M&A Deal Summary

Progress Equity Partners, Navigator Partners, Harbert Private Capital and Patriot Capital Acquire Terracare Associates

On May 1, 2009, private equity firms Progress Equity Partners, Navigator Partners, Harbert Private Capital and Patriot Capital acquired business services company Terracare Associates from American Civil Constructors

Acquisition Highlights
  • This is Progress Equity Partners’ 1st, Navigator Partners’ 2nd, Harbert Private Capital’s 2nd and Patriot Capital’s 3rd transaction in the Business Services sector.
  • This is Progress Equity Partners’ 9th, Navigator Partners’ 10th, Harbert Private Capital’s 28th and Patriot Capital’s 27th transaction in the United States.
  • This is Progress Equity Partners’ 2nd, Navigator Partners’ 2nd, Harbert Private Capital’s 2nd and Patriot Capital’s 2nd transaction in Colorado.
Investment Fate
  • Terracare Associates was sold to a strategic buyer in 2017.

M&A Deal Summary

Date 2009-05-01
Target Terracare Associates
Sector Business Services
Buyer(s) Progress Equity Partners
Navigator Partners
Harbert Private Capital
Patriot Capital
Sellers(s) American Civil Constructors
Deal Type Divestiture

Target

Terracare Associates

Littleton, Colorado, United States
Terracare Associates is a leading provider of commercial landscape and public infrastructure management services. Terracare Associates provides a diverse range of services to institutional, industrial, commercial and municipal customers, including outsourced road and park maintenance, general landscape services, irrigation management, snow/ice removal, and aquatic/lake management services. Terracare Associates was founded in 1975 and is based in Littleton, Colorado.

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Buyer(S) 4

Buyer

Progress Equity Partners

Dallas, Texas, United States

Investor Investor Investor Investor


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 9 of 19
Sector: Business Services M&A 1 of 1
Type: Divestiture M&A Deals 2 of 2
State: Colorado M&A 2 of 5
Country: United States M&A 9 of 19
Year: 2009 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-01-13 American Exteriors

Denver, Colorado, United States

American Exteriors is a manufacturer and marketer of custom-built, vinyl-framed replacement windows to existing homes in the Rocky Mountain region. American Exteriors is based in Denver, Colorado.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-07-15 Baskins Group

Irvine, California, United States

Baskin's is a regional department store retailer with 16 locations offering moderately priced, nationally recognized brand name apparel, boots, shoes, and other accessories such as Wrangler, Justin, Dr. Martin, Red Wing, Carhartt and Polo.

Sell -
Buyer

Navigator Partners

Summit, New Jersey, United States

Investor Investor Investor


Category Private Equity Firm
Founded 1999
Size Small
Type Sector Agnostic
DESCRIPTION

Navigator Partners LLC (formerly Navigator Equity Partners LLC) is a private equity firm focused on smaller middle-market company acquisitions and recapitalizations. The Firm is licensed as a SBIC and targets companies with revenues of $10 to $200 million and EBITDA of at least $2 million. Companies of interest include manufacturers and marketers of consumer and healthcare products, providers of consumer and business services, franchisors, healthcare service providers, select industrial products, and media businesses. Navigator will not invest in start-up, early-stage, or turnaround situations. Navigator Equity Partners is based in Summit, New Jersey.


DEAL STATS #
Overall 10 of 16
Sector: Business Services M&A 2 of 2
Type: Divestiture M&A Deals 1 of 1
State: Colorado M&A 2 of 4
Country: United States M&A 10 of 16
Year: 2009 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-01-01 Smashburger

Denver, Colorado, United States

Smashburger is the fastest growing, fast-casual “better burger” restaurant and a fresh approach to burgers and restaurants as a whole. Smashburger's hand-crafted burgers are made with fresh, never frozen, 100% Certified Angus Beef, that are “smashed”, seared, and seasoned on the grill to juicy perfection for every individual order. Smashburger was founded in 2007 and is based in Denver, Colorado.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-07-24 Ambassador Media Group

New York, New York, United States

Ambassador Media Group LLC dba Ambassador Yellow Pages publishes yellow page directories serving the boroughs of Manhattan, Brooklyn, Queens, and the Bronx in New York City as well as a directory targeted at the Hispanic population in Manhattan.

Sell -
Buyer

Harbert Private Capital

Birmingham, Alabama, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1985
PE ASSETS 4.7B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Harbert Private Equity and Mezzanine is a private equity arm of Harbert Management Corp. The Private Equity group targets leveraged buyouts, recapitalizations, expansion capital investments, and distressed situations. The firm targets opportunities across a range of industries and typical transactions have enterprise values between A$10 and A$100 million. The Mezzanine Capital group seeks subordinated debt investments and can commit $3 to $15 million per transaction. . Harbert Management Corporation was formed in 1985 and has offices in Birmingham, Alabama; New York, New York; Nashville, Tennessee; Richmond, Virginia; London; Madrid; Paris; and Melbourne.


DEAL STATS #
Overall 28 of 59
Sector: Business Services M&A 2 of 6
Type: Divestiture M&A Deals 1 of 1
State: Colorado M&A 2 of 3
Country: United States M&A 28 of 53
Year: 2009 M&A 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-02-01 Onward Behavioral Health

Columbiana, Alabama, United States

Behavioral health company operating an 18 bed residential treatment facility program for eating disorders and 31 outpatient behavioral health sites that treat patients with a variety of substance abuse and psychological issues.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-09-01 Candescent Healing

Tarrytown, New York, United States

Developer and operator of comprehensive wound care and hyperbaric oxygen therapy facilities within hospitals.

Buy -
Buyer

Patriot Capital

Baltimore, Maryland, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Size Large
Type Sector Agnostic
DESCRIPTION

Patriot Capital is a private investment firm that provides equity and junior capital to support acquisitions, growth capital financings, management buyouts, and recapitalizations of middle-market companies. The Firm looks to invest $5 to $25 million in businesses generating revenues of $10 to $200 million. Areas of interest include business and consumer services, consumer products, niche manufacturing and distribution, education, e-commerce, application software, transportation, and telecom services. Patriot focuses its investment activity with the Mid-Atlantic, Midwest, and Southern areas of the US. Patriot Capital is based in Baltimore, Maryland.


DEAL STATS #
Overall 27 of 112
Sector: Business Services M&A 3 of 13
Type: Divestiture M&A Deals 1 of 2
State: Colorado M&A 2 of 2
Country: United States M&A 27 of 112
Year: 2009 M&A 3 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-04-01 Keltner

Springfield, Missouri, United States

Keltner is a distributor of motor oil, chemicals and parts to an expansive customer base. Keltner was founded in 1952 and is located in Springfield, Missouri.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-07-21 1757 Golf

Dulles, Virginia, United States

1757 Golf LLC provides a daily-fee premium golf course in Northern Virginia. 1757 Golf was established in 2009 and is based in Dulles, Virginia.

Buy -

Seller(S) 1

SELLER

American Civil Constructors

Littleton, Colorado, United States

Category Company
Founded 1975
Sector Construction
DESCRIPTION

American Civil Constructors (ACC) is a civil and landscape construction company focused on road rehabilitation and paving services, bridge construction and repair, reservoir and culvert construction, sports field and golf course construction, as well as commercial landscape construction.


DEAL STATS #
Overall 1 of 1
Sector: Business Services M&A 1 of 1
Type: Divestiture M&A Deals 1 of 1
State: Colorado M&A 1 of 1
Country: United States M&A 1 of 1
Year: 2009 M&A 1 of 1