Evolve Capital Mergers and Acquisitions Summary

Private Equity Profile

Evolve Capital’s most common sectors for investment are healthcare services (29%) and electronics (15%). The Firm’s most common investment types include growth capital (50%) and buyout (lbo, mbo, mbi) (22%). In total, Evolve Capital has invested in 8 US states.

In the last 3 years, Evolve Capital has exited 3 companies. The Firm’s most common exit type is secondary buyout (60%). Evolve Capital’s largest (disclosed) exit occurred in 2006 when it sold Network for Medical Communication and Research for $90M.

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M&A Summary

  • M&A Total Activity29
    • M&A Buy Activity14
    • M&A Sell Activity15
  • Total Sectors Invested 9
  • Total Countries Invested 1
  • M&A Buy/Sell Connections 15

Evolve Capital

2200 Ross Ave., Suite 4050,
Dallas, Texas 75201
United States
(214) 220-4800
www.evolvecapital.com
evolve@evolvecapital.com

Evolve Capital is a private equity firm focused exclusively on recapitalization investments in growth-oriented service based businesses. Evolve looks companies that are asset light, growing rapidly, and potentially operate in a regulated environment. Target companies typically have trailing EBITDA of $2 to $4 million and are located in the US. Evolve Capital was formed in 2005 and is based in Dallas, Texas.


Investment Criteria

Sectors of Interest: Business Services, Construction, Consumer Products, Consumer Services, Electronics, Environmental, Food, Franchising, Healthcare Services, Information Technology, Life Science, Machinery, Manufacturing, Medical Products, Semiconductors, Transportation

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

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

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA 2 5
Investment Size - -
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '16 '17 '18 '19 '20 '21 T
Buy (0.2/yr) # 13 1 - - - - 14
Sell (0.6/yr) # 12 - 3 - - - 15
vol $186M $186M
  29

Most Recent M&A

Company Date Value Type
Power Design Services LLC 2018-07-12 - Merger
San Jose, California · www.powerdesignservices.com
Aspire Home Care 2018-03-28 - Add-on Acquisition
Tishoming, Oklahoma · www.aspirehomecare.com
Heartland Dental LLC 2018-03-07 - Secondary Buyout
Effingham, Illinois · www.heartland.com
Heartland Dental LLC 2017-11-01 - Growth Capital
Effingham, Illinois · www.heartland.com
Mission Critical Electronics, Inc. 2016-09-30 - Secondary Buyout
Dallas, Texas · www.mission-critical-electronics.com
Inline Filling Systems LLC 2016-06-30 - Secondary Buyout
Venice, Florida · www.fillers.com
Meheen Manufacturing, Inc. 2016-06-30 - Secondary Buyout
Louisville, Colorado · www.meheen.com
Biologos LLC 2015-11-01 - Growth Capital
Montgomery, Illinois · www.biologos.com
Hospice Source LLC 2015-07-17 - Secondary Buyout
Carrollton, Texas · www.hs.hospicesource.net
Power Design Services LLC 2014-12-01 - Growth Capital
San Jose, California · www.powerdesignservices.com
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Healthcare Services 1 (25%) - 4 (29%) -
Electronics - - 2 (14%) -
Machinery - - 2 (14%) -
Environmental 1 (25%) - 1 (7%) -
Food - - 1 (7%) -
Information Technology 1 (25%) - 1 (7%) -
Life Science - - 1 (7%) -
Medical Products 1 (25%) - 1 (7%) -
Semiconductors - - 1 (7%) -
Total 4 - 14 -

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 4 (100%) - 14 (100%) -
  California 1 (25%) - 3 (21%) -
  Texas - - 3 (21%) -
  Illinois 1 (25%) - 2 (14%) -
  Florida 1 (25%) - 2 (14%) -
  Indiana 1 (25%) - 1 (7%) -
  Oklahoma - - 1 (7%) -
  Georgia - - 1 (7%) -
  Colorado - - 1 (7%) -
Total 4 - 14 -

Acquisitions by Deal Type

Type Current # Value All-time # Value
Growth Capital 1 (25%) - 7 (50%) -
Buyout (LBO, MBO, MBI) 1 (25%) - 3 (21%) -
Recapitalization 1 (25%) - 3 (21%) -
Venture 1 (25%) - 1 (7%) -
Total 4 - 14 -

Exits by Deal Type

Type Total # Value
Secondary Sale 9 (60%) 43M (23%)
Trade Sale - Public Company 2 (13%) 123M (66%)
Trade Sale 2 (13%) -
Recapitalization 1 (7%) 20M (11%)
Merger 1 (7%) -
Total 15 $186M

Deal Values

sell # Total
< $100M 4 $186M
TOTAL $186M
Largest Network for Medical Communication and Research LLC (NMCR)
$90M (2006-02-09)

M&A Connections

Deals
Exited to
Investor(s)
67%
10 (67%)
Strategic(s)
33%
5 (33%)

Investor Summary

Size

Small

Established

2005

Specialist/Generalist

Generalist

Leadership

Mike Crothers

Founder

Heidi Noppinger

Director

Jeff Baker

Director

Ryan Shultz

Director

Dan Cleary

Operating Partner

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