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Windjammer Capital Mergers and Acquisitions Summary

Mezzanine Finance Firm Profile

In the last 3 years, Windjammer Capital has acquired 4 companies.

Windjammer Capital’s most common sectors for investment areconsumer products (12%) and machinery (10%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (54%) and secondary buyout (36%). In total, Windjammer Capital has invested in 19 US states. Its largest (disclosed) acquisition occurred in 1999 when it acquired Shari’s Management for $60M.

In the last 3 years, Windjammer Capital has exited 1 company. The Firm’s most common exit type is secondary buyout (47%). Windjammer Capital’s largest (disclosed) exit occurred in 2020 when it sold Advanced Instruments for $780M.

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M&A Summary

  • M&A Total Activity75
    • M&A Buy Activity49
    • M&A Sell Activity26
  • Total Sectors Invested 27
  • Total Countries Invested 1
  • M&A Buy/Sell Connections 21
  • M&A Advisors 4

Windjammer Capital

Windjammer Capital Investors LLC

840 Newport Center Drive, Suite 650,
Newport Beach, California 92660
United States
(949) 721-9944
www.windjammercapital.com
info@windjammercapital.com

Windjammer Capital is a private investment firm that invests control equity, minority equity, and/or subordinated debt in growing middle-market businesses. The Firm seeks to invest between $50 and $200 million of equity or subordinated debt in companies that generate at least $8 million of EBITDA. Windjammer focuses on North American-based opportunities and prefers companies with scalable business models, differentiated products/services, and that operate in defensible markets. Broad sectors of interest include manufacturing, business services and value-added distribution. Windjammer does not invest in high technology, real estate, and financial services companies. Windjammer Capital was formed in 1990 and has offices in Waltham, Massachusetts and Newport Beach, California.


Investment Criteria

Sectors of Interest: Automotive, Building Materials, Business Services, Consumer Products, Consumer Services, Distribution, Education, Electrical Equipment, Environmental, Food, Franchising, Healthcare Services, Information Services, Insurance, Internet Software and Services, Life Science, Machinery, Manufacturing, Marketing, Medical Products, Plastics, Publishing, Renewable Energy, Restaurants, Retail, Safety/Security, Semiconductors, Test/Measurement Equipment

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

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

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA 8 50
Investment Size 50 200
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '20 '21 '22 '23 '24 '25 T
Buy (1.0/yr) # 44 1 2 2 - - 49
vol $140M $140M
Sell (0.4/yr) # 24 1 1 - - - 26
vol $2.6B $2.6B
  75

Most Recent M&A

Company Date Value Type
Bio X Cell LLC 2023-12-13 - Buyout (LBO, MBO, MBI)
Lebanon, New Hampshire · www.bioxcell.com
AXH Air-Coolers LLC 2023-11-01 - Buyout (LBO, MBO, MBI)
Tulsa, Oklahoma · www.axhaircoolers.com
Hermetic Solutions Group 2022-11-03 - Trade Sale
Trevose, Pennsylvania · www.hermeticsolutions.com
Radix Wire & Cable 2022-09-01 - Secondary Buyout
Glenwillow, Ohio · www.radix-wire.com
Fecon LLC 2022-01-01 - Secondary Buyout
Lebanon, Ohio · www.fecon.com
ECI LLC 2021-12-16 - Trade Sale
Elon, North Carolina · www.regoproducts.com
Paragon Energy Solutions LLC 2021-12-01 - Secondary Buyout
Fort Worth, Texas · www.paragones.com
IPS Group, Inc. 2020-12-01 - Growth Capital
San Diego, California · www.ipsgroupinc.com
Advanced Instruments, Inc. 2020-09-28 780M USD Secondary Sale
Norwood, Massachusetts · www.aicompanies.com
Compex Legal Services, Inc. 2020-02-11 - Secondary Buyout
Torrance, California · www.compexlegal.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
VRC Companies LLC 2017-04-26 2-20 Records Management LLC 2022-10-04 2
Memphis, Tennessee · www.vitalrecordscontrol.com Carlstadt, New Jersey · www.2-20rm.com
Hilco Vision 2019-09-10 M&S Technologies, Inc. 2021-01-06 4
Mansfield, Massachusetts · www.hilcovision.com Dallas, Texas · www.mstech-eyes.com
Mission Critical Electronics LLC 2016-09-30 Xantrex Technology, Inc. 2018-11-30 3
Costa Mesa, California · www.mission-critical-electronics.com Burnaby, British Columbia · www.xantrex.com

M&A by Sector

Sector Current # Value All-time # Value
Consumer Products 1 (7%) - 6 (12%) -
Machinery 1 (7%) - 5 (10%) 60M (43%)
Electrical Equipment 2 (14%) - 5 (10%) -
Business Services 1 (7%) - 3 (6%) 20M (14%)
Retail - - 3 (6%) -
Consumer Services - - 2 (4%) -
Distribution 1 (7%) - 2 (4%) -
Life Science 1 (7%) - 2 (4%) -
Manufacturing 1 (7%) - 2 (4%) -
Plastics 1 (7%) - 2 (4%) -
Semiconductors - - 2 (4%) -
Restaurants - - 1 (2%) 60M (43%)
Automotive - - 1 (2%) -
Building Materials 1 (7%) - 1 (2%) -
Energy Services and Equipment 1 (7%) - 1 (2%) -
Food - - 1 (2%) -
Franchising - - 1 (2%) -
Healthcare Services - - 1 (2%) -
Information Services 1 (7%) - 1 (2%) -
Insurance - - 1 (2%) -
Internet Software and Services 1 (7%) - 1 (2%) -
Marketing 1 (7%) - 1 (2%) -
Medical Products - - 1 (2%) -
Packaging - - 1 (2%) -
Publishing - - 1 (2%) -
Safety/Security - - 1 (2%) -
Test/Measurement Equipment - - 1 (2%) -
Total 14 - 50 $140M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 14 (100%) - 50 (100%) 140M (100%)
  California 3 (21%) - 12 (24%) 60M (43%)
  Illinois 1 (7%) - 6 (12%) -
  Ohio 3 (21%) - 5 (10%) -
  Massachusetts 1 (7%) - 4 (8%) 20M (14%)
  North Carolina - - 3 (6%) -
  Minnesota - - 3 (6%) -
  New Jersey 2 (14%) - 2 (4%) -
  Indiana - - 2 (4%) -
  Florida - - 2 (4%) -
  New York - - 2 (4%) -
  Texas 1 (7%) - 1 (2%) -
  Tennessee 1 (7%) - 1 (2%) -
  Oklahoma 1 (7%) - 1 (2%) -
  New Hampshire 1 (7%) - 1 (2%) -
  Oregon - - 1 (2%) 60M (43%)
  Georgia - - 1 (2%) -
  Alabama - - 1 (2%) -
  South Carolina - - 1 (2%) -
  Pennsylvania - - 1 (2%) -
Total 14 - 50 $140M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 5 (36%) - 27 (54%) 80M (57%)
Secondary Buyout 8 (57%) - 18 (36%) 60M (43%)
Growth Capital 1 (7%) - 2 (4%) -
Divestiture - - 1 (2%) -
Recapitalization - - 1 (2%) -
Stake Purchase - - 1 (2%) -
Total 14 - 50 $140M

Exits by Deal Type

Type Total # Value
Secondary Sale 12 (46%) 1.7B (64%)
Trade Sale - Public Company 6 (23%) 918M (36%)
Trade Sale 4 (15%) -
Bankruptcy 2 (8%) -
IPO 1 (4%) -
Recapitalization 1 (4%) -
Total 26 $2.6B

Top M&A Advisors

Financial Deals
Moelis & Co.
 1
Harris Williams
 1
Legal Deals
Choate Hall & Stewart
 4
Kirkland & Ellis
 1

Deal Values

buy # Total
< $100M 3 $140M
TOTAL $140M
Largest Automatic Bar Controls, Inc. (dba Wunder-Bar)
$60M (2005-06-01)
sell # Total
$100M to $1B 7 $2.5B
< $100M 2 $122M
TOTAL $2.6B
Largest Advanced Instruments, Inc.
$780M (2020-09-28)

M&A Connections

Deals
Acquired from
Investor(s)
38%
19 (38%)
Strategic(s)
2%
1 (2%)
Exited to
Investor(s)
50%
13 (50%)
Strategic(s)
42%
11 (42%)

Investor Summary

Investor Type

Mezzanine Finance Firm

Size

Large

PE Assets

2.0B USD

Established

1990

Specialist/Generalist

Generalist

Leadership

Costa Littas

Co-founder & Managing Principal

Robert Bartholomew

Founder & Managing Principal

Craig Majernik

Managing Director

Matt Anderson

Managing Director

Rob Quandt

Managing Director

FAQ

When was Windjammer Capital founded?

Windjammer Capital was founded in 1990.

What type of investor is Windjammer Capital?

Windjammer Capital is a mezzanine finance firm.

Where is Windjammer Capital headquartered?

Windjammer Capital is headquartered in Newport Beach, California.

How much capital does Windjammer Capital have under management?

Windjammer Capital has 2.0B USD under management.

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