Patriot Capital Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Patriot Capital has acquired 12 companies. It has also invested in 1 other.

Patriot Capital’s most common sectors for investment are business services (11%) and manufacturing (10%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (32%) and growth capital (23%). In total, Patriot Capital has invested in 26 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 9 companies. The Firm’s most common exit type is trade sale (62%). 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 Activity119
    • M&A Buy Activity83
    • M&A Sell Activity36
  • Total Sectors Invested 39
  • Total Countries Invested 1
  • M&A Buy/Sell Connections 85

Patriot Capital

509 South Exeter Street, Suite 210,
Baltimore, Maryland 21202
United States
(443) 573-3010
www.patriot-capital.com
info@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 $10 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, Automotive, Building Materials, Business Services, Chemicals, Communications, Construction, Consumer Products, Consumer Services, Distribution, E-Commerce, Education, Electrical Equipment, Energy Services and Equipment, Engineering, Environmental, Financial Services, Food, Furniture, Healthcare Services, Information Technology, Infrastructure, Internet Software and Services, Leisure, Life Science, Machinery, Manufacturing, Marketing, Medical Products, Metals/Mining, Publishing, Software, Staffing, Technology Hardware, Test/Measurement Equipment, Transportation

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

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

Transaction Criteria Min Max
Target Revenue 10 200
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 (4.0/yr) # 63 7 6 6 - 1 83
vol $17M $17M
Sell (2.6/yr) # 23 4 3 3 3 - 36
vol $83M $45M $128M
  119

Most Recent M&A

Company Date Value Type
Trüdela Partners LLC 2020-01-16 - Consolidation
Arlington, Texas · www.trudela.com
Earth Networks, Inc. 2019-12-10 - Add-on Acquisition
Germantown, Maryland · www.earthnetworks.com
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
Orion ICS LLC 2018-12-03 - Secondary Buyout
Cary, North Carolina · www.oriontalent.com
PlayMonster LLC 2018-11-19 - Secondary Buyout
Beloit, Wisconsin · www.playmonster.com
Carthage Specialty Paperboard, Inc. 2018-10-25 - Add-on Acquisition
Carthage, New York · www.carthagespbd.com
Smith Transportation Services LLC 2018-09-25 - Buyout (LBO, MBO, MBI)
Sunrise, Florida · www.smith-cargo.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
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Maysteel Industries LLC 2017-04-25 Porter’s Group Holdings LLC 2019-12-23 2
Allenton, Wisconsin · www.maysteel.com Bessemer City, North Carolina · www.portersgroup.com
PlayMonster LLC 2018-11-19 Kahootz LLC 2019-11-14 1
Beloit, Wisconsin · www.playmonster.com Ann Arbor, Michigan · www.kahootztoys.com
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
IF&P Foods LLC 2017-08-16 Get Fresh Produce 2019-07-09 2
Idianapolis, Indiana · www.indyfruit.com Bartlett, Illinois · www.getfreshproduce.com
Carson Dellosa Education 2016-07-26 Kids Station Toys, Inc. 2019-06-04 2
Greensboro, North Carolina · www.carsondellosa.com Miami, Florida · www.kidsstationtoys.com
Orion ICS LLC 2018-12-03 Accolo Business Services LLC 2019-05-20 1
Cary, North Carolina · www.oriontalent.com Lehi, Utah · www.accolo.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
IF&P Foods LLC 2017-08-16 Cibus Fresh LLC 2018-09-07 1
Idianapolis, Indiana · www.indyfruit.com Noblesville, Indiana · www.cibusfresh.com

M&A by Sector

Sector Current # Value All-time # Value
Business Services 4 (12%) - 9 (11%) -
Manufacturing 4 (12%) - 8 (10%) -
Transportation 1 (3%) - 5 (6%) -
Aerospace 2 (6%) - 4 (5%) -
Consumer Products 3 (9%) - 4 (5%) -
Environmental 2 (6%) - 4 (5%) -
Distribution - - 3 (4%) 14M (82%)
Automotive 2 (6%) - 3 (4%) -
Communications 1 (3%) - 3 (4%) -
Consumer Services 1 (3%) - 3 (4%) -
Machinery 2 (6%) 3M (100%) 2 (2%) 3M (18%)
Apparel/Textiles - - 2 (2%) -
Electrical Equipment - - 2 (2%) -
Electronics - - 2 (2%) -
Energy Services and Equipment 1 (3%) - 2 (2%) -
Internet Software and Services - - 2 (2%) -
Software - - 2 (2%) -
Staffing 1 (3%) - 2 (2%) -
Building Materials 1 (3%) - 1 (1%) -
Chemicals 1 (3%) - 1 (1%) -
Construction 1 (3%) - 1 (1%) -
Defense - - 1 (1%) -
E-Commerce 1 (3%) - 1 (1%) -
Engineering 1 (3%) - 1 (1%) -
Financial Services - - 1 (1%) -
Food 1 (3%) - 1 (1%) -
Furniture 1 (3%) - 1 (1%) -
Healthcare Services - - 1 (1%) -
Information Technology - - 1 (1%) -
Leisure - - 1 (1%) -
Marketing - - 1 (1%) -
Medical Products - - 1 (1%) -
Metals/Mining 1 (3%) - 1 (1%) -
Oil/Gas Exploration - - 1 (1%) -
Packaging - - 1 (1%) -
Real Estate - - 1 (1%) -
Semiconductors - - 1 (1%) -
Technology Hardware 1 (3%) - 1 (1%) -
Test/Measurement Equipment 1 (3%) - 1 (1%) -
Total 34 $3M 83 $17M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 34 (100%) 3M (100%) 83 (100%) 17M (100%)
  Texas 6 (18%) - 12 (14%) -
  California 4 (12%) - 8 (10%) 14M (82%)
  North Carolina 3 (9%) - 6 (7%) -
  Wisconsin 5 (15%) - 5 (6%) -
  Virginia 2 (6%) - 5 (6%) -
  Maryland 1 (3%) - 5 (6%) -
  Michigan 2 (6%) - 4 (5%) -
  New Jersey 1 (3%) - 4 (5%) -
  New York - - 4 (5%) -
  Florida 2 (6%) - 3 (4%) -
  Missouri - - 3 (4%) -
  Tennessee - - 3 (4%) -
  Ohio - - 3 (4%) -
  Georgia 2 (6%) - 2 (2%) -
  Louisiana 1 (3%) - 2 (2%) -
  Illinois 1 (3%) - 2 (2%) -
  Washington 1 (3%) - 2 (2%) -
  Colorado - - 2 (2%) -
  Minnesota 1 (3%) 3M (100%) 1 (1%) 3M (18%)
  Indiana 1 (3%) - 1 (1%) -
  Oregon 1 (3%) - 1 (1%) -
  Arizona - - 1 (1%) -
  West Virginia - - 1 (1%) -
  Vermont - - 1 (1%) -
  Pennsylvania - - 1 (1%) -
  Oklahoma - - 1 (1%) -
Total 34 $3M 83 $17M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 9 (26%) 3M (100%) 26 (31%) 17M (100%)
Growth Capital 8 (24%) - 19 (23%) -
Recapitalization 5 (15%) - 15 (18%) -
Secondary Buyout 7 (21%) - 10 (12%) -
Consolidation 3 (9%) - 5 (6%) -
Add-on Acquisition 2 (6%) - 2 (2%) -
Divestiture - - 2 (2%) -
Venture - - 2 (2%) -
PIPE - - 1 (1%) -
Stake Purchase - - 1 (1%) -
Total 34 $3M 83 $17M

Exits by Deal Type

Type Total # Value
Trade Sale 16 (44%) 45M (35%)
Trade Sale - Public Company 7 (19%) 83M (65%)
Secondary Sale 5 (14%) -
Unknown 3 (8%) -
Merger 2 (6%) -
Recapitalization 2 (6%) -
Bankruptcy 1 (3%) -
Total 36 $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)
87%
13 87%
Strategic(s)
13%
2 13%
Exited to
PE Firm(s)
21%
6 21%
Strategic(s)
79%
23 79%

Investor Summary

Size

Large

Specialist/Generalist

Generalist

Leadership

Charles McCusker

Co-founder & Managing Partner

Thomas Holland

Co-founder & Managing Partner

Charles Bryan

Co-founder, Senior Principal & Adviser

David Christopher

Managing Director

J. Daniel Yardley

Managing Director

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