M&A Deal Summary

Morgan Stanley Capital Partners Acquires Apex

On February 1, 2023, private equity firm Morgan Stanley Capital Partners acquired environmental company Apex from Sentinel Capital Partners and Yukon Partners

Acquisition Highlights
  • This is Morgan Stanley Capital Partners’ 1st transaction in the Environmental sector.
  • This is Morgan Stanley Capital Partners’ 41st transaction in the United States.
  • This is Morgan Stanley Capital Partners’ 1st transaction in Maryland.

M&A Deal Summary
Date 2023-02-01
Target Apex
Sector Environmental
Buyer(s) Morgan Stanley Capital Partners
Sellers(s) Sentinel Capital Partners
Yukon Partners
Deal Type Secondary Buyout

Target

Apex

Rockville, Maryland, United States
website
Apex is a multi-disciplinary environmental services firm with 28 branches located throughout the Eastern and Central United States. The company provides a broad platform of environmental services, including stormwater system design, engineering, and maintenance; ports, harbors, and water system design and engineering; environmental remediation; industrial hygiene services; and general site assessment, regulatory compliance, and environmental consulting work. Apex was formed in 1988 and is headquartered in Rockville, Maryland.

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Buyer(S) 1

Buyer

Morgan Stanley Capital Partners

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1985
Size Large
Type Sector Agnostic
DESCRIPTION

Morgan Stanley Capital Partners (MSCP) is the private investment arm of financial services firm and investment bank Morgan Stanley. MSCP looks to partner with founders looking to leverage Morgan Stanley's resources, as well as fund corporate carveouts, recapitalizations, buyouts, and industry consolidations. Areas of interest include business services, industrials, education, consumer products/services, food/beverage, retail, healthcare, and packaging. MSCP primarily targets businesses operating in North America valued between $75 and $750 million. Morgan Stanley Capital Partners is based in New York City.

DEAL STATS #
Overall 44 of 44
Sector (Environmental) 1 of 1
Type (Secondary Buyout) 15 of 15
State (Maryland) 1 of 1
Country (United States) 41 of 41
Year (2023) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-05-18 Fairway Lawns

Little Rock, Arizona, United States

Fairway Lawns is a provider of residential lawn treatment and pest control services. The Company currently serves over 40,000 customers from 12 lawn treatment locations and 2 pest control locations across six states (AL, AR, GA, OK, SC, TN). Fairway Lawns was formed in 1979 and is based in Little Rock, Arizona.

Buy -

Seller(S) 2

SELLER

Sentinel Capital Partners

New York, New York, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1995
PE ASSETS 6.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Sentinel Capital Partners is a private equity firm that targets investments in middle-market companies with strong management and 'attractive growth prospects'. Sentinel looks to invest up to $175 million of equity in companies generating EBITDA of up to $65 million. Sectors of interest include business services/outsourcing, consumer products and services, food and restaurants, franchising, and manufacturing. Prospective transaction situations include management buyouts, recapitalizations, corporate divestitures, take-privates, and growth capital financings. Sentinel Capital Partners was formed in 1995 and is based in New York City.

DEAL STATS #
Overall 68 of 68
Sector (Environmental) 1 of 1
Type (Secondary Buyout) 29 of 29
State (Maryland) 2 of 2
Country (United States) 61 of 61
Year (2023) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-11-16 L2 Brands

Hanover, Pennsylvania, United States

L2 Brands is a manufacturer and supplier of branded collegiate-licensed apparel. L2 Brands provides a full apparel offering including high-quality t-shirts, fleece, and bottoms, as well as adjacent product categories such as spirit blankets and pillows. L2 Brands was founded in 1991 and is based in Hanover, Pennsylvania.

Buy -
SELLER

Yukon Partners

Minneapolis, Minnesota, United States

Investor Investor Investor Investor Investor

website

Category Mezzanine Finance Firm
Founded 2008
PE ASSETS 640M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Yukon Partners is a mezzanine finance firm that works with private equity sponsors to fund a variety of investment situations. Yukon looks to invest $10 to $40 million to support buyouts, recapitalizations, take privates, and refinancings. Sectors of interest include automotive, building products, business services, consumer products, food/beverages, healthcare products/services, industrial manufacturing, niche manufacturing, and transportation/logistics. Prospective companies generally have revenues of $30 to $500 million and are profitable with EBITDA of $5 to $50 million. Yukon Partners was formed in 2008 and is based in Minneapolis, Minnesota.

DEAL STATS #
Overall 28 of 28
Sector (Environmental) 1 of 1
Type (Secondary Buyout) 17 of 17
State (Maryland) 1 of 1
Country (United States) 27 of 27
Year (2023) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-10-28 Bradford Health Services

Birmingham, Alabama, United States

Bradford Health Services is a provider of substance abuse treatment and recovery services in the Southeast. Through 30 individual clinical facilities, Bradford offers early intervention services, crisis response, intensive outpatient care, partial hospitalization, and residential care, inpatient detox, and transitional living and life skills programming. Bradford Health Services was formed in 1977 and is based in Birmingham, Alabama.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-02-09 Viking Fence

Austin, Texas, United States

Viking Fence is a provider of fence rentals, sanitation rentals, fence installations, and complementary building products and services to commercial and residential markets throughout Texas. Viking Fence was founded in 1972 and is based in Austin, Texas.

Buy -
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