Glencoe Capital Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Glencoe Capital has acquired 1 company. It has also invested in 1 other.

Glencoe Capital’s most common sectors for investment are food (15%) and business services (11%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (50%) and growth capital (15%). In total, Glencoe Capital has invested in 11 US states and 2 different countries.

In the last 3 years, Glencoe Capital has exited 3 companies. The Firm’s most common exit type is trade sale (47%). Glencoe Capital’s largest (disclosed) exit occurred in 2018 when it sold Polyair Inter Pack for $146M.

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M&A Summary

  • M&A Total Activity41
    • M&A Buy Activity28
    • M&A Sell Activity13
  • Total Sectors Invested 18
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 15
  • M&A Advisors 1

Glencoe Capital

444 N. Michigan Ave Suite 2970,
Chicago, Illinois 60601
United States
(312) 795-6300
www.glencap.com
info@glencap.com

Glencoe Capital is a private equity firm that invests in leveraged buyouts and recapitalizations of middle-market companies. Glencoe consists of Glencoe Capital Partners Funds which seeks North American businesses valued between $25 million and $125 million, and the Michigan Opportunities Fund which looks to invest in recapitalizations, buyouts, and growth equity transactions in Michigan. Sectors of interest include business and media services, financial services, food and consumer products, and industrials. Glencoe prefers platform companies to have at least $30 million of sales and EBITDA of at least $3 million. Glencoe Capital was formed in 1993 and is a unit of Leoville Holdings, an alternative investment manager. Glencoe Capital is based in Chicago with an additional office in Birmingham, Michigan.


Investment Criteria

Sectors of Interest: Business Services, Chemicals, Consumer Products, Consumer Services, Digital Media, Distribution, E-Commerce, Education, Electronics, Energy Services and Equipment, Engineering, Financial Services, Food, Healthcare Services, Information Technology, Insurance, Machinery, Marketing, Plastics, Retail

Target Transaction Types: Buyout (LBO, MBO, MBI), Consolidation, Divestiture, Growth Capital, Recapitalization, Secondary Buyout, Stake Purchase

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

Transaction Criteria Min Max
Target Revenue 30 -
Target EBITDA 3 15
Investment Size 25 125
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (0.6/yr) # 25 1 2 - - - 28
Sell (0.6/yr) # 10 - 2 1 - - 13
vol $92M $51M $146M $289M
  41

Most Recent M&A

Company Date Value Type
Polyair Inter Pack, Inc. 2018-07-18 146M USD Add-on Acquisition
Toronto, Ontario · www.polyair.com
Fusion Education Group 2017-12-11 - Secondary Buyout
Solana Beach, California · www.fusionacademy.com
Robert Rothschild Farm LLC 2017-06-19 - Secondary Buyout
Cincinnati, Ohio · www.robertrothschild.com
WestCongress Insurance Services LLC 2017-03-02 - Growth Capital
Detroit, Michigan · www.westcongress.com
New Moosejaw LLC 2017-02-15 51M USD Add-on Acquisition
Madison Heights, Michigan · www.moosejaw.com
Cincinnati Preserving Co., Inc. (dba Clearbrook Farms) 2016-03-01 - Buyout (LBO, MBO, MBI)
Sharonville, Ohio · www.clearbrookfarms.com
Rimrock Corp. 2015-08-04 - Add-on Acquisition
Columbus, Ohio · www.rimrockcorp.com
Flatout, Inc. 2015-03-13 92M USD Add-on Acquisition
Saline, Michigan · www.flatoutbread.com
Encore Rehabilitation Services LLC 2015-01-22 - Secondary Buyout
Farmington Hills, Michigan · www.encorerehabilitation.net
Fortis Energy Services, Inc. 2013-01-10 - Buyout (LBO, MBO, MBI)
Bloomfield Hills, Michigan · www.fortisenergyservices.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Child Development Schools, Inc. 2006-05-29 Sunrise Preschools 2016-05-26 1
Columbus, Georgia · www.childcarenetwork.net Tempe, Arizona · www.sunrisepreschools.com
Dialogdirect, Inc. 2012-12-31 Kramer Direct, Inc. 2015-11-10 5
Highland Park, Michigan · www.dialog-direct.com Richardson, Texas · www.kramerdirect.com
Dialogdirect, Inc. 2012-12-31 HealthLogix 2015-11-10 4
Highland Park, Michigan · www.dialog-direct.com Troy, Michigan · www.healthlogixonline.com
Dialogdirect, Inc. 2012-12-31 Allegra Direct Communications, Inc. 2014-10-17 3
Highland Park, Michigan · www.dialog-direct.com Clinton Township, Michigan · www.allegra-direct.com
Dialogdirect, Inc. 2012-12-31 Dialogue Marketing, Inc. 2014-01-30 2
Highland Park, Michigan · www.dialog-direct.com Troy, Michigan · www.dialogue-marketing.com
Dialogdirect, Inc. 2012-12-31 Budco Holdings, Inc. 2012-12-31 1
Highland Park, Michigan · www.dialog-direct.com Highland Park, Michigan · www.budco.com

M&A by Sector

Sector Current # Value All-time # Value
Food 1 (13%) - 4 (14%) -
Business Services - - 3 (11%) -
Insurance 1 (13%) - 3 (11%) -
Education 1 (13%) - 2 (7%) -
Energy Services and Equipment 1 (13%) - 2 (7%) -
Machinery - - 2 (7%) -
Chemicals 1 (13%) - 1 (4%) -
Consumer Products - - 1 (4%) -
Distribution - - 1 (4%) -
E-Commerce 1 (13%) - 1 (4%) -
Electrical Equipment - - 1 (4%) -
Electronics - - 1 (4%) -
Engineering 1 (13%) - 1 (4%) -
Financial Services - - 1 (4%) -
Healthcare Services - - 1 (4%) -
Marketing 1 (13%) - 1 (4%) -
Plastics - - 1 (4%) -
Retail - - 1 (4%) -
Total 8 - 28 -

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 8 (100%) - 25 (89%) -
  Michigan 4 (50%) - 9 (32%) -
  Ohio 2 (25%) - 3 (11%) -
  Texas 1 (13%) - 3 (11%) -
  Florida - - 2 (7%) -
  California - - 2 (7%) -
  Georgia 1 (13%) - 1 (4%) -
  Tennessee - - 1 (4%) -
  Pennsylvania - - 1 (4%) -
  North Carolina - - 1 (4%) -
  Kentucky - - 1 (4%) -
  Connecticut - - 1 (4%) -
Canada - - 3 (11%) -
  Ontario - - 2 (7%) -
Domestic 8 (100%) - 25 (89%) -
Cross-border - - 3 (11%) -
Total 8 - 28 -

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 5 (63%) - 14 (50%) -
Growth Capital 1 (13%) - 4 (14%) -
Secondary Buyout 1 (13%) - 4 (14%) -
Recapitalization - - 2 (7%) -
Consolidation 1 (13%) - 1 (4%) -
Divestiture - - 1 (4%) -
Going Private - - 1 (4%) -
Stake Purchase - - 1 (4%) -
Total 8 - 28 -

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 4 (31%) 289M (100%)
Merger 3 (23%) -
Secondary Sale 3 (23%) -
Trade Sale 2 (15%) -
IPO 1 (8%) -
Total 13 $289M

Top M&A Advisors

Financial Deals
First Analysis Securities Corp.
1

Deal Values

sell # Total
$100M to $1B 1 $146M
< $100M 2 $143M
TOTAL $289M
Largest Polyair Inter Pack, Inc.
$146M (2018-07-18)

M&A Connections

Deals %
Acquired from
PE Firm(s)
80%
4 80%
Strategic(s)
20%
1 20%
Exited to
PE Firm(s)
44%
7 44%
Strategic(s)
56%
9 56%

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