Evolve Capital Mergers and Acquisitions Summary

Private Equity Firm Profile

Evolve Capital’s most common sectors for investment arehealthcare services (20%) and life science (14%) . The Firm’s most common investment types include growth capital (47%) and buyout (lbo, mbo, mbi) (27%). In total, Evolve Capital has invested in 8 US states.

In the last 3 years, Evolve Capital has exited 1 company. The Firm’s most common exit type is secondary buyout (53%). Evolve Capital’s largest (disclosed) exit occurred in 2021 when it sold Doctor’s Choice Home Care for $120M.

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M&A Summary

  • M&A Total Activity32
    • M&A Buy Activity15
    • M&A Sell Activity17
  • Total Sectors Invested 11
  • Total Countries Invested 1
  • M&A Buy/Sell Connections 16

Evolve Capital

Evolve Capital

PO Box 181569,
Dallas, Texas 75218
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 ≤ '18 '19 '20 '21 '22 '23 T
Buy (0.0/yr) # 15 - - - - - 15
Sell (0.2/yr) # 16 - - 1 - - 17
vol $186M $120M $306M
  32

Most Recent M&A

Company Date Value Type
Doctor’s Choice Home Care, Inc. 2021-04-20 120M USD Trade Sale
Sarasota, Florida · www.doctorschoicefl.com
Power Design Services LLC 2018-07-12 - Merger
San Jose, California · www.powerdesignservices.com
Aspire Home Care 2018-03-28 - Trade Sale
Tishoming, Oklahoma · www.aspirehomecare.com
Heartland Dental LLC 2018-03-07 - Secondary Sale
Effingham, Illinois · www.heartland.com
Heartland Dental LLC 2017-11-01 - Growth Capital
Effingham, Illinois · www.heartland.com
Mission Critical Electronics LLC 2016-09-30 - Secondary Sale
Dallas, Texas · www.mission-critical-electronics.com
Inline Filling Systems LLC 2016-06-30 - Secondary Sale
Venice, Florida · www.fillers.com
Meheen Manufacturing, Inc. 2016-06-30 - Trade Sale
Louisville, Colorado · www.meheen.com
D&S Community Services 2016-01-05 - Secondary Sale
Austin, Texas · www.dscommunity.com
Biologos LLC 2015-11-01 - Growth Capital
Montgomery, Illinois · www.biologos.com
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Healthcare Services - - 3 (20%) -
Life Science 1 (33%) - 2 (13%) -
Machinery - - 2 (13%) -
Consumer Services - - 1 (7%) -
Electrical Equipment - - 1 (7%) -
Electronics - - 1 (7%) -
Environmental 1 (33%) - 1 (7%) -
Food - - 1 (7%) -
Information Technology 1 (33%) - 1 (7%) -
Medical Products - - 1 (7%) -
Semiconductors - - 1 (7%) -
Total 3 - 15 -

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 3 (100%) - 15 (100%) -
  Texas 1 (33%) - 5 (33%) -
  Illinois 1 (33%) - 2 (13%) -
  Florida - - 2 (13%) -
  California - - 2 (13%) -
  Indiana 1 (33%) - 1 (7%) -
  Oklahoma - - 1 (7%) -
  Georgia - - 1 (7%) -
  Colorado - - 1 (7%) -
Total 3 - 15 -

Acquisitions by Deal Type

Type Current # Value All-time # Value
Growth Capital 1 (33%) - 7 (47%) -
Buyout (LBO, MBO, MBI) - - 4 (27%) -
Recapitalization 1 (33%) - 3 (20%) -
Venture 1 (33%) - 1 (7%) -
Total 3 - 15 -

Exits by Deal Type

Type Total # Value
Secondary Sale 9 (53%) 43M (14%)
Trade Sale - Public Company 3 (18%) 243M (79%)
Trade Sale 3 (18%) -
Recapitalization 1 (6%) 20M (7%)
Merger 1 (6%) -
Total 17 $306M

Deal Values

sell # Total
$100M to $1B 1 $120M
< $100M 4 $186M
TOTAL $306M
Largest Doctor’s Choice Home Care, Inc.
$120M (2021-04-20)

M&A Connections

Deals
Exited to
Investor(s)
59%
10 (59%)
Strategic(s)
41%
7 (41%)

Investor Summary

Investor Type

Private Equity Firm

Size

Small

Established

2005

Specialist/Generalist

Generalist

Leadership

Ben Mackay

Team Member

Brent Anderson

Team Member

David Becker

Team Member

Heidi Noppinger

Team Member

Jeff Baker

Team Member

FAQ

When was Evolve Capital founded?

Evolve Capital was founded in 2005.

What type of investor is Evolve Capital?

Evolve Capital is a private equity firm.

Where is Evolve Capital headquartered?

Evolve Capital is headquartered in Dallas, Texas.

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