M&A Deal Summary

Cortec Group, Golub Capital, Adams Street Partners and Twin Brook Capital Partners Acquires Groundworks

On January 17, 2021, private equity firm Cortec Group, lender Golub Capital, asset manager Adams Street Partners and mezzanine finance firm Twin Brook Capital Partners acquired construction company Groundworks LLC from Succession Capital Partners (SCP)

Acquisition Highlights
  • This is Cortec Group’s 1st, Golub Capital’s 1st, Adams Street Partners’ 1st and Twin Brook Capital Partners’ 1st transaction in the Construction sector.
  • This is Cortec Group’s 41st, Golub Capital’s 61st, Adams Street Partners’ 95th and Twin Brook Capital Partners’ 15th transaction in the United States.
  • This is Cortec Group’s 2nd, Golub Capital’s 3rd, Adams Street Partners’ 4th and Twin Brook Capital Partners’ 3rd transaction in Virginia.

M&A Deal Summary

Date 2021-01-17
Target Groundworks LLC
Sector Construction
Buyer(s) Cortec Group
Golub Capital
Adams Street Partners
Twin Brook Capital Partners
Sellers(s) Succession Capital Partners (SCP)
Deal Type Recapitalization
Advisor(s) Harris Williams & Co. (Financial)
Moore & Van Allen PLLC (Legal)

Target

Groundworks LLC

Virginia Beach, Virginia, United States
website
Groundworks LLC is a vertically integrated foundation services company that serves primarily the single-family residential market, providing a critical suite of services to homeowners that preserve home value, integrity, and safety, including foundation repair, basement waterproofing, crawl space repair and encapsulation, and concrete lifting.

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Buyer(S) 4

Buyer

Cortec Group

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1984
PE ASSETS 4.6B USD
SizeLarge
Type Sector Agnostic
DESCRIPTION

Cortec Group, Inc. is a private equity firm focused on acquiring mid-sized businesses operating in basic industries. Cortec Group is an experienced and knowledgeable investor in healthcare products and services, B2C and B2B products, value-added distribution (including eCommerce), and specialty services companies with revenues of $40-$300 million and EBITDA of $7 to $35+ million. The Cortec Group was formed in 1984 and is based in New York City.


DEAL STATS #
Overall 42 of 42
Sector (Construction) 1 of 1
Type (Recapitalization) 6 of 6
State (Virginia) 2 of 2
Country (United States) 41 of 41
Year (2021) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-24 Lap of Love Veterinary Hospice

Lutz, Florida, United States

Lap of Love Veterinary Hospice is a provider of end of life care for companion animals, offering consultations, hospice care, and euthanasia, and related aftercare services. Lap of Love Veterinary Hospice was founded in 2009 and is based in Lutz, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-22 Canadian Hospital Specialties Ltd.

Oakville, Ontario, Canada

Canadian Hospital Specialties manufactures, sells, markets, and distributes disposable medical and surgical products primarily to the Canadian hospital market. Canadian Hospital Specialties based in Oakville, Ontario.

Sell -
Buyer

Golub Capital

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Lender
Founded 1994
PE ASSETS 25.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

Golub Capital is a private investment firm focused on making debt and equity investments in US based middle-market companies. Golub looks to invest between $5 and $75 million in businesses with established operating cash flow, strong customer relationships, and 'sustainable proprietary positions in their markets'. Prospective investment structures include refinancings, recapitalizations, buyouts, and growth financings. Sectors of interest include consumer products, business and consumer services, defense, manufacturing, value-added distribution, media, healthcare services and restaurants. Golub Capital was formed in 1994 and maintains offices in New York City, Atlanta, and Chicago.


DEAL STATS #
Overall 64 of 66
Sector (Construction) 1 of 1
Type (Recapitalization) 10 of 10
State (Virginia) 3 of 3
Country (United States) 61 of 63
Year (2021) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-12 Statlab Medical Products, Inc.

McKinney, Texas, United States

Statlab Medical Products, Inc. is a developer and manufacturer of cost-effective histology, cytology, and immunohistochemistry diagnostic supplies. StatLab offers 1,750 of the most commonly purchased diagnostic supplies used by independent and hospital-based anatomic pathology laboratories. Statlab Medical Products, Inc. was established in 1976 and is based in McKinney, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-25 Pet Supplies Plus LLC

Livonia, Michigan, United States

Pet Supplies Plus is a pet specialty retailer in the United States by total system sales, providing a wide variety of pet food, treats, hard goods and services for dogs, cats, and small animals. Pet Supplies Plus was founded in 1988 and is based in Livonia, Michigan.

Sell $700M
Buyer

Adams Street Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

website


Category Asset Manager
Founded 1972
PE ASSETS 26.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

Adams Street Partners is a diversified, global investment firm that targets direct, fund of funds, and secondary investments. Adams' direct investing group covers co-investments in buyout transactions, as well as growth equity and venture capital commitments. The direct buyout and growth equity team looks to commit $5 to $30 million per transaction. For venture related investments, commitments of $5 to $20 million are provided to companies in the technology, life sciences and technology enabled services sectors. Typically, target companies have received prior financing from early stage venture firms and are seeking additional capital to fund product development and commercialization. Adams Street Partners was formed in 1972 and is based in Chicago, Illinois.


DEAL STATS #
Overall 103 of 105
Sector (Construction) 1 of 1
Type (Recapitalization) 4 of 4
State (Virginia) 4 of 4
Country (United States) 95 of 97
Year (2021) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-08 Cybera, Inc.

Franklin, Tennessee, United States

Cybera, Inc. is a provider of security as a service virtual application networks to enterprises. Cybera solves the networking and security needs of highly distributed enterprises. Cybera was founded in 2001 and is based in Franklin, Tennessee.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-03 Alation, Inc.

Redwood City, California, United States

Alation is a comprehensive, single source of reference for an organization’s data. Powerful search & discovery capabilities inspire collaboration and support data-driven decision-making. Alation was founded in 2012 and is based in Redwood City, California.

Buy -
Buyer

Twin Brook Capital Partners

Investor Investor Investor Investor Investor

website


Category Mezzanine Finance Firm
SizeMega
Type Sector Agnostic
DESCRIPTION

Twin Brook Capital Partners is a provider of senior financing to small and mid-sized profitable companies. The Firm looks to offer a variety of credit and equity solutions including revolvers, senior loans, unitranche loans, mezzanine financing, and equity co-investment to US-based companies with $3 to $50 million in EBITDA. Target sectors include industrial, manufacturing, business services, financial services, insurance, aerospace/defense, distribution, healthcare, and software/tech enabled services. Twin Brook Capital Partners is based in Chicago, Illinois.


DEAL STATS #
Overall 15 of 19
Sector (Construction) 1 of 1
Type (Recapitalization) 3 of 3
State (Virginia) 3 of 3
Country (United States) 15 of 18
Year (2021) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-08 PaperTech

Bingham Farms, Michigan, United States

PaperTech is a manufacturer of paperboard packaging products for major food brands, contract food packagers, food service operations, as well as for commercial bakeries, quick-serve restaurants, and “take-and-bake” pizza companies. PaperTech was founded in 1999 and is based in Bingham Farms, Michigan.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-04 Leonard Buildings and Truck Accessories

Mount Airy, North Carolina, United States

Leonard Buildings and Truck Accessories is an operator of full-service retailers of pickup truck accessories, trailers, and storage units in the United States. Leonard Buildings and Truck Accessories was founded in 1963 and is based in Mount Airy, North Carolina.

Buy -

Seller(S) 1

SELLER

Succession Capital Partners (SCP)

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2009
SizeSmall
Type Sector Agnostic
DESCRIPTION

Succession Capital Partners is a private equity firm focused on small-cap, family-owned company acquisitions in the Southeast and MidAtlantic regions of the US. The Firm does not have any sector preferences and targets transactions valued from $3 to $30 million. Succession Capital Partners was formed in 2009 and is headquartered in Norfolk, Virginia.


DEAL STATS #
Overall 2 of 2
Sector (Construction) 1 of 1
Type (Recapitalization) 1 of 1
State (Virginia) 2 of 2
Country (United States) 2 of 2
Year (2021) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-01-18 PetroChem Recovery Services, Inc.

Norfolk, Virginia, United States

PetroChem Recovery Services, Inc. is a full-service emergency response, industrial, hazardous and non-hazardous waste environmental services and remediation company. Since 1982, PetroChem Recovery Services has provided cost-effective, timely and environmentally conscious services .PetroChem offers a comprehensive line of environmental services including: 24-hour emergency response to chemical and petroleum spills, groundwater testing and remediation, industrial cleaning for maintenance and shutdowns, vacuum truck services, recycling of waste/oil fuels/oil filters and the transportation and disposal of hazardous and non-hazardous materials. PetroChem Recovery Services was founded in 1982 and is based in Norfolk, Virginia.

Sell -