M&A Deal Summary

Renovus Capital Partners, Boathouse Capital and Fidus Investment Acquires Hoonuit

On April 11, 2012, private equity firm Renovus Capital Partners, private equity firm Boathouse Capital and business development company Fidus Investment Corp. acquired internet software and services company Hoonuit LLC for 19M USD

Acquisition Highlights
  • This is Renovus Capital Partners’ 1st, Boathouse Capital’s 2nd and Fidus Investment’s 1st transaction in the Internet Software and Services sector.
  • This is Renovus Capital Partners’ 1st, Boathouse Capital’s 1st and Fidus Investment’s 1st largest (disclosed) transaction.
  • This is Renovus Capital Partners’ 1st, Boathouse Capital’s 10th and Fidus Investment’s 2nd transaction in the United States.
  • This is Renovus Capital Partners’ 1st, Boathouse Capital’s 1st and Fidus Investment’s 1st transaction in Minnesota.
Investment Fate
  • Hoonuit was sold to a strategic buyer in 2020.

M&A Deal Summary

Date 2012-04-11
Target Hoonuit LLC
Sector Internet Software and Services
Buyer(s) Renovus Capital Partners
Boathouse Capital
Fidus Investment Corp.
Deal Type Secondary Buyout
Deal Value 19M USD
Advisor(s) Stinson Leonard Street LLP (Legal)

Target

Hoonuit LLC

Minneapolis, Minnesota, United States
website
Hoonuit LLC provides educators with the tools needed to make informed, impactful action. Through solutions that provide intuitive analytics and personalized professional development, Hoonuit fuels teacher, staff and student success. Hoonuit LLC was founded in 2000 and is based in Minneapolis, Minnesota.

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Buyer(S) 3

Buyer

Renovus Capital Partners

Wayne, Pennsylvania, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2010
PE ASSETS 180M USD
SizeSmall
Type Sector Focused
DESCRIPTION

Renovus Capital Partners is a private equity firm focused on investing in small to mid-sized education companies. Specific areas of interest include for-profit colleges and schools, training companies, content providers, and technology and services businesses to education providers. Renovus looks for companies with 'strong growth prospects', proven business models and EBITDA up to $10 million. Renovus was formed in 2010 and is based in Wynnewood, Pennsylvania.


DEAL STATS #
Overall 2 of 28
Sector (Internet Software and Services) 1 of 2
Type (Secondary Buyout) 1 of 3
State (Minnesota) 1 of 1
Country (United States) 1 of 27
Year (2012) 2 of 4
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-03-06 Edic College, Inc.

Caguas, Puerto Rico

Edic College, Inc. is a career college offering associate’s degrees and certificates in a variety of health-related fields. Edic College was founded in 1987 and is based in Caguas, Puerto Rico.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-10-10 The Ariel Group LLC

Waltham, Massachusetts, United States

The Ariel Group LLC is a provider of training programs that teach leadership and communications skills to mid- and senior-level executives. Using techniques from the theater, Ariel trains managers on how to connect with their audience, whether it is a key client, a colleague or an employee. The Ariel Group was founded in 1992 and is based in Waltham, Massachusetts.

Buy -
Buyer

Boathouse Capital

Wayne, Pennsylvania, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2008
PE ASSETS 350M USD
SizeMiddle-Market
Type Sector Agnostic
DESCRIPTION

Boathouse Capital is a provider of mezzanine and equity capital to lower middle-market companies in a variety of industries. The Firm works in partnership with management teams and private equity firms in funding private equity sponsored buyouts, management buyouts, recapitalizations, refinancings, and growth capital financings. Boathouse can commit up to $20 million per transaction and generally pursues companies with 'exceptional' management, sustainable competitive advantages, growing end markets, 'sticky' business models, and diversified customers. Boathouse seeks companies with at least $10 million in revenues and at least $5 million of EBITDA. Boathouse is based in Wayne, Pennsylvania.


DEAL STATS #
Overall 10 of 43
Sector (Internet Software and Services) 2 of 3
Type (Secondary Buyout) 1 of 5
State (Minnesota) 1 of 1
Country (United States) 10 of 43
Year (2012) 2 of 4
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-03-30 Energy Planning Associates Corp.

Sanford, Florida, United States

Energy Planning Associates Corp (“EPAC”) is a custom manufacturer of energy efficient lighting fixtures for commercial applications. The company's products improve the efficiency of lighting produced by fluorescent and light-emitting diode (LED) lamps in order to reduce the fixtures in use and lower energy consumption. EPAC offers more than 300 products for indoor and outdoor applications and is a supplier to several of the world's leading lighting manufacturers and lighting contractors.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-04-18 BioPharm Communications LLC

New Hope, Pennsylvania, United States

BioPharm Communications LLC is a communications agency that specializes in proprietary, multichannel marketing programs to physicians and healthcare practitioners for pharmaceutical and biotechnology clients.

Buy -
Buyer

Fidus Investment Corp.

website


Category Business Development Company
Founded 2011
SizeMiddle-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 2 of 18
Sector (Internet Software and Services) 1 of 1
Type (Secondary Buyout) 1 of 4
State (Minnesota) 1 of 1
Country (United States) 2 of 18
Year (2012) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-04-01 National Truck Protection Co. Inc.

Winston-Salem, North Carolina, United States

NTP Warranty is a provider of extended service contracts for critical coverage on high-value fundamental drivetrain components for used class 3 through 8 trucks. NTP Warranty was founded in 1983 and is based in Winston-Salem, North Carolina.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-11-14 FDS Avionics Corp.

Alpharetta, Georgia, United States

Flight Display Systems is a designer, developer, and light manufacturer of avionics focusing on cabin electronics for business and commercial aircraft and ruggedized special mission monitors and other retrofit solutions for military aircraft. Flight Display Systems was formed in 2001 and is based in Alpharetta, Georgia.

Buy -