Patriot Capital Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Patriot Capital has acquired 2 companies.

Patriot Capital’s most common sectors for investment are business services (14%) and manufacturing (10%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (31%) and recapitalization (25%). In total, Patriot Capital has invested in 23 US states. Its largest (disclosed) acquisition occurred in 2007 when it acquired Aircraft Fasteners International for $14M.

In the last 3 years, Patriot Capital has exited 6 companies. The Firm’s most common exit type is trade sale (71%). Patriot Capital’s largest (disclosed) exit occurred in 2011 when it sold Fairchild Industrial Products for $76M.

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M&A Summary

  • M&A Total Activity93
    • M&A Buy Activity66
    • M&A Sell Activity27
  • Total Sectors Invested 34
  • Total Countries Invested 1
  • M&A Buy/Sell Connections 80

Patriot Capital

509 South Exeter Street, Suite 210,
Baltimore, Maryland 21202
United States
(443) 573-3010
www.patriot-capital.com
patriotpartners@patriot-capital.com

Patriot Capital is a private investment firm that provides equity and junior capital to support acquisitions, growth capital financings, management buyouts, and recapitalizations of middle-market companies. The Firm looks to invest $3 to $20 million in businesses generating revenues of $20 to $200 million. Areas of interest include business and consumer services, consumer products, niche manufacturing and distribution, education, e-commerce, application software, transportation and telecom services. Patriot focuses its investment activity with the Mid-Atlantic, Midwest and Southern areas of the US. Patriot Capital is based in Baltimore, Maryland.


Investment Criteria

Sectors of Interest: Aerospace, Apparel/Textiles, Business Services, Chemicals, Communications, Construction, Consumer Products, Consumer Services, Distribution, Education, Electrical Equipment, Energy Services and Equipment, Engineering, Environmental, Financial Services, Food, Healthcare Services, Information Technology, Infrastructure, Internet Software and Services, Leisure, Life Science, Manufacturing, Marketing, Medical Products, Publishing, Software, Staffing, Test/Measurement Equipment, Transportation

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

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

Transaction Criteria Min Max
Target Revenue 20 200
Target EBITDA - -
Investment Size 3 20
Enterprise Value 15 100
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (2.0/yr) # 56 5 3 2 - - 66
vol $17M $17M
Sell (1.6/yr) # 19 1 3 2 2 - 27
vol $83M $45M $128M
  93

Most Recent M&A

Company Date Value Type
Express Packaging, Inc. 2019-05-01 - Merger
Columbus, Ohio · www.expk.co
ARCH Global Precision LLC 2019-04-01 - Secondary Buyout
Livonia, Michigan · www.archglobalprecision.com
Carthage Specialty Paperboard, Inc. 2018-10-25 - Add-on Acquisition
Carthage, New York · www.carthagespbd.com
PPI-Time Zero, Inc. 2018-09-17 - Add-on Acquisition
Paterson, New Jersey · www.ppi-timezero.com
EastPoint Sports Ltd. 2018-09-04 - Buyout (LBO, MBO, MBI)
Whippany, New Jersey · www.eastpointsports.com
Express Packaging, Inc. 2018-08-01 - Recapitalization
Columbus, Ohio · www.expk.co
Terracare Associates LLC 2017-10-23 - Add-on Acquisition
Littleton, Colorado · www.myterracare.com
Cyalume Technologies Holdings, Inc. 2017-08-08 45M USD Add-on Acquisition
Fort Lauderdale, Florida · www.cyalume.com
Structural & Steel Products, Inc. 2017-06-06 - Add-on Acquisition
Fort Worth, Texas · www.s-steel.com
Aerospace Holdings, Inc. 2017-03-28 - Bankruptcy
New York, New York · www.groupaero.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Union Corrugating Co. 2017-01-11 Oakland Metal Buildings, Inc. 2019-09-26 2
Fayetteville, North Carolina · www.unioncorrugating.com Florence, Alabama · www.oaklandmetal.com
Carson-Dellosa Publishing LLC 2016-07-26 Kids Station Toys, Inc. 2019-06-04 2
Greensboro, North Carolina · www.carsondellosa.com Miami, Florida · www.kidsstationtoys.com
Thermal Process Holdings 2016-07-19 P & L Heat Treating 2018-12-04 4
Elkhorn, Wisconsin · www.thermalprocessholdings.com Youngstown, Ohio · www.plheattreating.com
Thermal Process Holdings 2016-07-19 Hudapack Metal Treating, Inc. 2018-11-28 3
Elkhorn, Wisconsin · www.thermalprocessholdings.com Elkhorn, Wisconsin · www.hudapack.com
Union Corrugating Co. 2017-01-11 Reed's Metals, Inc. 2018-11-15 1
Fayetteville, North Carolina · www.unioncorrugating.com Brookhaven, Mississippi · www.reedsmetals.com
Thermal Process Holdings 2016-07-19 Certified Heat Treating 2018-01-02 2
Elkhorn, Wisconsin · www.thermalprocessholdings.com Springfield, Ohio · www.heattreating.com
Carson-Dellosa Publishing LLC 2016-07-26 Rourke Educational Media LLC 2017-06-12 1
Greensboro, North Carolina · www.carsondellosa.com Vero Beach, Florida · www.rourkeeducationalmedia.com
Thermal Process Holdings 2016-07-19 Diamond Heat Treat, Inc. 2017-06-02 1
Elkhorn, Wisconsin · www.thermalprocessholdings.com Rockford, Illinois · www.diamondht.com
McCubbin Hosiery LLC 2014-01-09 Robeez Footwear Ltd. 2017-01-09 1
Oklahoma City, Oklahoma · www.mccubbin.com Burnaby, British Columbia · www.robeez.com
McClarin Plastics LLC 2015-03-31 Amtech Corp. 2015-03-31 1
Gurnee, Illinois · www.mcclarinplastics.com Wapato, Washington · www.amtechcorp.com

M&A by Sector

Sector Current # Value All-time # Value
Business Services 6 (16%) - 9 (14%) -
Manufacturing 2 (5%) - 6 (9%) -
Distribution 2 (5%) 14M (82%) 3 (5%) 14M (82%)
Aerospace 2 (5%) - 3 (5%) -
Automotive 2 (5%) - 3 (5%) -
Consumer Products 3 (8%) - 3 (5%) -
Consumer Services 3 (8%) - 3 (5%) -
Environmental 3 (8%) - 3 (5%) -
Apparel/Textiles 1 (3%) - 2 (3%) -
Communications - - 2 (3%) -
Electrical Equipment 1 (3%) - 2 (3%) -
Electronics - - 2 (3%) -
Energy Services and Equipment 1 (3%) - 2 (3%) -
Software - - 2 (3%) -
Transportation - - 2 (3%) -
Machinery 1 (3%) 3M (18%) 1 (2%) 3M (18%)
Building Materials 1 (3%) - 1 (2%) -
Defense - - 1 (2%) -
Education 1 (3%) - 1 (2%) -
Engineering 1 (3%) - 1 (2%) -
Financial Services - - 1 (2%) -
Furniture 1 (3%) - 1 (2%) -
Healthcare Services - - 1 (2%) -
Internet Software and Services - - 1 (2%) -
Leisure 1 (3%) - 1 (2%) -
Marketing 1 (3%) - 1 (2%) -
Metals/Mining 1 (3%) - 1 (2%) -
Oil/Gas Exploration - - 1 (2%) -
Packaging - - 1 (2%) -
Publishing 1 (3%) - 1 (2%) -
Real Estate - - 1 (2%) -
Staffing 1 (3%) - 1 (2%) -
Technology Hardware 1 (3%) - 1 (2%) -
Test/Measurement Equipment 1 (3%) - 1 (2%) -
Total 38 $17M 66 $17M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 38 (100%) 17M (100%) 66 (100%) 17M (100%)
  Texas 7 (18%) - 10 (15%) -
  California 4 (11%) 14M (82%) 6 (9%) 14M (82%)
  Virginia 4 (11%) - 5 (8%) -
  North Carolina 2 (5%) - 4 (6%) -
  New York 2 (5%) - 4 (6%) -
  New Jersey 2 (5%) - 4 (6%) -
  Michigan 2 (5%) - 4 (6%) -
  Maryland 1 (3%) - 4 (6%) -
  Tennessee 2 (5%) - 3 (5%) -
  Missouri 1 (3%) - 3 (5%) -
  Ohio - - 3 (5%) -
  Louisiana 2 (5%) - 2 (3%) -
  Illinois 2 (5%) - 2 (3%) -
  Florida 1 (3%) - 2 (3%) -
  Colorado - - 2 (3%) -
  Minnesota 1 (3%) 3M (18%) 1 (2%) 3M (18%)
  Wisconsin 1 (3%) - 1 (2%) -
  Washington 1 (3%) - 1 (2%) -
  Oregon 1 (3%) - 1 (2%) -
  Oklahoma 1 (3%) - 1 (2%) -
  Georgia 1 (3%) - 1 (2%) -
  West Virginia - - 1 (2%) -
  Arizona - - 1 (2%) -
Total 38 $17M 66 $17M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 12 (32%) 17M (100%) 20 (30%) 17M (100%)
Recapitalization 7 (18%) - 16 (24%) -
Growth Capital 8 (21%) - 14 (21%) -
Secondary Buyout 4 (11%) - 6 (9%) -
Add-on Acquisition 2 (5%) - 2 (3%) -
Consolidation 2 (5%) - 2 (3%) -
Divestiture 1 (3%) - 2 (3%) -
Venture 1 (3%) - 2 (3%) -
PIPE 1 (3%) - 1 (2%) -
Stake Purchase - - 1 (2%) -
Total 38 $17M 66 $17M

Exits by Deal Type

Type Total # Value
Trade Sale 14 (52%) 45M (35%)
Trade Sale - Public Company 6 (22%) 83M (65%)
Secondary Sale 4 (15%) -
Merger 2 (7%) -
Bankruptcy 1 (4%) -
Total 27 $128M

Deal Values

buy # Total
< $100M 2 $17M
TOTAL $17M
Largest Aircraft Fasteners International LLC
$14M (2007-11-06)
sell # Total
< $100M 3 $128M
TOTAL $128M
Largest Fairchild Industrial Products Co.
$76M (2011-11-18)

M&A Connections

Deals %
Acquired from
PE Firm(s)
82%
9 82%
Strategic(s)
18%
2 18%
Exited to
PE Firm(s)
20%
5 20%
Strategic(s)
80%
20 80%

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