Penfund Mergers and Acquisitions Summary

Mezzanine Finance Firm Profile

In the last 3 years, Penfund has acquired 3 companies.

Penfund’s most common sectors for investment aredistribution (25%) and healthcare services (18%) . The Firm’s most common investment types include secondary buyout (43%) and buyout (lbo, mbo, mbi) (29%). In total, Penfund has invested in 10 US states and 2 different countries.

In the last 3 years, Penfund has exited 3 companies. The Firm’s most common exit type is trade sale (47%). Penfund’s largest (disclosed) exit occurred in 2009 when it sold Timothys Coffees of the World for $157M.

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M&A Summary

  • M&A Total Activity41
    • M&A Buy Activity26
    • M&A Sell Activity15
  • Total Sectors Invested 10
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 20

Penfund

Bay Adelaide Centre, 333 Bay Street, Suite 610,
Toronto, Ontario M5H 2R2
Canada
(416) 865-0707
www.penfund.com

Penfund is a private investment firm that provides equity, junior capital, and alternative financing to Canadian-based middle-market companies with EBITDA of at least C$20 million. Penfund can commit up to C$225 million per transaction. Penfund does not have any industry preferences and its investments are generally used to support growth needs, recapitalization, shareholder liquidity, acquisitions, and buyouts. Penfund was formed in 1979 and is based in Toronto.


Investment Criteria

Sectors of Interest: Aerospace, Automotive, Business Services, Chemicals, Consumer Products, Consumer Services, Distribution, Education, Environmental, Financial Services, Food, Healthcare Services, Insurance, Manufacturing, Plastics, Retail, Software, Technology Hardware, Test/Measurement Equipment

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

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

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA 20 -
Investment Size - 225
Enterprise Value - -
values in millions of CAD

M&A Summary

Buy vs Sell

Year ≤ '16 '17 '18 '19 '20 '21 T
Buy (0.6/yr) # 23 1 - - - 2 26
Sell (0.8/yr) # 11 1 2 - - 1 15
vol $301M $301M
  41

Most Recent M&A

Company Date Value Type
Arrowhead Engineered Products, Inc. 2021-08-31 - Secondary Buyout
Blaine, Minnesota · www.arrowheadepinc.com
Gastro Health LLC 2021-05-19 - Secondary Buyout
Miami, Florida · www.gastrohealth.com
Canadian Hospital Specialties Ltd. 2021-04-22 - Secondary Buyout
Oakville, Ontario · www.chsltd.com
SureWerx, Inc. 2018-11-02 - Secondary Buyout
Coquitlam, British Columbia · www.jetgroupbrands.com
Mavis Tire Supply Corp. 2018-03-29 - Merger
Millwood, New York · www.mavistire.com
Aveanna Healthcare LLC 2017-03-16 - Consolidation
Atlanta, Georgia · www.aveannahealthcare.com
Pediatric Services of America, Inc. 2017-01-17 - Secondary Buyout
Norcross, Georgia · www.psahealthcare.com
Plews, Inc. 2016-08-15 - Growth Capital
Dixon, Illinois · www.plews-edelmann.com
Give and Go Prepared Foods Corp. 2016-04-29 - Secondary Buyout
Toronto, Ontario · www.giveandgo.com
Forefront Dermatology 2016-02-11 - Secondary Buyout
Manitowoc, Wisconsin · www.forefrontdermatology.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Car Wash Partners, Inc. 2014-08-22 Bush Car Wash - Seven Car Wash Locations 2020-09-18 8
Tucson, Arizona · www.mistercarwash.com Richland, Washington
Aveanna Healthcare LLC 2017-03-16 Maxim Healthcare Services, Inc. - Home Healthcare Division 2019-02-19 5
Atlanta, Georgia · www.aveannahealthcare.com Frederick, Maryland
Caliber Collision Centers 2013-11-20 ABRA Auto Body & Glass LP 2018-12-05 4
Lewisville, Texas · www.calibercollision.com Brooklyn Park, Minnesota · www.abraauto.com
Hopkins Manufacturing Corp. 2011-06-17 Tiger Accessories Group LLC 2018-01-08 3
Emporia, Kansas · www.hopkinsmfg.com Long Grove, Illinois · www.tigeraccessory.com
Aveanna Healthcare LLC 2017-03-16 Epic Health Services, Inc. 2017-03-16 4
Atlanta, Georgia · www.aveannahealthcare.com Dallas, Texas · www.epichealthservices.com
Aveanna Healthcare LLC 2017-03-16 Pediatric Services of America, Inc. 2017-03-16 3
Atlanta, Georgia · www.aveannahealthcare.com Norcross, Georgia · www.psahealthcare.com
BroadStreet Partners, Inc. 2012-02-07 Bearence Management Group LLC 2015-06-11 1
Columbus, Ohio · www.broadstreetcorp.com West Des Moines, Iowa · www.bearence.com
Hopkins Manufacturing Corp. 2011-06-17 Bell Automotive Products, Inc. 2015-05-14 2
Emporia, Kansas · www.hopkinsmfg.com Scottsdale, Arizona · www.bellautomotive.com
CBI Health Group Ltd. 2011-01-04 We Care Health Services 2013-09-30 1
Toronto, Ontario · www.cbi.ca Toronto, Ontario · www.wecare.ca

M&A by Sector

Sector Current # Value All-time # Value
Distribution 2 (13%) - 7 (25%) -
Healthcare Services 4 (27%) - 5 (18%) -
Automotive 3 (20%) - 4 (14%) -
Retail 1 (7%) - 4 (14%) -
Consumer Services 2 (13%) - 2 (7%) -
Food - - 2 (7%) -
Building Materials - - 1 (4%) -
Business Services 1 (7%) - 1 (4%) -
Insurance 1 (7%) - 1 (4%) -
Medical Products 1 (7%) - 1 (4%) -
Total 15 - 28 -

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 10 (67%) - 14 (50%) -
  Florida 2 (13%) - 2 (7%) -
  Texas 1 (7%) - 2 (7%) -
  Minnesota 1 (7%) - 2 (7%) -
  Georgia 1 (7%) - 2 (7%) -
  Arizona 1 (7%) - 1 (4%) -
  Wisconsin 1 (7%) - 1 (4%) -
  Ohio 1 (7%) - 1 (4%) -
  Kansas 1 (7%) - 1 (4%) -
  Illinois 1 (7%) - 1 (4%) -
  New York - - 1 (4%) -
Canada 5 (33%) - 14 (50%) -
  Ontario 4 (27%) - 10 (36%) -
  British Columbia - - 2 (7%) -
  Manitoba 1 (7%) - 1 (4%) -
  Nova Scotia - - 1 (4%) -
Domestic 5 (33%) - 14 (50%) -
Cross-border 10 (67%) - 14 (50%) -
Total 15 - 28 -

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 8 (53%) - 12 (43%) -
Buyout (LBO, MBO, MBI) 1 (7%) - 8 (29%) -
Growth Capital 4 (27%) - 5 (18%) -
Consolidation 1 (7%) - 1 (4%) -
Divestiture 1 (7%) - 1 (4%) -
Stake Purchase - - 1 (4%) -
Total 15 - 28 -

Exits by Deal Type

Type Total # Value
Secondary Sale 6 (40%) 144M (48%)
Trade Sale - Public Company 4 (27%) 157M (52%)
Trade Sale 3 (20%) -
Merger 2 (13%) -
Total 15 $301M

Deal Values

sell # Total
$100M to $1B 2 $301M
TOTAL $301M
Largest Timothys Coffees of the World, Inc.
$157M (2009-11-13)

M&A Connections

Deals
Acquired from
Investor(s)
43%
12 (43%)
Strategic(s)
4%
1 (4%)
Exited to
Investor(s)
40%
6 (40%)
Strategic(s)
60%
9 (60%)

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