Frontenac Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Frontenac has acquired 7 companies. It has also invested in 1 other.

Frontenac’s most common sectors for investment arebusiness services (15%) and distribution (14%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (37%) and recapitalization (31%). In total, Frontenac has invested in 24 US states and 4 different countries. Its largest (disclosed) acquisition occurred in 2001 when it acquired Nth Degree for $150M.

In the last 3 years, Frontenac has exited 9 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 Activity124
    • M&A Buy Activity69
    • M&A Sell Activity55
  • Total Sectors Invested 19
  • Total Countries Invested 4
  • M&A Buy/Sell Connections 42
  • 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 ≤ '16 '17 '18 '19 '20 '21 T
Buy (2.0/yr) # 59 2 3 - 3 2 69
vol $305M $305M
Sell (2.0/yr) # 45 1 5 1 1 2 55
vol $4.9B $760M $5.7B
  124

Most Recent M&A

Company Date Value Type
Whitebridge Pet Brands LLC 2021-07-29 - Secondary Buyout
Chesterfield, Missouri · www.whitebridgepetbrands.com
Salient CRGT, Inc. 2021-07-08 - Add-on Acquisition
Fairfax, Virginia · www.salientcrgt.com
Crofter’s Food Ltd. 2021-02-03 - Growth Capital
Seguin, Ontario · www.croftersorganic.com
Monterey Bay Spice Co. 2021-01-11 - Buyout (LBO, MBO, MBI)
Watsonville, California · www.herbco.com
Newterra Ltd. 2020-11-02 - Secondary Buyout
Brockville, Ontario · www.newterra.com
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
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Business Services - - 10 (14%) 180M (59%)
Distribution 3 (27%) - 9 (13%) -
Food 3 (27%) - 8 (12%) -
Information Technology 1 (9%) - 8 (12%) -
Healthcare Services - - 7 (10%) -
Education 2 (18%) - 4 (6%) -
Marketing 1 (9%) - 3 (4%) 125M (41%)
Insurance - - 3 (4%) -
Software - - 3 (4%) -
Consumer Services - - 2 (3%) -
Media - - 2 (3%) -
Medical Products - - 2 (3%) -
Restaurants - - 2 (3%) -
Communications - - 1 (1%) -
Consumer Products - - 1 (1%) -
Environmental 1 (9%) - 1 (1%) -
Manufacturing - - 1 (1%) -
Packaging - - 1 (1%) -
Staffing - - 1 (1%) -
Total 11 - 69 $305M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 9 (82%) - 65 (94%) 305M (100%)
  California 2 (18%) - 11 (16%) -
  New Jersey 1 (9%) - 4 (6%) 125M (41%)
  Illinois 1 (9%) - 4 (6%) -
  Texas - - 4 (6%) -
  Tennessee - - 4 (6%) -
  Pennsylvania 2 (18%) - 3 (4%) -
  New York 1 (9%) - 3 (4%) -
  Georgia - - 3 (4%) 150M (49%)
  Florida - - 3 (4%) 30M (10%)
  Connecticut - - 3 (4%) -
  Virginia - - 3 (4%) -
  Missouri - - 3 (4%) -
  Kentucky - - 3 (4%) -
  Michigan 1 (9%) - 2 (3%) -
  Colorado - - 2 (3%) -
  Maine 1 (9%) - 1 (1%) -
  District of Columbia - - 1 (1%) -
  Wisconsin - - 1 (1%) -
  Utah - - 1 (1%) -
  Ohio - - 1 (1%) -
  North Carolina - - 1 (1%) -
  Minnesota - - 1 (1%) -
  Indiana - - 1 (1%) -
  Hawaii - - 1 (1%) -
Canada 2 (18%) - 2 (3%) -
  Ontario 2 (18%) - 2 (3%) -
United Kingdom - - 1 (1%) -
Ireland - - 1 (1%) -
Domestic 9 (82%) - 65 (94%) 305M (100%)
Cross-border 2 (18%) - 4 (6%) -
Total 11 - 69 $305M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 1 (9%) - 25 (36%) 305M (100%)
Recapitalization 5 (45%) - 21 (30%) -
Stake Purchase - - 12 (17%) -
Secondary Buyout 4 (36%) - 6 (9%) -
Growth Capital 1 (9%) - 3 (4%) -
Consolidation - - 2 (3%) -
Total 11 - 69 $305M

Exits by Deal Type

Type Total # Value
Trade Sale 18 (33%) 427M (8%)
Secondary Sale 13 (24%) -
Trade Sale - Public Company 12 (22%) 4.9B (92%)
IPO 6 (11%) -
Merger 3 (5%) -
Bankruptcy 1 (2%) -
Sold to Existing Investors 1 (2%) -
Unknown 1 (2%) -
Total 55 $5.3B

Top M&A Advisors

Financial Deals
Houlihan Lokey
1
Harris Williams & Co.
1
Legal Deals
Honigman Miller Schwartz and Cohn LLP
3
Katten Muchin Rosenman 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
Investor(s)
12%
8 (12%)
Strategic(s)
1%
1 (1%)
Exited to
Investor(s)
22%
12 (22%)
Strategic(s)
38%
21 (38%)

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