Crescent Capital Group Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Crescent Capital Group has acquired 2 companies. It has also invested in 1 other.

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) (33%). In total, Crescent Capital Group has invested in 21 US states and 7 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 4 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 Activity96
    • M&A Buy Activity56
    • M&A Sell Activity40
  • Total Sectors Invested 23
  • Total Countries Invested 7
  • M&A Buy/Sell Connections 59
  • 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 (1.0/yr) # 51 1 1 - 2 1 56
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
  96

Most Recent M&A

Company Date Value Type
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, Vermont · www.hilbgroup.com
SRL Traffic Systems Ltd. 2019-09-16 - Growth Capital
Cheshire, United Kingdom · www.srl.co.uk
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
GrapeTree Medical Staffing LLC 2017-10-23 - Recapitalization
Milford, Iowa · www.grapetree.org
Werner Co. 2017-05-15 - Secondary Buyout
Greenville, Pennsylvania · www.wernerladder.com
Brown Jordan International, Inc. 2016-12-19 - Secondary Buyout
St. Augustine, Florida · www.bji.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
The Hilb Group LLC 2019-10-30 Fort Myers Insurance Agency, Inc. 2020-06-09 13
Richmond, Vermont · 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, Vermont · www.hilbgroup.com Cleveland, Ohio
The Hilb Group LLC 2019-10-30 Healthcare Liability Consultants Agency, Inc. 2020-03-24 11
Richmond, Vermont · www.hilbgroup.com Fairview Park, Ohio
The Hilb Group LLC 2019-10-30 LifePlus Insurance Agency, Inc. 2020-03-10 10
Richmond, Vermont · 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, Vermont · 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, Vermont · www.hilbgroup.com East Lansing, Michigan · www.regency-group.com
The Hilb Group LLC 2019-10-30 Group Brokerage Insurance Agency LLC 2020-01-28 7
Richmond, Vermont · www.hilbgroup.com Waltham, Massachusetts
The Hilb Group LLC 2019-10-30 Martens Johnson Insurance Agency, Inc. (MJIA) 2020-01-22 6
Richmond, Vermont · www.hilbgroup.com Rockville, Maryland · www.mjia.com
The Hilb Group LLC 2019-10-30 BR Vital Brokerage, Inc. 2020-01-21 5
Richmond, Vermont · www.hilbgroup.com Brooklyn, New York
The Hilb Group LLC 2019-10-30 Wickford Insurance Agency, Inc. 2019-12-24 4
Richmond, Vermont · www.hilbgroup.com North Kingstown, Rhode Island · www.wickfordinsurance.com

M&A by Sector

Sector Current # Value All-time # Value
Business Services 1 (8%) - 5 (9%) 2.0B (10%)
Healthcare Services 3 (25%) - 5 (9%) 1.1B (5%)
Information Technology 2 (17%) - 5 (9%) -
Manufacturing 1 (8%) - 5 (9%) -
Communications - - 4 (7%) 7.4B (36%)
Retail - - 4 (7%) 3.8B (18%)
Automotive - - 3 (5%) 650M (3%)
Electrical Equipment 1 (8%) - 3 (5%) -
Insurance 2 (17%) - 3 (5%) -
Safety/Security - - 2 (4%) 1.3B (6%)
Life Science - - 2 (4%) 1.3B (6%)
Consumer Services 1 (8%) - 2 (4%) -
Food - - 2 (4%) -
Semiconductors - - 2 (4%) -
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%) -
Medical Products - - 1 (2%) -
Staffing 1 (8%) - 1 (2%) -
Transportation - - 1 (2%) -
Total 12 - 56 $20.6B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 10 (83%) - 48 (86%) 8.8B (43%)
  California - - 6 (11%) 1.8B (9%)
  Florida 3 (25%) - 5 (9%) 1.2B (6%)
  Massachusetts 1 (8%) - 4 (7%) -
  Texas 1 (8%) - 4 (7%) -
  Virginia - - 3 (5%) 1.7B (8%)
  New York - - 3 (5%) -
  North Carolina 1 (8%) - 2 (4%) -
  Iowa 1 (8%) - 2 (4%) -
  Alabama 1 (8%) - 2 (4%) -
  Maryland - - 2 (4%) 847M (4%)
  Georgia - - 2 (4%) 500M (2%)
  Ohio - - 2 (4%) -
  Missouri - - 2 (4%) -
  Illinois - - 2 (4%) -
  Arizona 1 (8%) - 1 (2%) -
  Vermont 1 (8%) - 1 (2%) -
  Colorado - - 1 (2%) 1.4B (7%)
  Kansas - - 1 (2%) 828M (4%)
  Washington - - 1 (2%) 550M (3%)
  Connecticut - - 1 (2%) -
  Pennsylvania - - 1 (2%) -
United Kingdom 1 (8%) - 2 (4%) 1.3B (6%)
Switzerland - - 2 (4%) 2.4B (12%)
Australia 1 (8%) - 1 (2%) -
France - - 1 (2%) 5.6B (27%)
Greece - - 1 (2%) 1.8B (9%)
Israel - - 1 (2%) 650M (3%)
Domestic 10 (83%) - 48 (86%) 8.8B (43%)
Cross-border 2 (17%) - 8 (14%) 11.8B (57%)
Total 12 - 56 $20.6B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 4 (33%) - 19 (34%) 4.4B (21%)
Buyout (LBO, MBO, MBI) 2 (17%) - 18 (32%) 6.8B (33%)
Going Private - - 4 (7%) 5.1B (25%)
Growth Capital 3 (25%) - 4 (7%) -
Divestiture - - 3 (5%) 3.5B (17%)
Recapitalization 1 (8%) - 3 (5%) 847M (4%)
Special Situations/Distressed 1 (8%) - 2 (4%) -
Stake Purchase 1 (8%) - 2 (4%) -
Add-on Acquisition - - 1 (2%) -
Total 12 - 56 $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%
27 93%
Strategic(s)
7%
2 7%
Exited to
PE Firm(s)
56%
22 56%
Strategic(s)
44%
17 44%

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