M&A Deal Summary

Lincolnshire Management and Providence Equity Partners Acquire PADI

On August 9, 2012, private equity firms Lincolnshire Management and Providence Equity Partners acquired education company PADI from Seidler Equity Partners

Acquisition Highlights
  • This is Lincolnshire Management’s 1st and Providence Equity Partners’ 5th transaction in the Education sector.
  • This is Lincolnshire Management’s 18th and Providence Equity Partners’ 46th transaction in the United States.
  • This is Lincolnshire Management’s 2nd and Providence Equity Partners’ 5th transaction in California.
Investment Fate
  • PADI was sold to a consortium of financial buyers in 2017.

M&A Deal Summary

Date 2012-08-09
Target PADI
Sector Education
Buyer(s) Lincolnshire Management
Providence Equity Partners
Sellers(s) Seidler Equity Partners
Deal Type Secondary Buyout

Target

PADI

Rancho Santa Margarita, California, United States
PADI (Professional Association of Diving Instructors) is a scuba diving certification, training and publishing company, serving diving instructors, retailers and individual scuba divers. PADI was founded in 1966 and is based in Rancho Santa Margarita, California.

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Buyer(S) 2

Buyer

Lincolnshire Management

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1986
PE ASSETS 1.9B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Lincolnshire Management, Inc. (LMI) is a private equity firm focused on acquiring small and mid-sized companies in partnership with management. LMI typically targets companies with the majority of business conducted within the US. Prospective companies also have cash-flows of $5 to $50 million and significant opportunities for growth, either internally or through acquisitions. Target transaction situations include corporate divestitures, selling shareholders, and owners desiring liquidity. Lincolnshire Management was formed in 1986 and has office in New York City.


DEAL STATS #
Overall 20 of 32
Sector (Education) 1 of 1
Type (Secondary Buyout) 2 of 6
State (California) 2 of 3
Country (United States) 18 of 29
Year (2012) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-09-07 Allison Marine Contractors

Amelia, Louisiana, United States

Allison Marine is a marine outfitting, repair and refurbishment company that provides integrated land based and offshore services to oil and gas operators in the Gulf of Mexico primarily related to platform and rig logistics. The Company’s operations are focused on refurbishment, resale and recycling of platforms and equipment, fixed-priced platform decommissioning project management, and various other offshore support services. Allison Marine Contractors was founded in 1995 and is based in Amelia, Louisiana.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-08-16 Prince Sports

Atlanta, Georgia, United States

Prince Sports, Inc. is the premiere brand in racquet sports, having pioneered such revolutionary designs as the "oversized" and "longbody" racquets for tennis. The success of Prince in tennis has grown over the years to include a full range of products targeting all major racquet sports including, squash, racquetball and badminton.

Sell -
Buyer

Providence Equity Partners

Providence, Rhode Island, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1989
PE ASSETS 36.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Providence Equity Partners is a specialist private equity firm that targets investments in media, entertainment, communications, and information companies. Specifically, Providence seeks investments in wireless and wireline telephony, cable television content and distribution, music, film, publishing, radio and television broadcasting, and other media and communications sectors. Providence Equity looks to commit $150 million to $800 million of equity capital in transactions ranging from growth financings and recapitalizations, to buyouts and take-privates. Providence Equity Partners was formed in 1989 and has offices in Providence, Rhode Island; New York, New York; Los Angeles, California; London, United Kingdom; Hong Kong, China; and New Delhi, India.


DEAL STATS #
Overall 70 of 135
Sector (Education) 5 of 7
Type (Secondary Buyout) 10 of 38
State (California) 5 of 11
Country (United States) 46 of 85
Year (2012) 2 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-07-19 Newport Television

Kansas City, Missouri, United States

Broadcast TV company with 56 stations across 20 markets in the U.S.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-10-17 Q9 Networks

Toronto, Ontario, Canada

Q9 Networks, Inc. is a provider of outsourced data center infrastructure for mission-critical IT operations. Operates three state-of-the-art data centers in Ontario and Alberta, Canada. Headquartered in Toronto, ON.

Buy CA$1.1B

Seller(S) 1

SELLER

Seidler Equity Partners

Marina del Rey, California, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1992
PE ASSETS 5.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Seidler Equity Partners is a mid-market private equity firm focused on partnering with business owners and management to help build market-leading companies. Seidler will consider funding growth financings, family business transitions, owner-operator recapitalizations, management buyouts, liquidity for estate planning, and traditional buyouts. Seidler looks to invest in businesses with a proven track record and opportunities for growth. Prospective companies typically have minimum revenue of $25 million and EBITDA between $5 and $50 million. Seidler is a generalist firm and will consider investments across a wide range of industries, including manufacturing, service, and distributors. Seidler Equity Partners was formed in 1999 and is based in Marina del Rey, California.


DEAL STATS #
Overall 10 of 23
Sector (Education) 1 of 1
Type (Secondary Buyout) 2 of 7
State (California) 1 of 3
Country (United States) 10 of 23
Year (2012) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-07-20 Harmar

Sarasota, Florida, United States

Harmar is a designer, manufacturer, and marketer of mobility and accessibility solutions for individuals who use power wheelchairs/scooters or are otherwise mobility impaired. Harmar was founded in 1998 and is based in Sarasota, Florida.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-03-01 JACAM Chemicals

Sterling, Kansas, United States

JACAM Chemicals is provides service, quality and product performance in the chemical industry while maintaining the highest standards of ethics, honesty and integrity.JACAM uses responsible manufacturing processes to ensure the production of consistent, quality products for its customers without affecting the environment. JACAM is a non-hazardous waste generator. All wash and rinse materials are recycled as makeup fluids in future production cycles.

Sell -