Primus Capital Funds Mergers and Acquisitions Summary

Profile

In the last 3 years, Primus Capital Funds has acquired 3 companies. It has also invested in 6 others.

Primus Capital Funds’ most common sectors for investment aresoftware (19%) and information technology (14%) . The Firm’s most common investment types include growth capital (34%) and buyout (lbo, mbo, mbi) (31%). 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 (60%). 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 Activity90
    • M&A Buy Activity53
    • M&A Sell Activity37
  • Total Sectors Invested 18
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 53
  • M&A Advisors 3

Primus Capital Funds

28601 Chagrin Boulevard Suite 525,
Cleveland, Ohio 44122
United States
(440) 684-7300
www.primuscapital.com
info@primuscapital.com

Primus Capital is a private equity firm focused on investing in established companies in the business services, healthcare and education industry sectors. Primus looks for established, high-growth companies with strong management and predictable/recurring revenues. The Firm will consider both control and minority positions and has a target investment size of $15 to $40 million. Prospective transaction types include growth equity financings, recapitalizations, and management-led buyouts. Primus was formed in 1984 and is based in Cleveland, Ohio.


Investment Criteria

Sectors of Interest: Building Materials, Business Services, Communications, Consumer Services, Education, Environmental, Financial Services, Healthcare Services, Information Technology, Insurance, Life Science, Media, Medical Products, Software, Technology Hardware

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

Geographic Preferences: East US, Midwest US, South US, West US, Canada, Latin/South America

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

M&A Summary

Buy vs Sell

Year ≤ '16 '17 '18 '19 '20 '21 T
Buy (2.8/yr) # 39 5 4 1 2 2 53
vol $668M $668M
Sell (1.6/yr) # 29 3 1 2 1 1 37
vol $1.7B $112M $400M $250M $2.4B
  90

Most Recent M&A

Company Date Value Type
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 2020-09-08 - Recapitalization
Atlanta, Georgia · www.rev.io
Cayuse, Inc. 2020-08-27 - Secondary Buyout
Portland, Oregon · www.cayuse.com
Proxibid, Inc. 2020-02-14 - Secondary Buyout
Omaha, Nebraska · www.proxibid.com
Forte Research Systems, Inc. 2019-09-05 - Add-on Acquisition
Madison, Wisconsin · www.forteresearch.com
Harmony Healthcare IT 2019-03-19 - Growth Capital
South Bend, Indiana · www.harmonyhit.com
Certona, Inc. 2019-02-19 - Add-on Acquisition
San Diego, California · www.certona.com
BizLibrary 2018-12-10 - Growth Capital
Chesterfield, Montana · www.bizlibrary.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
HealthTech Holdings, Inc 2007-12-18 MedHost, Inc. 2010-02-01 2
Nashville, Tennessee · www.healthtechholdings.com Dallas, Texas · www.medhost.com

M&A by Sector

Sector Current # Value All-time # Value
Software 4 (20%) - 10 (19%) 137M (21%)
Information Technology 5 (25%) - 7 (13%) -
Internet Software and Services 3 (15%) - 7 (13%) -
Business Services 3 (15%) - 6 (11%) -
Healthcare Services 1 (5%) - 5 (9%) 232M (35%)
Communications - - 3 (6%) 20M (3%)
Medical Products - - 3 (6%) -
Education 1 (5%) - 2 (4%) -
Insurance - - 1 (2%) 279M (42%)
Building Materials - - 1 (2%) -
Consumer Services - - 1 (2%) -
Digital Media 1 (5%) - 1 (2%) -
Financial Services - - 1 (2%) -
Information Services 1 (5%) - 1 (2%) -
Life Science - - 1 (2%) -
Media - - 1 (2%) -
Retail - - 1 (2%) -
Technology Hardware 1 (5%) - 1 (2%) -
Total 20 - 53 $668M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 20 (100%) - 52 (98%) 668M (100%)
  Tennessee 4 (20%) - 6 (11%) 232M (35%)
  Georgia 4 (20%) - 6 (11%) -
  Ohio 1 (5%) - 5 (9%) 50M (7%)
  California 1 (5%) - 4 (8%) -
  Florida 1 (5%) - 3 (6%) 80M (12%)
  Texas 1 (5%) - 3 (6%) -
  Pennsylvania 1 (5%) - 3 (6%) -
  Virginia 1 (5%) - 2 (4%) 20M (3%)
  North Carolina - - 2 (4%) 7M (1%)
  Washington - - 2 (4%) -
  New Jersey - - 2 (4%) -
  Montana 1 (5%) - 1 (2%) -
  Massachusetts 1 (5%) - 1 (2%) -
  Louisiana 1 (5%) - 1 (2%) -
  Indiana 1 (5%) - 1 (2%) -
  Oregon 1 (5%) - 1 (2%) -
  New York 1 (5%) - 1 (2%) -
  Connecticut - - 1 (2%) 279M (42%)
  Nebraska - - 1 (2%) -
  Minnesota - - 1 (2%) -
  Michigan - - 1 (2%) -
  Illinois - - 1 (2%) -
  Colorado - - 1 (2%) -
  Wisconsin - - 1 (2%) -
  New Mexico - - 1 (2%) -
Ireland - - 1 (2%) -
Domestic 20 (100%) - 52 (98%) 668M (100%)
Cross-border - - 1 (2%) -
Total 20 - 53 $668M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Growth Capital 9 (45%) - 18 (34%) -
Buyout (LBO, MBO, MBI) 3 (15%) - 16 (30%) 306M (46%)
Recapitalization 4 (20%) - 8 (15%) 50M (7%)
Secondary Buyout 3 (15%) - 7 (13%) 312M (47%)
Venture 1 (5%) - 3 (6%) -
PIPE - - 1 (2%) -
Total 20 - 53 $668M

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 13 (35%) 2.4B (97%)
Trade Sale 11 (30%) 67M (3%)
Secondary Sale 6 (16%) -
IPO 4 (11%) -
Recapitalization 2 (5%) -
Shut Down 1 (3%) -
Total 37 $2.4B

Top M&A Advisors

Financial Deals
Harris Williams & Co.
 1
MTS Health Partners LP
 1
Legal Deals
Jones Day
 2

Deal Values

buy # Total
$100M to $1B 2 $511M
< $100M 4 $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)

M&A Connections

Deals
Acquired from
Investor(s)
17%
9 (17%)
Exited to
Investor(s)
22%
8 (22%)
Strategic(s)
59%
22 (59%)

Investor Summary

Size

Middle-Market

PE Assets

900M USD

Established

1983

Specialist/Generalist

Generalist

Leadership

Phillip Molner

Managing Partner

William Mulligan

Managing Partner

Jonathan Dick

Managing Director

Ronald Hess

Managing Director

Aaron Davis

Director

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