First New England Capital Mergers and Acquisitions Summary

Private Equity Profile

First New England Capital’s most common sectors for investment are aerospace (17%) and automotive (17%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (34%) and consolidation (17%). In total, First New England Capital has invested in 6 US states. Its largest (disclosed) acquisition occurred in 2003 when it acquired Dayton Parts for $19M.

In the last 3 years, First New England Capital has exited 3 companies. The Firm’s most common exit type is secondary buyout (67%). First New England Capital’s largest (disclosed) exit occurred in 2017 when it sold Grindmaster-Cecilware for $108M.

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M&A Summary

  • M&A Total Activity12
    • M&A Buy Activity6
    • M&A Sell Activity6
  • Total Sectors Invested 6
  • Total Countries Invested 1
  • M&A Buy/Sell Connections 10

First New England Capital L.P.

998 Farmington Ave., Suite 216,
West Hartford, Connecticut 06107
United States
(860) 293-3334
www.fnec.com
info@fnec.com

First New England Capital is a private investment firm that provides equity and mezzanine capital to later-stage, small and middle-market companies operating in the Northeast US. First New England typically invests $2 to $5 million in companies generating $10 to $150 million in annual revenue. First New England can act as the lead investor or participate alongside others. The Firm will consider opportunities across many different sectors. First New England Capital was formed in 1988 and is based in Hartford, Connecticut.


Investment Criteria

Sectors of Interest: Aerospace, Automotive, Building Materials, Business Services, Chemicals, Communications, Consumer Products, Consumer Services, Distribution, Energy Services and Equipment, Financial Services, Healthcare Services, Information Technology, Life Science, Machinery, Manufacturing, Marketing, Media, Medical Products, Real Estate, Retail, Semiconductors, Software, Technology Hardware

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

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

Transaction Criteria Min Max
Target Revenue 10 150
Target EBITDA 2 -
Investment Size 2 5
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (0.0/yr) # 6 - - - - - 6
vol $19M $19M
Sell (0.6/yr) # 3 - 1 - 1 1 6
vol $108M $108M
  12

Most Recent M&A

Company Date Value Type
Awareness Technologies, Inc. 2020-01-01 - Secondary Buyout
Westport, Connecticut · www.awarenesstechnologies.com
Stonewall Kitchens, Inc. 2019-08-01 - Secondary Buyout
York, Maine · www.stonewallkitchen.com
Grindmaster-Cecilware Corp. 2017-03-02 108M USD Add-on Acquisition
Louisville, Kentucky · www.gmcw.com
Stonewall Kitchens, Inc. 2014-10-27 - Growth Capital
York, Maine · www.stonewallkitchen.com
Ranger International Services Group, Inc. 2012-02-01 - Add-on Acquisition
Greenville, South Carolina · www.rangerinternational.com
Koch Eye Associates, Inc. (Claris Vision) 2012-01-30 - Secondary Buyout
Warwick, Rhode Island · www.kocheye.com
Awareness Technologies, Inc. 2010-05-17 - Buyout (LBO, MBO, MBI)
Westport, Connecticut · www.awarenesstechnologies.com
Grindmaster-Cecilware Corp. 2009-09-17 - Consolidation
Louisville, Kentucky · www.gmcw.com
Ranger International Services Group, Inc. 2009-08-12 - Buyout (LBO, MBO, MBI)
Greenville, South Carolina · www.rangerinternational.com
Dayton Parts LLC 2006-01-01 - Secondary Buyout
Harrisburg, Pennsylvania · www.daytonparts.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Koch Eye Associates, Inc. (Claris Vision) 2012-01-30 Southcoast Eye Care, Inc. 2013-10-23 3
Warwick, Rhode Island · www.kocheye.com North Dartmouth, Massachusetts · www.southcoasteyecareinc.com
Koch Eye Associates, Inc. (Claris Vision) 2012-01-30 Eye Health Vision Centers 2013-01-04 2
Warwick, Rhode Island · www.kocheye.com Dartmouth, Massachusetts · www.eyehealthvision.com
Koch Eye Associates, Inc. (Claris Vision) 2012-01-30 Seacoast Eye Associates, Inc. 2013-01-04 1
Warwick, Rhode Island · www.kocheye.com Wakefield, Rhode Island · www.seacoasteye.com

M&A by Sector

Sector Current # Value All-time # Value
Automotive - - 1 (17%) 19M (100%)
Aerospace - - 1 (17%) -
Food - - 1 (17%) -
Healthcare Services 1 (100%) - 1 (17%) -
Machinery - - 1 (17%) -
Software - - 1 (17%) -
Total 1 - 6 $19M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 1 (100%) - 6 (100%) 19M (100%)
  Rhode Island 1 (100%) - 1 (17%) -
  Pennsylvania - - 1 (17%) 19M (100%)
  South Carolina - - 1 (17%) -
  Maine - - 1 (17%) -
  Kentucky - - 1 (17%) -
  Connecticut - - 1 (17%) -
Total 1 - 6 $19M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) - - 2 (33%) -
Divestiture - - 1 (17%) 19M (100%)
Consolidation - - 1 (17%) -
Growth Capital - - 1 (17%) -
Secondary Buyout 1 (100%) - 1 (17%) -
Total 1 - 6 $19M

Exits by Deal Type

Type Total # Value
Secondary Sale 4 (67%) -
Trade Sale - Public Company 1 (17%) 108M (100%)
Trade Sale 1 (17%) -
Total 6 $108M

Deal Values

buy # Total
< $100M 1 $19M
TOTAL $19M
Largest Dayton Parts LLC
$19M (2003-04-23)
sell # Total
$100M to $1B 1 $108M
TOTAL $108M
Largest Grindmaster-Cecilware Corp.
$108M (2017-03-02)

M&A Connections

Deals %
Acquired from
PE Firm(s)
50%
1 50%
Strategic(s)
50%
1 50%
Exited to
PE Firm(s)
71%
5 71%
Strategic(s)
29%
2 29%

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