M&A Deal Summary

New Harbor Capital, 424 Capital and Deerpath Capital Management Acquire Certica Solutions

On February 16, 2016, private equity firm New Harbor Capital, growth capital firm 424 Capital and lender Deerpath Capital Management acquired internet software and services company Certica Solutions from Bay Capital Investment Partners and Eagle Private Capital

Acquisition Highlights
  • This is New Harbor Capital’s 1st, 424 Capital’s 1st and Deerpath Capital Management’s 1st transaction in the Internet Software and Services sector.
  • This is New Harbor Capital’s 8th, 424 Capital’s 6th and Deerpath Capital Management’s 6th transaction in the United States.
  • This is New Harbor Capital’s 1st, 424 Capital’s 2nd and Deerpath Capital Management’s 1st transaction in Massachusetts.
Investment Fate
  • Certica Solutions was sold to a strategic buyer in 2020.

M&A Deal Summary
Date 2016-02-16
Target Certica Solutions
Sector Internet Software and Services
Buyer(s) New Harbor Capital
424 Capital
Deerpath Capital Management
Sellers(s) Bay Capital Investment Partners
Eagle Private Capital
Deal Type Secondary Buyout

Target

Certica Solutions

Wakefield, Massachusetts, United States
website
Certica Solutions, Inc. provides an education technology platform, content and data solutions that enable K-12 educators and administrators to improve instructional and organizational performance. Certica partners with a diverse network of education technology companies, publishers and assessment providers; and delivers solutions directly to over 500 school districts, charter schools and educational service agencies. Certica Solutions was founded in 2000 and is based in Wakefield, Massachusetts.

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Buyer(S) 3

Buyer

New Harbor Capital

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 2013
PE ASSETS 500M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

New Harbor Capital is a lower middle-market private equity firm focused on investing in and acquiring profitable, growth-oriented companies. New Harbor seeks opportunities in the healthcare services, education, and business services sectors and looks to invest $10 to $40 million per transaction. The Firm prefers control investment situations and typically looks to fund growth capital financings, management buyouts, and recapitalizations. New Harbor Capital was established in 2013 and is headquartered in Chicago, Illinois.

DEAL STATS #
Overall 8 of 22
Sector (Internet Software and Services) 1 of 1
Type (Secondary Buyout) 2 of 2
State (Massachusetts) 1 of 1
Country (United States) 8 of 22
Year (2016) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-07-24 Mindpath Health

Sacramento, California, United States

Mindpath Health is a behavioral health practice management company supporting over 40 affiliated psychiatrists practicing in California’s Sacramento, San Joaquin, and Bay Areas. Mindpath Health was founded in 1995 and is based in Sacramento, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-06-08 Wedgewood Pharmacy

Swedesboro, New Jersey, United States

Wedgewood Pharmacy is a pharmacy specializing in animal health, addiction medicine, and urology. Wedgewood has a broad and diverse portfolio of offerings, leading to low customer and stock concentration; holds strategic partnerships with veterinary corporate groups; and offers a defined value proposition to veterinary clinics and pet owners. Wedgewood Pharmacy was founded in 1980 and is based in Swedesboro, New Jersey.

Buy -
Buyer

424 Capital

Investor Investor Investor Investor Investor

website

Category Growth Capital Firm
Founded 1995
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

424 Capital is a growth capital partner that makes control equity investments in lower middle-market companies within B2B Tech-Enabled Services. 424 Capital works in partnership with founders and management teams to accelerate and scale for long-term growth. Focusing primarily on investments in North America, we invest in companies that are profitable, growing, and that align with our values of honesty, integrity, and impact. 424 Capital was founded in 1995 and is headquartered in Wakefield, Massachusetts.

DEAL STATS #
Overall 6 of 19
Sector (Internet Software and Services) 1 of 1
Type (Secondary Buyout) 1 of 1
State (Massachusetts) 2 of 4
Country (United States) 6 of 19
Year (2016) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-09-14 Tricast

Milwaukee, Wisconsin, United States

Tricast, Inc. is an operator of healthcare IT company focused on pharmacy benefits data monitoring and analytics. Tricast is based in Milwaukee, Wisconsin.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-11-01 Coronis Health

Sykesville, Maryland, United States

Coronis Health is a scaled revenue cycle management platform providing end-to-end technology-enabled solutions to a diverse set of healthcare providers across the US. Coronis Health was founded in 2015 and is based in Sykesville, Maryland.

Buy -
Buyer

Deerpath Capital Management

New York, New York, United States

Investor Investor Investor Investor Investor

website

Category Lender
Founded 2007
PE ASSETS 3.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Deerpath Capital Management, LP makes privately negotiated investments in the debt and equity of lower middle market companies. Deerpath prefers to invest in senior secured loans, but will consider other forms of investment on an opportunistic basis. Prospective companies typically have revenues of $10 to $200 million and EBITDA of $3 to $15 million. The Firm looks to commit $15 to $50 million per transaction. Target sectors include communications, energy/natural resources, healthcare, services, and manufacturing. Deerpath was established in 2007 and is based in New York City and office in Fort Lauderdale, Florida and Houston, Texas.

DEAL STATS #
Overall 6 of 11
Sector (Internet Software and Services) 1 of 1
Type (Secondary Buyout) 1 of 2
State (Massachusetts) 1 of 1
Country (United States) 6 of 11
Year (2016) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-09-02 Database Marketing Agency

Beaverton, Oregon, United States

DMA acts as a strategic partner for its customers, delivering a suite of offerings that allows financial services providers to access and understand data from across their organizations, gaining visibility into the profitability of each branch, product and customer.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-11-01 Excel Physical Therapy

Hackensack, New Jersey, United States

Excel Physical Therapy is a provider of sports and orthopedic physical therapy and rehabilitation services in northern New Jersey. Excel has specialized in comprehensive physical therapy to individuals following joint replacement, arthroscopic and reconstructive surgeries, as well as spine surgeries. In addition to post-surgical therapy, Excel also provides treatment of patients with non-surgical orthopedic, sports, and spinal-related injuries. Excel Physical Therapy was founded in 1990 and is based in Hackensack, New Jersey.

Buy -

Seller(S) 2

SELLER

Bay Capital Investment Partners

website

Category Mezzanine Finance Firm
Founded 2007
Size Small
Type Sector Agnostic
DESCRIPTION

Bay Capital Investment Partners is a private investment group that provides senior debt, subordinated debt, mezzanine capital and equity capital to facilitate acquisitions, management buyouts and recapitalizations and to provide growth capital. The Firm is sector agnostic however generally prefers companies in the Eastern US. Bay Capital Investment Partners was established in 2007 and is headquartered in Providence, Rhode Island.

DEAL STATS #
Overall 1 of 5
Sector (Internet Software and Services) 1 of 2
Type (Secondary Buyout) 1 of 2
State (Massachusetts) 1 of 2
Country (United States) 1 of 5
Year (2016) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-06-10 Summit Sports

Bloomfield Hills, Michigan, United States

Summit Sports, Inc. is a consumer sporting goods retailer, wholesaler, and manufacturer. Summit Sports was founded in 1990 and is based in Bloomfield Hills, Michigan.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-10-18 Thermacore

Lancaster, Pennsylvania, United States

Thermacore, Inc. is specializes in the design, development and manufacturing of high performance thermal management systems and components for the computer, military, aerospace, energy conversion, medical, and telecommunications markets.

Sell -
SELLER

Eagle Private Capital

St. Louis, Missouri, United States

Investor Investor Investor Investor Investor

website

Category Mezzanine Finance Firm
PE ASSETS 1.0B USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Eagle Private Capital (EPC) makes private equity and mezzanine investments in middle-market companies. The Firm typically invests $4 to $15 million per investment. EPC looks to partner with management or other private equity investors to provide growth or change of control capital. EPC is based in St. Louis, Missouri.

DEAL STATS #
Overall 27 of 47
Sector (Internet Software and Services) 1 of 1
Type (Secondary Buyout) 5 of 10
State (Massachusetts) 1 of 2
Country (United States) 27 of 47
Year (2016) 2 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-01-04 Infinity Homecare

Sarasota, Florida, United States

Infinity Homecare, Inc. is a home health care and hospice services company delivering personalized home health and hospice care to more than 360,000 patients each year.

Sell $63M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-04-18 Avadyne Health

Moline, Illinois, United States

Avadyne Health is a provider of revenue cycle management services to a wide range of healthcare providers across the nation. Avadyne Health was founded in 1971 and is based in Moline, Illinois.

Sell -
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