Primus Capital Funds Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Primus Capital Funds has acquired 4 companies. It has also invested in 7 others.

Primus Capital Funds’ most common sectors for investment are information technology (18%) and software (12%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (32%) and growth capital (32%). In total, Primus Capital Funds has invested in 24 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 7 companies. The Firm’s most common exit type is trade sale (59%). 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 Activity86
    • M&A Buy Activity50
    • M&A Sell Activity36
  • Total Sectors Invested 18
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 51
  • 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 ≤ '15 '16 '17 '18 '19 '20 T
Buy (2.6/yr) # 37 2 5 4 1 1 50
vol $668M $668M
Sell (2.0/yr) # 26 3 3 1 2 1 36
vol $1.5B $170M $112M $400M $2.2B
  86

Most Recent M&A

Company Date Value Type
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
Hayes Management Consulting, Inc. 2018-10-10 - Secondary Buyout
Newton Center, Massachusetts · www.hayesmanagement.com
Trilliant Health 2018-08-07 - Venture
Brentwood, Tennessee · www.trillianthealth.com
Hyperwallet Systems, Inc. 2018-06-19 400M USD Add-on Acquisition
San Francisco, California · www.hyperwallet.com
Top of Mind Networks LLC 2018-04-10 - Growth Capital
Atlanta, Georgia · www.topofmind.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
HealthTech Holdings, Inc 2007-12-18 Acuitec LLC 2012-10-10 2
Nashville, Tennessee · www.healthtechholdings.com Birmingham, Alabama
HealthTech Holdings, Inc 2007-12-18 MedHost, Inc. 2010-02-01 1
Nashville, Tennessee · www.healthtechholdings.com Dallas, Texas · www.medhost.com

M&A by Sector

Sector Current # Value All-time # Value
Information Technology 6 (33%) - 9 (18%) 50M (7%)
Software 2 (11%) - 6 (12%) 87M (13%)
Internet Software and Services 2 (11%) - 6 (12%) -
Healthcare Services 1 (6%) - 5 (10%) 232M (35%)
Business Services 2 (11%) - 5 (10%) -
Communications - - 3 (6%) 20M (3%)
Medical Products - - 3 (6%) -
Digital Media 2 (11%) - 2 (4%) -
Education 1 (6%) - 2 (4%) -
Insurance - - 1 (2%) 279M (42%)
Building Materials - - 1 (2%) -
Consumer Services - - 1 (2%) -
Financial Services - - 1 (2%) -
Information Services 1 (6%) - 1 (2%) -
Life Science - - 1 (2%) -
Media - - 1 (2%) -
Retail - - 1 (2%) -
Technology Hardware 1 (6%) - 1 (2%) -
Total 18 - 50 $668M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 18 (100%) - 49 (98%) 668M (100%)
  Tennessee 4 (22%) - 6 (12%) 232M (35%)
  Georgia 4 (22%) - 5 (10%) -
  Ohio 1 (6%) - 5 (10%) 50M (7%)
  California 1 (6%) - 4 (8%) -
  Florida 1 (6%) - 3 (6%) 80M (12%)
  Pennsylvania 1 (6%) - 3 (6%) -
  Virginia 1 (6%) - 2 (4%) 20M (3%)
  North Carolina - - 2 (4%) 7M (1%)
  Washington - - 2 (4%) -
  Texas - - 2 (4%) -
  New Jersey - - 2 (4%) -
  Oregon 1 (6%) - 1 (2%) -
  Montana 1 (6%) - 1 (2%) -
  Massachusetts 1 (6%) - 1 (2%) -
  Louisiana 1 (6%) - 1 (2%) -
  Indiana 1 (6%) - 1 (2%) -
  Connecticut - - 1 (2%) 279M (42%)
  Wisconsin - - 1 (2%) -
  New Mexico - - 1 (2%) -
  Nebraska - - 1 (2%) -
  Minnesota - - 1 (2%) -
  Michigan - - 1 (2%) -
  Illinois - - 1 (2%) -
  Colorado - - 1 (2%) -
Ireland - - 1 (2%) -
Domestic 18 (100%) - 49 (98%) 668M (100%)
Cross-border - - 1 (2%) -
Total 18 - 50 $668M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 3 (17%) - 16 (32%) 306M (46%)
Growth Capital 8 (44%) - 16 (32%) -
Secondary Buyout 3 (17%) - 7 (14%) 312M (47%)
Recapitalization 3 (17%) - 7 (14%) 50M (7%)
Venture 1 (6%) - 3 (6%) -
PIPE - - 1 (2%) -
Total 18 - 50 $668M

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 12 (33%) 2.1B (97%)
Trade Sale 11 (31%) 67M (3%)
Secondary Sale 6 (17%) -
IPO 4 (11%) -
Recapitalization 2 (6%) -
Shut Down 1 (3%) -
Total 36 $2.2B

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 6 $2.0B
< $100M 2 $167M
TOTAL $2.2B
Largest Passport Health Communications, Inc.
$850M (2013-11-21)

M&A Connections

Deals %
Acquired from
PE Firm(s)
100%
11 100%
Exited to
PE Firm(s)
32%
10 32%
Strategic(s)
68%
21 68%

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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