  Florida 5 (16%) - 11 (17%) -
  New York 5 (16%) - 7 (11%) -
  California 4 (13%) - 7 (11%) -
  Texas 3 (9%) - 7 (11%) 21M (3%)
  Tennessee 3 (9%) - 3 (5%) -
  Massachusetts - - 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%) -
  Georgia 1 (3%) - 1 (2%) -
  Virginia - - 1 (2%) -
  South Carolina - - 1 (2%) -
  Illinois - - 1 (2%) -
  Alabama - - 1 (2%) -
Canada 2 (6%) - 2 (3%) -
  Ontario 2 (6%) - 2 (3%) -
Domestic 30 (94%) - 61 (97%) 801M (100%)
Cross-border 2 (6%) - 2 (3%) -
Total 32 - 63 $801M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Growth Capital 10 (31%) - 21 (33%) -
Buyout (LBO, MBO, MBI) 8 (25%) - 14 (22%) -
Secondary Buyout 6 (19%) - 7 (11%) -
Divestiture 2 (6%) - 5 (8%) -
PIPE 1 (3%) - 4 (6%) 21M (3%)
Recapitalization 3 (9%) - 4 (6%) -
Venture 1 (3%) - 4 (6%) -
Special Situations/Distressed 1 (3%) - 2 (3%) -
Going Private - - 1 (2%) 780M (97%)
Acquisition Financing - - 1 (2%) -
Total 32 - 63 $801M

Exits by Deal Type

Type Total # Value
Trade Sale 12 (38%) -
Trade Sale - Public Company 8 (25%) 2.0B (97%)
Bankruptcy 3 (9%) -
Recapitalization 3 (9%) -
Secondary Sale 2 (6%) -
Divestiture 1 (3%) 40M (2%)
Merger 1 (3%) 25M (1%)
IPO 1 (3%) -
Unknown 1 (3%) -
Total 32 $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
8
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
Investor(s)
11%
7 (11%)
Strategic(s)
8%
5 (8%)
Exited to
Investor(s)
13%
4 (13%)
Strategic(s)
69%
22 (69%)

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