M&A Deal Summary

Merit Capital Partners Acquires Circuit Check

On February 23, 2024, mezzanine finance firm Merit Capital Partners acquired test/measurement equipment company Circuit Check from North Branch Capital and Midwest Mezzanine Funds

Acquisition Highlights
  • This is Merit Capital Partners’ 3rd transaction in the Test/Measurement Equipment sector.
  • This is Merit Capital Partners’ 96th transaction in the United States.
  • This is Merit Capital Partners’ 3rd transaction in Minnesota.

M&A Deal Summary

Date 2024-02-23
Target Circuit Check
Sector Test/Measurement Equipment
Buyer(s) Merit Capital Partners
Sellers(s) North Branch Capital
Midwest Mezzanine Funds
Deal Type Secondary Buyout

Target

Circuit Check

Maple Grove, Minnesota, United States
website
Circuit Check is a provider of electronic test equipment and services to OEMs and contract manufacturers in the technology, medical and industrial and markets. Circuit Check was founded in 1979 and is based in Maple Grove, Minnesota.

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Buyer(S) 1

Buyer

Merit Capital Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

website


Category Mezzanine Finance Firm
Founded 1993
PE ASSETS 2.2B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Merit Capital Partners is a private investment firm that targets investments in middle market manufacturing, distribution, and service based businesses. Merit looks for companies generating at least $25 million in sales and at least $4 million in EBITDA. Merit can provide both equity and junior capital financing and looks to commit at least $15 million per transaction. Prospective transaction situations include management buyouts, recapitalizations, growth financings, divestitures, unsponsored transactions, and ESOPs. Merit Capital will not invest in start-ups, turnarounds, real estate, specialty retail, or oil/gas opportunities. Merit Capital was originally known as William Blair Mezzanine Capital and became independent in 2004. Merit was formed in 1993 and is based in Chicago, Illinois.


DEAL STATS #
Overall 97 of 98
Sector (Test/Measurement Equipment) 3 of 3
Type (Secondary Buyout) 11 of 11
State (Minnesota) 3 of 3
Country (United States) 96 of 97
Year (2024) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-01-25 Storage Solutions

Westfield, Indiana, United States

Storage Solutions is a warehouse integrator that provides solutions for material handling and industrial storage equipment, including design, equipment procurement, and installation. Storage Solutions was founded in 1978 and is based in Westfield, Indiana.

Sell $375M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-03-07 AFx

Waukegan, Illinois, United States

AFx designs, assembles, and distributes lighting fixtures that serve the contemporary and decorative lighting markets for lite commercial and residential installations. AFx is based in Waukegan, Illinois.

Buy -

Seller(S) 2

DESCRIPTION

North Branch Capital is a Midwest-US-based private equity firm focused on lower middle-market companies. The Firm seeks value-added distribution, niche manufacturing, and select business services companies operating in large markets with growth potential. Prospective companies typically have at least $10 million in revenue and $2 million of EBITDA. North Branch Capital was formed in 2014 and is based in Illinois.


DEAL STATS #
Overall 4 of 4
Sector (Test/Measurement Equipment) 1 of 1
Type (Secondary Buyout) 4 of 4
State (Minnesota) 1 of 1
Country (United States) 4 of 4
Year (2024) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-09-12 STARC Systems

Brunswick, Maine, United States

STARC Systems manufactures modular, re-usable temporary containment walls for use in a variety of verticals including healthcare settings when there’s a need to protect sensitive occupied areas from the disruption of renovation. STARC Systems was founded in 2012 and is based in Brunswick, Maine.

Buy -
SELLER

Midwest Mezzanine Funds

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

website


Category Mezzanine Finance Firm
Founded 1992
PE ASSETS 1.0B USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Midwest Mezzanine Funds (MMF) is a provider of junior capital to lower middle-market, US and Canadian companies. MMF looks to invest $4 to $15 million to support buyouts, acquisition financings, recapitalizations, and growth capital needs. Prospective companies generally have consistent profits ($3 million of EBITDA), low capital intensity, and sustainable competitive advantages. Broad areas of interest include manufacturing, value-added distribution, and services. MMF will not invest in high technology, energy, or real estate. Midwest Mezzanine was formed in 1992 and has offices in Chicago and Monroe, Michigan.


DEAL STATS #
Overall 54 of 55
Sector (Test/Measurement Equipment) 1 of 1
Type (Secondary Buyout) 24 of 24
State (Minnesota) 5 of 5
Country (United States) 53 of 54
Year (2024) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-07-05 Form Tech Concrete Forms

Walled Lake, Michigan, United States

Form Tech Concrete Forms is a construction services company focused on providing concrete forming and shoring rental solutions and related accessories to concrete subcontractors and general contractors. Form Tech Concrete Forms was founded in 1994 and is based in Walled Lake, Michigan.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-05-09 CG Environmental

Fort Worth, Texas, United States

CG Environmental is an emergency response and hazardous/non-hazardous materials remediation and waste disposal company. With five corporate locations in Dallas-Fort Worth, Houston, Austin, San Antonio, and Denver, CG Environmental has the capability to address a variety of situations, including chemical spills, gas spills, and biological hazards. CG Environmental is based in Fort Worth, Texas.

Sell -