Madison Capital Funding Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Madison Capital Funding has acquired 5 companies. It has also invested in 2 others.

Madison Capital Funding’s most common sectors for investment are healthcare services (9%) and business services (7%). The Firm’s most common investment types include secondary buyout (35%) and buyout (lbo, mbo, mbi) (32%). In total, Madison Capital Funding has invested in 29 US states. Its largest (disclosed) acquisition occurred in 2009 when it acquired 180 Medical for $321M.

In the last 3 years, Madison Capital Funding has exited 16 companies. The Firm’s most common exit type is secondary buyout (46%). Madison Capital Funding’s largest (disclosed) exit occurred in 2019 when it sold Actagro for $340M.

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M&A Summary

  • M&A Total Activity95
    • M&A Buy Activity60
    • M&A Sell Activity35
  • Total Sectors Invested 30
  • Total Countries Invested 1
  • M&A Buy/Sell Connections 65
  • M&A Advisors 1

Madison Capital Funding LLC

227 West Monroe Street, Suite 5400,
Chicago, Illinois 60606
United States
(312) 596-6900
www.nylinvestments.com/madisoncapitalfunding

Madison Capital Funding is an affiliate of the New York Life Insurance Company. Madison Capital looks to fund leveraged buyouts, leveraged recapitalizations, add–on acquisitions, and various growth investments by investing across the capital structure. Madison Capital targets profitable companies with at least $3.5 million of EBITDA and can invest up to $200 million per transaction. Madison Capital Funding was formed in 2001 and is based in Chicago, Illinois.


Investment Criteria

Sectors of Interest: Aerospace, Consumer Products, Consumer Services, Defense, Distribution, Healthcare Services, Information Services, Insurance, Machinery, Manufacturing, Technology Hardware

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

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

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA 4 -
Investment Size - 200
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (2.4/yr) # 48 5 6 1 - - 60
vol $924M $924M
Sell (3.6/yr) # 17 2 6 5 5 - 35
vol $462M $340M $802M
  95

Most Recent M&A

Company Date Value Type
ASPEQ Heating Group LLC 2019-11-12 - Secondary Buyout
St. Louis, Mississippi · www.aspeqheating.com
Nobles Worldwide, Inc. 2019-10-09 - Add-on Acquisition
St. Croix Falls, Wisconsin · www.noblesworldwide.com
EN Engineering LLC 2019-07-18 - Secondary Buyout
Warrenville, Illinois · www.enengineering.com
Actagro LLC 2019-02-05 340M USD Add-on Acquisition
Biola, California · www.actagro.com
United Pipe & Steel Corp. 2019-02-01 - Merger
Ipswich, Massachusetts · www.united-pipe.com
Cafe Enterprises, Inc. 2018-12-01 - Unknown
Taylors, South Carolina · www.cafeent.com
Polytek Development Corp. 2018-10-22 - Secondary Buyout
Easton, Pennsylvania · www.polytek.com
National Auto Care Corp. 2018-07-30 - Secondary Buyout
Westerville, Ohio · www.nationalautocare.com
Global Software, Inc. 2018-06-14 - Add-on Acquisition
Raleigh, North Carolina · www.globalsoftwareinc.com
FTJ FundChoice LLC 2018-04-11 - Add-on Acquisition
Hebron, Kentucky · www.ftjfundchoice.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
TPC Wire & Cable Corp. 2015-05-14 Pittsburgh Wire & Cable, Inc. 2019-09-30 6
Macedonia, Ohio · www.tpcwire.com Pittsburgh, Pennsylvania · www.pittsburghwire.com
TPC Wire & Cable Corp. 2015-05-14 Cicoil Corp. 2019-09-30 5
Macedonia, Ohio · www.tpcwire.com Valencia, California · www.cicoil.com
TPC Wire & Cable Corp. 2015-05-14 EZ Form Cable Corp. 2019-06-10 4
Macedonia, Ohio · www.tpcwire.com Hamden, Connecticut · www.ezform.com
AWP, Inc. (dba Area Wide Protective, Inc.) 2015-06-10 Northern Colorado Traffic Control, Inc. 2019-05-22 4
Kent, Ohio · www.awptrafficsafety.com Greeley, Colorado · www.nocotraffic.com
Racing Winning Brands, Inc. 2017-02-14 Giannone Performance Products, Inc. 2018-12-05 6
Mentor, Ohio · www.racewinningbrands.com Colorado Springs, Colorado · www.mgpconnectingrods.com
TPC Wire & Cable Corp. 2015-05-14 Milrail, Inc. 2018-11-30 3
Macedonia, Ohio · www.tpcwire.com Pointe-Claire, Quebec · www.milrail.com
Racing Winning Brands, Inc. 2017-02-14 Falicon Crankshafts Components, Inc. 2018-11-07 5
Mentor, Ohio · www.racewinningbrands.com Clearwater, Florida · www.faliconcranks.com
Racing Winning Brands, Inc. 2017-02-14 Dart Machinery Ltd. 2018-08-29 4
Mentor, Ohio · www.racewinningbrands.com Troy, Michigan · www.dartheads.com
Racing Winning Brands, Inc. 2017-02-14 Rekluse Motor Sports, Inc. 2018-04-04 3
Mentor, Ohio · www.racewinningbrands.com Bosie, Idaho · www.rekluse.com
AWP, Inc. (dba Area Wide Protective, Inc.) 2015-06-10 Safety First-SFC Ltd. 2018-03-22 3
Kent, Ohio · www.awptrafficsafety.com Dartmouth, Nova Scotia · www.safetyfirst-sfc.com

M&A by Sector

Sector Current # Value All-time # Value
Healthcare Services 5 (22%) - 5 (8%) -
Medical Products 1 (4%) - 4 (7%) 366M (40%)
Business Services 2 (9%) - 4 (7%) -
Electrical Equipment 1 (4%) - 4 (7%) -
Manufacturing 2 (9%) - 4 (7%) -
Software 1 (4%) - 4 (7%) -
Automotive 2 (9%) - 3 (5%) -
Plastics 1 (4%) - 3 (5%) -
Safety/Security 2 (9%) - 3 (5%) -
Packaging - - 2 (3%) 173M (19%)
Chemicals - - 2 (3%) -
Distribution - - 2 (3%) -
Machinery 1 (4%) - 2 (3%) -
Marketing 1 (4%) - 2 (3%) -
Insurance - - 1 (2%) 250M (27%)
Consumer Products - - 1 (2%) 135M (15%)
Building Materials - - 1 (2%) -
Consumer Services 1 (4%) - 1 (2%) -
Defense - - 1 (2%) -
E-Commerce 1 (4%) - 1 (2%) -
Engineering - - 1 (2%) -
Environmental - - 1 (2%) -
Food 1 (4%) - 1 (2%) -
Internet Software and Services 1 (4%) - 1 (2%) -
Life Science - - 1 (2%) -
Media - - 1 (2%) -
Publishing - - 1 (2%) -
Restaurants - - 1 (2%) -
Staffing - - 1 (2%) -
Test/Measurement Equipment - - 1 (2%) -
Total 23 - 60 $924M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 23 (100%) - 60 (100%) 924M (100%)
  Illinois 4 (17%) - 7 (12%) 173M (19%)
  Ohio 4 (17%) - 5 (8%) -
  New Jersey 1 (4%) - 5 (8%) 250M (27%)
  California 2 (9%) - 4 (7%) -
  Pennsylvania 1 (4%) - 3 (5%) -
  Oklahoma - - 3 (5%) 321M (35%)
  Massachusetts - - 3 (5%) -
  Florida - - 3 (5%) -
  Colorado 2 (9%) - 2 (3%) -
  Connecticut 1 (4%) - 2 (3%) 135M (15%)
  Indiana 1 (4%) - 2 (3%) 45M (5%)
  Texas 1 (4%) - 2 (3%) -
  Minnesota 1 (4%) - 2 (3%) -
  Maryland 1 (4%) - 2 (3%) -
  Tennessee 1 (4%) - 1 (2%) -
  New York 1 (4%) - 1 (2%) -
  Nebraska 1 (4%) - 1 (2%) -
  Alabama 1 (4%) - 1 (2%) -
  Wisconsin - - 1 (2%) -
  Virginia - - 1 (2%) -
  South Carolina - - 1 (2%) -
  Oregon - - 1 (2%) -
  North Carolina - - 1 (2%) -
  Missouri - - 1 (2%) -
  Mississippi - - 1 (2%) -
  Michigan - - 1 (2%) -
  Kentucky - - 1 (2%) -
  Georgia - - 1 (2%) -
  District of Columbia - - 1 (2%) -
Total 23 - 60 $924M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 8 (35%) - 21 (35%) 135M (15%)
Buyout (LBO, MBO, MBI) 7 (30%) - 19 (32%) 744M (81%)
Recapitalization 2 (9%) - 9 (15%) -
Growth Capital 5 (22%) - 8 (13%) -
Divestiture 1 (4%) - 2 (3%) 45M (5%)
Consolidation - - 1 (2%) -
Total 23 - 60 $924M

Exits by Deal Type

Type Total # Value
Secondary Sale 16 (46%) -
Trade Sale 9 (26%) -
Trade Sale - Public Company 6 (17%) 802M (100%)
Bankruptcy 1 (3%) -
IPO 1 (3%) -
Merger 1 (3%) -
Unknown 1 (3%) -
Total 35 $802M

Top M&A Advisors

Financial Deals
Houlihan Lokey
1

Deal Values

buy # Total
$100M to $1B 4 $879M
< $100M 1 $45M
TOTAL $924M
Largest 180 Medical, Inc.
$321M (2009-09-16)
sell # Total
$100M to $1B 3 $717M
< $100M 1 $85M
TOTAL $802M
Largest Actagro LLC
$340M (2019-02-05)

M&A Connections

Deals %
Acquired from
PE Firm(s)
92%
35 92%
Strategic(s)
8%
3 8%
Exited to
PE Firm(s)
53%
18 53%
Strategic(s)
47%
16 47%

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