Roark Capital Group Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Roark Capital Group has acquired 4 companies. It has also invested in 3 others.

Roark Capital Group’s most common sectors for investment are restaurants (25%) and franchising (17%). The Firm’s most common investment types include secondary buyout (55%) and buyout (lbo, mbo, mbi) (28%). In total, Roark Capital Group has invested in 19 US states and 3 different countries. Its largest (disclosed) acquisition occurred in 2020 when it acquired ServiceMaster Global Holdings - ServiceMaster Brands for $1.6B.

In the last 3 years, Roark Capital Group has exited 4 companies. The Firm’s most common exit type is trade sale (40%).

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M&A Summary

  • M&A Total Activity47
    • M&A Buy Activity37
    • M&A Sell Activity10
  • Total Sectors Invested 13
  • Total Countries Invested 3
  • M&A Buy/Sell Connections 12
  • M&A Advisors 7

Roark Capital Group

1180 Peachtree Street NE, Suite 2500,
Atlanta, Georgia 30309
United States
(404) 591-5200
www.roarkcapital.com

Roark Capital Group is a private equity firm that focuses on middle-market investment opportunities. The Firm targets family-owned business transfers, management/corporate buyouts, recapitalizations, going-private transactions, and corporate divestitures. Roark Capital Group pursues companies with revenues between $20 million and $1 billion, and EBITDA of $10 to $100 million. Roark Capital primarily invests in consumer and business services companies, with a particular interest in the franchise, food and restaurant, specialty retail, direct marketing and financial services sectors. Roark Capital Group was formed in 2001 and is headquartered in Atlanta, Georgia.


Investment Criteria

Sectors of Interest: Business Services, Consumer Products, Distribution, Environmental, Financial Services, Food, Franchising, Information Technology, Manufacturing, Marketing, Restaurants, Retail

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Going Private, Growth Capital, Recapitalization, Secondary Buyout, Stake Purchase, Venture, Merger

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

Transaction Criteria Min Max
Target Revenue 20 5,000
Target EBITDA 10 500
Investment Size 15 1,000
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (2.2/yr) # 26 4 3 - 1 3 37
vol $324M $1.6B $1.9B
Sell (1.0/yr) # 5 1 - 2 2 - 10
  47

Most Recent M&A

Company Date Value Type
ServiceMaster Global Holdings, Inc. - ServiceMaster Brands 2020-09-02 1.6B USD Divestiture
Memphis, Tennessee
Divisions Maintenance Group 2020-08-17 - Growth Capital
Newport, Kentucky · www.divisionsmg.com
The Cheesecake Factory, Inc. 2020-04-20 - Stake Purchase
Calabasas Hills, California · www.thecheesecakefactory.com
Drybar Holdings LLC 2019-12-19 - Add-on Acquisition
Irvine, California · www.thedrybar.com
Jimmy John's Franchise LLC 2019-09-25 - Add-on Acquisition
Champaign, Illinois · www.jimmyjohns.com
Fitness Connection 2019-02-04 - Secondary Buyout
McLean, Virginia · www.fitnessconnectionusa.com.
Bandon Holdings LLC 2018-05-21 - Secondary Buyout
Woodbury, Minnesota · www.anytimefitness.com
Honors Holdings LLC 2018-01-04 - Secondary Buyout
Fort Lauderdale, Florida · www.orangetheoryfitness.com
Culver Franchising System, Inc. 2017-10-16 - Stake Purchase
Prairie du Sac, Wisconsin · www.culvers.com
International Car Wash Group Ltd. 2017-08-17 - Secondary Buyout
London, United Kingdom · www.imo-carwash.com.au
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Driven Brands, Inc. 2015-04-17 Boing US Holdco, Inc. 2020-08-05 10
Charlotte, North Carolina · www.drivenbrands.com Centennial, Colorado · www.icwg.com
Inspire Brands, Inc. 2011-07-05 Anytime Fitness Asia 2020-05-27 4
Atlanta, Georgia · www.inspirebrands.com Taguig, Philippines · www.anytimefitnessasia.com
Driven Brands, Inc. 2015-04-17 Clairus Group 2019-11-18 9
Charlotte, North Carolina · www.drivenbrands.com Laval, Quebec · www.clairusgroup.com
International Car Wash Group Ltd. 2017-08-17 TLC Xpress Carwash 2019-11-14 2
London, United Kingdom · www.imo-carwash.com.au Fayetteville, North Carolina · www.tlcxpresscarwash.com
Driven Brands, Inc. 2015-04-17 ABRA Automotive Systems LP 2019-10-02 8
Charlotte, North Carolina · www.drivenbrands.com Brooklyn Park, Minnesota
Inspire Brands, Inc. 2011-07-05 Jimmy John's Franchise LLC 2019-09-25 3
Atlanta, Georgia · www.inspirebrands.com Champaign, Illinois · www.jimmyjohns.com
International Car Wash Group Ltd. 2017-08-17 Car Wash USA Express 2019-05-06 1
London, United Kingdom · www.imo-carwash.com.au , United States
QualaWash Holdings LLC 2012-07-02 Container Experts 2019-03-20 15
Tampa, Florida · www.qualawash.com Lafayette, Louisiana
Inspire Brands, Inc. 2011-07-05 Sonic Corp. 2018-09-25 2
Atlanta, Georgia · www.inspirebrands.com Oklahoma City, Oklahoma · www.sonicdrivein.com
Inspire Brands, Inc. 2011-07-05 Buffalo Wild Wings, Inc. 2017-11-28 1
Atlanta, Georgia · www.inspirebrands.com Minneapolis, Minnesota · www.buffalowildwings.com

M&A by Sector

Sector Current # Value All-time # Value
Restaurants 9 (38%) - 9 (24%) -
Retail 3 (13%) 144M (8%) 6 (16%) 144M (8%)
Franchising 5 (21%) - 6 (16%) -
Business Services 2 (8%) - 4 (11%) -
Consumer Services 1 (4%) 1.6B (92%) 3 (8%) 1.6B (83%)
Environmental - - 2 (5%) 180M (10%)
Automotive 1 (4%) - 1 (3%) -
Distribution - - 1 (3%) -
Food 1 (4%) - 1 (3%) -
Healthcare Services 1 (4%) - 1 (3%) -
Information Technology - - 1 (3%) -
Leisure 1 (4%) - 1 (3%) -
Marketing - - 1 (3%) -
Total 24 $1.7B 37 $1.9B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 22 (92%) 1.6B (92%) 33 (89%) 1.7B (88%)
  Florida 3 (13%) - 5 (14%) 100M (5%)
  California 3 (13%) - 5 (14%) -
  Texas 2 (8%) - 3 (8%) -
  Georgia 2 (8%) - 3 (8%) -
  Wisconsin 1 (4%) - 2 (5%) -
  Illinois 1 (4%) - 2 (5%) -
  Tennessee 1 (4%) 1.6B (92%) 1 (3%) 1.6B (83%)
  Virginia 1 (4%) - 1 (3%) -
  Vermont 1 (4%) - 1 (3%) -
  North Carolina 1 (4%) - 1 (3%) -
  Mississippi 1 (4%) - 1 (3%) -
  Michigan 1 (4%) - 1 (3%) -
  Kentucky 1 (4%) - 1 (3%) -
  Colorado 1 (4%) - 1 (3%) -
  Arizona 1 (4%) - 1 (3%) -
  Alabama 1 (4%) - 1 (3%) -
  Pennsylvania - - 1 (3%) -
  Minnesota - - 1 (3%) -
  Maryland - - 1 (3%) -
Canada 1 (4%) 144M (8%) 3 (8%) 224M (12%)
  Ontario 1 (4%) 144M (8%) 2 (5%) 224M (12%)
  British Columbia - - 1 (3%) -
United Kingdom 1 (4%) - 1 (3%) -
Domestic 22 (92%) 1.6B (92%) 33 (89%) 1.7B (88%)
Cross-border 2 (8%) 144M (8%) 4 (11%) 224M (12%)
Total 24 $1.7B 37 $1.9B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 15 (63%) 144M (8%) 20 (54%) 144M (8%)
Buyout (LBO, MBO, MBI) 4 (17%) - 10 (27%) 180M (10%)
Growth Capital 2 (8%) - 4 (11%) -
Stake Purchase 2 (8%) - 2 (5%) -
Divestiture 1 (4%) 1.6B (92%) 1 (3%) 1.6B (83%)
Total 24 $1.7B 37 $1.9B

Exits by Deal Type

Type Total # Value
Secondary Sale 5 (50%) -
Trade Sale 3 (30%) -
Merger 1 (10%) -
Trade Sale - Public Company 1 (10%) -
Total 10 -

Top M&A Advisors

Financial Deals
Credit Suisse Investment Banking
 1
J.P. Morgan Securities LLC
 1
North Point Advisors LLC
 1
Legal Deals
Paul, Weiss, Rifkind, Wharton & Garrison LLP
 5
DLA Piper
 5
King & Spalding LLP
 5

Deal Values

buy # Total
> $1B 1 $1.6B
$100M to $1B 1 $144M
< $100M 2 $180M
TOTAL $1.9B
Largest ServiceMaster Global Holdings, Inc. - ServiceMaster Brands
$1.6B (2020-09-02)

M&A Connections

Deals %
Acquired from
PE Firm(s)
97%
29 97%
Strategic(s)
3%
1 3%
Exited to
PE Firm(s)
62%
8 62%
Strategic(s)
38%
5 38%

Investor Summary

Size

Mega

PE Assets

11.0B USD

Established

2001

Specialist/Generalist

Generalist

Leadership

Neal Aronson

Founder & Managing Partner

Erik Morris

Co-Chief Investment Officer & Senior Managing Director

Ezra Field

Co-Chief Investment Officer & Senior Managing Director

Geoff Hill

Managing Director

Matthew Kaelin

Managing Director

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