M&A Deal Summary

Progress Equity Partners, Harbert Mezzanine Capital, Live Oak Capital and Enterprise Bank and Trust Company Acquire Medical Indicators

On June 17, 2019, private equity firm Progress Equity Partners, mezzanine finance firm Harbert Mezzanine Capital, Live Oak Capital and Enterprise Bank and Trust Company acquired medical products company Medical Indicators from Desco Capital

Acquisition Highlights
  • This is Progress Equity Partners’ 2nd, Harbert Mezzanine Capital’s 2nd, Live Oak Capital’s 1st and Enterprise Bank and Trust Company’s 2nd transaction in the Medical Products sector.
  • This is Progress Equity Partners’ 15th, Harbert Mezzanine Capital’s 22nd, Live Oak Capital’s 1st and Enterprise Bank and Trust Company’s 2nd transaction in the United States.
  • This is Progress Equity Partners’ 1st, Harbert Mezzanine Capital’s 1st, Live Oak Capital’s 1st and Enterprise Bank and Trust Company’s 1st transaction in New Jersey.

M&A Deal Summary
Date 2019-06-17
Target Medical Indicators
Sector Medical Products
Buyer(s) Progress Equity Partners
Harbert Mezzanine Capital
Live Oak Capital
Enterprise Bank and Trust Company
Sellers(s) Desco Capital
Deal Type Secondary Buyout

Target

Medical Indicators

Hamilton, New Jersey, United States
website
Medical Indicators is a manufacturer of disposable and reusable medical thermometers. The product uses liquid crystal technically to provide a low cost and extremely accurate method of taking human temperatures. Medical Indicators was founded in 1988 and is based in Hamilton, New Jersey.

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Buyer(S) 4

Buyer

Progress Equity Partners

Dallas, Texas, United States

Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1993
Size Small
Type Sector Agnostic
DESCRIPTION

Progress Equity Partners is a private investment firm that seeks control positions in 'well-managed, entrepreneurial, service-based businesses.' Progress focuses on companies with sustainable/scalable business models and low capital expenditures. Specific areas of interest include building products/construction services, communication, marketing, facility maintenance services, franchising, manufacturing, retail, specialty food and healthcare services. Progress Equity Partners is based in Dallas, Texas.

DEAL STATS #
Overall 15 of 18
Sector (Medical Products) 2 of 2
Type (Secondary Buyout) 2 of 2
State (New Jersey) 1 of 1
Country (United States) 15 of 18
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-12-04 Diversified Machine Systems

Colorado Springs, Colorado, United States

Diversified Machine Systems LLC is a manufacturer of 3-axis and 5-axis CNC routers and machining centers. Located in Colorado Springs, CO, and serving customers worldwide, DMS supplies machines to a variety of manufacturing sectors including aerospace, automotive, marine, 3D sculpture, and formed plastics among many others. Diversified Machine Systems was founded in 2003 and is based in Colorado Springs, Colorado.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-22 InDemand Industrial Services

Bismarck, North Dakota, United States

InDemand Industrial Services is a provider of industrial maintenance and construction services to owners and operators of industrial facilities across the United States. InDemand Industrial Services was founded in 2020 and is based in Bismarck, North Dakota.

Buy -
Buyer

Harbert Mezzanine Capital

Investor Investor Investor Investor

website

Category Mezzanine Finance Firm
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Harbert Mezzanine Capital is the junior capital investment arm of asset manager Harbert Management Corporation. Harbert Mezzanine looks to invest $3 to $15 million of subordinated debt to support growth needs, acquisitions, recapitalizations, or management buyouts of mid-sized companies throughout the US. Harbert Mezzanine Capital is based in Nashville, Tennessee.

DEAL STATS #
Overall 22 of 28
Sector (Medical Products) 2 of 2
Type (Secondary Buyout) 2 of 3
State (New Jersey) 1 of 1
Country (United States) 22 of 28
Year (2019) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-02-20 IHP

Nashville, Tennessee, United States

Innovative Hearth Products is a manufacturer of indoor and outdoor fireplaces, fireplace inserts, free-standing stoves, gas log sets, venting products and accessories for the specialty retail, residential new construction and industrial markets. Based in Nashville, Tenn. IHP operates manufacturing facilities in Russellville, Ala., Santa Ana, Calif. and Auburn, Wash.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-21 Direct Shot Distributing

Franklin, Indiana, United States

Direct Shot Distributing, Inc. is a third party logistics (3PL) service provider offering omnichannel solutions to a diverse group of clients. Direct Shot Distributing, Inc. was founded in 2011 and is based in Franklin, Indiana.

Sell -
Buyer

Live Oak Capital

Houston, Texas, United States
Category Company
Founded 2000
Sector Financial Services
DESCRIPTION

Live Oak Capital Ltd. is a specialized in debt and equity placement and loan servicing for the commercial real estate industry. It also provides full closing, servicing and loan administration services.

DEAL STATS #
Overall 1 of 1
Sector (Medical Products) 1 of 1
Type (Secondary Buyout) 1 of 1
State (New Jersey) 1 of 1
Country (United States) 1 of 1
Year (2019) 1 of 1
Buyer

Enterprise Bank and Trust Company

Lowell, Massachusetts, United States

website

Category Company
Founded 1988
Sector Financial Services
DESCRIPTION

Enterprise Bank and Trust Company, Inc. provides financial services,

DEAL STATS #
Overall 2 of 2
Sector (Medical Products) 2 of 2
Type (Secondary Buyout) 1 of 1
State (New Jersey) 1 of 1
Country (United States) 2 of 2
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-06-27 CoreLink Surgical

St. Louis, Missouri, United States

CoreLink Surgical is a developer, manufacturer, and marketer of branded spinal implants and surgical instruments, including interbody cage systems, pedicle screw systems, plate systems, biologics, and surgical instruments for cervical, lumbar, and thoracolumbar spinal procedures. CoreLink Surgical is based in St.Louis, Missouri.

Sell -

Seller(S) 1

SELLER

Desco Capital

New Albany, Ohio, United States

Investor Investor Investor

website

Category Corporate Investor
Size Small
Type Sector Agnostic
DESCRIPTION

Desco Capital Partners (DCP) is a private investor group established to invest in US-based growth companies operating in a variety of industry sectors. Target investment situations include acquisitions, management buyouts, and growth capital financings. DCP will also consider distressed situations. DCP's investment horizon is three to seven years. The Firm will not invest in companies involved in oil & gas, real estate, retail sales or e-Commerce. DCP was formed in 1992 and is a unit of Desco Corporation. DCP is based in Columbus, Ohio.

DEAL STATS #
Overall 3 of 3
Sector (Medical Products) 1 of 1
Type (Secondary Buyout) 1 of 1
State (New Jersey) 1 of 1
Country (United States) 3 of 3
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-01-03 Republic Doors & Frames

McKenzie, Tennessee, United States

Republic Doors & Frames, Inc. is a manufacturer of hollow metal doors and frames, complementing Allegion’s Steelcraft brand and core business in the Americas region. Republic Doors & Frames was founded in 1931 and is based in McKenzie, Tennessee.

Sell -
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