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Merit Capital Partners Mergers and Acquisitions Summary

Mezzanine Finance Firm Profile

In the last 3 years, Merit Capital Partners has acquired 8 companies. It has also invested in 2 others.

Merit Capital Partners’ most common sectors for investment aremanufacturing (12%) and building materials (9%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (61%) and recapitalization (21%). In total, Merit Capital Partners has invested in 31 US states and 2 different countries. Its largest (disclosed) acquisition occurred in 2007 when it acquired Digney York Associates for $20M.

In the last 3 years, Merit Capital Partners has exited 7 companies. The Firm’s most common exit type is trade sale (54%). Merit Capital Partners’ largest (disclosed) exit occurred in 2023 when it sold Storage Solutions for $375M.

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M&A Summary

  • M&A Total Activity158
    • M&A Buy Activity104
    • M&A Sell Activity54
  • Total Sectors Invested 33
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 44
  • M&A Advisors 3

Merit Capital Partners

Merit Capital Partners LLC

91 N. Wacker Drive, Suite 1100,
Chicago, Illinois 60606
United States
(312) 592-6111
www.meritcapital.com
mcp@meritcapital.com

Merit Capital Partners is a private investment firm that targets investments in middle market manufacturing, distribution, and service based businesses. Merit looks for companies generating at least $20 million in sales and at least $4 million in EBITDA. Merit can provide both equity and junior capital financing and looks to commit at least $15 million per transaction. Prospective transaction situations include management buyouts, recapitalizations, growth financings, divestitures, unsponsored transactions, and ESOPs. Merit Capital will not invest in start-ups, turnarounds, real estate, specialty retail, or oil/gas opportunities. Merit Capital was originally known as William Blair Mezzanine Capital and became independent in 2004. Merit Capital Partners was formed in 1993 and is based in Chicago, Illinois.


Investment Criteria

Sectors of Interest: Apparel/Textiles, Automotive, Beverages, Building Materials, Business Services, Chemicals, Construction, Consumer Products, Consumer Services, Defense, Digital Media, Distribution, Electrical Equipment, Electronics, Energy Services and Equipment, Engineering, Environmental, Food, Forest Products, Furniture, Healthcare Services, Information Technology, Machinery, Manufacturing, Marketing, Medical Products, Metals/Mining, Oil/Gas Exploration, Packaging, Plastics, Safety/Security, Technology Hardware, Test/Measurement Equipment, Transportation

Target Transaction Types: Buyout (LBO, MBO, MBI), Growth Capital, Recapitalization, Acquisition Financing, Secondary Buyout

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

Transaction Criteria Min Max
Target Revenue 20 -
Target EBITDA 4 -
Investment Size 15 -
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '20 '21 '22 '23 '24 '25 T
Buy (2.4/yr) # 92 2 2 5 3 - 104
vol $20M $20M
Sell (1.6/yr) # 46 1 5 1 1 - 54
vol $1.2B $375M $1.6B
  158
+500100110120130140150160901700

Most Recent M&A

Company Date Value Type
Kemper Equipment, Inc. 2024-03-22 - Recapitalization
Honey Brook, Pennsylvania · www.kemperequipment.com
AFX, Inc. 2024-03-07 - Buyout (LBO, MBO, MBI)
Waukegan, Illinois · www.afxinc.com
Circuit Check, Inc. 2024-02-23 - Secondary Buyout
Maple Grove, Minnesota · www.circuitcheck.com
Engendren Corp. 2024-02-01 - Trade Sale
Kenosha, Wisconsin · www.engendren.com
American Producers Supply Co. LLC 2023-10-18 - Recapitalization
Marietta, Ohio · www.americanproducers.com
Acacia Home Health Services 2023-10-04 - Growth Capital
Glendale, California · www.acaciahealth.net
PFI Instore 2023-08-03 - Secondary Buyout
Hazelwood, Missouri · www.pfiinstore.com
Displayit, Inc. 2023-07-13 - Growth Capital
Irvine, California · www.displayitinc.com
CyCan Industries LLC 2023-03-07 - Buyout (LBO, MBO, MBI)
Woodstock, Georgia · www.cycanindustries.com
Storage Solutions, Inc. 2023-01-25 375M USD Trade Sale
Westfield, Indiana · www.storage-solutions.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Identity Group LLC 2014-05-27 Redi-Tag Corp. 2023-05-08 1
Nashville, Tennessee · www.identitygroup.com Nashville, Tennessee · www.reditag.com

M&A by Sector

Sector Current # Value All-time # Value
Manufacturing 3 (10%) - 12 (12%) -
Building Materials 2 (7%) - 9 (9%) -
Business Services 1 (3%) - 7 (7%) -
Chemicals 1 (3%) - 7 (7%) -
Electrical Equipment 1 (3%) - 6 (6%) -
Medical Products 1 (3%) - 5 (5%) -
Construction 2 (7%) - 4 (4%) 20M (100%)
Automotive - - 4 (4%) -
Distribution 1 (3%) - 4 (4%) -
Food - - 4 (4%) -
Plastics - - 4 (4%) -
Apparel/Textiles 2 (7%) - 3 (3%) -
Consumer Products 2 (7%) - 3 (3%) -
Healthcare Services 3 (10%) - 3 (3%) -
Machinery 2 (7%) - 3 (3%) -
Metals/Mining 1 (3%) - 3 (3%) -
Test/Measurement Equipment 1 (3%) - 3 (3%) -
Environmental 1 (3%) - 2 (2%) -
Furniture 1 (3%) - 2 (2%) -
Marketing 1 (3%) - 2 (2%) -
Transportation - - 2 (2%) -
Beverages - - 1 (1%) -
Consumer Services 1 (3%) - 1 (1%) -
Defense - - 1 (1%) -
Digital Media 1 (3%) - 1 (1%) -
Electronics - - 1 (1%) -
Energy Services and Equipment - - 1 (1%) -
Engineering - - 1 (1%) -
Forest Products - - 1 (1%) -
Information Technology 1 (3%) - 1 (1%) -
Real Estate - - 1 (1%) -
Safety/Security - - 1 (1%) -
Staffing - - 1 (1%) -
Total 29 - 104 $20M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 29 (100%) - 103 (99%) 20M (100%)
  Wisconsin 4 (14%) - 18 (17%) -
  Texas 2 (7%) - 12 (12%) -
  Illinois 2 (7%) - 11 (11%) -
  California 3 (10%) - 6 (6%) -
  Ohio 3 (10%) - 4 (4%) -
  North Carolina 2 (7%) - 4 (4%) -
  Georgia 2 (7%) - 4 (4%) -
  Pennsylvania 1 (3%) - 4 (4%) -
  Michigan 1 (3%) - 4 (4%) -
  New York - - 4 (4%) -
  Minnesota 2 (7%) - 3 (3%) -
  Washington 1 (3%) - 2 (2%) -
  Missouri 1 (3%) - 2 (2%) -
  Alabama 1 (3%) - 2 (2%) -
  South Dakota - - 2 (2%) -
  Nebraska - - 2 (2%) -
  Massachusetts - - 2 (2%) -
  Kansas - - 2 (2%) -
  Indiana - - 2 (2%) -
  Florida - - 2 (2%) -
  Vermont 1 (3%) - 1 (1%) -
  Tennessee 1 (3%) - 1 (1%) -
  New Jersey 1 (3%) - 1 (1%) -
  Colorado 1 (3%) - 1 (1%) -
  Virginia - - 1 (1%) 20M (100%)
  Wyoming - - 1 (1%) -
  South Carolina - - 1 (1%) -
  Maryland - - 1 (1%) -
  Louisiana - - 1 (1%) -
  Kentucky - - 1 (1%) -
  Iowa - - 1 (1%) -
Canada - - 1 (1%) -
  Manitoba - - 1 (1%) -
Domestic 29 (100%) - 103 (99%) 20M (100%)
Cross-border - - 1 (1%) -
Total 29 - 104 $20M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 13 (45%) - 63 (61%) -
Recapitalization 7 (24%) - 21 (20%) 20M (100%)
Secondary Buyout 4 (14%) - 12 (12%) -
Growth Capital 5 (17%) - 8 (8%) -
Total 29 - 104 $20M

Exits by Deal Type

Type Total # Value
Secondary Sale 21 (39%) 310M (22%)
Trade Sale 18 (33%) 255M (18%)
Trade Sale - Public Company 11 (20%) 829M (59%)
Unknown 3 (6%) -
Merger 1 (2%) -
Total 54 $1.4B

Top M&A Advisors

Financial Deals
Grace Matthews
 2
Lincoln International
 1
Legal Deals
Godfrey & Kahn
 1

Deal Values

buy # Total
< $100M 1 $20M
TOTAL $20M
Largest Digney York Associates LLC
$20M (2007-08-15)
sell # Total
$100M to $1B 6 $1.5B
< $100M 1 $74M
TOTAL $1.6B
Largest Storage Solutions, Inc.
$375M (2023-01-25)

M&A Connections

Deals
Acquired from
Investor(s)
13%
13 (13%)
Exited to
Investor(s)
41%
22 (41%)
Strategic(s)
56%
30 (56%)

Investor Summary

Investor Type

Mezzanine Finance Firm

Size

Large

PE Assets

2.5B USD

Established

1993

Specialist/Generalist

Generalist

Leadership

Marc Walfish

Founding Partner & Managing Director

Terrance Shipp

Founding Partner & Managing Director

Benjamin Yarbrough

Managing Director

Daniel Pansing

Managing Director

David Jones

Managing Director

FAQ

When was Merit Capital Partners founded?

Merit Capital Partners was founded in 1993.

What type of investor is Merit Capital Partners?

Merit Capital Partners is a mezzanine finance firm.

Where is Merit Capital Partners headquartered?

Merit Capital Partners is headquartered in Chicago, Illinois.

How much capital does Merit Capital Partners have under management?

Merit Capital Partners has 2.5B USD under management.

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