Prospect Capital Mergers and Acquisitions Summary

Private Equity Profile

Prospect Capital’s most common sectors for investment are energy services and equipment (16%) and consumer products (10%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (50%) and secondary buyout (23%). In total, Prospect Capital has invested in 30 US states and 3 different countries. Its largest (disclosed) acquisition occurred in 2008 when it acquired The TriZetto Group for $1.4B.

In the last 3 years, Prospect Capital has exited 6 companies. The Firm’s most common exit type is secondary buyout (53%). Prospect Capital’s largest (disclosed) exit occurred in 2014 when it sold The TriZetto Group for $2.7B.

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M&A Summary

  • M&A Total Activity128
    • M&A Buy Activity86
    • M&A Sell Activity42
  • Total Sectors Invested 34
  • Total Countries Invested 3
  • M&A Buy/Sell Connections 66
  • M&A Advisors 5

Prospect Capital Corporation

10 East 40th Street, 42th Floor,
New York, New York 10016
United States
(212) 448-0702
www.prospectstreet.com
deals@prospectstreet.com

Prospect Capital Corporation is a publicly traded mezzanine debt and private equity firm that primarily provides non-control financing to support growth, recapitalizations, acquisitions, and development. Prospect will selectively consider control acquisitions by providing multiple levels of the capital structure. Prospect was initially formed in 1988 and went public 2004. The Firm is based in New York City.


Investment Criteria

Sectors of Interest: Aerospace, Chemicals, Communications, Electrical Equipment, Energy Services and Equipment, Engineering, Financial Services, Food, Healthcare Services, Insurance, Life Science, Machinery, Manufacturing, Marine, Metals/Mining, Oil/Gas Exploration, Staffing, Transportation, Utilities

Target Transaction Types: Buyout (LBO, MBO, MBI), Growth Capital, Recapitalization, Acquisition Financing, PIPE

Geographic Preferences: East US, Midwest US, South US, West US, Canada

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size 5 50
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (0.0/yr) # 86 - - - - - 86
vol $3.6B $3.6B
Sell (2.2/yr) # 31 5 2 4 - - 42
vol $7.2B $530M $410M $8.1B
  128

Most Recent M&A

Company Date Value Type
ST Products LLC 2018-11-16 - Add-on Acquisition
Duncansville, Pennsylvania · www.smalltubeproducts.com
FLEETWASH, Inc. 2018-10-02 - Secondary Buyout
Fairfield, New Jersey · www.fleetwash.com
Jordan Health Services 2018-04-10 - Merger
Addison, Texas · www.jhsi.com
Prince Mineral Co. Inc. 2018-03-29 - Secondary Buyout
New York, New York · www.princecorp.com
Hudson Products Corp. 2017-09-21 410M USD Add-on Acquisition
Beasley, Texas · www.hudsonproducts.com
Arctic Glacier, Inc. 2017-03-20 - Secondary Buyout
Winnipeg, Manitoba · www.arcticglacierinc.com
Empire Today LLC 2016-11-17 - Secondary Buyout
Northlake, Illinois · www.empiretoday.com
Biotronic NeuroNetwork LLC 2016-06-06 98M USD Add-on Acquisition
Ann Arbor, Michigan · www.biotronic.com
Evanta Inc. 2016-04-04 275M USD Add-on Acquisition
Portland, Oregon · www.evanta.com
Consolidated Aviation Services 2016-01-11 - Add-on Acquisition
Jamaica, New York · www.casusa.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Spartan Energy Services LLC 2012-12-28 Petrex Energy Ltd. 2014-08-01 2
Scott, Louisiana · www.spartansenergy.com Calgary, Alberta
Shearer's Foods, Inc. 2012-11-02 Lance Private Brands - Snyder’s-Lance 2014-05-07 2
Brewster, Ohio · www.shearers.com Burlington, Iowa
Shearer's Foods, Inc. 2012-11-02 Medallion Foods, Inc. 2014-04-17 1
Brewster, Ohio · www.shearers.com Tacoma, Washington · www.medallionfoods.com
Spartan Energy Services LLC 2012-12-28 Renegade Petroleum Ltd. 2014-03-31 1
Scott, Louisiana · www.spartansenergy.com Calgary, Alberta · www.renegadepetroleum.com

M&A by Sector

Sector Current # Value All-time # Value
Energy Services and Equipment 11 (37%) 105M (15%) 13 (15%) 105M (3%)
Consumer Products 2 (7%) - 8 (9%) -
Oil/Gas Exploration 4 (13%) - 6 (7%) -
Healthcare Services 1 (3%) - 5 (6%) -
Manufacturing 1 (3%) - 5 (6%) -
Chemicals 1 (3%) 74M (10%) 4 (5%) 74M (2%)
Machinery 1 (3%) - 4 (5%) -
Metals/Mining 1 (3%) - 4 (5%) -
Food 1 (3%) 500M (69%) 3 (3%) 500M (14%)
Business Services 2 (7%) - 3 (3%) 89M (2%)
Software - - 2 (2%) 1.4B (39%)
Internet Software and Services - - 2 (2%) 717M (20%)
Financial Services 1 (3%) 44M (6%) 2 (2%) 44M (1%)
Building Materials - - 2 (2%) -
Electrical Equipment 2 (7%) - 2 (2%) -
Media - - 2 (2%) -
Staffing - - 2 (2%) -
Retail - - 1 (1%) 395M (11%)
Apparel/Textiles - - 1 (1%) 288M (8%)
Automotive - - 1 (1%) -
Beverages - - 1 (1%) -
Construction - - 1 (1%) -
Consumer Services - - 1 (1%) -
Distribution - - 1 (1%) -
Education - - 1 (1%) -
Franchising - - 1 (1%) -
Information Technology - - 1 (1%) -
Insurance - - 1 (1%) -
Life Science - - 1 (1%) -
Medical Products - - 1 (1%) -
Renewable Energy 1 (3%) - 1 (1%) -
Restaurants - - 1 (1%) -
Test/Measurement Equipment 1 (3%) - 1 (1%) -
Transportation - - 1 (1%) -
Total 30 $723M 86 $3.6B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 28 (93%) 723M (100%) 83 (97%) 3.6B (100%)
  Texas 4 (13%) - 14 (16%) -
  Ohio 4 (13%) 500M (69%) 6 (7%) 788M (22%)
  California 1 (3%) - 6 (7%) 717M (20%)
  Pennsylvania 1 (3%) - 6 (7%) 395M (11%)
  New York - - 5 (6%) -
  Oklahoma 3 (10%) 105M (15%) 4 (5%) 105M (3%)
  Illinois - - 4 (5%) -
  Utah 3 (10%) 74M (10%) 3 (3%) 74M (2%)
  Massachusetts 3 (10%) - 3 (3%) -
  South Carolina 2 (7%) 44M (6%) 3 (3%) 44M (1%)
  Georgia - - 3 (3%) -
  Louisiana 1 (3%) - 2 (2%) -
  Michigan 1 (3%) - 2 (2%) -
  Colorado - - 2 (2%) 1.4B (39%)
  Florida - - 2 (2%) -
  Arizona - - 2 (2%) -
  Wisconsin - - 2 (2%) -
  North Carolina - - 2 (2%) -
  Kansas 1 (3%) - 1 (1%) -
  West Virginia 1 (3%) - 1 (1%) -
  Washington 1 (3%) - 1 (1%) -
  Tennessee 1 (3%) - 1 (1%) -
  Maine 1 (3%) - 1 (1%) -
  Oregon - - 1 (1%) 89M (2%)
  Indiana - - 1 (1%) -
  Alabama - - 1 (1%) -
  New Jersey - - 1 (1%) -
  New Hampshire - - 1 (1%) -
  Missouri - - 1 (1%) -
  Minnesota - - 1 (1%) -
Canada 1 (3%) - 2 (2%) -
  Alberta 1 (3%) - 1 (1%) -
  Manitoba - - 1 (1%) -
Puerto Rico 1 (3%) - 1 (1%) -
Domestic 28 (93%) 723M (100%) 83 (97%) 3.6B (100%)
Cross-border 2 (7%) - 3 (3%) -
Total 30 $723M 86 $3.6B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 20 (67%) 118M (16%) 43 (50%) 118M (3%)
Secondary Buyout 6 (20%) 605M (84%) 19 (22%) 605M (17%)
Recapitalization 3 (10%) - 8 (9%) 288M (8%)
Going Private - - 5 (6%) 2.5B (70%)
Stake Purchase 1 (3%) - 4 (5%) -
Divestiture - - 2 (2%) 89M (2%)
Growth Capital - - 2 (2%) -
Acquisition Financing - - 1 (1%) -
Consolidation - - 1 (1%) -
Special Situations/Distressed - - 1 (1%) -
Total 30 $723M 86 $3.6B

Exits by Deal Type

Type Total # Value
Secondary Sale 23 (55%) 500M (7%)
Trade Sale - Public Company 10 (24%) 6.4B (93%)
Trade Sale 5 (12%) -
Bankruptcy 2 (5%) -
IPO 1 (2%) -
Merger 1 (2%) -
Total 42 $6.9B

Top M&A Advisors

Financial Deals
Barclays Investment Bank
1
Morgan Stanley
1
Centerview Partners LLC
1
Legal Deals
Ropes & Gray LLP
1
Mason Hayes & Curran
1

Deal Values

buy # Total
> $1B 1 $1.4B
$100M to $1B 5 $2.0B
< $100M 3 $207M
TOTAL $3.6B
Largest The TriZetto Group, Inc.
$1.4B (2008-04-11)
sell # Total
> $1B 3 $5.1B
$100M to $1B 7 $2.9B
< $100M 1 $98M
TOTAL $8.1B
Largest The TriZetto Group, Inc.
$2.7B (2014-09-15)

M&A Connections

Deals %
Acquired from
PE Firm(s)
96%
24 96%
Strategic(s)
4%
1 4%
Exited to
PE Firm(s)
67%
30 67%
Strategic(s)
33%
15 33%

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