LNC Partners Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, LNC Partners has invested in 2 companies.

LNC Partners’ most common sectors for investment are business services (13%) and consumer products (10%). The Firm’s most common investment types include growth capital (37%) and buyout (lbo, mbo, mbi) (25%). In total, LNC Partners has invested in 19 US states. Its largest (disclosed) acquisition occurred in 2004 when it acquired Becker Underwood for $200M.

In the last 3 years, LNC Partners has exited 4 companies. The Firm’s most common exit type is secondary buyout (57%). LNC Partners’ largest (disclosed) exit occurred in 2012 when it sold Becker Underwood for $1.2B.

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M&A Summary

  • M&A Total Activity56
    • M&A Buy Activity33
    • M&A Sell Activity23
  • Total Sectors Invested 20
  • Total Countries Invested 1
  • M&A Buy/Sell Connections 34
  • M&A Advisors 1

LNC Partners

11720 Plaza America Drive Suite 650,
Reston, Virginia 20190
United States
(703) 651-2150
www.lnc-partners.com

LNC Partners is a private investment firm focused on providing up to $25 million of equity and junior capital to support a variety of company transactions. As a provider of debt, LNC offers subordinated debt and unitranche securities. As a provider of equity, LNC will invest as a minority or majority partner. Prospective transaction situations include buyouts, refinancings, acquisition financings, growth capital needs, and recapitalizations. Sectors of interest include business and information services, financial services, insurance, healthcare, and niche manufacturing. LNC Partners is based in Reston, Virginia.


Investment Criteria

Sectors of Interest: Aerospace, Automotive, Building Materials, Business Services, Chemicals, Communications, Consumer Products, Electrical Equipment, Energy Services and Equipment, Environmental, Food, Healthcare Services, Information Services, Information Technology, Insurance, Life Science, Machinery, Manufacturing, Restaurants, Staffing, Transportation, Utilities

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Going Private, Growth Capital, Recapitalization, Secondary Buyout, Add-on Acquisition

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

Transaction Criteria Min Max
Target Revenue 10 -
Target EBITDA 2 -
Investment Size - 25
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (0.6/yr) # 30 1 - 1 1 - 33
vol $373M $373M
Sell (0.8/yr) # 19 - - 2 - 2 23
vol $2.3B $1.1B $3.4B
  56

Most Recent M&A

Company Date Value Type
Sunstar Insurance Group LLC 2020-06-30 - Recapitalization
Memphis, Tennessee · www.sunstarinsurancegroup.com
Commercial Foodservice Repair, Inc. 2020-06-01 - Secondary Buyout
Greenville, South Carolina · www.commercialfoodservicerepair.com
Terra Dotta LLC 2019-05-16 - Growth Capital
Chapel Hill, North Carolina · www.terradotta.com
Quick Med Claims LLC 2018-11-12 - Secondary Buyout
Pittsburgh, Pennsylvania · www.quickmedclaims.com
Modular Space Corp. 2018-06-22 1.1B USD Add-on Acquisition
Berwyn, Pennsylvania · www.modspace.com
CrossLink Professional Tax Solutions LLC 2018-02-27 - Growth Capital
Orlando, Florida · www.CrossLinkTax.com
OutSolve LLC 2016-11-01 - Growth Capital
Metairie, Louisiana · www.outsolve.com
Gilchrist & Soames, Inc. 2015-09-21 - Add-on Acquisition
Indianapolis, Indiana · www.gilchristsoames.com
Sunstar Insurance Group LLC 2015-08-04 - Acquisition Financing
Memphis, Tennessee · www.sunstarinsurancegroup.com
Narcote LLC 2015-07-07 - Growth Capital
Piney Flats, Tennessee · www.narcote.com
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Business Services 1 (20%) - 4 (12%) -
Consumer Products - - 3 (9%) -
Food - - 3 (9%) -
Machinery - - 2 (6%) 13M (3%)
Electrical Equipment - - 2 (6%) -
Environmental - - 2 (6%) -
Insurance - - 2 (6%) -
Software 2 (40%) - 2 (6%) -
Transportation - - 2 (6%) -
Chemicals - - 1 (3%) 200M (54%)
Manufacturing - - 1 (3%) 160M (43%)
Aerospace - - 1 (3%) -
Apparel/Textiles 1 (20%) - 1 (3%) -
Automotive - - 1 (3%) -
Building Materials - - 1 (3%) -
Communications - - 1 (3%) -
Healthcare Services - - 1 (3%) -
Information Technology - - 1 (3%) -
Marketing 1 (20%) - 1 (3%) -
Staffing - - 1 (3%) -
Total 5 - 33 $373M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 5 (100%) - 33 (100%) 373M (100%)
  Pennsylvania 1 (20%) - 6 (18%) -
  Tennessee 1 (20%) - 3 (9%) -
  Texas - - 3 (9%) -
  Minnesota - - 2 (6%) 160M (43%)
  California - - 2 (6%) 13M (3%)
  New York - - 2 (6%) -
  Illinois - - 2 (6%) -
  Georgia - - 2 (6%) -
  North Carolina 1 (20%) - 1 (3%) -
  Louisiana 1 (20%) - 1 (3%) -
  Florida 1 (20%) - 1 (3%) -
  Iowa - - 1 (3%) 200M (54%)
  Wisconsin - - 1 (3%) -
  Washington - - 1 (3%) -
  Oregon - - 1 (3%) -
  Michigan - - 1 (3%) -
  Indiana - - 1 (3%) -
  Hawaii - - 1 (3%) -
  Alabama - - 1 (3%) -
Total 5 - 33 $373M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Growth Capital 4 (80%) - 12 (36%) -
Buyout (LBO, MBO, MBI) - - 8 (24%) 13M (3%)
Secondary Buyout - - 6 (18%) 360M (97%)
Recapitalization 1 (20%) - 2 (6%) -
Acquisition Financing - - 1 (3%) -
Consolidation - - 1 (3%) -
Divestiture - - 1 (3%) -
Going Private - - 1 (3%) -
Venture - - 1 (3%) -
Total 5 - 33 $373M

Exits by Deal Type

Type Total # Value
Secondary Sale 13 (57%) -
Trade Sale - Public Company 5 (22%) 3.4B (100%)
Trade Sale 3 (13%) -
Recapitalization 1 (4%) -
Unknown 1 (4%) -
Total 23 $3.4B

Top M&A Advisors

Legal Deals
Winston & Strawn LLP
1

Deal Values

buy # Total
$100M to $1B 2 $360M
< $100M 1 $13M
TOTAL $373M
Largest Becker Underwood, Inc.
$200M (2004-09-01)
sell # Total
> $1B 2 $2.3B
$100M to $1B 2 $1.1B
TOTAL $3.4B
Largest Becker Underwood, Inc.
$1.2B (2012-11-28)

M&A Connections

Deals %
Acquired from
PE Firm(s)
89%
8 89%
Strategic(s)
11%
1 11%
Exited to
PE Firm(s)
72%
21 72%
Strategic(s)
28%
8 28%

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