M&A Deal Summary

Merit Capital Partners Acquires Digney York Associates

On August 15, 2007, mezzanine finance firm Merit Capital Partners acquired construction company Digney York Associates from Transition Capital Partners, Progress Equity Partners, Navigator Partners and Evolve Capital for 20M USD

Acquisition Highlights
  • This is Merit Capital Partners’ 2nd transaction in the Construction sector.
  • This is Merit Capital Partners’ largest (disclosed) transaction.
  • This is Merit Capital Partners’ 49th transaction in the United States.
  • This is Merit Capital Partners’ 1st transaction in Virginia.
Investment Fate
  • Digney York Associates was sold to a strategic buyer in 2020.

M&A Deal Summary

Date 2007-08-15
Target Digney York Associates
Sector Construction
Buyer(s) Merit Capital Partners
Sellers(s) Transition Capital Partners
Progress Equity Partners
Navigator Partners
Evolve Capital
Deal Type Recapitalization
Deal Value 20M USD

Target

Digney York Associates

Vienna, Virginia, United States
website
Digney York Associates LLC is a provider of interior renovation services to the luxury hospitality industry. Specializing in guest room renovations, the company offers services that span from pre-construction through the construction phase of renovations. Digney York Associates LLC was established in 1985 and is based in Vienna, Virginia.

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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 49 of 94
Sector (Construction) 2 of 3
Type (Recapitalization) 9 of 19
State (Virginia) 1 of 1
Country (United States) 49 of 93
Year (2007) 3 of 4
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-08-10 Peak Lime

Calera, Alabama, United States

Peak Lime, Inc. is a manufacturer of lime (also known as quicklime) and hydrate lime (water added to form a slurry) and distributes it throughout the southeastern United States. Lime is a widely-used industrial material with applications in steel manufacturing, chemical production, utilities (for flue gas desulfurization), construction, water treatment, and acid neutralization.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-10-01 Skyline Windows

Bronx, New York, United States

Skyline Windows LLC is a window designer, manufacturer, and installation company. Skyline Windows specializes in custom commercial and residential architectural/aesthetic solutions that incorporate high-level performance features such as blast, hurricane and ballistics ratings.

Buy -

Seller(S) 4

SELLER

Transition Capital Partners

Southlake, Texas, United States

Investor Investor Investor Investor

website


Category Family Office
Founded 1993
Size Small
Type Sector Agnostic
DESCRIPTION

Transition Capital Partners is a private investment firm focused on leveraged recapitalizations of entrepreneurial service-based businesses. Transition generally looks for high-growth companies with $2 million to $8 million of EBITDA where the firm can help position the company for the next level of growth. Sectors of interest include healthcare services, non-asset based logistics, retail, alternative energy and services, security services, direct marketing, software, branded food/beverage, education, telecom, oil/gas services, and outsourcing. The Firm is affiliated with family office Patterson Thoma Investments. Transition Capital Partners was formed in 1993 and is based in Dallas, Texas.


DEAL STATS #
Overall 9 of 26
Sector (Construction) 1 of 1
Type (Recapitalization) 1 of 1
State (Virginia) 1 of 1
Country (United States) 9 of 26
Year (2007) 2 of 3
Size (of disclosed) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-07-26 CK Franchising

Dayton, Ohio, United States

CK Franchising, Inc. (dba Comfort Keepers) is a franchiser of non-medical in-home care and it provides a quality in-home care to seniors and other clients who need help with the activities of daily living.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-08-22 Option 1 Nutritional Solutions

Chandler, Arizona, United States

OPTION 1 Nutrition Solutions LLC is a provider of special enteral therapy services to individuals in the home environment. It offers enteral nutritional products, enteral pumps and poles, and enteral feeding supplies.

Sell -
SELLER

Progress Equity Partners

Dallas, Texas, United States

Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1993
Size Small
Type Sector Agnostic
DESCRIPTION

Progress Equity Partners is a private investment firm that seeks control positions in 'well-managed, entrepreneurial, service-based businesses.' Progress focuses on companies with sustainable/scalable business models and low capital expenditures. Specific areas of interest include building products/construction services, communication, marketing, facility maintenance services, franchising, manufacturing, retail, specialty food and healthcare services. Progress Equity Partners is based in Dallas, Texas.


DEAL STATS #
Overall 3 of 13
Sector (Construction) 1 of 2
Type (Recapitalization) 1 of 1
State (Virginia) 1 of 1
Country (United States) 3 of 13
Year (2007) 2 of 3
Size (of disclosed) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-07-26 CK Franchising

Dayton, Ohio, United States

CK Franchising, Inc. (dba Comfort Keepers) is a franchiser of non-medical in-home care and it provides a quality in-home care to seniors and other clients who need help with the activities of daily living.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-08-22 Option 1 Nutritional Solutions

Chandler, Arizona, United States

OPTION 1 Nutrition Solutions LLC is a provider of special enteral therapy services to individuals in the home environment. It offers enteral nutritional products, enteral pumps and poles, and enteral feeding supplies.

Sell -
SELLER

Navigator Partners

Summit, New Jersey, United States

Investor Investor Investor

website


Category Private Equity Firm
Founded 1998
Size Small
Type Sector Agnostic
DESCRIPTION

Navigator Partners LLC (formerly Navigator Equity Partners LLC) is a private equity firm focused on smaller middle-market company acquisitions and recapitalizations. The Firm is licensed as a SBIC and targets companies with revenues of $10 to $200 million and EBITDA of at least $2 million. Companies of interest include manufacturers and marketers of consumer and healthcare products, providers of consumer and business services, franchisors, healthcare service providers, select industrial products, and media businesses. Navigator will not invest in start-up, early-stage, or turnaround situations. Navigator Equity Partners is based in Summit, New Jersey.


DEAL STATS #
Overall 3 of 11
Sector (Construction) 1 of 2
Type (Recapitalization) 1 of 1
State (Virginia) 1 of 1
Country (United States) 3 of 11
Year (2007) 2 of 2
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-07-26 CK Franchising

Dayton, Ohio, United States

CK Franchising, Inc. (dba Comfort Keepers) is a franchiser of non-medical in-home care and it provides a quality in-home care to seniors and other clients who need help with the activities of daily living.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-01-01 Aspire Home Care

Tishoming, Oklahoma, United States

Aspire Home Care is a provider of medicare home healthcare and hospice services. Aspire Home Care was founded in 1996 and is based in Tishomingo, Oklahoma.

Buy -
SELLER

Evolve Capital

Dallas, Texas, United States

Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2005
Size Small
Type Sector Agnostic
DESCRIPTION

Evolve Capital is a private equity firm focused exclusively on recapitalization investments in growth-oriented service based businesses. Evolve looks companies that are asset light, growing rapidly, and potentially operate in a regulated environment. Target companies typically have trailing EBITDA of $2 to $4 million and are located in the US. Evolve Capital was formed in 2005 and is based in Dallas, Texas.


DEAL STATS #
Overall 5 of 16
Sector (Construction) 1 of 1
Type (Recapitalization) 1 of 1
State (Virginia) 1 of 1
Country (United States) 5 of 16
Year (2007) 2 of 3
Size (of disclosed) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-07-26 CK Franchising

Dayton, Ohio, United States

CK Franchising, Inc. (dba Comfort Keepers) is a franchiser of non-medical in-home care and it provides a quality in-home care to seniors and other clients who need help with the activities of daily living.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-08-22 Option 1 Nutritional Solutions

Chandler, Arizona, United States

OPTION 1 Nutrition Solutions LLC is a provider of special enteral therapy services to individuals in the home environment. It offers enteral nutritional products, enteral pumps and poles, and enteral feeding supplies.

Sell -