Penfund Mergers and Acquisitions Summary

Mezzanine Finance Firm Profile

In the last 3 years, Penfund has acquired 3 companies.

Penfund’s most common sectors for investment aredistribution (25%) and healthcare services (18%) . The Firm’s most common investment types include secondary buyout (43%) and buyout (lbo, mbo, mbi) (29%). In total, Penfund has invested in 10 US states and 2 different countries.

In the last 3 years, Penfund has exited 5 companies. The Firm’s most common exit type is trade sale (43%). Penfund’s largest (disclosed) exit occurred in 2009 when it sold Timothys Coffees of the World for $157M.

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M&A Summary

  • M&A Total Activity45
    • M&A Buy Activity26
    • M&A Sell Activity19
  • Total Sectors Invested 10
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 21

Penfund

Bay Adelaide Centre, 333 Bay Street, Suite 610,
Toronto, Ontario M5H 2R2
Canada
(416) 865-0707
www.penfund.com

Penfund is a private investment firm that provides equity, junior capital, and alternative financing to Canadian-based middle-market companies with EBITDA of at least C$20 million. Penfund can commit up to C$225 million per transaction. Penfund does not have any industry preferences and its investments are generally used to support growth needs, recapitalization, shareholder liquidity, acquisitions, and buyouts. Penfund was formed in 1979 and is based in Toronto.


Investment Criteria

Sectors of Interest: Aerospace, Automotive, Business Services, Chemicals, Consumer Products, Consumer Services, Distribution, Education, Environmental, Financial Services, Food, Healthcare Services, Insurance, Manufacturing, Plastics, Retail, Software, Technology Hardware, Test/Measurement Equipment

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

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

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA 20 -
Investment Size - 225
Enterprise Value - -
values in millions of CAD

M&A Summary

Buy vs Sell

Year ≤ '19 '20 '21 '22 '23 '24 T
Buy (0.4/yr) # 24 - 2 - - - 26
Sell (1.0/yr) # 14 - 3 1 1 - 19
vol $157M $157M
  45

Most Recent M&A

Company Date Value Type
Hopkins Manufacturing Corp. 2023-11-01 - Trade Sale
Emporia, Kansas · www.hopkinsmfg.com
Forefront Dermatology 2022-02-10 - Secondary Sale
Manitowoc, Wisconsin · www.forefrontdermatology.com
Arrowhead Engineered Products, Inc. 2021-08-31 - Secondary Sale
Blaine, Minnesota · www.arrowheadepinc.com
Mister Car Wash, Inc. 2021-06-25 - IPO
Tucson, Arizona · www.mistercarwash.com
Gastro Health LLC 2021-05-19 - Secondary Buyout
Miami, Florida · www.gastrohealth.com
Canadian Hospital Specialties Ltd. 2021-04-22 - Secondary Buyout
Oakville, Ontario · www.chsltd.com
Aveanna Healthcare LLC 2021-04-05 - IPO
Atlanta, Georgia · www.aveanna.com
SureWerx, Inc. 2018-11-02 - Secondary Sale
Coquitlam, British Columbia · www.jetgroupbrands.com
Mavis Tire Supply Corp. 2018-03-29 - Merger
Millwood, New York · www.mavistire.com
Aveanna Healthcare LLC 2017-03-16 - Consolidation
Atlanta, Georgia · www.aveanna.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
BroadStreet Partners, Inc. 2012-02-07 Westland Insurance Group Ltd. 2023-04-17 2
Columbus, Ohio · www.broadstreetcorp.com Surrey, British Columbia · www.westlandinsurance.ca
Caliber Collision Centers 2013-11-20 ABRA Auto Body & Glass LP 2018-12-05 4
Lewisville, Texas · www.calibercollision.com Brooklyn Park, Minnesota · www.abraauto.com
BroadStreet Partners, Inc. 2012-02-07 Bearence Management Group LLC 2015-06-11 1
Columbus, Ohio · www.broadstreetcorp.com West Des Moines, Iowa · www.bearence.com
CBI Health Group Ltd. 2011-01-04 We Care Health Services 2013-09-30 1
Toronto, Ontario · www.cbihealth.ca Toronto, Ontario · www.wecare.ca

M&A by Sector

Sector Current # Value All-time # Value
Distribution 2 (20%) - 7 (25%) -
Healthcare Services 2 (20%) - 5 (18%) -
Automotive 2 (20%) - 4 (14%) -
Retail 1 (10%) - 4 (14%) -
Consumer Services - - 2 (7%) -
Food - - 2 (7%) -
Business Services 1 (10%) - 1 (4%) -
Insurance 1 (10%) - 1 (4%) -
Medical Products 1 (10%) - 1 (4%) -
Safety/Security - - 1 (4%) -
Total 10 - 28 -

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 6 (60%) - 14 (50%) -
  Florida 2 (20%) - 2 (7%) -
  Texas 1 (10%) - 2 (7%) -
  Minnesota 1 (10%) - 2 (7%) -
  Georgia - - 2 (7%) -
  Ohio 1 (10%) - 1 (4%) -
  Illinois 1 (10%) - 1 (4%) -
  Arizona - - 1 (4%) -
  Wisconsin - - 1 (4%) -
  New York - - 1 (4%) -
  Kansas - - 1 (4%) -
Canada 4 (40%) - 14 (50%) -
  Ontario 3 (30%) - 10 (36%) -
  British Columbia - - 2 (7%) -
  Manitoba 1 (10%) - 1 (4%) -
  Nova Scotia - - 1 (4%) -
Domestic 4 (40%) - 14 (50%) -
Cross-border 6 (60%) - 14 (50%) -
Total 10 - 28 -

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 5 (50%) - 12 (43%) -
Buyout (LBO, MBO, MBI) 1 (10%) - 8 (29%) -
Growth Capital 3 (30%) - 5 (18%) -
Consolidation - - 1 (4%) -
Divestiture 1 (10%) - 1 (4%) -
Stake Purchase - - 1 (4%) -
Total 10 - 28 -

Exits by Deal Type

Type Total # Value
Secondary Sale 6 (32%) -
Trade Sale - Public Company 4 (21%) 157M (100%)
Trade Sale 4 (21%) -
IPO 3 (16%) -
Merger 2 (11%) -
Total 19 $157M

Deal Values

sell # Total
$100M to $1B 1 $157M
TOTAL $157M
Largest Timothys Coffees of the World, Inc.
$157M (2009-11-13)

M&A Connections

Deals
Acquired from
Investor(s)
43%
12 (43%)
Strategic(s)
4%
1 (4%)
Exited to
Investor(s)
32%
6 (32%)
Strategic(s)
53%
10 (53%)

Investor Summary

Investor Type

Mezzanine Finance Firm

Size

Large

PE Assets

2.7B CAD

Established

1979

Specialist/Generalist

Generalist

Leadership

Adam Breslin

Partner

Jeremy Thompson

Partner

Joe Mattina

Partner

Nicole Fich

Partner

Richard Bradlow

Partner

FAQ

When was Penfund founded?

Penfund was founded in 1979.

What type of investor is Penfund?

Penfund is a mezzanine finance firm.

Where is Penfund headquartered?

Penfund is headquartered in Toronto, Ontario.

How much capital does Penfund have under management?

Penfund has 2.7B CAD under management.

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