Crystal Capital Mergers and Acquisitions Summary

Private Equity Profile

Crystal Capital’s most common sectors for investment are retail (16%) and business services (13%). The Firm’s most common investment types include recapitalization (25%) and growth capital (22%). In total, Crystal Capital has invested in 15 US states and 3 different countries. Its largest (disclosed) acquisition occurred in 2010 when it acquired Trulite Glass & Aluminum Solutions for $54M.

In the last 3 years, Crystal Capital has exited 3 companies. The Firm’s most common exit type is trade sale (25%). Crystal Capital’s largest (disclosed) exit occurred in 2013 when it sold Vertis Holdings for $170M.

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M&A Summary

  • M&A Total Activity49
    • M&A Buy Activity33
    • M&A Sell Activity16
  • Total Sectors Invested 19
  • Total Countries Invested 3
  • M&A Buy/Sell Connections 27
  • M&A Advisors 1

Crystal Capital

Two International Place, 17th Floor,
Boston, Massachusetts 02110
United States
(617) 428-8700
www.crystalcapital.com
crystal@crystalcapital.com

Crystal Capital is an affiliate of Crystal Financial Corporation, Crystal Capital is a private investment firm that provides debt and equity capital to middle-market companies. Crystal Capital does not have an industry preference in evaluating opportunities, but looks to provide a minimum of $1 million in equity (co-investment) or $10 million in junior capital per transaction. Target companies typically generate sales of at least $150 million and EBITDA of $15 million. Crystal Capital was formed in 2006 and is based in Boston, Massachusetts with additional offices in Los Angeles, California; Stamford, Connecticut; and Chicago, Illinois.


Investment Criteria

Sectors of Interest: Automotive, Business Services, Communications, Consumer Products, Environmental, Financial Services, Food, Furniture, Gaming, Healthcare Services, Leisure, Machinery, Manufacturing, Marketing, Media, Packaging, Real Estate, Restaurants, Retail, Software, Transportation, Utilities

Target Transaction Types: Buyout (LBO, MBO, MBI), Growth Capital, Recapitalization, Acquisition Financing

Geographic Preferences: East US, Midwest US, South US, West US, Canada

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size - -
Enterprise Value - -

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (0.0/yr) # 33 - - - - - 33
vol $54M $54M
Sell (1.0/yr) # 11 1 1 2 1 - 16
vol $284M $284M
  49

Most Recent M&A

Company Date Value Type
Frontier Spinning Mills, Inc. 2019-05-02 - Secondary Buyout
Sanford, North Carolina · www.frontierspinning.com
Dakine, Inc. 2018-12-05 - Add-on Acquisition
Hood River, Oregon · www.dakine.com
Bell and Howell LLC 2018-12-03 - Recapitalization
Durham, North Carolina · www.bellhowell.net
LANDesk Software, Inc. 2017-01-03 - Merger
South Jordan, Utah · www.landesk.com
C3/CustomerContactChannels, Inc. 2016-10-06 - Secondary Buyout
Plantation, Florida · www.c3connect.com
Freedom Communications, Inc. 2015-11-01 - Bankruptcy
Santa Ana, California · www.freedom.com
American Apparel, Inc. 2015-10-05 - Bankruptcy
Los Angeles, California · www.americanapparel.net
Javlin Capital LLC 2015-04-18 - Growth Capital
Omaha, Nebraska · www.javlincapital.com
TouchTunes Music Corp. 2015-04-02 57M USD Secondary Buyout
New York, New York · www.touchtunes.com
MegaPath Networks, Inc. 2014-09-08 - Merger
Costa Mesa, California · www.megapath.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Trulite Glass & Aluminum Solutions, Inc. 2010-03-05 VFG Group 2016-03-02 5
Deerfield Beach, Florida · www.trulite.com , Quebec · www.vfg.ca
Trulite Glass & Aluminum Solutions, Inc. 2010-03-05 RF Supply, Inc. 2016-01-12 4
Deerfield Beach, Florida · www.trulite.com Pompano Beach, Florida · www.rfsupplyglass.com
Trulite Glass & Aluminum Solutions, Inc. 2010-03-05 U.S. Fabrication Assets - AGC Glass Company North America, Inc. 2014-12-29 3
Deerfield Beach, Florida · www.trulite.com Alpharetta, Georgia
Trulite Glass & Aluminum Solutions, Inc. 2010-03-05 Texas Tempered Glass, Inc. 2014-11-19 2
Deerfield Beach, Florida · www.trulite.com Houston, Texas · www.ttgwebsite.com
GateHouse Media, Inc. 2014-03-20 American Consolidated Media LP 2014-07-01 1
Fairport, New York · www.gatehousemedia.com Dallas, Texas · www.amconmedia.com
Trulite Glass & Aluminum Solutions, Inc. 2010-03-05 AWP Windows & Doors 2014-03-20 1
Deerfield Beach, Florida · www.trulite.com Medley, Florida · www.awpwindowsanddoors.com
Trulite Glass & Aluminum Solutions, Inc. 2010-03-05 Western States Glass Corp. 2013-01-07 1
Deerfield Beach, Florida · www.trulite.com Fremont, California · www.westernstatesglass.com

M&A by Sector

Sector Current # Value All-time # Value
Retail 4 (25%) - 5 (15%) -
Business Services 3 (19%) - 4 (12%) -
Financial Services 4 (25%) - 4 (12%) -
Apparel/Textiles - - 3 (9%) -
Manufacturing 2 (13%) - 3 (9%) -
Building Materials 1 (6%) 54M (100%) 1 (3%) 54M (100%)
Airlines - - 1 (3%) -
Chemicals - - 1 (3%) -
Communications - - 1 (3%) -
Consumer Products - - 1 (3%) -
Electrical Equipment - - 1 (3%) -
Energy Services and Equipment - - 1 (3%) -
Information Technology - - 1 (3%) -
Leisure - - 1 (3%) -
Marketing - - 1 (3%) -
Media 1 (6%) - 1 (3%) -
Publishing - - 1 (3%) -
Software - - 1 (3%) -
Transportation 1 (6%) - 1 (3%) -
Total 16 $54M 33 $54M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 13 (81%) 54M (100%) 28 (85%) 54M (100%)
  Florida 3 (19%) 54M (100%) 5 (15%) 54M (100%)
  California 1 (6%) - 5 (15%) -
  New York 2 (13%) - 4 (12%) -
  Maryland 1 (6%) - 2 (6%) -
  North Carolina - - 2 (6%) -
  Texas 1 (6%) - 1 (3%) -
  New Hampshire 1 (6%) - 1 (3%) -
  Nebraska 1 (6%) - 1 (3%) -
  Minnesota 1 (6%) - 1 (3%) -
  Kentucky 1 (6%) - 1 (3%) -
  Connecticut 1 (6%) - 1 (3%) -
  Utah - - 1 (3%) -
  Oregon - - 1 (3%) -
  Michigan - - 1 (3%) -
  Illinois - - 1 (3%) -
Canada 2 (13%) - 4 (12%) -
  Ontario 2 (13%) - 2 (6%) -
  Quebec - - 1 (3%) -
  Alberta - - 1 (3%) -
United Kingdom 1 (6%) - 1 (3%) -
Domestic 13 (81%) 54M (100%) 28 (85%) 54M (100%)
Cross-border 3 (19%) - 5 (15%) -
Total 16 $54M 33 $54M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Recapitalization 2 (13%) - 8 (24%) -
Growth Capital 6 (38%) - 7 (21%) -
Special Situations/Distressed 2 (13%) 54M (100%) 4 (12%) 54M (100%)
Buyout (LBO, MBO, MBI) 1 (6%) - 3 (9%) -
Divestiture 2 (13%) - 3 (9%) -
PIPE - - 2 (6%) -
Secondary Buyout - - 2 (6%) -
Stake Purchase 2 (13%) - 2 (6%) -
Acquisition Financing 1 (6%) - 1 (3%) -
Venture - - 1 (3%) -
Total 16 $54M 33 $54M

Exits by Deal Type

Type Total # Value
Secondary Sale 4 (25%) 57M (20%)
Bankruptcy 4 (25%) -
Trade Sale - Public Company 3 (19%) 227M (80%)
Merger 3 (19%) -
Recapitalization 1 (6%) -
Trade Sale 1 (6%) -
Total 16 $284M

Top M&A Advisors

Legal Deals
Dechert LLP
1

Deal Values

buy # Total
< $100M 1 $54M
TOTAL $54M
Largest Trulite Glass & Aluminum Solutions, Inc.
$54M (2010-03-05)
sell # Total
$100M to $1B 1 $170M
< $100M 2 $114M
TOTAL $284M
Largest Vertis Holdings, Inc.
$170M (2013-01-16)

M&A Connections

Deals %
Acquired from
PE Firm(s)
75%
6 75%
Strategic(s)
25%
2 25%
Exited to
PE Firm(s)
55%
6 55%
Strategic(s)
45%
5 45%

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