Primus Capital Funds Mergers and Acquisitions Summary

Profile

In the last 3 years, Primus Capital Funds has acquired 2 companies. It has also invested in 5 others.

Primus Capital Funds’ most common sectors for investment aresoftware (23%) and information technology (16%) . The Firm’s most common investment types include growth capital (45%) and buyout (lbo, mbo, mbi) (23%). In total, Primus Capital Funds has invested in 25 US states and 2 different countries. Its largest (disclosed) acquisition occurred in 2007 when it acquired SPARTA Insurance Holdings for $279M.

In the last 3 years, Primus Capital Funds has exited 5 companies. The Firm’s most common exit type is trade sale (63%). Primus Capital Funds’ largest (disclosed) exit occurred in 2013 when it sold Passport Health Communications for $850M.

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M&A Summary

M&A Total Activity98
- M&A Buy Activity58
- M&A Sell Activity40
Total Sectors Invested 18
Total Countries Invested 2
M&A Buy/Sell Connections 56
M&A Advisors 4

Primus Capital Funds

Transaction Criteria	Min	Max
Target Revenue	-	-
Target EBITDA	-	-
Investment Size	15	70
Enterprise Value	-	250
values in millions of USD

Transaction Criteria

Min

Max

Target Revenue

Target EBITDA

Investment Size

Enterprise Value

250

values in millions of USD

Year	≤ '18	'19	'20	'21	'22	'23	T
Buy (2.0/yr)	#	48	3	2	3	2	-	58
vol	$668M						$668M
Sell (1.4/yr)	#	33	2	1	2	2	-	40
vol	$2.2B			$250M			$2.4B
	98

Year

≤ '18

'19

'20

'21

'22

'23

Buy (2.0/yr)

vol

$668M

Sell (1.4/yr)

vol

$2.2B

$250M

$2.4B

Company	Date	Value	Type
Ordergroove, Inc.	2022-11-10	-	Growth Capital
New York, New York · www.ordergroove.com
Payspan, Inc.	2022-11-09	-	Add-on Acquisition
Jacksonville, Florida · www.payspan.com
SkillSurvey, Inc.	2022-10-26	-	Add-on Acquisition
Berwyn, Pennsylvania · www.skillsurvey.com
Corl Technologies LLC	2022-01-05	-	Growth Capital
Atlanta, Georgia · www.corltech.com
EnableComp LLC	2021-12-20	-	Merger
Franklin, Tennessee · www.enablecomp.com
Ambition LLC	2021-10-07	-	Growth Capital
Chattanooga, Tennessee · www.ambition.com
Bloomfire	2021-08-16	-	Growth Capital
Austin, Texas · www.bloomfire.com
Top of Mind Networks LLC	2021-05-28	250M USD	Add-on Acquisition
Atlanta, Georgia · www.topofmind.com
LiquidityBook	2021-04-13	-	Growth Capital
New York, New York · www.liquiditybook.com
Rev.io LLC	2020-09-08	-	Recapitalization
Atlanta, Georgia · www.rev.io
View All >>

Company

Date

Value

Type

Ordergroove, Inc.

2022-11-10

Growth Capital

New York, New York · www.ordergroove.com

Payspan, Inc.

2022-11-09

Add-on Acquisition

Jacksonville, Florida · www.payspan.com

SkillSurvey, Inc.

2022-10-26

Add-on Acquisition

Berwyn, Pennsylvania · www.skillsurvey.com

Corl Technologies LLC

2022-01-05

Growth Capital

Atlanta, Georgia · www.corltech.com

EnableComp LLC

2021-12-20

Merger

Franklin, Tennessee · www.enablecomp.com

Ambition LLC

2021-10-07

Growth Capital

Chattanooga, Tennessee · www.ambition.com

Bloomfire

2021-08-16

Growth Capital

Austin, Texas · www.bloomfire.com

Top of Mind Networks LLC

2021-05-28

250M USD

Add-on Acquisition

Atlanta, Georgia · www.topofmind.com

LiquidityBook

2021-04-13

Growth Capital

New York, New York · www.liquiditybook.com

Rev.io LLC

2020-09-08

Recapitalization

Atlanta, Georgia · www.rev.io

View All >>

Sector	Current #	Value	All-time #	Value
Software	7 (37%)	-	13 (22%)	137M (21%)
Information Technology	5 (26%)	-	9 (16%)	-
Business Services	1 (5%)	-	6 (10%)	-
Internet Software and Services	2 (11%)	-	6 (10%)	-
Healthcare Services	-	-	5 (9%)	232M (35%)
Communications	-	-	3 (5%)	20M (3%)
Education	2 (11%)	-	3 (5%)	-
Medical Products	-	-	3 (5%)	-
Insurance	-	-	1 (2%)	279M (42%)
Building Materials	-	-	1 (2%)	-
Consumer Services	-	-	1 (2%)	-
Digital Media	1 (5%)	-	1 (2%)	-
E-Commerce	-	-	1 (2%)	-
Financial Services	-	-	1 (2%)	-
Information Services	1 (5%)	-	1 (2%)	-
Life Science	-	-	1 (2%)	-
Media	-	-	1 (2%)	-
Retail	-	-	1 (2%)	-
Total	19	-	58	$668M

Sector

Current #

Value

All-time #

Value

Software

7 (37%)

13 (22%)

137M (21%)

Information Technology

5 (26%)

9 (16%)

Business Services

1 (5%)

6 (10%)

Internet Software and Services

2 (11%)

6 (10%)

Healthcare Services

5 (9%)

232M (35%)

Communications

3 (5%)

20M (3%)

Education

2 (11%)

3 (5%)

Medical Products

3 (5%)

Insurance

1 (2%)

279M (42%)

Building Materials

1 (2%)

Consumer Services

1 (2%)

Digital Media

1 (5%)

1 (2%)

E-Commerce

1 (2%)

Financial Services

1 (2%)

Information Services

1 (5%)

1 (2%)

Life Science

1 (2%)

Media

1 (2%)

Retail

1 (2%)

Total

$668M

State/Country	Current #	Value	All-time #	Value
United States	19 (100%)	-	57 (98%)	668M (100%)
	Tennessee	3 (16%)	-	7 (12%)	232M (35%)
	Georgia	2 (11%)	-	5 (9%)	-
	Ohio	-	-	5 (9%)	50M (7%)
	California	1 (5%)	-	4 (7%)	-
	Pennsylvania	1 (5%)	-	4 (7%)	-
	New Jersey	1 (5%)	-	3 (5%)	-
	Texas	1 (5%)	-	3 (5%)	-
	Florida	-	-	3 (5%)	80M (12%)
	Massachusetts	2 (11%)	-	2 (3%)	-
	New York	2 (11%)	-	2 (3%)	-
	Virginia	1 (5%)	-	2 (3%)	20M (3%)
	Colorado	1 (5%)	-	2 (3%)	-
	North Carolina	-	-	2 (3%)	7M (1%)
	Washington	-	-	2 (3%)	-
	Missouri	1 (5%)	-	1 (2%)	-
	Louisiana	1 (5%)	-	1 (2%)	-
	Indiana	1 (5%)	-	1 (2%)	-
	Oregon	1 (5%)	-	1 (2%)	-
	Connecticut	-	-	1 (2%)	279M (42%)
	New Mexico	-	-	1 (2%)	-
	Nebraska	-	-	1 (2%)	-
	Minnesota	-	-	1 (2%)	-
	Michigan	-	-	1 (2%)	-
	Illinois	-	-	1 (2%)	-
	Wisconsin	-	-	1 (2%)	-
Ireland	-	-	1 (2%)	-
Domestic	19 (100%)	-	57 (98%)	668M (100%)
Cross-border	-	-	1 (2%)	-
Total	19	-	58	$668M

State/Country

Current #

Value

All-time #

Value

United States

19 (100%)

57 (98%)

668M (100%)

Tennessee

3 (16%)

7 (12%)

232M (35%)

Georgia

2 (11%)

5 (9%)

Ohio

5 (9%)

50M (7%)

California

1 (5%)

4 (7%)

Pennsylvania

1 (5%)

4 (7%)

New Jersey

1 (5%)

3 (5%)

Texas

1 (5%)

3 (5%)

Florida

3 (5%)

80M (12%)

Massachusetts

2 (11%)

2 (3%)

New York

2 (11%)

2 (3%)

Virginia

1 (5%)

2 (3%)

20M (3%)

Colorado

1 (5%)

2 (3%)

North Carolina

2 (3%)

7M (1%)

Washington

2 (3%)

Missouri

1 (5%)

1 (2%)

Louisiana

1 (5%)

1 (2%)

Indiana

1 (5%)

1 (2%)

Oregon

1 (5%)

1 (2%)

Connecticut

1 (2%)

279M (42%)

New Mexico

1 (2%)

Nebraska

1 (2%)

Minnesota

1 (2%)

Michigan

1 (2%)

Illinois

1 (2%)

Wisconsin

1 (2%)

Ireland

1 (2%)

Domestic

19 (100%)

57 (98%)

668M (100%)

Cross-border

1 (2%)

Total

$668M

Type	Current #	Value	All-time #	Value
Growth Capital	15 (79%)	-	26 (45%)	-
Buyout (LBO, MBO, MBI)	-	-	13 (22%)	306M (46%)
Recapitalization	1 (5%)	-	8 (14%)	50M (7%)
Secondary Buyout	2 (11%)	-	7 (12%)	312M (47%)
Venture	1 (5%)	-	3 (5%)	-
PIPE	-	-	1 (2%)	-
Total	19	-	58	$668M

Type

Current #

Value

All-time #

Value

Growth Capital

15 (79%)

26 (45%)

Buyout (LBO, MBO, MBI)

13 (22%)

306M (46%)

Recapitalization

1 (5%)

8 (14%)

50M (7%)

Secondary Buyout

2 (11%)

7 (12%)

312M (47%)

Venture

1 (5%)

3 (5%)

PIPE

1 (2%)

Total

$668M

Type	Total #	Value
Trade Sale	14 (35%)	67M (3%)
Trade Sale - Public Company	13 (33%)	2.4B (97%)
IPO	4 (10%)	-
Secondary Sale	4 (10%)	-
Merger	2 (5%)	-
Recapitalization	2 (5%)	-
Shut Down	1 (3%)	-
Total	40	$2.4B

Type

Total #

Value

Trade Sale

14 (35%)

67M (3%)

Trade Sale - Public Company

13 (33%)

2.4B (97%)

IPO

4 (10%)

Secondary Sale

4 (10%)

Merger

2 (5%)

Recapitalization

2 (5%)

Shut Down

1 (3%)

Total

$2.4B

Financial	Deals
Harris Williams & Co.	1
MTS Health Partners LP	1

Financial

Deals

Harris Williams & Co.

MTS Health Partners LP

Legal	Deals
Jones Day	2
Goodwin Procter LLP	1

Legal

Deals

Jones Day

Goodwin Procter LLP

buy	#	Total
$100M to $1B	2	$511M
< $100M	4	$157M
TOTAL	$668M
Largest	SPARTA Insurance Holdings, Inc. $279M (2007-09-14)

buy

Total

$100M to $1B

$511M

< $100M

$157M

TOTAL

$668M

Largest

SPARTA Insurance Holdings, Inc.
$279M (2007-09-14)

sell	#	Total
$100M to $1B	7	$2.3B
< $100M	2	$167M
TOTAL	$2.4B
Largest	Passport Health Communications, Inc. $850M (2013-11-21)

sell

Total

$100M to $1B

$2.3B

< $100M

$167M

TOTAL

$2.4B

Largest

Passport Health Communications, Inc.
$850M (2013-11-21)

		Deals
Acquired from
Investor(s)	16%	9 (16%)
Exited to
Investor(s)	15%	6 (15%)
Strategic(s)	68%	27 (68%)

Deals

Acquired from

Investor(s)

9 (16%)

Exited to

Investor(s)

6 (15%)

Strategic(s)

27 (68%)

Primus Capital Funds Mergers and Acquisitions Summary

Profile

M&A Summary