M&A Deal Summary

Merit Capital Partners and Six Pillars Partners Acquire Liberty Group

On July 16, 2021, mezzanine finance firm Merit Capital Partners and private equity firm Six Pillars Partners acquired staffing company Liberty Group

Acquisition Highlights
  • This is Merit Capital Partners’ 1st and Six Pillars Partners’ 1st transaction in the Staffing sector.
  • This is Merit Capital Partners’ 92nd and Six Pillars Partners’ 2nd transaction in the United States.
  • This is Merit Capital Partners’ 12th and Six Pillars Partners’ 1st transaction in Texas.
Investment Fate
  • Liberty Group was sold to a consortium of financial buyers in 2022.

M&A Deal Summary
Date 2021-07-16
Target Liberty Group
Sector Staffing
Buyer(s) Merit Capital Partners
Six Pillars Partners
Deal Type Buyout (LBO, MBO, MBI)

Target

Liberty Group

Houston, Texas, United States
Liberty Group provides temporary staffing, executive search, and employee screening services to clients in the multifamily residential real estate industry. Liberty Group was founded in 1977 and is based in Houston, Texas.

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Buyer(S) 2

Buyer

Merit Capital Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

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 93 of 98
Sector (Staffing) 1 of 1
Type (Buyout (LBO, MBO, MBI)) 59 of 62
State (Texas) 12 of 12
Country (United States) 92 of 97
Year (2021) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-19 Choice Adhesives

Cincinnati, Ohio, United States

Choice Adhesives is a manufacturer and distributor of specialty, custom formulated industrial adhesives. Choice manufactures solvent‐ and water‐borne adhesives for a wide variety of end-market applications, including high-pressure laminates, building products, footwear, plastics, flooring, belting, and foam fabrication, among others. Choice Adhesives is based in Cincinnati, Ohio.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-15 Propet Footwear

Auburn, Washington, United States

Propet Footwear is a designer, manufacturer, and distributor of comfort footwear for hard-to-fit feet across an extensive range of sizes and widths. The company sells its products through traditional wholesale, retail, and e-commerce channels, through online marketplaces via dropship, and through medical providers. It has demonstrated a track record of profitable growth by offering its customers a diverse product portfolio that features stylish designs with options to alleviate discomfort and address foot-related medical conditions. Propet Footwear was formed in 1985 and is based in Auburn, Washington.

Buy -
Buyer

Six Pillars Partners

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2013
Size Small
Type Sector Agnostic
DESCRIPTION

Six Pillars Partners is a private equity firm focused on acquiring founder owned businesses in asset-light industries. Six Pillars considers companies with annual EBITDA of $4 to $25 million and looks to fund management buyouts and majority recapitalizations. The Firm invests in a variety of industries including business services, education, staffing, and insurance. Six Pillars Partners was founded in 2013 and is based in Addison, Texas.

DEAL STATS #
Overall 2 of 3
Sector (Staffing) 1 of 1
Type (Buyout (LBO, MBO, MBI)) 1 of 2
State (Texas) 1 of 1
Country (United States) 2 of 3
Year (2021) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-17 Cadient Talent

Morrisville, North Carolina, United States

Cadient Talent provides applicant tracking and assessment products, delivered via a software-as-a-service model, to customers throughout the United States and Canada. Cadient offers one unified recruiting platform for salaried and hourly positions and is a leader in solving the complexities of high-volume, hourly hiring. The solution provides distributed managers with a constant pipeline of high-quality candidates for their workforce. Cadient Talent is based in Morrisville, North Carolina.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-23 Liberty Group

Houston, Texas, United States

Liberty Group provides temporary staffing, executive search, and employee screening services to clients in the multifamily residential real estate industry. Liberty Group was founded in 1977 and is based in Houston, Texas.

Sell -
Mergr

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