Crescent Capital Group Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Crescent Capital Group has acquired 4 companies. It has also invested in 3 others.

Crescent Capital Group’s most common sectors for investment are manufacturing (9%) and business services (9%). The Firm’s most common investment types include secondary buyout (34%) and buyout (lbo, mbo, mbi) (31%). In total, Crescent Capital Group has invested in 20 US states and 8 different countries. Its largest (disclosed) acquisition occurred in 2006 when it acquired Telediffusion de France S.A for $5.6B.

In the last 3 years, Crescent Capital Group has exited 5 companies. The Firm’s most common exit type is trade sale (40%). Crescent Capital Group’s largest (disclosed) exit occurred in 2014 when it sold URS for $6.0B.

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M&A Summary

  • M&A Total Activity99
    • M&A Buy Activity59
    • M&A Sell Activity40
  • Total Sectors Invested 24
  • Total Countries Invested 8
  • M&A Buy/Sell Connections 61
  • M&A Advisors 13

Crescent Capital Group LP

11100 Santa Monica Blvd., Suite 2000,
Los Angeles, California 90025
United States
(310) 235-5900
www.crescentcap.com
daniel.honeker@tcw.com

Crescent Capital is a provider of debt securities to middle-market companies. Crescent looks to issue senior bank loans, high yield bonds, mezzanine debt and distressed debt to fund a variety of needs. The FIrm's direct lending group looks to provide $10 to $30 million to sponsor-backed companies that generate $5 to $25 million of EBITDA. Crescent's mezzanine practice typically provides junior capital to support buyouts, recapitalizations, and refinancings. Crescent Capital was formed in 1991 and was originally known as TCW/Crescent Mezzanine. The Firm has offices in Los Angeles, Boston, New York, and London.


Investment Criteria

Sectors of Interest: Automotive, Beverages, Business Services, Communications, Consumer Products, Consumer Services, Distribution, Electrical Equipment, Electronics, Energy Services and Equipment, Engineering, Environmental, Financial Services, Food, Franchising, Gaming, Healthcare Services, Insurance, Leisure, Life Science, Manufacturing, Media, Medical Products, Packaging, Publishing, Restaurants, Retail, Safety/Security, Semiconductors, Test/Measurement Equipment

Target Transaction Types: Buyout (LBO, MBO, MBI), Going Private, Growth Capital, Secondary Buyout

Geographic Preferences: East US, Midwest US, South US, West US, Canada, Western Europe, Eastern Europe, Australia/New Zealand

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA 5 25
Investment Size 10 -
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (1.6/yr) # 51 1 1 1 2 3 59
vol $20.6B $20.6B
Sell (1.8/yr) # 31 4 2 2 1 - 40
vol $29.2B $4.8B $300M $500M $1.1B $35.8B
  99

Most Recent M&A

Company Date Value Type
Spy Alarms Ltd. 2020-09-01 - Growth Capital
Orpington, United Kingdom · www.spyalarms.co.uk
NAVTOR AS 2020-08-27 - Growth Capital
Egersund, Norway · www.navtor.com
F45 Training Pty Ltd. 2020-06-24 - Buyout (LBO, MBO, MBI)
Sydney, Australia · www.f45training.com
Radiation Therapy Services, Inc. 2019-12-13 1.1B USD Add-on Acquisition
Fort Myers, Florida · www.21co.com
The Hilb Group LLC 2019-10-30 - Secondary Buyout
Richmond, Virginia · www.hilbgroup.com
SRL Traffic Systems Ltd. 2019-09-16 - Growth Capital
Cheshire, United Kingdom · www.srl.co.uk
Avalign Technologies Holdings, Inc. 2018-12-27 - Secondary Buyout
Lake Forest, Illinois · www.avaligntech.com
Van Pool Transportation LLC 2018-07-05 - Secondary Buyout
Wilbraham, Massachusetts · www.vanpooltransportation.com
Tate’s Bake Shop, Inc. 2018-05-06 500M USD Add-on Acquisition
Southampton, New York · www.tatesbakeshop.com
Motorsport Aftermarket Group, Inc. 2017-11-15 300M USD Recapitalization
Coppell, Texas · www.maggroup.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
The Hilb Group LLC 2019-10-30 ISI of Maryland LLC 2020-10-13 17
Richmond, Virginia · www.hilbgroup.com Annapolis, Maryland · www.insursol.com
The Hilb Group LLC 2019-10-30 Ganim Group, Inc. 2020-09-22 16
Richmond, Virginia · www.hilbgroup.com Shelton, Connecticut
The Hilb Group LLC 2019-10-30 CIA Financial Group, Inc. 2020-07-22 15
Richmond, Virginia · www.hilbgroup.com Shelby Township, Michigan · www.ciainsurance.com
The Hilb Group LLC 2019-10-30 Eldredge & Lumpkin Insurance Agency, Inc. 2020-07-21 14
Richmond, Virginia · www.hilbgroup.com Chatham, Massachusetts · www.elinsurance.com
The Hilb Group LLC 2019-10-30 Fort Myers Insurance Agency, Inc. 2020-06-09 13
Richmond, Virginia · www.hilbgroup.com Cape Coral, Florida · www.freedominsurancecenter.com
The Hilb Group LLC 2019-10-30 CBIZ, Inc. - Book of Business 2020-04-21 12
Richmond, Virginia · www.hilbgroup.com Cleveland, Ohio
The Hilb Group LLC 2019-10-30 Healthcare Liability Consultants Agency, Inc. 2020-03-24 11
Richmond, Virginia · www.hilbgroup.com Fairview Park, Ohio
The Hilb Group LLC 2019-10-30 LifePlus Insurance Agency, Inc. 2020-03-10 10
Richmond, Virginia · www.hilbgroup.com Marshfield, Massachusetts · www.lpins.com
The Hilb Group LLC 2019-10-30 D. F. Dwyer & Associates LLC 2020-02-27 9
Richmond, Virginia · www.hilbgroup.com Newport, Rhode Island · www.dwyer.insure.com
The Hilb Group LLC 2019-10-30 Regency Insurance Group LLC 2020-02-11 8
Richmond, Virginia · www.hilbgroup.com East Lansing, Michigan · www.regency-group.com

M&A by Sector

Sector Current # Value All-time # Value
Business Services 1 (7%) - 5 (8%) 2.0B (10%)
Healthcare Services 2 (14%) - 5 (8%) 1.1B (5%)
Information Technology 2 (14%) - 5 (8%) -
Manufacturing 1 (7%) - 5 (8%) -
Communications - - 4 (7%) 7.4B (36%)
Retail - - 4 (7%) 3.8B (18%)
Safety/Security 1 (7%) - 3 (5%) 1.3B (6%)
Automotive - - 3 (5%) 650M (3%)
Electrical Equipment 1 (7%) - 3 (5%) -
Insurance 2 (14%) - 3 (5%) -
Life Science - - 2 (3%) 1.3B (6%)
Consumer Services 1 (7%) - 2 (3%) -
Food - - 2 (3%) -
Medical Products 1 (7%) - 2 (3%) -
Semiconductors - - 2 (3%) -
Engineering - - 1 (2%) 1.7B (8%)
Gaming - - 1 (2%) 1.3B (6%)
Furniture - - 1 (2%) 100M (< 1%)
Consumer Products - - 1 (2%) -
Environmental - - 1 (2%) -
Financial Services - - 1 (2%) -
Internet Software and Services 1 (7%) - 1 (2%) -
Staffing 1 (7%) - 1 (2%) -
Transportation - - 1 (2%) -
Total 14 - 59 $20.6B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 10 (71%) - 49 (83%) 8.8B (43%)
  California - - 6 (10%) 1.8B (9%)
  Florida 3 (21%) - 5 (8%) 1.2B (6%)
  Virginia 1 (7%) - 4 (7%) 1.7B (8%)
  Massachusetts 1 (7%) - 4 (7%) -
  Illinois 1 (7%) - 3 (5%) -
  Maryland - - 3 (5%) 847M (4%)
  Texas - - 3 (5%) -
  New York - - 3 (5%) -
  North Carolina 1 (7%) - 2 (3%) -
  Iowa 1 (7%) - 2 (3%) -
  Alabama 1 (7%) - 2 (3%) -
  Georgia - - 2 (3%) 500M (2%)
  Ohio - - 2 (3%) -
  Missouri - - 2 (3%) -
  Arizona 1 (7%) - 1 (2%) -
  Colorado - - 1 (2%) 1.4B (7%)
  Kansas - - 1 (2%) 828M (4%)
  Washington - - 1 (2%) 550M (3%)
  Pennsylvania - - 1 (2%) -
  Connecticut - - 1 (2%) -
United Kingdom 2 (14%) - 3 (5%) 1.3B (6%)
Switzerland - - 2 (3%) 2.4B (12%)
Australia 1 (7%) - 1 (2%) -
Norway 1 (7%) - 1 (2%) -
France - - 1 (2%) 5.6B (27%)
Greece - - 1 (2%) 1.8B (9%)
Israel - - 1 (2%) 650M (3%)
Domestic 10 (71%) - 49 (83%) 8.8B (43%)
Cross-border 4 (29%) - 10 (17%) 11.8B (57%)
Total 14 - 59 $20.6B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 5 (36%) - 20 (34%) 4.4B (21%)
Buyout (LBO, MBO, MBI) 2 (14%) - 18 (31%) 6.8B (33%)
Growth Capital 5 (36%) - 6 (10%) -
Going Private - - 4 (7%) 5.1B (25%)
Divestiture - - 3 (5%) 3.5B (17%)
Recapitalization 1 (7%) - 3 (5%) 847M (4%)
Special Situations/Distressed - - 2 (3%) -
Stake Purchase 1 (7%) - 2 (3%) -
Add-on Acquisition - - 1 (2%) -
Total 14 - 59 $20.6B

Exits by Deal Type

Type Total # Value
Secondary Sale 13 (33%) 10.3B (29%)
Trade Sale - Public Company 12 (30%) 15.2B (42%)
IPO 7 (18%) -
Trade Sale 4 (10%) 5.1B (14%)
Recapitalization 2 (5%) 1.9B (5%)
Merger 1 (3%) 3.4B (9%)
Bankruptcy 1 (3%) -
Total 40 $35.8B

Top M&A Advisors

Financial Deals
Morgan Stanley
1
Deutsche Bank Corporate & Investment Banking
1
Credit Suisse Investment Banking
1
Legal Deals
Skadden, Arps, Slate, Meagher & Flom LLP
1
Arnold & Porter LLP
1
Paul, Weiss, Rifkind, Wharton & Garrison LLP
1

Deal Values

buy # Total
> $1B 9 $17.1B
$100M to $1B 5 $3.4B
< $100M 1 $100M
TOTAL $20.6B
Largest Telediffusion de France S.A
$5.6B (2006-10-10)
sell # Total
> $1B 12 $33.0B
$100M to $1B 6 $2.8B
TOTAL $35.8B
Largest URS Corp.
$6.0B (2014-10-17)

M&A Connections

Deals %
Acquired from
PE Firm(s)
93%
28 93%
Strategic(s)
7%
2 7%
Exited to
PE Firm(s)
56%
22 56%
Strategic(s)
44%
17 44%

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