Monroe Capital Mergers and Acquisitions Summary

Lender Profile

In the last 3 years, Monroe Capital has acquired 26 companies. It has also invested in 5 others.

Monroe Capital’s most common sectors for investment arebusiness services (9%) and healthcare services (7%) . The Firm’s most common investment types include growth capital (32%) and buyout (lbo, mbo, mbi) (29%). In total, Monroe Capital has invested in 33 US states and 2 different countries. Its largest (disclosed) acquisition occurred in 2018 when it acquired MindBody for $1.9B.

In the last 3 years, Monroe Capital has exited 16 companies. The Firm’s most common exit type is trade sale (51%). Monroe Capital’s largest (disclosed) exit occurred in 2024 when it sold Recorded Future for $2.7B.

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M&A Summary

  • M&A Total Activity166
    • M&A Buy Activity115
    • M&A Sell Activity51
  • Total Sectors Invested 42
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 107

Monroe Capital LLC

311 South Wacker Drive, 64th Floor,
Chicago, Illinois 60606
United States
(312) 258-8300
www.monroecap.com
info@monroecap.com

Monroe Capital is a provider of senior and junior debt and equity co-investments to middle-market companies in the US and Canada. Investment types include unitranche financings, cash flow and enterprise value based loans, asset based loans, acquisition facilities, mezzanine debt, second lien or last-out loans and equity co-investments. Monroe Capital is a generalist investor and will consider companies in the healthcare, technology, media, retail, consumer sectors. Monroe Capital was formed in 2004 and is based in Chicago.


Investment Criteria

Sectors of Interest: Apparel/Textiles, Business Services, Communications, Construction, Consumer Products, Consumer Services, Defense, Digital Media, Distribution, Education, Energy Services and Equipment, Food, Furniture, Healthcare Services, Information Services, Information Technology, Infrastructure, Internet Software and Services, Life Science, Machinery, Manufacturing, Marketing, Media, Packaging, Publishing, Real Estate, Retail, Safety/Security, Software, Technology Hardware, Transportation

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

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

Transaction Criteria Min Max
Target Revenue 10 1,000
Target EBITDA 3 35
Investment Size - -
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '19 '20 '21 '22 '23 '24 T
Buy (6.8/yr) # 81 3 4 5 10 12 115
vol $2.7B $193M $180M $350M $3.4B
Sell (4.4/yr) # 31 6 5 7 3 1 53
vol $872M $355M $2.7B $3.9B
  168

Most Recent M&A

Company Date Value Type
Recorded Future, Inc. 2024-09-12 2.7B USD Trade Sale
Somerville, Massachusetts · www.recordedfuture.com
GA Water & Fire, Inc. 2024-09-12 - Buyout (LBO, MBO, MBI)
Cumming, Georgia · www.georgiawaterandfire.com
Property Medics of Georgia 2024-09-12 - Buyout (LBO, MBO, MBI)
Peachtree Corners, Georgia · www.propertymedicsofga.com
NorthEast Contracting Corp. 2024-09-04 - Recapitalization
Lorton, Virginia · www.neccroofing.com
Sunstates Security 2024-08-09 - Buyout (LBO, MBO, MBI)
Raleigh, North Carolina · www.sunstatessecurity.com
Summit Professional Education LLC 2024-05-15 - Secondary Buyout
Franklin, Tennessee · www.summit-education.com
Open Source Controls 2024-05-09 - Buyout (LBO, MBO, MBI)
Nashville, Tennessee · www.www.opensourcecontrols.com
Kimbro Mechanical LLC 2024-05-09 - Buyout (LBO, MBO, MBI)
Nashville, Tennessee · www.kimbromechanical.com
Interstate AC Service LLC 2024-05-09 - Buyout (LBO, MBO, MBI)
Nashville, Tennessee · www.interstateac.com
Sheer Logistics 2024-04-02 - Acquisition Financing
Chesterfield, Missouri · www.sheerlogistics.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
MEI Rigging & Crating LLC 2023-07-06 Able Machinery Movers LLC 2024-01-09 4
Albany, Oregon · www.meiriggingcrating.com Grapevine, Texas · www.ablemachinerymovers.com
PURIS Corp. 2018-12-27 Granite Construction, Inc. - Inliner 2022-02-03 2
The Woodlands, Georgia · www.puriscorp.com Watsonville, California
MindBody, Inc. 2018-12-24 ClassPass, Inc. 2021-10-13 3
San Luis Obispo, California · www.mindbodyonline.com New York, New York · www.classpass.com
Summit Packaging Solutions 2014-01-16 Berkeley Contract Packaging LLC 2016-05-03 2
Alpharetta, Georgia · www.1teamsummit.com Kenilworth, New Jersey

M&A by Sector

Sector Current # Value All-time # Value
Business Services 8 (16%) - 10 (9%) -
Information Technology 2 (4%) 350M (14%) 7 (6%) 1.1B (33%)
Healthcare Services 4 (8%) 180M (7%) 7 (6%) 180M (5%)
Internet Software and Services 3 (6%) - 6 (5%) 193M (6%)
Construction 2 (4%) - 5 (4%) -
Manufacturing 3 (6%) - 5 (4%) -
Safety/Security 3 (6%) - 5 (4%) -
Software 2 (4%) 1.9B (78%) 4 (3%) 1.9B (56%)
Machinery 2 (4%) - 4 (3%) -
Media 2 (4%) - 4 (3%) -
Apparel/Textiles 1 (2%) - 3 (3%) -
Automotive - - 3 (3%) -
Life Science 1 (2%) - 3 (3%) -
Marketing 2 (4%) - 3 (3%) -
Medical Products - - 3 (3%) -
Test/Measurement Equipment - - 3 (3%) -
Transportation 2 (4%) - 3 (3%) -
Building Materials 1 (2%) - 2 (2%) -
Consumer Products - - 2 (2%) -
Digital Media 1 (2%) - 2 (2%) -
Education 1 (2%) - 2 (2%) -
Electronics - - 2 (2%) -
Energy Services and Equipment - - 2 (2%) -
Engineering 1 (2%) - 2 (2%) -
Furniture - - 2 (2%) -
Packaging 2 (4%) - 2 (2%) -
Retail 1 (2%) - 2 (2%) -
Staffing 1 (2%) - 2 (2%) -
Utilities 1 (2%) - 2 (2%) -
Aerospace - - 1 (1%) -
Chemicals - - 1 (1%) -
Consumer Services - - 1 (1%) -
Distribution - - 1 (1%) -
E-Commerce - - 1 (1%) -
Electrical Equipment 1 (2%) - 1 (1%) -
Financial Services - - 1 (1%) -
Food 1 (2%) - 1 (1%) -
Information Services 1 (2%) - 1 (1%) -
Insurance - - 1 (1%) -
Leisure - - 1 (1%) -
Metals/Mining - - 1 (1%) -
Technology Hardware - - 1 (1%) -
Total 49 $2.4B 115 $3.4B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 48 (98%) 2.4B (100%) 114 (99%) 3.4B (100%)
  California 5 (10%) 1.9B (78%) 17 (15%) 2.1B (62%)
  Texas 2 (4%) - 9 (8%) -
  Georgia 6 (12%) - 7 (6%) -
  Tennessee 5 (10%) - 6 (5%) -
  North Carolina 3 (6%) - 6 (5%) -
  New York 2 (4%) - 6 (5%) -
  Florida 3 (6%) - 5 (4%) -
  Massachusetts 1 (2%) - 5 (4%) 780M (23%)
  New Jersey 1 (2%) - 5 (4%) -
  Illinois 1 (2%) - 5 (4%) -
  Michigan 2 (4%) - 4 (3%) -
  Ohio 1 (2%) 180M (7%) 4 (3%) 180M (5%)
  Virginia 2 (4%) - 3 (3%) -
  Colorado 1 (2%) - 3 (3%) -
  Minnesota 1 (2%) - 3 (3%) -
  Utah 2 (4%) - 2 (2%) -
  Oregon 2 (4%) - 2 (2%) -
  Missouri 2 (4%) - 2 (2%) -
  Maryland 1 (2%) 350M (14%) 2 (2%) 350M (10%)
  Washington 1 (2%) - 2 (2%) -
  Nevada - - 2 (2%) -
  Mississippi - - 2 (2%) -
  Kansas - - 2 (2%) -
  Arkansas 1 (2%) - 1 (1%) -
  Wisconsin 1 (2%) - 1 (1%) -
  New Mexico 1 (2%) - 1 (1%) -
  District of Columbia 1 (2%) - 1 (1%) -
  Connecticut - - 1 (1%) -
  Pennsylvania - - 1 (1%) -
  Oklahoma - - 1 (1%) -
  Nebraska - - 1 (1%) -
  Iowa - - 1 (1%) -
  Indiana - - 1 (1%) -
Canada 1 (2%) - 1 (1%) -
  Ontario 1 (2%) - 1 (1%) -
Domestic 48 (98%) 2.4B (100%) 114 (99%) 3.4B (100%)
Cross-border 1 (2%) - 1 (1%) -
Total 49 $2.4B 115 $3.4B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Growth Capital 14 (29%) - 36 (31%) -
Buyout (LBO, MBO, MBI) 13 (27%) - 33 (29%) 780M (23%)
Secondary Buyout 6 (12%) - 14 (12%) -
Divestiture 3 (6%) 180M (7%) 8 (7%) 373M (11%)
Recapitalization 3 (6%) - 8 (7%) -
Add-on Acquisition 4 (8%) - 5 (4%) -
Stake Purchase 1 (2%) - 3 (3%) -
Going Private 2 (4%) 2.3B (93%) 2 (2%) 2.3B (66%)
Acquisition Financing 2 (4%) - 2 (2%) -
Consolidation - - 2 (2%) -
Special Situations/Distressed 1 (2%) - 2 (2%) -
Total 49 $2.4B 115 $3.4B

Exits by Deal Type

Type Total # Value
Trade Sale 17 (32%) 110M (3%)
Secondary Sale 13 (25%) 110M (3%)
Trade Sale - Public Company 10 (19%) 3.7B (94%)
Bankruptcy 3 (6%) -
Merger 3 (6%) -
Recapitalization 2 (4%) -
SPAC 2 (4%) -
Shut Down 1 (2%) -
Sold to Management 1 (2%) -
Unknown 1 (2%) -
Total 53 $3.9B

Deal Values

buy # Total
> $1B 1 $1.9B
$100M to $1B 4 $1.5B
TOTAL $3.4B
Largest MindBody, Inc.
$1.9B (2018-12-24)
sell # Total
> $1B 1 $2.7B
$100M to $1B 4 $1.0B
< $100M 3 $196M
TOTAL $3.9B
Largest Recorded Future, Inc.
$2.7B (2024-09-12)

M&A Connections

Deals
Acquired from
Investor(s)
13%
15 (13%)
Strategic(s)
6%
7 (6%)
Exited to
Investor(s)
28%
15 (28%)
Strategic(s)
57%
30 (57%)

Investor Summary

Investor Type

Lender

Size

Mega

PE Assets

14.1B USD

Established

2004

Specialist/Generalist

Generalist

Leadership

Theodore Koenig

Chairman & CEO

Aakash Bhansali

Chief Accounting Officer

Jeffery Cupples

Deputy Head Of Credit, Direct Investments

Matthew Lane

Deputy Head of Underwriting & Direct Investments

Rachel Worth

Head of Investor Relations

FAQ

When was Monroe Capital LLC founded?

Monroe Capital LLC was founded in 2004.

What type of investor is Monroe Capital LLC?

Monroe Capital LLC is a lender.

Where is Monroe Capital LLC headquartered?

Monroe Capital LLC is headquartered in Chicago, Illinois.

How much capital does Monroe Capital LLC have under management?

Monroe Capital LLC has 14.1B USD under management.

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