ICV Capital Partners Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, ICV Capital Partners has acquired 4 companies. It has also invested in 2 others.

ICV Capital Partners’ most common sectors for investment arebusiness services (14%) and healthcare services (14%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (42%) and secondary buyout (38%). In total, ICV Capital Partners has invested in 17 US states and 2 different countries. Its largest (disclosed) acquisition occurred in 2019 when it acquired Diversified Restaurant Holdings for $130M.

In the last 3 years, ICV Capital Partners has exited 1 company. The Firm’s most common exit type is secondary buyout (50%). ICV Capital Partners’ largest (disclosed) exit occurred in 2016 when it sold Stauber Performance Ingredients for $157M.

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M&A Summary

  • M&A Total Activity43
    • M&A Buy Activity29
    • M&A Sell Activity14
  • Total Sectors Invested 17
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 12
  • M&A Advisors 3

ICV Capital Partners LLC

810 7th Avenue, 35th Floor,
New York, New York 10019
United States
(212) 455-9600
www.icvpartners.com
emailicv@icvpartners.com

ICV Capital Partners is a private equity firm focused on making equity investments in US-based middle-market companies. ICV seeks control investments in companies with annual revenues between $25 and $300 million and EBITDA between $10 and $40 million. ICV prefers businesses with existing/proven management and operating in stable industries. Target transactions include non-core divestitures, take-privates, and acquisitions of private companies in partnership with management. ICV Capital Partners was founded in 1998 and has offices in New York and Atlanta, Georgia.


Investment Criteria

Sectors of Interest: Beverages, Business Services, Consumer Products, Consumer Services, Distribution, Electronics, Financial Services, Food, Healthcare Services, Leisure, Machinery, Manufacturing, Medical Products, Packaging, Retail

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

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

Transaction Criteria Min Max
Target Revenue 25 300
Target EBITDA 10 40
Investment Size - -
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '17 '18 '19 '20 '21 '22 T
Buy (1.4/yr) # 22 1 3 1 2 - 29
vol $35M $130M $165M
Sell (0.4/yr) # 12 1 - - 1 - 14
vol $157M $157M
  43

Most Recent M&A

Company Date Value Type
Outpatient Imaging Affiliates LLC 2021-10-20 - Secondary Buyout
Franklin, Tennessee · www.oiarad.com
Cherry Tree Dental 2021-03-16 - Buyout (LBO, MBO, MBI)
Madison, Wisconsin · www.cherrytreedental.com
Total Access Urgent Care 2021-02-17 - Buyout (LBO, MBO, MBI)
Ballwin, Missouri · www.totalaccessurgentcare.com
Mintz Group, Inc. 2020-04-07 - Secondary Buyout
New York, New York · www.mintzgroup.com
Diversified Restaurant Holdings, Inc. 2019-11-06 130M USD Going Private
Southfield, Michigan · www.diversifiedrestaurantholdings.com
JK&T Wings, Inc. 2019-11-04 - Growth Capital
Shelby Township, Michigan
Horizon Air Freight, Inc. 2019-10-03 - Growth Capital
Jamaica, New York · www.haf.com
SAFE Security, Inc. 2018-11-07 - Stake Sale
San Ramon, California · www.safesecurity.com
Outpatient Imaging Affiliates LLC 2018-03-13 - Buyout (LBO, MBO, MBI)
Franklin, Tennessee · www.oiarad.com
LeadingResponse LLC 2017-05-09 - Secondary Buyout
Tampa, Florida · www.leadingresponse.com
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Business Services 3 (23%) - 4 (14%) -
Healthcare Services 3 (23%) - 4 (14%) -
Food - - 3 (10%) 35M (21%)
Franchising 2 (15%) - 2 (7%) -
Marketing 2 (15%) - 2 (7%) -
Retail - - 2 (7%) -
Transportation 1 (8%) - 2 (7%) -
Restaurants 1 (8%) 130M (100%) 1 (3%) 130M (79%)
Automotive - - 1 (3%) -
Consumer Products - - 1 (3%) -
Distribution - - 1 (3%) -
Electronics - - 1 (3%) -
Financial Services - - 1 (3%) -
Marine - - 1 (3%) -
Packaging - - 1 (3%) -
Safety/Security - - 1 (3%) -
Software 1 (8%) - 1 (3%) -
Total 13 $130M 29 $165M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 12 (92%) 130M (100%) 28 (97%) 165M (100%)
  Illinois 2 (15%) - 3 (10%) -
  Florida 2 (15%) - 3 (10%) -
  New York 2 (15%) - 3 (10%) -
  Michigan 2 (15%) 130M (100%) 2 (7%) 130M (79%)
  Texas - - 2 (7%) 35M (21%)
  California - - 2 (7%) -
  Pennsylvania - - 2 (7%) -
  Nevada - - 2 (7%) -
  Georgia 1 (8%) - 1 (3%) -
  Wisconsin 1 (8%) - 1 (3%) -
  Utah 1 (8%) - 1 (3%) -
  Missouri 1 (8%) - 1 (3%) -
  Idaho - - 1 (3%) -
  Alabama - - 1 (3%) -
  Tennessee - - 1 (3%) -
  New Jersey - - 1 (3%) -
  Massachusetts - - 1 (3%) -
Puerto Rico 1 (8%) - 1 (3%) -
Domestic 12 (92%) 130M (100%) 28 (97%) 165M (100%)
Cross-border 1 (8%) - 1 (3%) -
Total 13 $130M 29 $165M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 4 (31%) - 12 (41%) 35M (21%)
Secondary Buyout 5 (38%) - 11 (38%) -
Growth Capital 3 (23%) - 4 (14%) -
Going Private 1 (8%) 130M (100%) 1 (3%) 130M (79%)
Divestiture - - 1 (3%) -
Total 13 $130M 29 $165M

Exits by Deal Type

Type Total # Value
Secondary Sale 7 (50%) -
Trade Sale 5 (36%) -
Trade Sale - Public Company 1 (7%) 157M (100%)
Stake Sale 1 (7%) -
Total 14 $157M

Top M&A Advisors

Financial Deals
Lincoln International
 1
Legal Deals
DLA Piper
 4
Kirkland & Ellis LLP
 2

Deal Values

buy # Total
$100M to $1B 1 $130M
< $100M 1 $35M
TOTAL $165M
Largest Diversified Restaurant Holdings, Inc.
$130M (2019-11-06)
sell # Total
$100M to $1B 1 $157M
TOTAL $157M
Largest Stauber Performance Ingredients, Inc.
$157M (2016-01-04)

M&A Connections

Deals
Acquired from
Investor(s)
38%
11 (38%)
Strategic(s)
3%
1 (3%)
Exited to
Investor(s)
50%
7 (50%)
Strategic(s)
43%
6 (43%)

Investor Summary

Investor Type

Private Equity Firm

Size

Middle-Market

PE Assets

700M USD

Established

1998

Specialist/Generalist

Generalist

Leadership

Willie Woods

Co-Founder, President & Managing Director

Gregory Nolff

CFO

Ira Moreland

Managing Director

Lloyd Metz

Managing Director

Zeena Rao

Managing Director

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