Frontenac Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Frontenac has acquired 7 companies.

Frontenac’s most common sectors for investment are business services (16%) and distribution (13%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (37%) and recapitalization (32%). In total, Frontenac has invested in 24 US states and 3 different countries. Its largest (disclosed) acquisition occurred in 2001 when it acquired Nth Degree for $150M.

In the last 3 years, Frontenac has exited 8 companies. The Firm’s most common exit type is trade sale (33%). Frontenac’s largest (disclosed) exit occurred in 1999 when it sold Platinum Technology International for $3.5B.

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M&A Summary

  • M&A Total Activity118
    • M&A Buy Activity66
    • M&A Sell Activity52
  • Total Sectors Invested 19
  • Total Countries Invested 3
  • M&A Buy/Sell Connections 41
  • M&A Advisors 7

Frontenac

One South Wacker Suite 2980,
Chicago, Illinois 60606
United States
(312) 368-0044
www.frontenac.com
info@frontenac.com

Frontenac is a Midwest private equity firm that seek profitable, lower middle-market company investments with $5 to $20 million of EBITDA. Frontenac typically partners with management when pursuing acquisitions, including companies managed by owner-operators. Sectors of interest include financial services, healthcare services, education/HR services, manufacturing, publishing/media, and technology services. Frontenac was formed in 1971 and is based in Chicago, Illinois.


Investment Criteria

Sectors of Interest: Business Services, Communications, Distribution, Education, Energy Services and Equipment, Engineering, Financial Services, Food, Healthcare Services, Information Technology, Insurance, Manufacturing, Marketing, Media, Medical Products, Packaging, Publishing, Restaurants, Retail, Software, Staffing, Technology Hardware

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

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

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA 5 20
Investment Size - -
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (1.6/yr) # 58 1 2 3 - 2 66
vol $305M $305M
Sell (2.2/yr) # 41 3 1 5 1 1 52
vol $4.9B $760M $5.7B
  118

Most Recent M&A

Company Date Value Type
XanEdu Publishing, Inc. 2020-01-30 - Recapitalization
Ann Arbor, Michigan · www.xanedu.com
Prime Technology Group LLC 2020-01-07 - Secondary Buyout
Wayne, Pennsylvania · www.primetgi.com
La Tavola Fine Linen Rental 2020-01-07 - Add-on Acquisition
Napa, California · www.latavolalinen.com
Liquid Technologies, Inc. 2019-12-17 - Add-on Acquisition
Chino, California · www.liquidtek.com
Behavioral Health Group, Inc. 2018-12-19 - Secondary Buyout
Dallas, Texas · www.bhgrecovery.com
Bearing Engineers, Inc. 2018-11-06 - Secondary Buyout
Aliso Viejo, California · www.motionsolutions.com
GNAP 2018-11-01 - Secondary Buyout
Byron Center, Michigan · www.grandnorthern.com
Motion & Control Enterprises LLC 2018-10-01 - Recapitalization
Zelienople, Pennsylvania · www.mceautomation.com
TPC Training 2018-04-02 - Secondary Buyout
Buffalo Grove, Illinois · www.tpctraining.com
e+CancerCare 2018-01-11 - Add-on Acquisition
Nashville, Tennessee · www.epluscancercare.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Prime Technology Group LLC 2020-01-07 Lighthouse Software, Inc. 2020-08-21 1
Wayne, Pennsylvania · www.primetgi.com Saint Paul, Minnesota · www.lighthousesoftware.com
TPC Training 2018-04-02 Simutech Multimedia, Inc. 2020-08-04 1
Buffalo Grove, Illinois · www.tpctraining.com Ottawa, Ontario · www.simutechmultimedia.com
Whitebridge Pet Brands LLC 2015-01-06 Cardinal Pet Care, LLC 2020-01-27 4
Chesterfield, Missouri · www.whitebridgepetbrands.com Baldwin Park, California · www.cardinalpet.com
Bearing Engineers, Inc. 2018-11-06 nPoint, Inc. 2020-01-21 1
Aliso Viejo, California · www.motionsolutions.com Middleton, Wisconsin · www.npoint.com
Schlotterbeck & Foss 2017-09-06 Drew's LLC 2018-10-19 1
Westbrook, Maine · www.schlotterbeck-foss.com Chester, Vermont · www.drewsorganics.com
CoCreativ 2017-08-10 Invodo, Inc. 2018-03-19 2
New York, New York · www.cocreativ.co Austin, Texas · www.invodo.com
CoCreativ 2017-08-10 Click 3X 2018-01-16 1
New York, New York · www.cocreativ.co New York, New York · www.click3x.com
Whitebridge Pet Brands LLC 2015-01-06 Arthur Dogswell LLC 2017-04-18 3
Chesterfield, Missouri · www.whitebridgepetbrands.com Los Angeles, California · www.dogswell.com
Salient CRGT, Inc. 2015-08-11 Information innovators, Inc. 2017-02-06 3
Fairfax, Virginia · www.salientcrgt.com Springfield, Vermont · www.iiinfo.com
Salient CRGT, Inc. 2015-08-11 Salient Federal Solutions, Inc. 2015-08-11 2
Fairfax, Virginia · www.salientcrgt.com Fairfax, Virginia · www.salientfed.com

M&A by Sector

Sector Current # Value All-time # Value
Business Services - - 10 (15%) 180M (59%)
Distribution 2 (20%) - 8 (12%) -
Food 3 (30%) - 7 (11%) -
Healthcare Services - - 7 (11%) -
Information Technology 1 (10%) - 7 (11%) -
Education 2 (20%) - 4 (6%) -
Software 1 (10%) - 4 (6%) -
Insurance - - 3 (5%) -
Marketing 1 (10%) - 2 (3%) 125M (41%)
Consumer Services - - 2 (3%) -
Media - - 2 (3%) -
Medical Products - - 2 (3%) -
Restaurants - - 2 (3%) -
Communications - - 1 (2%) -
Consumer Products - - 1 (2%) -
Digital Media - - 1 (2%) -
Manufacturing - - 1 (2%) -
Packaging - - 1 (2%) -
Staffing - - 1 (2%) -
Total 10 - 66 $305M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 10 (100%) - 64 (97%) 305M (100%)
  California 1 (10%) - 10 (15%) -
  New Jersey 1 (10%) - 4 (6%) 125M (41%)
  Illinois 1 (10%) - 4 (6%) -
  Texas - - 4 (6%) -
  Tennessee - - 4 (6%) -
  Pennsylvania 2 (20%) - 3 (5%) -
  Virginia 1 (10%) - 3 (5%) -
  New York 1 (10%) - 3 (5%) -
  Missouri 1 (10%) - 3 (5%) -
  Georgia - - 3 (5%) 150M (49%)
  Florida - - 3 (5%) 30M (10%)
  Kentucky - - 3 (5%) -
  Connecticut - - 3 (5%) -
  Michigan 1 (10%) - 2 (3%) -
  Colorado - - 2 (3%) -
  Maine 1 (10%) - 1 (2%) -
  Wisconsin - - 1 (2%) -
  Utah - - 1 (2%) -
  Ohio - - 1 (2%) -
  North Carolina - - 1 (2%) -
  Minnesota - - 1 (2%) -
  Indiana - - 1 (2%) -
  Hawaii - - 1 (2%) -
  District of Columbia - - 1 (2%) -
United Kingdom - - 1 (2%) -
Ireland - - 1 (2%) -
Domestic 10 (100%) - 64 (97%) 305M (100%)
Cross-border - - 2 (3%) -
Total 10 - 66 $305M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) - - 24 (36%) 305M (100%)
Recapitalization 5 (50%) - 21 (32%) -
Stake Purchase - - 12 (18%) -
Secondary Buyout 3 (30%) - 5 (8%) -
Consolidation 2 (20%) - 2 (3%) -
Growth Capital - - 2 (3%) -
Total 10 - 66 $305M

Exits by Deal Type

Type Total # Value
Trade Sale 17 (33%) 427M (8%)
Trade Sale - Public Company 12 (23%) 4.9B (92%)
Secondary Sale 12 (23%) -
IPO 6 (12%) -
Merger 3 (6%) -
Bankruptcy 1 (2%) -
Sold to Existing Investors 1 (2%) -
Total 52 $5.3B

Top M&A Advisors

Financial Deals
Houlihan Lokey
 1
Harris Williams & Co.
 1
Legal Deals
Katten Muchin Rosenman LLP
 3
Honigman Miller Schwartz and Cohn LLP
 3
Kirkland & Ellis LLP
 2

Deal Values

buy # Total
$100M to $1B 2 $275M
< $100M 1 $30M
TOTAL $305M
Largest Nth Degree, Inc.
$150M (2001-04-19)
sell # Total
> $1B 1 $3.5B
$100M to $1B 7 $1.7B
< $100M 7 $498M
TOTAL $5.7B
Largest Platinum Technology International, Inc.
$3.5B (1999-05-28)

M&A Connections

Deals %
Acquired from
PE Firm(s)
89%
8 89%
Strategic(s)
11%
1 11%
Exited to
PE Firm(s)
44%
16 44%
Strategic(s)
56%
20 56%

Investor Summary

Size

Large

PE Assets

2.1B USD

Established

1971

Specialist/Generalist

Generalist

Leadership

Paul Carbery

Managing Partner

Walter Florence

Managing Partner

Elizabeth Williamson

Managing Director

Michael Langdon

Managing Director

Ronald Kuehl

Managing Director

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