Merit Capital Partners Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Merit Capital Partners has acquired 8 companies. It has also invested in 1 other.

Merit Capital Partners’ most common sectors for investment are manufacturing (15%) and building materials (6%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (63%) and recapitalization (21%). In total, Merit Capital Partners has invested in 29 US states and 2 different countries. Its largest (disclosed) acquisition occurred in 2007 when it acquired Digney York Associates for $20M.

In the last 3 years, Merit Capital Partners has exited 11 companies. The Firm’s most common exit type is trade sale (54%). Merit Capital Partners’ largest (disclosed) exit occurred in 2000 when it sold Williams Industrial Services Group for $310M.

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M&A Summary

  • M&A Total Activity132
    • M&A Buy Activity87
    • M&A Sell Activity45
  • Total Sectors Invested 30
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 40
  • M&A Advisors 2

Merit Capital Partners LLC

303 West Madison St., Suite 2100,
Chicago, Illinois 60606
United States
(312) 592-6111
www.meritcapital.com
mcp@meritcapital.com

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 $5 million in EBITDA. Merit can provide both equity and junior capital financing and looks to commit at least $20 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.


Investment Criteria

Sectors of Interest: Apparel/Textiles, Automotive, Beverages, Building Materials, Business Services, Chemicals, Construction, Consumer Products, Consumer Services, Defense, Distribution, Electrical Equipment, Electronics, Energy Services and Equipment, Engineering, Environmental, Food, Forest Products, Furniture, Machinery, Manufacturing, Marketing, Medical Products, Metals/Mining, Oil/Gas Exploration, Packaging, Plastics, Safety/Security, Technology Hardware, Test/Measurement Equipment, Transportation

Target Transaction Types: Buyout (LBO, MBO, MBI), Growth Capital, Recapitalization, Acquisition Financing, Secondary Buyout

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

Transaction Criteria Min Max
Target Revenue 25 -
Target EBITDA 4 -
Investment Size 15 -
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) # 75 3 5 1 3 - 87
vol $20M $20M
Sell (3.0/yr) # 30 4 5 1 2 3 45
vol $1.2B $1.2B
  132

Most Recent M&A

Company Date Value Type
Steele Solutions, Inc. 2020-05-29 - Secondary Buyout
Milwaukee, Wisconsin · www.steelesolutions.com
RSA Engineered Products LLC 2020-01-30 - Add-on Acquisition
Simi Valley, California · www.rsaeng.com
Digney York Associates LLC 2020-01-09 - Add-on Acquisition
Vienna, Virginia · www.digneyyork.com
Revision Military 2019-10-02 - Buyout (LBO, MBO, MBI)
Essex Junction, Vermont · www.revisionmilitary.com
Icon Identity Solutions, Inc. 2019-09-05 - Merger
Elk Grove Village, Illinois · www.iconid.com
Bluegrass Dairy and Food, Inc. 2019-06-28 - Secondary Buyout
Springfield, Kentucky · www.bluegrassingredients.com
Classic Brands LLC 2019-03-22 - Secondary Buyout
Denver, Colorado · www.classicbrands.net
MicroPrecision LLC 2019-03-01 - Buyout (LBO, MBO, MBI)
Delavan, Wisconsin · www.micro-precision.com
Active Minerals International LLC 2018-11-19 - Secondary Buyout
Sparks, Maryland · www.activeminerals.com
Choice Slocum Holdings 2018-04-18 - Buyout (LBO, MBO, MBI)
Cincinnati, Ohio · www.choiceadhesivescorp.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Identity Group LLC 2014-05-27 Alchemy Dimensional Graphics LLC 2015-07-27 2
Nashville, Tennessee · www.identitygroup.com Hillsborough, North Carolina · www.alchemy-dg.com
Identity Group LLC 2014-05-27 Allen Screen Printing, Inc. 2015-04-14 1
Nashville, Tennessee · www.identitygroup.com Scarborough, Maine · www.allenscreenanddigital.com
U.S. Minerals, Inc. 2010-12-01 ATI Black Diamond Granules, Inc. 2012-12-14 1
Dyer, Indiana · www.us-minerals.com Woodbury, Minnesota · www.ati-blackdiamond.com

M&A by Sector

Sector Current # Value All-time # Value
Manufacturing 4 (18%) - 13 (15%) -
Building Materials 1 (5%) - 5 (6%) -
Chemicals 2 (9%) - 5 (6%) -
Electrical Equipment 1 (5%) - 5 (6%) -
Automotive - - 4 (5%) -
Business Services - - 4 (5%) -
Consumer Services 3 (14%) - 4 (5%) -
Food - - 4 (5%) -
Medical Products - - 4 (5%) -
Plastics - - 4 (5%) -
Consumer Products 2 (9%) - 3 (3%) -
Distribution - - 3 (3%) -
Environmental 1 (5%) - 3 (3%) -
Metals/Mining 1 (5%) - 3 (3%) -
Construction - - 2 (2%) 20M (100%)
Apparel/Textiles 1 (5%) - 2 (2%) -
Healthcare Services 2 (9%) - 2 (2%) -
Machinery 1 (5%) - 2 (2%) -
Marketing 1 (5%) - 2 (2%) -
Test/Measurement Equipment 1 (5%) - 2 (2%) -
Transportation - - 2 (2%) -
Beverages - - 1 (1%) -
Defense - - 1 (1%) -
Electronics - - 1 (1%) -
Energy Services and Equipment - - 1 (1%) -
Engineering - - 1 (1%) -
Forest Products - - 1 (1%) -
Furniture - - 1 (1%) -
Information Technology 1 (5%) - 1 (1%) -
Safety/Security - - 1 (1%) -
Total 22 - 87 $20M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 21 (95%) - 86 (99%) 20M (100%)
  Wisconsin 4 (18%) - 16 (18%) -
  Texas 3 (14%) - 11 (13%) -
  Illinois 1 (5%) - 9 (10%) -
  Michigan 1 (5%) - 4 (5%) -
  New York - - 4 (5%) -
  Ohio 3 (14%) - 3 (3%) -
  Indiana 2 (9%) - 3 (3%) -
  North Carolina 1 (5%) - 3 (3%) -
  Georgia 1 (5%) - 3 (3%) -
  Pennsylvania - - 3 (3%) -
  California - - 3 (3%) -
  Minnesota 1 (5%) - 2 (2%) -
  Florida 1 (5%) - 2 (2%) -
  South Dakota - - 2 (2%) -
  Nebraska - - 2 (2%) -
  Massachusetts - - 2 (2%) -
  Kansas - - 2 (2%) -
  Vermont 1 (5%) - 1 (1%) -
  Tennessee 1 (5%) - 1 (1%) -
  Colorado 1 (5%) - 1 (1%) -
  Virginia - - 1 (1%) 20M (100%)
  Washington - - 1 (1%) -
  South Carolina - - 1 (1%) -
  Missouri - - 1 (1%) -
  Maryland - - 1 (1%) -
  Louisiana - - 1 (1%) -
  Kentucky - - 1 (1%) -
  Iowa - - 1 (1%) -
  Alabama - - 1 (1%) -
Canada 1 (5%) - 1 (1%) -
  Manitoba 1 (5%) - 1 (1%) -
Domestic 21 (95%) - 86 (99%) 20M (100%)
Cross-border 1 (5%) - 1 (1%) -
Total 22 - 87 $20M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 12 (55%) - 54 (62%) -
Recapitalization 5 (23%) - 18 (21%) 20M (100%)
Secondary Buyout 2 (9%) - 10 (11%) -
Growth Capital 3 (14%) - 5 (6%) -
Total 22 - 87 $20M

Exits by Deal Type

Type Total # Value
Secondary Sale 17 (38%) 310M (30%)
Trade Sale 15 (33%) 255M (25%)
Trade Sale - Public Company 9 (20%) 454M (45%)
Unknown 3 (7%) -
Merger 1 (2%) -
Total 45 $1.0B

Top M&A Advisors

Financial Deals
Grace Matthews, Inc.
1
Lincoln International
1

Deal Values

buy # Total
< $100M 1 $20M
TOTAL $20M
Largest Digney York Associates LLC
$20M (2007-08-15)
sell # Total
$100M to $1B 5 $1.1B
< $100M 1 $74M
TOTAL $1.2B
Largest Williams Industrial Services Group, Inc.
$310M (2000-08-02)

M&A Connections

Deals %
Acquired from
PE Firm(s)
100%
18 100%
Exited to
PE Firm(s)
46%
21 46%
Strategic(s)
54%
25 54%

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