RFE Investment Partners Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, RFE Investment Partners has acquired 3 companies.

RFE Investment Partners’ most common sectors for investment are manufacturing (16%) and information technology (8%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (44%) and secondary buyout (20%). In total, RFE Investment Partners has invested in 15 US states. Its largest (disclosed) acquisition occurred in 2001 when it acquired Kenan Advantage Group for $176M.

In the last 3 years, RFE Investment Partners has exited 3 companies. The Firm’s most common exit type is secondary buyout (58%). RFE Investment Partners’ largest (disclosed) exit occurred in 2013 when it sold DelStar Technologies for $232M.

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M&A Summary

  • M&A Total Activity39
    • M&A Buy Activity25
    • M&A Sell Activity14
  • Total Sectors Invested 18
  • Total Countries Invested 1
  • M&A Buy/Sell Connections 24
  • M&A Advisors 3

RFE Investment Partners

36 Grove St,
New Canaan, Connecticut 06840
United States
(203) 966-2800
www.rfeip.com
info@rfeip.com

RFE Investment Partners is a private equity firm focused on investing in lower middle-market service, manufacturing and healthcare service businesses. Prospective companies are generally profitable with annual cash-flow of at least $5 million. Target businesses also have proven management, defensible market positions, and 'a clearly identified and growing market'. RFE looks to commit $10 to $35 million of equity capital per transaction to support acquisitions, management led buyouts, and recapitalizations. RFE is licensed as a SBIC and was formed in 1979. RFE Investment Partners is based in New Canaan, Connecticut.


Investment Criteria

Sectors of Interest: Aerospace, Automotive, Building Materials, Business Services, Communications, Consumer Products, Consumer Services, Distribution, Electronics, Environmental, Food, Franchising, Healthcare Services, Machinery, Manufacturing, Media, Metals/Mining, Renewable Energy, Retail, Safety/Security, Technology Hardware, Transportation

Target Transaction Types: Buyout (LBO, MBO, MBI), Consolidation, Growth Capital, Recapitalization

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

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA 5 -
Investment Size 10 35
Enterprise Value 20 150
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '16 '17 '18 '19 '20 '21 T
Buy (0.6/yr) # 22 - 2 - - 1 25
vol $437M $437M
Sell (1.2/yr) # 8 3 1 - - 2 14
vol $514M $90M $604M
  39

Most Recent M&A

Company Date Value Type
JSI Store Fixtures, Inc. 2021-05-24 90M USD Add-on Acquisition
Milo, Maine · www.jsistorefixtures.com
PCX Aerostructures LLC 2021-04-26 - Secondary Buyout
Newington, Connecticut · www.pcxaero.com
Congruity HR LLC 2021-02-25 - Recapitalization
Kernersville, North Carolina · www.congruityhr.com
ZRG Partners, Inc. 2018-12-17 - Recapitalization
Rochelle Park, New Jersey · www.zrgpartners.com
ShelterLogic Corp. 2018-06-22 - Secondary Buyout
Watertown, Connecticut · www.shelterlogic.com
ThreeBridge Solutions LLC 2018-01-04 - Recapitalization
Minneapolis, Minnesota · www.threebridge.com
Lectrus Corp. 2017-12-13 - Bankruptcy
Chattanooga, Tennessee · www.lectrus.com
Brook & Whittle Ltd. 2017-10-18 - Secondary Buyout
North Brandford, Connecticut · www.brookandwhittle.com
Wind River Environmental LLC 2017-04-04 - Secondary Buyout
Hudson, Massachusetts · www.wrenvironmental.com
EnsembleIQ 2016-02-17 - Buyout (LBO, MBO, MBI)
Chicago, Illinois · www.ensembleiq.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
EnsembleIQ 2016-02-17 Lebhar Friedman, Inc. - Media, Digital & Event Assets 2018-06-28 3
Chicago, Illinois · www.ensembleiq.com New York, New York
EnsembleIQ 2016-02-17 Stagnito Business Information 2016-02-17 2
Chicago, Illinois · www.ensembleiq.com Chicago, Illinois · www.stagnitomedia.com

M&A by Sector

Sector Current # Value All-time # Value
Manufacturing 2 (20%) - 4 (16%) -
Consumer Products - - 2 (8%) -
Healthcare Services - - 2 (8%) -
Information Technology 2 (20%) - 2 (8%) -
Staffing 2 (20%) - 2 (8%) -
Transportation - - 1 (4%) 176M (40%)
Chemicals - - 1 (4%) 114M (26%)
Business Services - - 1 (4%) 85M (19%)
Aerospace - - 1 (4%) 62M (14%)
Building Materials 1 (10%) - 1 (4%) -
Communications 1 (10%) - 1 (4%) -
Environmental - - 1 (4%) -
Information Services - - 1 (4%) -
Marketing 1 (10%) - 1 (4%) -
Packaging - - 1 (4%) -
Retail - - 1 (4%) -
Safety/Security - - 1 (4%) -
Software 1 (10%) - 1 (4%) -
Total 10 - 25 $437M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 10 (100%) - 25 (100%) 437M (100%)
  New Jersey 2 (20%) - 4 (16%) -
  Connecticut - - 3 (12%) 62M (14%)
  Michigan 2 (20%) - 2 (8%) -
  Georgia 2 (20%) - 2 (8%) -
  Tennessee 1 (10%) - 2 (8%) -
  North Carolina 1 (10%) - 2 (8%) -
  Massachusetts - - 2 (8%) -
  Minnesota 1 (10%) - 1 (4%) -
  Illinois 1 (10%) - 1 (4%) -
  Ohio - - 1 (4%) 176M (40%)
  Delaware - - 1 (4%) 114M (26%)
  California - - 1 (4%) 85M (19%)
  Maine - - 1 (4%) -
  Kentucky - - 1 (4%) -
  Florida - - 1 (4%) -
Total 10 - 25 $437M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 3 (30%) - 11 (44%) 199M (46%)
Secondary Buyout 1 (10%) - 5 (20%) -
Recapitalization 3 (30%) - 4 (16%) -
Growth Capital 2 (20%) - 2 (8%) -
Going Private - - 1 (4%) 176M (40%)
Divestiture - - 1 (4%) 62M (14%)
Consolidation 1 (10%) - 1 (4%) -
Total 10 - 25 $437M

Exits by Deal Type

Type Total # Value
Secondary Sale 8 (57%) -
Trade Sale - Public Company 4 (29%) 604M (100%)
Bankruptcy 1 (7%) -
Trade Sale 1 (7%) -
Total 14 $604M

Top M&A Advisors

Financial Deals
C.W. Downer & Co.
1
BlackArch Partners LLC
1
Legal Deals
Finn Dixon & Herling LLP
1

Deal Values

buy # Total
$100M to $1B 2 $290M
< $100M 2 $147M
TOTAL $437M
Largest Kenan Advantage Group, Inc.
$176M (2001-01-26)
sell # Total
$100M to $1B 3 $514M
< $100M 1 $90M
TOTAL $604M
Largest DelStar Technologies, Inc.
$232M (2013-11-18)

M&A Connections

Deals
Acquired from
Investor(s)
24%
6 (24%)
Strategic(s)
4%
1 (4%)
Exited to
Investor(s)
57%
8 (57%)
Strategic(s)
36%
5 (36%)

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