M&A Deal Summary

New State Capital Partners Acquires Agility

On November 30, 2023, private equity firm New State Capital Partners acquired business services company Agility from Generation Partners, LLR Partners and Golub Capital

Acquisition Highlights
  • This is New State Capital Partners’ 1st transaction in the Business Services sector.
  • This is New State Capital Partners’ 15th transaction in the United States.
  • This is New State Capital Partners’ 1st transaction in Nevada.

M&A Deal Summary

Date 2023-11-30
Target Agility
Sector Business Services
Buyer(s) New State Capital Partners
Sellers(s) Generation Partners
LLR Partners
Golub Capital
Deal Type Secondary Buyout
Advisor(s) Stifel, Nicolaus & Co., Inc. (Financial)

Target

Agility

Las Vegas, Nevada, United States
website
Agility provides business continuity and disaster recovery solutions to businesses of all sizes, including access to power generators, office space, communications, and computer systems. Agility Recovery was founded in 1989 and is based in Las Vegas, Nevada.

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Buyer(S) 1

Buyer

New State Capital Partners

Larchmont, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2014
PE ASSETS 700M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

New State Capital Partners is a private investment group focused on middle-market opportunities in the business services, healthcare and industrial sectors. The Firm will consider both majority and minority investments in funding a variety of situations. New State can invest up to $50 million in transactions valued up to $200 million. The Firm was formed in 2013 and is based in New York City.


DEAL STATS #
Overall 16 of 16
Sector (Business Services) 1 of 1
Type (Secondary Buyout) 2 of 2
State (Nevada) 1 of 1
Country (United States) 15 of 15
Year (2023) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-06-15 Finnoff Aviation Products

Broomfield, Colorado, United States

Finnoff Aviation Products is an international company specializing in performance products for Pilatus PC-12 aircraft worldwide for commercial and governmental use. The company was founded for the development, certification, and sales of products designed to enhance the performance, safety, comfort, and ease of use of the Pilatus PC-12 and Beechcraft King Air. Finnoff Aviation Products is based in Broomfield, Colorado.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-02-08 NWN Carousel

Exeter, Rhode Island, United States

NWN Carousel is a provider of information systems services and solutions. These include unified communications services, data center and virtualization, network infrastructure, end user computing, applications and data services, IT staffing services, and managed services. NWN Carousel was founded in 1986 and is based in Exeter, Rhode Island.

Sell -

Seller(S) 3

SELLER

Generation Partners

Greenwich, Connecticut, United States

Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1995
PE ASSETS 1.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Generation Partners is a private equity firm focused on growth companies at various stages of development. Generation looks to commit $10 to $50 million of equity capital per investment. The Firm is a hands-on investor, helping managers take their companies to the next level. Areas of interest include business, information, and consumer services; media, communications and entertainment; and healthcare services and technology. Generation will consider both majority and minority positions. Generation Partners was formed in 1995 and has offices in Greenwich, Connecticut; Austin, Texas; and San Francisco, California.


DEAL STATS #
Overall 15 of 15
Sector (Business Services) 2 of 2
Type (Secondary Buyout) 8 of 8
State (Nevada) 1 of 1
Country (United States) 15 of 15
Year (2023) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-09-26 Captivate Network

Chelmsford, Massachusetts, United States

Captivate is the national news and entertainment network that delivers quality programming and advertising to a highly desirable and targeted audience during the workday, when they are making business and personal buying decisions. Captivate is one of the most effective advertising vehicles available, earning a high 37 percent average ad recall, according to Millward Brown studies. Captivate’s network is seen in a distraction-free viewing environment, on wireless flat-panel television screens in the elevators of premier office towers across North America. Currently, Captivate is seen on over 6,700 screens, delivering more than 44 million impressions per month. Captivate is headquartered in Massachusetts with offices throughout North America

Buy -
SELLER

LLR Partners

Philadelphia, Pennsylvania, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1999
PE ASSETS 3.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

LLR is a private equity firm that makes growth capital, buyout, and recapitalization investments in mid-sized growth companies with sustainable competitive advantages. LLR looks to invest $15 to $100 million per transaction and will consider both control and minority situations. Target companies generally have at least $10 million in annual sales and are valued up to $250 million. Broad industry sectors of interest include general business services, financial services, healthcare services, education, manufacturing, consumer/retail and information technology/software. LLR will consider investments throughout the US with an emphasis on opportunities located in the Eastern and Mid-Atlantic regions of the US. LLR Partners was formed in 1999 and is based in Philadelphia, Pennsylvania.


DEAL STATS #
Overall 68 of 69
Sector (Business Services) 4 of 5
Type (Secondary Buyout) 13 of 14
State (Nevada) 2 of 2
Country (United States) 67 of 68
Year (2023) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-09-21 PCS Software

Shenandoah, Texas, United States

PCS Software develops and directly markets an integrated transportation management software solution for the inland trucking industry in the United States and Canada. PCS Software was established in 1997 and is based in Shenandoah, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-03-04 PCS Retirement

Philadelphia, Pennsylvania, United States

PCS Retirement is a conflict-free retirement services platform automating the sale, design, valuation and management of retirement plans. PCS offers its services to over 800 channel partners to deliver a customizable platform ideally suited for registered investment advisors, independent broker dealers and investment management firms serving the retirement ecosystem. PCS Retirement was founded in 2001 and is based in Philadelphia, Pennsylvania.

Sell -
SELLER

Golub Capital

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Lender
Founded 1994
PE ASSETS 55.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Golub Capital is a private investment firm focused on making debt and equity investments in US based middle-market companies. Golub looks to invest between $5 and $75 million in businesses with established operating cash flow, strong customer relationships, and 'sustainable proprietary positions in their markets'. Prospective investment structures include refinancings, recapitalizations, buyouts, and growth financings. Sectors of interest include consumer products, business and consumer services, defense, manufacturing, value-added distribution, media, healthcare services and restaurants. Golub Capital was formed in 1994 and maintains offices in New York City, Atlanta, and Chicago.


DEAL STATS #
Overall 40 of 41
Sector (Business Services) 3 of 3
Type (Secondary Buyout) 19 of 20
State (Nevada) 2 of 2
Country (United States) 38 of 39
Year (2023) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-05-01 Pirtek UK

London, United Kingdom

Pirtek UK is a provider of fluid transfer solutions and on-site repairs. Specializing in hydraulic hoses, pipe fittings & couplings. Pirtek offers a comprehensive range of fluid transfer solutions, products & services to industries including Agriculture; Automotive; Construction & Plant Hire; Defence; Environmental; Services; Manufacturing; Marine & Offshore; Material Handling; Mining & Quarrying; Transport & Logistics; Utilities. Pirtek UK was founded in 1988 and is based in London, United Kingdom.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-04-24 Tropical Smoothie Cafe

Atlanta, Georgia, United States

Tropical Smoothie Cafe is a franchisor of fast-casual cafes with over 1,400 locations in 44 states. It serves smoothies, wraps, sandwiches, and flatbreads across multiple dayparts. Tropical Smoothie Cafe was founded in 1997 and is headquartered in Atlanta, Georgia.

Sell -