M&A Deal Summary

Levine Leichtman Capital Partners Acquires NSL Analytical Services

On June 27, 2024, mezzanine finance firm Levine Leichtman Capital Partners acquired test/measurement equipment company NSL Analytical Services from May River Capital

Acquisition Highlights
  • This is Levine Leichtman Capital Partners’ 2nd transaction in the Test/Measurement Equipment sector.
  • This is Levine Leichtman Capital Partners’ 68th transaction in the United States.
  • This is Levine Leichtman Capital Partners’ 4th transaction in Ohio.

M&A Deal Summary

Date 2024-06-27
Target NSL Analytical Services
Sector Test/Measurement Equipment
Buyer(s) Levine Leichtman Capital Partners
Sellers(s) May River Capital
Deal Type Secondary Buyout

Target

NSL Analytical Services

Cleveland, Ohio, United States
NSL Analytical Services is an independent, commercial materials testing laboratory. NSL Analytical services comprise a broad spectrum of analytical testing for quality control, failure analysis, product performance, and material selection and characterization including 3D Metals Material Testing, Inorganic Trace Element Analysis, 3D Metals Material Testing Inorganic Trace Element Analysis Metallurgical Evaluations Mechanical Testing Microscopy Evaluations Lead, and Phthalates Testing. NSL Analytical Services was founded in 1945 and is based in Cleveland, Ohio.

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Buyer(S) 1

Buyer

Levine Leichtman Capital Partners

Beverly Hills, California, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 1984
PE ASSETS 12.9B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Levine Leichtman Capital Partners (LLCP) is a West Coast US based private investment firm that targets mezzanine and other structured equity investments in middle-market companies. The Firm has several funds, each with different strategies. LLCP's larger fund targets subordinated debt, preferred equity, and/or common equity investments in companies with $100 to $750 million of revenue. The Firm's smaller fund invests $5 to $15 million in emerging companies with less than $25 million in revenue. LLCP also invests in financially distressed businesses. LLCP was formed in 1984 and has offices in Beverly Hills, California; Chicago, Illinois; Dallas, Texas; New York City; and London.


DEAL STATS #
Overall 83 of 83
Sector (Test/Measurement Equipment) 2 of 2
Type (Secondary Buyout) 30 of 30
State (Ohio) 4 of 4
Country (United States) 68 of 68
Year (2024) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-04-24 Tropical Smoothie Cafe

Atlanta, Georgia, United States

Tropical Smoothie Cafe is a franchisor of fast-casual cafes with over 1,400 locations in 44 states. It serves smoothies, wraps, sandwiches, and flatbreads across multiple dayparts. Tropical Smoothie Cafe was founded in 1997 and is headquartered in Atlanta, Georgia.

Sell -

Seller(S) 1

SELLER

May River Capital

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2012
PE ASSETS 500M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

May River Capital is a Midwest US-based private equity firm focused primarily on control investments in profitable mid-sized companies located throughout North America. The Firm targets management buyouts, divestitures, recapitalizations, and ownership succession situations. Prospective companies generally have at least $3 million of EBITDA and valued up to $150 million. Sectors of interest include manufacturing, distribution, energy services, industrial, and non-branded consumer goods. May River Capital was founded in 2012 and is based in Chicago.


DEAL STATS #
Overall 8 of 8
Sector (Test/Measurement Equipment) 1 of 1
Type (Secondary Buyout) 4 of 4
State (Ohio) 3 of 3
Country (United States) 8 of 8
Year (2024) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-11-30 RLE Technologies

Fort Collins, Colorado, United States

RLE Technologies is a provider of critical facility oversight and notification. RLE has delivered facility monitoring and leak detection technologies that prevent disasters, preserve our customers’ reputations, and provide peace of mind. RLE Technologies was formed in 1984 and is based in Fort Collins, Colorado.

Buy -