Three Cities Research Mergers and Acquisitions Summary

Private Equity Firm Profile

Three Cities Research’s most common sectors for investment aremachinery (15%) and retail (15%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (72%) and going private (15%). In total, Three Cities Research has invested in 8 US states and 3 different countries. Its largest (disclosed) acquisition occurred in 1995 when it acquired Hunt Valve for $18M.

The Firm’s most common exit type is trade sale (40%). Three Cities Research’s largest (disclosed) exit occurred in 2011 when it sold At Home Group for $715M.

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M&A Summary

  • M&A Total Activity24
    • M&A Buy Activity14
    • M&A Sell Activity10
  • Total Sectors Invested 11
  • Total Countries Invested 3
  • M&A Buy/Sell Connections 12

Three Cities Research

Three Cities Research, Inc.

New York, New York 10150
United States
(212) 838-9660
www.tcr-ny.com
info@tcr-ny.com

Three Cities Research (TCR) is a private equity firm focused on investing in underperforming companies. TCR looks for change of control situations where the firm's involvement can lead to improvements. Broad sectors of interest include manufacturing, distribution, industrial, services, and retail. Three Cities Research was formed in 1976 and is based in New York City.


Investment Criteria

Sectors of Interest: Apparel/Textiles, Automotive, Building Materials, Business Services, Consumer Services, Distribution, Energy Services and Equipment, Environmental, Financial Services, Furniture, Machinery, Manufacturing, Marketing, Medical Products, Oil/Gas Exploration, Publishing, Retail, Technology Hardware, Transportation

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture

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

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

M&A Summary

Buy vs Sell

Year ≤ '20 '21 '22 '23 '24 '25 T
Buy (0.0/yr) # 14 - - - - - 14
vol $18M $18M
Sell (0.0/yr) # 10 - - - - - 10
vol $715M $715M
  24

Most Recent M&A

Company Date Value Type
Bluefish Holdings LLC 2013-01-01 - Buyout (LBO, MBO, MBI)
Houston, Texas
Agrileum LLC 2013-01-01 - Buyout (LBO, MBO, MBI)
Memphis, Tennessee · www.agrileum.com
At Home Group, Inc. 2011-09-08 715M USD Secondary Sale
Coppell, Texas · www.athome.com
US Liquids of Louisiana LP (USLL) 2010-07-16 - Trade Sale
Houston, Texas · www.uslla.com
At Home Group, Inc. 2008-02-02 - Bankruptcy
Coppell, Texas · www.athome.com
Precision Industries Corp. 2007-10-31 - Trade Sale
Germantown, Wisconsin
Masterplan, Inc. 2007-02-05 - Secondary Sale
Chatsworth, California · www.masterplan-inc.com
Morton Industrial Group, Inc. 2006-08-25 - Secondary Sale
Morton, Illinois · www.mortongroup.com
BCR Holdings, Inc. 2006-01-01 - Buyout (LBO, MBO, MBI)
Houston, Texas
At Home Group, Inc. 2005-05-11 - Special Situations/Distressed
Coppell, Texas · www.athome.com
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Machinery 1 (25%) - 2 (14%) 18M (100%)
Business Services - - 2 (14%) -
Retail - - 2 (14%) -
Apparel/Textiles - - 1 (7%) -
Distribution - - 1 (7%) -
Energy Services and Equipment - - 1 (7%) -
Environmental 1 (25%) - 1 (7%) -
Manufacturing - - 1 (7%) -
Publishing - - 1 (7%) -
Renewable Energy 1 (25%) - 1 (7%) -
Transportation 1 (25%) - 1 (7%) -
Total 4 - 14 $18M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 4 (100%) - 12 (92%) 18M (100%)
  Texas 1 (25%) - 4 (31%) -
  Ohio 1 (25%) - 2 (15%) 18M (100%)
  Tennessee 1 (25%) - 1 (8%) -
  Kentucky 1 (25%) - 1 (8%) -
  Oregon - - 1 (8%) -
  New York - - 1 (8%) -
  Illinois - - 1 (8%) -
  Georgia - - 1 (8%) -
France - - 1 (8%) -
Domestic 4 (100%) - 12 (92%) 18M (100%)
Cross-border - - 1 (8%) -
Total 4 - 13 $18M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 4 (100%) - 10 (71%) -
Going Private - - 2 (14%) -
Divestiture - - 1 (7%) 18M (100%)
Special Situations/Distressed - - 1 (7%) -
Total 4 - 14 $18M

Exits by Deal Type

Type Total # Value
Secondary Sale 4 (40%) 715M (100%)
Trade Sale 3 (30%) -
Bankruptcy 2 (20%) -
Trade Sale - Public Company 1 (10%) -
Total 10 $715M

Deal Values

buy # Total
< $100M 1 $18M
TOTAL $18M
Largest Hunt Valve Co., Inc.
$18M (1995-10-24)
sell # Total
$100M to $1B 1 $715M
TOTAL $715M
Largest At Home Group, Inc.
$715M (2011-09-08)

M&A Connections

Deals
Acquired from
Strategic(s)
7%
1 (7%)
Exited to
Investor(s)
40%
4 (40%)
Strategic(s)
40%
4 (40%)

FAQ

When was Three Cities Research founded?

Three Cities Research was founded in 1976.

What type of investor is Three Cities Research?

Three Cities Research is a private equity firm.

Where is Three Cities Research headquartered?

Three Cities Research is headquartered in New York, New York.

How much capital does Three Cities Research have under management?

Three Cities Research has 700M USD under management.

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