Oak Hill Capital Partners Mergers and Acquisitions Summary

Private Equity Profile

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

Oak Hill Capital Partners’ most common sectors for investment are communications (12%) and information technology (10%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (32%) and secondary buyout (30%). In total, Oak Hill Capital Partners has invested in 25 US states and 5 different countries. Its largest (disclosed) acquisition occurred in 2006 when it acquired RSC Equipment Rental for $3.8B.

In the last 3 years, Oak Hill Capital Partners has exited 3 companies. The Firm’s most common exit type is trade sale (48%). Oak Hill Capital Partners’ largest (disclosed) exit occurred in 2014 when it sold Firth Rixson for $2.9B.

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M&A Summary

  • M&A Total Activity100
    • M&A Buy Activity60
    • M&A Sell Activity40
  • Total Sectors Invested 22
  • Total Countries Invested 5
  • M&A Buy/Sell Connections 49
  • M&A Advisors 24

Oak Hill Capital Partners

263 Tresser Boulevard, 15th Floor,
Stamford, Connecticut 06901
United States
(203) 328-1600
www.oakhillcapital.com

Oak Hill Capital Partners was originally formed as the private equity investment vehicle for Robert Bass and in 1999, opened up to outside investors and raised its first private equity fund. Oak Hill looks to invest in middle-market companies and focuses its efforts within six industry groups. The six groups include basic industries; business and financial services; consumer, retail, and distribution; healthcare; media and telecom; and technology. Oak Hill targets businesses with defensible business models, strong market positions, and 'best-in-class' management. Oak Hill Capital was formed in 1986 and has offices in Stamford, Connecticut; Menlo Park, California; and New York City.


Investment Criteria

Sectors of Interest: Aerospace, Automotive, Business Services, Communications, Construction, Consumer Products, Consumer Services, Defense, Distribution, Financial Services, Healthcare Services, Information Technology, Insurance, Internet Software and Services, Leisure, Machinery, Manufacturing, Marketing, Media, Medical Products, Restaurants, Retail, Safety/Security, Semiconductors, Software, Technology Hardware, Transportation

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Going Private, Growth Capital, Special Situations/Distressed, Secondary Buyout, Stake Purchase

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

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size - -
Enterprise Value 100 300
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '16 '17 '18 '19 '20 '21 T
Buy (1.2/yr) # 54 2 2 1 1 - 60
vol $14.2B $525M $106M $14.8B
Sell (0.8/yr) # 36 1 1 2 - - 40
vol $16.3B $2.4B $18.6B
  100

Most Recent M&A

Company Date Value Type
Otelco, Inc. 2020-07-27 106M USD Going Private
Oneonta, Alabama · www.otelco.com
Calero Software LLC 2019-11-19 - Recapitalization
Rochester, New York · www.calero.com
Vertex Business Services 2019-07-23 - Recapitalization
Richardson, Texas · www.vertexone.net
AccentCare, Inc. 2019-05-16 - Secondary Buyout
Dallas, Texas · www.accentcare.com
FirstLight Fiber 2018-02-21 - Secondary Buyout
Albany, New York · www.techvalleycom.com
Paragon Insurance Holdings 2018-01-29 - Stake Purchase
Avon, Connecticut · www.paragoninsgroup.com
Safe Fleet Holdings LLC 2018-01-09 - Secondary Buyout
Belton, Missouri · www.safefleetsolutions.com
EPIC Insurance Brokers & Consultants, Inc. 2017-07-27 - Secondary Buyout
San Francisco, California · www.epicbrokers.com
Wave Broadband LLC 2017-05-22 2.4B USD Add-on Acquisition
Kirkland, Washington · www.wavebroadband.com
Checkers Drive-In Restaurants, Inc. 2017-03-23 525M USD Secondary Buyout
Tampa, Florida · www.checkers.com/index.html
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Calero Software LLC 2019-11-19 Market Data Services Ltd. 2019-11-19 1
Rochester, New York · www.calero.com Tunbridge Wells, United Kingdom · www.mdsl.com
Vast Broadband 2014-10-07 NTS Communications, Inc. 2019-01-09 1
Sioux Falls, South Dakota · www.vastbroadband.com Lubbock, Texas · www.ntscom.com
EPIC Insurance Brokers & Consultants, Inc. 2017-07-27 Integro Insurance Brokers 2018-12-17 7
San Francisco, California · www.epicbrokers.com New York, New York · www.integrogroup.com
Safe Fleet Holdings LLC 2018-01-09 Roll-Rite LLC 2018-11-30 3
Belton, Missouri · www.safefleetsolutions.com Alger, Michigan · www.rollrite.com
EPIC Insurance Brokers & Consultants, Inc. 2017-07-27 Paragon Insurance Holdings - Direct Retail Wine Industry Business 2018-11-27 6
San Francisco, California · www.epicbrokers.com Avon, Connecticut
Berlin Packaging LLC 2014-10-06 Bruni Glass SPA 2016-10-11 17
Chicago, Illinois · www.berlinpackaging.com Milan, Italy · www.bruniglass.com
Pulsant Ltd. 2014-06-16 Onyx Group 2016-06-09 2
Maidenhead, United Kingdom · www.pulsant.com Middlesbrough, United Kingdom · www.onyx.net

M&A by Sector

Sector Current # Value All-time # Value
Communications 2 (10%) 106M (3%) 7 (12%) 106M (1%)
Information Technology 3 (15%) 200M (6%) 6 (10%) 694M (5%)
Business Services - - 4 (7%) 4.6B (31%)
Internet Software and Services 2 (10%) - 4 (7%) -
Transportation 1 (5%) - 4 (7%) -
Aerospace - - 3 (5%) 2.2B (15%)
Insurance 2 (10%) - 3 (5%) 1.0B (7%)
Retail 1 (5%) 300M (9%) 3 (5%) 1.0B (7%)
Leisure 1 (5%) 570M (17%) 3 (5%) 570M (4%)
Financial Services 1 (5%) 310M (9%) 3 (5%) 495M (3%)
Healthcare Services - - 3 (5%) -
Safety/Security 1 (5%) - 3 (5%) -
Restaurants 1 (5%) 525M (15%) 2 (3%) 525M (4%)
Medical Products - - 2 (3%) 26M (< 1%)
Distribution 1 (5%) - 2 (3%) -
Software 1 (5%) - 2 (3%) -
Packaging 1 (5%) 1.4B (42%) 1 (2%) 1.4B (10%)
Media - - 1 (2%) 1.1B (7%)
Machinery - - 1 (2%) 815M (5%)
Real Estate - - 1 (2%) 234M (2%)
Consumer Services 1 (5%) - 1 (2%) -
E-Commerce 1 (5%) - 1 (2%) -
Total 20 $3.4B 60 $14.8B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 19 (95%) 3.2B (94%) 53 (88%) 10.5B (71%)
  California 3 (15%) - 8 (13%) 111M (1%)
  New York 1 (5%) - 5 (8%) 700M (5%)
  Texas - - 5 (8%) 505M (3%)
  Ohio - - 4 (7%) 815M (5%)
  Massachusetts 2 (10%) - 3 (5%) -
  North Carolina 2 (10%) 610M (18%) 2 (3%) 610M (4%)
  Arizona 1 (5%) 570M (17%) 2 (3%) 4.4B (29%)
  Florida 1 (5%) 525M (15%) 2 (3%) 525M (4%)
  Kentucky - - 2 (3%) 1.1B (7%)
  Washington - - 2 (3%) -
  District of Columbia - - 2 (3%) -
  Colorado - - 2 (3%) -
  Illinois 1 (5%) 1.4B (42%) 1 (2%) 1.4B (10%)
  Alabama 1 (5%) 106M (3%) 1 (2%) 106M (1%)
  South Dakota 1 (5%) - 1 (2%) -
  Pennsylvania 1 (5%) - 1 (2%) -
  Missouri 1 (5%) - 1 (2%) -
  Minnesota 1 (5%) - 1 (2%) -
  Maine 1 (5%) - 1 (2%) -
  Connecticut 1 (5%) - 1 (2%) -
  Maryland - - 1 (2%) 234M (2%)
  Utah - - 1 (2%) -
  Iowa - - 1 (2%) -
  Georgia - - 1 (2%) -
United Kingdom 1 (5%) 200M (6%) 3 (5%) 1.7B (12%)
Bermuda - - 2 (3%) 1.8B (12%)
Ireland - - 1 (2%) 750M (5%)
Puerto Rico - - 1 (2%) -
Domestic 19 (95%) 3.2B (94%) 53 (88%) 10.5B (71%)
Cross-border 1 (5%) 200M (6%) 7 (12%) 4.3B (29%)
Total 20 $3.4B 60 $14.8B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 2 (10%) - 19 (32%) 5.8B (39%)
Secondary Buyout 10 (50%) 3.0B (88%) 18 (30%) 5.3B (36%)
Divestiture 1 (5%) - 5 (8%) 1.2B (8%)
Stake Purchase 2 (10%) - 4 (7%) 1.1B (7%)
Venture - - 4 (7%) 111M (1%)
Going Private 1 (5%) 106M (3%) 3 (5%) 895M (6%)
Recapitalization 3 (15%) 310M (9%) 3 (5%) 310M (2%)
PIPE - - 2 (3%) 100M (1%)
Acquisition Financing - - 1 (2%) -
Add-on Acquisition 1 (5%) - 1 (2%) -
Total 20 $3.4B 60 $14.8B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 11 (28%) 8.4B (45%)
IPO 9 (23%) -
Trade Sale 8 (20%) 7.8B (42%)
Secondary Sale 8 (20%) 2.5B (13%)
Bankruptcy 2 (5%) -
Recapitalization 1 (3%) -
Shut Down 1 (3%) -
Total 40 $18.6B

Top M&A Advisors

Financial Deals
UBS Investment Bank
3
Morgan Stanley
2
Bank of America Merrill Lynch (BofA Securities)
2
Legal Deals
Paul, Weiss, Rifkind, Wharton & Garrison LLP
20
Weil Gotshal & Manges LLP
3
Wilson Sonsini Goodrich & Rosati
2

Deal Values

buy # Total
> $1B 5 $8.8B
$100M to $1B 12 $5.7B
< $100M 4 $300M
TOTAL $14.8B
Largest RSC Equipment Rental, Inc.
$3.8B (2006-10-06)
sell # Total
> $1B 8 $15.0B
$100M to $1B 7 $3.5B
< $100M 2 $157M
TOTAL $18.6B
Largest Firth Rixson Ltd.
$2.9B (2014-11-20)

M&A Connections

Deals
Acquired from
Investor(s)
35%
21 (35%)
Strategic(s)
10%
6 (10%)
Exited to
Investor(s)
23%
9 (23%)
Strategic(s)
48%
19 (48%)

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