HCI Equity Partners Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, HCI Equity Partners has acquired 7 companies. It has also invested in 3 others.

HCI Equity Partners’ most common sectors for investment are transportation (23%) and business services (15%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (53%) and growth capital (15%). In total, HCI Equity Partners has invested in 17 US states and 2 different countries.

In the last 3 years, HCI Equity Partners has exited 7 companies. The Firm’s most common exit type is trade sale (32%). HCI Equity Partners’ largest (disclosed) exit occurred in 2016 when it sold Herndon Aerospace & Defense for $210M.

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M&A Summary

  • M&A Total Activity62
    • M&A Buy Activity40
    • M&A Sell Activity22
  • Total Sectors Invested 18
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 17

HCI Equity Partners

1730 Pennsylvania Avenue, N.W. Suite 525,
Washington, District of Columbia 20006
United States
(202) 371-0150
www.hciequity.com
info@hciequity.com

HCI Equity Partners (fka Thayer | Hidden Creek Partners) is a private equity group that targets lower middle-market industrial product and service companies throughout North America. HCI is a 'hands on' investor, looking to assist portfolio companies with growth strategies and improving profitability. The Firm seeks opportunities with $20 to $200 million in revenues and strong management in place. Specific areas of interest include aerospace/defense, automotive and commercial vehicle suppliers, industrial distribution, infrastructure, power generation, test/measurement equipment, and transportation. HCI has offices in Washington DC and Minneapolis, Minnesota.


Investment Criteria

Sectors of Interest: Aerospace, Automotive, Building Materials, Business Services, Consumer Products, Defense, Distribution, Electrical Equipment, Electronics, Energy Services and Equipment, Engineering, Environmental, Machinery, Manufacturing, Metals/Mining, Plastics, Test/Measurement Equipment, Transportation

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

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

Transaction Criteria Min Max
Target Revenue 20 200
Target EBITDA 5 25
Investment Size 15 75
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (2.4/yr) # 28 2 2 5 1 2 40
Sell (2.0/yr) # 12 3 - - 6 1 22
vol $66M $210M $41M $317M
  62

Most Recent M&A

Company Date Value Type
Commercial Foodservice Repair, Inc. 2020-06-01 - Secondary Buyout
Greenville, South Carolina · www.commercialfoodservicerepair.com
The Delaney Hardware Co. 2020-01-06 - Add-on Acquisition
Cumming, Georgia · www.delaneyinc.com
Pacific Defense LLC 2020-01-01 - Growth Capital
El Segundo, California · www.pacific-defense.com
Dynamic Systems, Inc. 2019-11-04 41M USD Add-on Acquisition
Poestenkill, New York · www.gleeble.com
Milan Supply Chain Solutions, Inc. 2019-09-30 - Secondary Buyout
Milan, Tennessee · www.milanexpress.com
Naumann Hobbs Material Handling, Inc. 2019-08-30 - Secondary Buyout
Phoenix, Arizona · www.naumannhobbs.com
HVH Transportation, Inc. 2019-08-28 - Bankruptcy
Denver, Colorado · www.hvhtransportation.com
Express Packaging, Inc. 2019-05-01 - Merger
Columbus, Ohio · www.expk.co
MSI Express, Inc. 2019-05-01 - Recapitalization
Portage, Indiana · www.msiexpress.com
Quadel Consulting Corp. 2019-02-08 - Secondary Buyout
Washington, District of Columbia · www.quadel.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Wellborn Forest Products, Inc. 2018-11-01 De Pere Cabinet, Inc. 2020-09-16 1
Alexander City, Alabama · www.wellbornforest.com De Pere, Wisconsin · www.countrysidecabinets.net
Summit Interconnect, Inc. 2016-04-01 ITL Circuits 2020-07-29 4
Anaheim, California · www.summit-pcb.com Markham, Ontario · www.itlcircuits.com
MSI Express, Inc. 2019-05-01 Express Packaging, Inc. 2019-05-01 1
Portage, Indiana · www.msiexpress.com Columbus, Ohio · www.expk.co
Summit Interconnect, Inc. 2016-04-01 Streamline Circuits Corp. 2018-12-07 3
Anaheim, California · www.summit-pcb.com Santa Clara, California · www.streamlinecircuits.com
AmerCareRoyal 2014-06-11 Royal Paper Products, Inc. 2016-10-19 2
North Charleston, South Carolina · www.amercareroyal.com Exton, Pennsylvania · www.royalpaper.com
AmerCareRoyal 2014-06-11 JRMI 2016-05-06 1
North Charleston, South Carolina · www.amercareroyal.com Flower Mound, Texas
Summit Interconnect, Inc. 2016-04-01 Marcel Electronics International 2016-04-22 2
Anaheim, California · www.summit-pcb.com Orange, California
Summit Interconnect, Inc. 2016-04-01 KCA Electronics, Inc. 2016-04-01 1
Anaheim, California · www.summit-pcb.com Anaheim, California
Tribar Manufacturing LLC 2015-03-01 Adept Plastic Finishing, Inc. 2016-03-21 1
Howell, Michigan · www.tribarmfg.com Wixom, Michigan · www.adeptfinish.com

M&A by Sector

Sector Current # Value All-time # Value
Transportation 3 (17%) - 9 (23%) -
Business Services 2 (11%) - 6 (15%) -
Automotive 2 (11%) - 4 (10%) -
Packaging 1 (6%) - 4 (10%) -
Manufacturing 3 (17%) - 3 (8%) -
Building Materials - - 2 (5%) -
Aerospace - - 1 (3%) -
Apparel/Textiles 1 (6%) - 1 (3%) -
Consumer Products 1 (6%) - 1 (3%) -
Distribution - - 1 (3%) -
Electronics - - 1 (3%) -
Environmental - - 1 (3%) -
Forest Products 1 (6%) - 1 (3%) -
Furniture 1 (6%) - 1 (3%) -
Safety/Security 1 (6%) - 1 (3%) -
Semiconductors 1 (6%) - 1 (3%) -
Technology Hardware 1 (6%) - 1 (3%) -
Test/Measurement Equipment - - 1 (3%) -
Total 18 - 40 -

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 18 (100%) - 38 (95%) -
  Michigan 3 (17%) - 6 (15%) -
  California 3 (17%) - 4 (10%) -
  Ohio - - 4 (10%) -
  New York 2 (11%) - 3 (8%) -
  New Jersey 2 (11%) - 3 (8%) -
  Arizona - - 3 (8%) -
  South Carolina 2 (11%) - 2 (5%) -
  Indiana 2 (11%) - 2 (5%) -
  Illinois 1 (6%) - 2 (5%) -
  Georgia 1 (6%) - 2 (5%) -
  Texas 1 (6%) - 1 (3%) -
  Alabama 1 (6%) - 1 (3%) -
  Virginia - - 1 (3%) -
  Tennessee - - 1 (3%) -
  Missouri - - 1 (3%) -
  District of Columbia - - 1 (3%) -
  Colorado - - 1 (3%) -
Canada - - 2 (5%) -
  Ontario - - 2 (5%) -
Domestic 18 (100%) - 38 (95%) -
Cross-border - - 2 (5%) -
Total 18 - 40 -

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 7 (39%) - 21 (53%) -
Growth Capital 5 (28%) - 6 (15%) -
Recapitalization 2 (11%) - 5 (13%) -
Secondary Buyout 2 (11%) - 4 (10%) -
Consolidation 1 (6%) - 2 (5%) -
Divestiture 1 (6%) - 1 (3%) -
Stake Purchase - - 1 (3%) -
Total 18 - 40 -

Exits by Deal Type

Type Total # Value
Secondary Sale 6 (27%) -
Trade Sale - Public Company 5 (23%) 317M (100%)
Merger 5 (23%) -
IPO 2 (9%) -
Trade Sale 2 (9%) -
Bankruptcy 1 (5%) -
Recapitalization 1 (5%) -
Total 22 $317M

Deal Values

sell # Total
$100M to $1B 1 $210M
< $100M 2 $107M
TOTAL $317M
Largest Herndon Aerospace & Defense LLC
$210M (2016-05-17)

M&A Connections

Deals %
Acquired from
PE Firm(s)
83%
5 83%
Strategic(s)
17%
1 17%
Exited to
PE Firm(s)
33%
6 33%
Strategic(s)
67%
12 67%

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