PennantPark Investment Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, PennantPark Investment has invested in 1 company.

PennantPark Investment’s most common sectors for investment are manufacturing (15%) and distribution (10%). The Firm’s most common investment types include secondary buyout (45%) and buyout (lbo, mbo, mbi) (20%). In total, PennantPark Investment has invested in 14 US states. Its largest (disclosed) acquisition occurred in 2011 when it acquired LegalShield for $650M.

In the last 3 years, PennantPark Investment has exited 10 companies. The Firm’s most common exit type is secondary buyout (75%). PennantPark Investment’s largest (disclosed) exit occurred in 2015 when it sold Boyd for $557M.

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M&A Summary

  • M&A Total Activity36
    • M&A Buy Activity20
    • M&A Sell Activity16
  • Total Sectors Invested 15
  • Total Countries Invested 1
  • M&A Buy/Sell Connections 17

PennantPark Investment Corp.

590 Madison Avenue, 15th Floor,
New York, New York 10022
United States
(212) 905-1000
www.pennantpark.com


Investment Criteria

Sectors of Interest: Building Materials, Business Services, Chemicals, Communications, Construction, Consumer Products, Distribution, Electrical Equipment, Healthcare Services, Information Technology, Manufacturing, Marketing, Retail, Safety/Security

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

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

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size 10 100
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (0.2/yr) # 19 - - 1 - - 20
vol $1.3B $1.3B
Sell (2.4/yr) # 4 2 3 6 1 - 16
vol $857M $857M
  36

Most Recent M&A

Company Date Value Type
CINgroup, Inc. 2019-03-01 - Add-on Acquisition
Dayton, Ohio · www.cingroup.com
Integrative Nutrition, Inc. 2018-10-03 - Growth Capital
New York, New York · www.integrativenutrition.com
RotoMetrics 2018-06-05 - Unknown
Eureka, Missouri · www.rotometrics.com
Prince Mineral Co. Inc. 2018-03-29 - Secondary Buyout
New York, New York · www.princecorp.com
LegalShield 2018-02-27 - Secondary Buyout
Ada, Oklahoma · www.legalshield.com
Convergint Technologies LLC 2018-02-02 - Secondary Buyout
Schaumburg, Illinois · www.convergint.com
Galls LLC 2018-02-01 - Secondary Buyout
Lexington, Kentucky · www.galls.com
Robertshaw Controls Co. 2018-01-05 - Secondary Buyout
Itasca, Illinois · www.robertshaw.com
Randall-Reilly Publishing Co. LLC 2017-06-05 - Secondary Buyout
Tuscaloosa, Alabama · www.randallreilly.com
Power Products LLC 2017-03-10 - Secondary Buyout
Menomonee Falls, Wisconsin · www.powerprodllc.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
MsPark 2010-10-29 AdVenture Magazine 2018-11-30 3
Helena, Alabama · www.mspark.com St. Joseph, Missouri · www.stjoeads.com
MsPark 2010-10-29 National Mail-It, Inc. 2018-04-23 2
Helena, Alabama · www.mspark.com Shreveport, Louisiana · www.nationalmailit.com
MsPark 2010-10-29 Preferred Mail Advertising, Inc. 2017-09-05 1
Helena, Alabama · www.mspark.com Huntington, West Virginia · www.preferredmailadvertising.com
Cascade Drilling LP 2015-02-24 Diversified Geophysics, Inc. 2015-11-03 4
Woodinville, Washington · www.cascadedrilling.com Mineola, New York
Cascade Drilling LP 2015-02-24 Aquifer Drilling & Testing, Inc. 2015-11-03 3
Woodinville, Washington · www.cascadedrilling.com Mineola, New York · www.aquiferdrilling.com
Cascade Drilling LP 2015-02-24 Sonic Drilling Services, Inc. 2015-11-03 2
Woodinville, Washington · www.cascadedrilling.com Dundee, Ohio · www.sonicdrillingservices.us
Cascade Drilling LP 2015-02-24 TerraTherm, Inc. 2015-08-25 1
Woodinville, Washington · www.cascadedrilling.com Gardner, Massachusetts · www.terratherm.com

M&A by Sector

Sector Current # Value All-time # Value
Manufacturing - - 3 (15%) 231M (18%)
Distribution - - 2 (10%) 163M (13%)
Information Technology - - 2 (10%) -
Marketing 1 (25%) - 2 (10%) -
Business Services - - 1 (5%) 650M (50%)
Electrical Equipment - - 1 (5%) 258M (20%)
Chemicals - - 1 (5%) -
Communications - - 1 (5%) -
Construction 1 (25%) - 1 (5%) -
Consumer Products 1 (25%) - 1 (5%) -
Education 1 (25%) - 1 (5%) -
Healthcare Services - - 1 (5%) -
Retail - - 1 (5%) -
Safety/Security - - 1 (5%) -
Software - - 1 (5%) -
Total 4 - 20 $1.3B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 4 (100%) - 20 (100%) 1.3B (100%)
  New York 2 (50%) - 3 (15%) -
  California - - 3 (15%) -
  Alabama 1 (25%) - 2 (10%) -
  Illinois - - 2 (10%) 231M (18%)
  Washington 1 (25%) - 1 (5%) -
  Oklahoma - - 1 (5%) 650M (50%)
  Wisconsin - - 1 (5%) 258M (20%)
  Kentucky - - 1 (5%) 163M (13%)
  Virginia - - 1 (5%) -
  Ohio - - 1 (5%) -
  Missouri - - 1 (5%) -
  Minnesota - - 1 (5%) -
  Georgia - - 1 (5%) -
  Arkansas - - 1 (5%) -
Total 4 - 20 $1.3B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 3 (75%) - 9 (45%) -
Buyout (LBO, MBO, MBI) - - 4 (20%) -
Divestiture - - 3 (15%) 652M (50%)
Recapitalization - - 2 (10%) -
Going Private - - 1 (5%) 650M (50%)
Growth Capital 1 (25%) - 1 (5%) -
Total 4 - 20 $1.3B

Exits by Deal Type

Type Total # Value
Secondary Sale 12 (75%) 557M (65%)
Trade Sale - Public Company 1 (6%) 300M (35%)
IPO 1 (6%) -
Trade Sale 1 (6%) -
Unknown 1 (6%) -
Total 16 $857M

Deal Values

buy # Total
$100M to $1B 4 $1.3B
TOTAL $1.3B
Largest LegalShield
$650M (2011-06-30)
sell # Total
$100M to $1B 2 $857M
TOTAL $857M
Largest Boyd Corp.
$557M (2015-04-02)

M&A Connections

Deals %
Acquired from
PE Firm(s)
85%
11 85%
Strategic(s)
15%
2 15%
Exited to
PE Firm(s)
86%
12 86%
Strategic(s)
14%
2 14%

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