RFE Investment Partners Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, RFE Investment Partners has acquired 1 company. It has also invested in 1 other.

RFE Investment Partners’ most common sectors for investment aremanufacturing (16%) and consumer products (12%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (40%) and secondary buyout (20%). In total, RFE Investment Partners has invested in 14 US states and 2 different countries. 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 2 companies. The Firm’s most common exit type is secondary buyout (54%). 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 Activity38
    • M&A Buy Activity25
    • M&A Sell Activity13
  • Total Sectors Invested 17
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 24
  • M&A Advisors 3

RFE Investment Partners

10 Wright Street,
Westport, Connecticut 06880
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 ≤ '17 '18 '19 '20 '21 '22 T
Buy (0.8/yr) # 21 2 - - 1 1 25
vol $352M $352M
Sell (0.6/yr) # 10 1 - - 2 - 13
vol $514M $90M $604M
  38

Most Recent M&A

Company Date Value Type
Max Home Inspections 2022-06-21 - Growth Capital
Davie, Florida · www.maxhomeinspections.com
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
Guilford, Connecticut · www.brookandwhittle.com
Wind River Environmental LLC 2017-04-04 - Secondary Buyout
Hudson, Massachusetts · www.wrenvironmental.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 (18%) - 4 (16%) -
Consumer Products - - 3 (12%) -
Healthcare Services - - 2 (8%) -
Information Technology 2 (18%) - 2 (8%) -
Staffing 2 (18%) - 2 (8%) -
Transportation - - 1 (4%) 176M (50%)
Chemicals - - 1 (4%) 114M (32%)
Aerospace - - 1 (4%) 62M (18%)
Building Materials 1 (9%) - 1 (4%) -
Communications 1 (9%) - 1 (4%) -
Environmental - - 1 (4%) -
Information Services - - 1 (4%) -
Internet Software and Services 1 (9%) - 1 (4%) -
Marketing 1 (9%) - 1 (4%) -
Packaging - - 1 (4%) -
Safety/Security - - 1 (4%) -
Software 1 (9%) - 1 (4%) -
Total 11 - 25 $352M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 10 (91%) - 24 (96%) 352M (100%)
  New Jersey 2 (18%) - 4 (16%) -
  Connecticut - - 3 (12%) 62M (18%)
  Michigan 2 (18%) - 2 (8%) -
  Georgia 2 (18%) - 2 (8%) -
  Tennessee 1 (9%) - 2 (8%) -
  North Carolina 1 (9%) - 2 (8%) -
  Massachusetts - - 2 (8%) -
  Minnesota 1 (9%) - 1 (4%) -
  Illinois 1 (9%) - 1 (4%) -
  Ohio - - 1 (4%) 176M (50%)
  Delaware - - 1 (4%) 114M (32%)
  Maine - - 1 (4%) -
  Kentucky - - 1 (4%) -
  Florida - - 1 (4%) -
United Kingdom 1 (9%) - 1 (4%) -
  Florida 1 (9%) - 1 (4%) -
Domestic 10 (91%) - 24 (96%) 352M (100%)
Cross-border 1 (9%) - 1 (4%) -
Total 11 - 25 $352M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 3 (27%) - 10 (40%) 114M (32%)
Secondary Buyout 1 (9%) - 5 (20%) -
Recapitalization 3 (27%) - 4 (16%) -
Growth Capital 3 (27%) - 3 (12%) -
Going Private - - 1 (4%) 176M (50%)
Divestiture - - 1 (4%) 62M (18%)
Consolidation 1 (9%) - 1 (4%) -
Total 11 - 25 $352M

Exits by Deal Type

Type Total # Value
Secondary Sale 7 (54%) -
Trade Sale - Public Company 4 (31%) 604M (100%)
Bankruptcy 1 (8%) -
Trade Sale 1 (8%) -
Total 13 $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 1 $62M
TOTAL $352M
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)
54%
7 (54%)
Strategic(s)
38%
5 (38%)

Investor Summary

Investor Type

Private Equity Firm

Size

Large

Established

1979

Specialist/Generalist

Generalist

Leadership

Michael Foster

Managing Director & CCO

Jim Parsons

Senior Managing Director

Michael Rubel

Managing Director

Paul Schilpp

Managing Director

Donald Juricic

Managing Director & CFO

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