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M&A Deal Summary

Goldman Sachs Merchant Banking Acquires Restaurant Technologies

On August 21, 2018, private equity firm Goldman Sachs Merchant Banking acquired business services company Restaurant Technologies from Aurora Capital Partners and Antares Capital

Acquisition Highlights
  • This is Goldman Sachs Merchant Banking’s 13th transaction in the Business Services sector.
  • This is Goldman Sachs Merchant Banking’s 108th transaction in the United States.
  • This is Goldman Sachs Merchant Banking’s 2nd transaction in Minnesota.
Investment Fate
  • Restaurant Technologies was sold to a consortium of financial buyers in 2022.

M&A Deal Summary
Date 2018-08-21
Target Restaurant Technologies
Sector Business Services
Buyer(s) Goldman Sachs Merchant Banking
Sellers(s) Aurora Capital Partners
Antares Capital
Deal Type Secondary Buyout
Advisor(s) Gibson, Dunn & Crutcher (Legal)

Target

Restaurant Technologies

Mendota Heights, Minnesota, United States
Restaurant Technologies is a foodservice industry partner, serving more than 32,000 quick-service and full-service restaurant chains, independent restaurants, grocery delis, hotels, casinos, universities, and hospitals nationwide. The company helps make foodservice operations safer, smarter, and more efficient through cooking oil and hood and flue management solutions. It has a long history of sustainability, working with partners to provide used cooking oil as input into renewable diesel and biodiesel, creating an ESG-friendly process of recycled used cooking oil for its customers. Restaurant Technologies was formed in 1996 and is based in Mendota Heights, Minnesota.

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Buyer(S) 1

Buyer

Goldman Sachs Merchant Banking

New York, New York, United States
Category Private Equity Firm
Founded 1986
PE ASSETS 155.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Goldman Sachs Merchant Banking Division is the investment arm of Goldman Sachs. The primary corporate investment group within the Merchant Banking Division is Goldman Sachs' direct investment arm. GS's direct investment arm consists of GS Capital Partners, GS Mezzanine Partners, and GS Growth Partners. GS Capital Partners is the direct corporate equity investment group which seeks LBO, recapitalization, and growth investments to help fund acquisitions, expansions, recapitalizations, restructurings, buyouts, and take privates. GS Capital Partners looks to invest between $50 and $800 million in opportunities in North/South America, Europe, Asia. GS Mezzanine Partners is the junior capital arm of Goldman Sachs. GS Mezzanine looks to invest between $200 million and and $800 million in transactions valued up to $10 billion. Investment proceeds are used to fund leveraged buyouts, expansion financings, recapitalizations, acquisitions, and restructurings. GS Growth looks to invest in growth equity transactions. The unit seeks to commit $20 to $200 million per investment. Other units within GS's merchant banking division include Real Estate, Infrastructure, and Urban Investments. Goldman Sachs Merchant Banking Division is based in New York City.

DEAL STATS #
Overall 154 of 188
Sector (Business Services) 13 of 16
Type (Secondary Buyout) 52 of 68
State (Minnesota) 2 of 3
Country (United States) 108 of 130
Year (2018) 10 of 13
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-08-15 SugarCRM

Cupertino, California, United States

SugarCRM is a CX (customer experience) platform, enabling businesses to create profitable customer relationships by delivering highly relevant, personalized experiences throughout the customer journey. The easy-to-use, intuitive platform makes CX easy and accessible for everyone, allowing marketing, sales and services professionals to focus on high-impact, value-adding activities that create customers for life. SugarCRM was founded in 2004 and is based in Cupertino, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-26 Staff Finder

Zurich, Switzerland

Staff Finder is a provider of staffing solutions. Staff Finder was founded in 2009 and is based in Zurich, Switzerland.

Buy -

Seller(S) 2

SELLER

Aurora Capital Partners

Los Angeles, California, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1991
PE ASSETS 4.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Aurora Capital Partners is a private investment firm that manages private equity funds as well as investment vehicles focused on debt/equity securities. Targeted businesses are generally industry leaders that operate in defensible markets with sustainable margins. Sectors of interest include aerospace, industrial products, and services, packaging, plastics, distribution, manufacturing, media, retail, and chemicals. Aurora will only consider majority/control positions. Aurora's investment horizon is typically three to seven years. Aurora Capital Partners was formed in 1991 and is based in Los Angeles, California.

DEAL STATS #
Overall 17 of 23
Sector (Business Services) 1 of 2
Type (Secondary Buyout) 8 of 11
State (Minnesota) 1 of 2
Country (United States) 17 of 22
Year (2018) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-07-16 Inhance Technologies

Houston, Texas, United States

Inhance Technologies is a provider of post-mold fluorination solutions and the major innovator in fluorine-based material science. Inhance Technologies’ portfolio of proprietary solutions is used across a wide range of end markets to enhance its customers’ products, allowing them to perform better, last longer, and adhere to increasingly stringent regulations. Inhance Technologies was founded in 1983 and is headquartered in Houston, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-02 Alltub

Boulogne-Billancourt, France

Alltub is a manufacturer of collapsible aluminum tubes for the packaging of pharmaceutical, cosmetics, foodstuffs, and industrial products. Alltub was founded in 2005 and is based in Boulogne-Billancourt, France.

Sell -
SELLER

Antares Capital

Miami, Florida, United States

Investor Investor

Category Private Equity Firm
Founded 1993
Size Small
Type Sector Agnostic
DESCRIPTION

Antares Capital is a private investment group that targets growth capital financings as well as management buyout opportunities. The Firm focuses on investments based in the Southeast US and Texas. Prospective companies generally have proven business models, modest capital requirements for growth, and operate in large and growing markets. The Firm looks to commit $500k to $5 million per investment. Antares will not invest in real estate, mineral exploration, distributors, franchisees, or project financings. Antares was founded in 1993 and is based in Miami, Florida.

DEAL STATS #
Overall 31 of 44
Sector (Business Services) 1 of 1
Type (Secondary Buyout) 7 of 13
State (Minnesota) 2 of 3
Country (United States) 30 of 43
Year (2018) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-06-01 Alcami

Wilmington, North Carolina, United States

Alcami is a fully-integrated end-to-end contract development and manufacturing organization. Alcami serves pharmaceutical and biotech companies of all sizes providing customizable and innovative solutions for analytical development, clinical to commercial sterile and oral solid manufacturing, packaging, microbiology, cGMP biostorage, environmental monitoring, and pharmaceutical support services. Alcami was founded in 1979 and is based in Wilmington, North Carolina.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-03-28 Five Star Food Service

Chattanooga, Tennessee, United States

Five Star Food Service is a provider of micro-markets, office coffee and water services, vending solutions, and corporate dining services in the Southeast. Five Star Food Service was founded in 1993 and is based in Chattanooga, Tennessee.

Buy -
Mergr

Product

Company

Legal