Frontier Growth Mergers and Acquisitions Summary

Growth Capital Firm Profile

In the last 3 years, Frontier Growth has invested in 4 companies.

Frontier Growth’s most common sectors for investment aresoftware (27%) and information technology (25%) . The Firm’s most common investment types include growth capital (65%) and buyout (lbo, mbo, mbi) (16%). In total, Frontier Growth has invested in 18 US states and 2 different countries. Its largest (disclosed) acquisition occurred in 2001 when it acquired Digital Envoy for $11M.

In the last 3 years, Frontier Growth has exited 7 companies. The Firm’s most common exit type is trade sale (61%). Frontier Growth’s largest (disclosed) exit occurred in 2021 when it sold InteliSecure for $63M.

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M&A Summary

  • M&A Total Activity95
    • M&A Buy Activity57
    • M&A Sell Activity38
  • Total Sectors Invested 14
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 35
  • M&A Advisors 5

Frontier Growth

FC Capital Management LLC

525 N Tryon Street, Suite 1900,
Charlotte, North Carolina 28202
United States
(704) 414-2880
www.frontiergrowth.com
info@frontiergrowth.com

Frontier Capital LLC is a private investment firm that provides expansion capital to high-growth 'technology-enabled' business service companies generating revenues $8-$30 million. Frontier targets companies that utilize technology, an innovative business process, or a unique expertise to deliver a differentiated service to customers. Frontier typically invests throughout the Southeast and Mid-Atlantic regions of the US and looks to commit $10 to $50 million of equity capital per transaction. Investment proceeds are generally used for growth initiatives, acquisitions, or to provide shareholder liquidity. Frontier Capital was formed in 1999 and is based in Charlotte, North Carolina.


Investment Criteria

Sectors of Interest: Information Technology, Internet Software and Services, Software

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

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

Transaction Criteria Min Max
Target Revenue 8 30
Target EBITDA - -
Investment Size 10 50
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '19 '20 '21 '22 '23 '24 T
Buy (0.8/yr) # 53 - 1 1 2 - 57
vol $20M $20M
Sell (1.6/yr) # 30 1 3 3 - 1 38
vol $68M $63M $131M
  95

Most Recent M&A

Company Date Value Type
STN Video, Inc. 2024-01-24 - Trade Sale
Victoria, British Columbia · www.stnvideo.com
commonsku 2023-11-06 - Growth Capital
Toronto, Ontario · www.commonsku.com
EdInvent, Inc. 2023-10-18 - Growth Capital
Mountain View, California · www.accredible.com
Agreement Express, Inc. 2022-12-06 - Trade Sale
Vancouver, British Columbia · www.agreementexpress.com
MediaRadar, Inc. 2022-09-26 - Secondary Sale
New York, New York · www.mediaradar.com
talentReef, Inc. 2022-08-10 - Trade Sale
Denver, Colorado · www.talentreef.com
Burbank Dental Laboratory LLC 2022-03-15 - Growth Capital
Burbank, California · www.burbankdental.com
ServiceTrade 2021-12-06 - Growth Capital
Durham, North Carolina · www.servicetrade.com
GovQA LLC 2021-08-26 - Trade Sale
Woodridge, Illinois · www.govqa.com
MediaPRO Holdings LLC 2021-03-03 - Trade Sale
Bothell, Washington · www.mediapro.com
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Software 6 (55%) - 15 (26%) -
Information Technology 3 (27%) - 14 (25%) 12M (59%)
Business Services - - 9 (16%) -
Internet Software and Services 1 (9%) - 7 (12%) -
Manufacturing - - 2 (4%) 8M (41%)
Life Science - - 2 (4%) -
Communications - - 1 (2%) -
Digital Media - - 1 (2%) -
Healthcare Services - - 1 (2%) -
Marketing - - 1 (2%) -
Medical Products 1 (9%) - 1 (2%) -
Publishing - - 1 (2%) -
Safety/Security - - 1 (2%) -
Staffing - - 1 (2%) -
Total 11 - 57 $20M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 9 (82%) - 53 (93%) 20M (100%)
  Georgia 2 (18%) - 8 (14%) 12M (59%)
  North Carolina 1 (9%) - 7 (12%) 8M (41%)
  Texas 1 (9%) - 7 (12%) -
  California 3 (27%) - 5 (9%) -
  Washington - - 4 (7%) -
  South Carolina 1 (9%) - 3 (5%) -
  Utah - - 3 (5%) -
  New York 1 (9%) - 2 (4%) -
  Illinois - - 2 (4%) -
  Florida - - 2 (4%) -
  Colorado - - 2 (4%) -
  Alabama - - 2 (4%) -
  Massachusetts - - 1 (2%) -
  Maine - - 1 (2%) -
  Indiana - - 1 (2%) -
  Arizona - - 1 (2%) -
  Virginia - - 1 (2%) -
  Vermont - - 1 (2%) -
Canada 2 (18%) - 4 (7%) -
  Ontario 2 (18%) - 2 (4%) -
  British Columbia - - 2 (4%) -
Domestic 9 (82%) - 53 (93%) 20M (100%)
Cross-border 2 (18%) - 4 (7%) -
Total 11 - 57 $20M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Growth Capital 11 (100%) - 37 (65%) 1M (5%)
Buyout (LBO, MBO, MBI) - - 9 (16%) -
Venture - - 7 (12%) 19M (95%)
Recapitalization - - 2 (4%) -
Consolidation - - 1 (2%) -
Secondary Buyout - - 1 (2%) -
Total 11 - 57 $20M

Exits by Deal Type

Type Total # Value
Trade Sale 15 (39%) -
Trade Sale - Public Company 9 (24%) 131M (100%)
Secondary Sale 9 (24%) -
Merger 3 (8%) -
Recapitalization 1 (3%) -
Unknown 1 (3%) -
Total 38 $131M

Top M&A Advisors

Financial Deals
Triple Tree LLC
1
William Blair
1
Arlington Capital Advisors LLC
1
Legal Deals
Womble Bond Dickinson LLP
1

Deal Values

buy # Total
< $100M 3 $20M
TOTAL $20M
Largest Digital Envoy, Inc.
$11M (2001-07-23)
sell # Total
< $100M 3 $131M
TOTAL $131M
Largest InteliSecure, Inc.
$63M (2021-02-22)

M&A Connections

Deals
Acquired from
Investor(s)
4%
2 (4%)
Exited to
Investor(s)
26%
10 (26%)
Strategic(s)
68%
26 (68%)

FAQ

When was Frontier Growth founded?

Frontier Growth was founded in 1999.

What type of investor is Frontier Growth?

Frontier Growth is a growth capital firm.

Where is Frontier Growth headquartered?

Frontier Growth is headquartered in Charlotte, North Carolina.

How much capital does Frontier Growth have under management?

Frontier Growth has 1.0B USD under management.

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