M&A Deal Summary

Prospect Hill Growth Partners and Fidus Investment Acquire EbLens

On July 18, 2017, private equity firm Prospect Hill Growth Partners and business development company Fidus Investment acquired retailer EbLens from KarpReilly

Acquisition Highlights
  • This is Prospect Hill Growth Partners’ 5th and Fidus Investment’s 1st transaction in the Retail sector.
  • This is Prospect Hill Growth Partners’ 24th and Fidus Investment’s 8th transaction in the United States.
  • This is Prospect Hill Growth Partners’ 2nd and Fidus Investment’s 1st transaction in Connecticut.

M&A Deal Summary
Date 2017-07-18
Target EbLens
Sector Retail
Buyer(s) Prospect Hill Growth Partners
Fidus Investment
Sellers(s) KarpReilly
Deal Type Secondary Buyout
Advisor(s) Robert W. Baird & Co., Inc. (Financial)
Ropes & Gray (Legal)

Target

EbLens

Torrington, Connecticut, United States
website
EbLens is a lifestyle retailer of urban-inspired footwear, apparel and accessories. EbLens features regular releases of exclusive and limited-edition footwear as well as the most sought-after and hottest premium brands, including Nike, Jordan, adidas, Timberland, Polo, The North Face, Lacoste and Nautica, among others. Through a growing footprint of stores in key New England and New York markets, EbLens is emerging as a destination for consumers seeking on-trend fashion. EbLens was founded in 1949 and is headquartered in Torrington, Connecticut.

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Buyer(S) 2

Buyer

Prospect Hill Growth Partners

Waltham, Massachusetts, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1995
PE ASSETS 2.7B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Prospect Hill Growth Partners is a private equity firm specializing in leveraged buyouts and recapitalizations of middle-market growth companies across the US. Prospect Hill looks for profitable businesses ($5 to $25 million of EBITDA) with annual revenues from $50 to $300 million with strong brands and leading market positions. Target sectors include consumer products, healthcare, specialty retail, and asset management. Prospect Hill Growth Partners was formerly known as J.W. Childs and changed its name in 2019. The Firm was originally formed in 1995 and is headquartered in Waltham, Massachusetts.

DEAL STATS #
Overall 24 of 30
Sector (Retail) 5 of 5
Type (Secondary Buyout) 11 of 15
State (Connecticut) 2 of 2
Country (United States) 24 of 30
Year (2017) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-06-12 Siromed Physician Services

United States

Siromed is a physician led organization which specializes in pursuing partnerships with physician practices by providing management services and if necessary working capital to assist them with achieving their strategic initiatives in their specialty.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-12-12 Outward Hound

Centennial, Colorado, United States

Outward Hound is a designer, manufacturer, and distributor of stimulating toys, outdoor travel gear, feeding products, treats, scratchers, and innovative accessories under the Outward Hound, Petstages, Bionic, Nina Ottosson, Dublin Dog, Charming Pet, Wholesome Pride and Planet Dog brands. Outward Hound was founded in 2005 and is based in Centennial, Colorado.

Buy -
Buyer

Fidus Investment

website

Category Business Development Company
Founded 2011
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Fidus Investment Corp. is a business development company that looks to provide financing solutions for small to mid-sized companies with $10 to $150 million in revenue. Fidus looks to invest mezzanine debt, senior secured debt and equity in businesses with proven business models, leading market positions, high free cash flow, and strong management teams. Industries of interest include business services, industrial products, value-added distribution, healthcare products/services, consumer products, consumer services, aerospace/defense, energy services, transportation, government IT, and niche manufacturing. Fidus Investment Corp. is based in Evanston, Illinois.

DEAL STATS #
Overall 8 of 17
Sector (Retail) 1 of 1
Type (Secondary Buyout) 3 of 4
State (Connecticut) 1 of 1
Country (United States) 8 of 17
Year (2017) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-12-01 Accent Food Services

Pflugerville, Texas, United States

Accent Food Services is a provider of complete menu of refreshment solutions including vending, self-check-out markets, office coffee, pantry and catering to thousands of customers, providing superior customer service and innovation. Accent Food Services is based in Pflugerville, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-10-11 BCC Software

Rochester, New York, United States

BCC Software LLC is a provider of software and data solutions designed to enhance direct mail processing and facilitate efficient, cost-effective multi-channel marketing. The company provides USPS®-certified mail preparation software with integrated functionality to correct address data, perform matching and consolidation, and to sequence mailing lists for postal discounts, through on-premise, cloud-based and API solutions. BCC Software was founded in 1978 and is based in Rochester, New York.

Buy -

Seller(S) 1

SELLER

KarpReilly

Greenwich, Connecticut, United States

website

Category Private Equity Firm
Founded 2007
PE ASSETS 500M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

KarpReilly is a private equity firm focused on investments in private and public small to mid-size growth companies across a broad range of industries. The Firm looks to commit $10 to $75 of equity capital in businesses needing funds to expand upon proven business models. Sectors of interest include building materials, business services, consumer brands, healthcare services, retail, and restaurants. KarpReilly will consider both minority or majority investment positions in transactions that include growth financings, management buyouts, acquisitions financings, and recapitalizations. KarpReilly and its predecessor firm Saunders, Karp & Megrue. KarpReilly was formed in 2007 and is located in Greenwich, Connecticut.

DEAL STATS #
Overall 13 of 14
Sector (Retail) 3 of 3
Type (Secondary Buyout) 3 of 4
State (Connecticut) 2 of 2
Country (United States) 12 of 13
Year (2017) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-07-17 Koia

Los Angeles, California, United States

Koia is a provider of plant-based protein drink with low sugar content and non-GMO vegan formula. Koia was founded in 2013 and is based in Los Angeles, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-09-07 Cafe Rio

Salt Lake City, Utah, United States

Cafe Rio is a high-growth, fast-casual Mexican restaurant concept focused on serving exceptional food that is made from scratch. Cafe Rio offers its customers a wide variety of menu items that are customized by using various formats, proteins, and sauces. Its differentiated approach and focus on serving high-quality, fresh, made-from-scratch food has engendered an extremely loyal customer following with high brand satisfaction and net promoter scores. Cafe Rio was founded in 1997 and is based in Salt Lake City, Utah.

Sell -
Mergr

Product

Company

Legal