Frontier Growth Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Frontier Growth has acquired 1 company. It has also invested in 9 others.

Frontier Growth’s most common sectors for investment are information technology (27%) and software (25%). The Firm’s most common investment types include growth capital (60%) and buyout (lbo, mbo, mbi) (20%). In total, Frontier Growth has invested in 19 US states and 3 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 6 companies. The Firm’s most common exit type is trade sale (58%). 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 Activity85
    • M&A Buy Activity52
    • M&A Sell Activity33
  • Total Sectors Invested 12
  • Total Countries Invested 3
  • M&A Buy/Sell Connections 31
  • M&A Advisors 5

Frontier Growth

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 $20 to $75 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 20 75
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '16 '17 '18 '19 '20 '21 T
Buy (2.4/yr) # 40 2 7 3 - - 52
vol $20M $20M
Sell (2.0/yr) # 23 4 3 - 1 2 33
vol $68M $63M $131M
  85

Most Recent M&A

Company Date Value Type
MediaPRO Holdings LLC 2021-03-03 - Add-on Acquisition
Bothell, Washington · www.mediapro.com
InteliSecure, Inc. 2021-02-22 63M USD Add-on Acquisition
Greenwood Village, Colorado · www.intelisecure.com
PowerDMS, Inc. 2020-12-14 - Merger
Orlando, Florida · www.powerdms.com
GovQA 2019-07-09 - Growth Capital
Woodridge, Illinois · www.govqa.com
Phone2Action, Inc. 2019-05-22 - Growth Capital
Arlington, Virginia · www.phone2action.com
Clearwave Corp. 2019-03-26 - Growth Capital
Atlanta, Georgia · www.clearwaveinc.com
PriceSpider 2018-10-09 - Growth Capital
Irvine, California · www.pricespider.com
MultiLing Corp. 2018-10-01 - Add-on Acquisition
Provo, Utah · www.multiling.com
ListenFirst Media LLC 2018-09-05 - Growth Capital
New York, New York · www.listenfirstmedia.com
D Software, Inc. 2018-08-28 - Add-on Acquisition
Newark, California · www.getzephyr.com
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Information Technology 3 (25%) - 14 (27%) 12M (59%)
Software 8 (67%) - 13 (25%) -
Business Services - - 9 (17%) -
Internet Software and Services 1 (8%) - 6 (12%) -
Manufacturing - - 2 (4%) 8M (41%)
Life Science - - 2 (4%) -
Communications - - 1 (2%) -
Healthcare Services - - 1 (2%) -
Marketing - - 1 (2%) -
Publishing - - 1 (2%) -
Safety/Security - - 1 (2%) -
Staffing - - 1 (2%) -
Total 12 - 52 $20M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 10 (83%) - 49 (94%) 20M (100%)
  Georgia 2 (17%) - 9 (17%) 12M (59%)
  Texas 2 (17%) - 6 (12%) -
  North Carolina - - 6 (12%) 8M (41%)
  South Carolina 1 (8%) - 3 (6%) -
  California 1 (8%) - 3 (6%) -
  Washington - - 3 (6%) -
  New York 2 (17%) - 2 (4%) -
  Illinois 1 (8%) - 2 (4%) -
  Utah - - 2 (4%) -
  Florida - - 2 (4%) -
  Colorado - - 2 (4%) -
  Alabama - - 2 (4%) -
  Virginia 1 (8%) - 1 (2%) -
  Vermont - - 1 (2%) -
  Massachusetts - - 1 (2%) -
  Maryland - - 1 (2%) -
  Maine - - 1 (2%) -
  Indiana - - 1 (2%) -
  Arizona - - 1 (2%) -
Canada 2 (17%) - 2 (4%) -
  Ontario 1 (8%) - 1 (2%) -
  British Columbia 1 (8%) - 1 (2%) -
United Kingdom - - 1 (2%) -
Domestic 10 (83%) - 49 (94%) 20M (100%)
Cross-border 2 (17%) - 3 (6%) -
Total 12 - 52 $20M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Growth Capital 11 (92%) - 31 (60%) 1M (5%)
Buyout (LBO, MBO, MBI) 1 (8%) - 10 (19%) -
Venture - - 7 (13%) 19M (95%)
Recapitalization - - 2 (4%) -
Consolidation - - 1 (2%) -
Secondary Buyout - - 1 (2%) -
Total 12 - 52 $20M

Exits by Deal Type

Type Total # Value
Trade Sale 11 (33%) -
Trade Sale - Public Company 9 (27%) 131M (100%)
Secondary Sale 8 (24%) -
Merger 3 (9%) -
Recapitalization 1 (3%) -
Unknown 1 (3%) -
Total 33 $131M

Top M&A Advisors

Financial Deals
William Blair & Co. LLC
1
Arlington Capital Advisors LLC
1
Signal Hill Capital Group LLC
1
Legal Deals
Womble Carlyle Sandridge & Rice 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)
27%
9 (27%)
Strategic(s)
67%
22 (67%)

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