Penfund Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Penfund has acquired 1 company.

Penfund’s most common sectors for investment are distribution (21%) and automotive (17%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (34%) and secondary buyout (34%). In total, Penfund has invested in 9 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 (50%). 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 Activity37
    • M&A Buy Activity23
    • M&A Sell Activity14
  • Total Sectors Invested 9
  • 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 $40 million. Penfund can commit up to $150 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, Chemicals, Consumer Products, Consumer Services, Distribution, Education, Environmental, Financial Services, Food, Healthcare Services, Manufacturing, Plastics, Retail, Software, Technology Hardware, Test/Measurement Equipment

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

Geographic Preferences: Canada

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA 30 -
Investment Size - 150
Enterprise Value - -
values in millions of CAD

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (1.0/yr) # 18 4 1 - - - 23
Sell (0.6/yr) # 11 - 1 2 - - 14
vol $301M $301M
  37

Most Recent M&A

Company Date Value Type
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
24-7 Intouch, Inc. 2016-02-09 - Growth Capital
Winnipeg, Manitoba · www.24-7intouch.com
Pet Supermarket, Inc. 2015-05-13 - Buyout (LBO, MBO, MBI)
Sunrise, Florida · www.petsupermarket.com
Pediatric Services of America, Inc. 2015-03-23 - Buyout (LBO, MBO, MBI)
Norcross, Georgia · www.psahealthcare.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Caliber Collision Centers 2013-11-20 Herb’s Paint & Body 2019-08-05 4
Lewisville, Texas · www.calibercollision.com Dallas, Texas
Aveanna Healthcare LLC 2017-03-16 Maxim Healthcare Services, Inc. - Home Healthcare Division 2019-02-19 4
Atlanta, Georgia · www.aveannahealthcare.com Frederick, Maryland
Car Wash Partners, Inc. 2014-08-22 Prime Shine Car Wash 2018-12-10 4
Tucson, Arizona · www.mistercarwash.com Modesto, California · www.primeshine.com
Car Wash Partners, Inc. 2014-08-22 Blue Diamond Auto Spa 2018-12-06 3
Tucson, Arizona · www.mistercarwash.com Farmington, New Mexico
Caliber Collision Centers 2013-11-20 ABRA Auto Body & Glass LP 2018-12-05 3
Lewisville, Texas · www.calibercollision.com Brooklyn Park, Minnesota · www.abraauto.com
Aveanna Healthcare LLC 2017-03-16 Premier Healthcare Services LLC 2018-05-10 3
Atlanta, Georgia · www.aveannahealthcare.com Culver City, California · www.premier-homehealth.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
Car Wash Partners, Inc. 2014-08-22 Car Wash Express 2017-09-15 2
Tucson, Arizona · www.mistercarwash.com Huntsville, Alabama
Aveanna Healthcare LLC 2017-03-16 Epic Health Services, Inc. 2017-03-16 2
Atlanta, Georgia · www.aveannahealthcare.com Dallas, Texas · www.epichealthservices.com
Aveanna Healthcare LLC 2017-03-16 Pediatric Services of America, Inc. 2017-03-16 1
Atlanta, Georgia · www.aveannahealthcare.com Norcross, Georgia · www.psahealthcare.com

M&A by Sector

Sector Current # Value All-time # Value
Distribution 1 (8%) - 5 (21%) -
Automotive 3 (23%) - 4 (17%) -
Healthcare Services 3 (23%) - 4 (17%) -
Retail 1 (8%) - 4 (17%) -
Consumer Services 2 (15%) - 2 (8%) -
Food 1 (8%) - 2 (8%) -
Information Services 1 (8%) - 1 (4%) -
Insurance 1 (8%) - 1 (4%) -
Manufacturing - - 1 (4%) -
Total 13 - 24 -

Acquisitions By Geo

State/Country Current # Value All-time # Value
Canada 5 (38%) - 13 (54%) -
  Ontario 4 (31%) - 9 (38%) -
  British Columbia - - 2 (8%) -
  Manitoba 1 (8%) - 1 (4%) -
  Nova Scotia - - 1 (4%) -
United States 8 (62%) - 11 (46%) -
  Texas 1 (8%) - 2 (8%) -
  Georgia 1 (8%) - 2 (8%) -
  Wisconsin 1 (8%) - 1 (4%) -
  Ohio 1 (8%) - 1 (4%) -
  Kansas 1 (8%) - 1 (4%) -
  Illinois 1 (8%) - 1 (4%) -
  Florida 1 (8%) - 1 (4%) -
  Arizona 1 (8%) - 1 (4%) -
  New York - - 1 (4%) -
Domestic 5 (38%) - 13 (54%) -
Cross-border 8 (62%) - 11 (46%) -
Total 13 - 24 -

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 1 (8%) - 8 (33%) -
Secondary Buyout 6 (46%) - 8 (33%) -
Growth Capital 4 (31%) - 5 (21%) -
Consolidation 1 (8%) - 1 (4%) -
Divestiture 1 (8%) - 1 (4%) -
Stake Purchase - - 1 (4%) -
Total 13 - 24 -

Exits by Deal Type

Type Total # Value
Secondary Sale 5 (36%) 144M (48%)
Trade Sale - Public Company 4 (29%) 157M (52%)
Trade Sale 3 (21%) -
Merger 2 (14%) -
Total 14 $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
PE Firm(s)
90%
9 90%
Strategic(s)
10%
1 10%
Exited to
PE Firm(s)
40%
6 40%
Strategic(s)
60%
9 60%

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