M&A Deal Summary

SE Capital and Berggruen Holdings Acquire TLC Companies

On March 5, 2019, private equity firms SE Capital and Berggruen Holdings acquired staffing company TLC Companies from High Street Capital

Acquisition Highlights
  • This is SE Capital’s 1st and Berggruen Holdings’ 1st transaction in the Staffing sector.
  • This is SE Capital’s 5th and Berggruen Holdings’ 3rd transaction in the United States.
  • This is SE Capital’s 1st and Berggruen Holdings’ 1st transaction in Minnesota.

M&A Deal Summary
Date 2019-03-05
Target TLC Companies
Sector Staffing
Buyer(s) SE Capital
Berggruen Holdings
Sellers(s) High Street Capital
Deal Type Secondary Buyout

Target

TLC Companies

Brooklyn Center, Minnesota, United States
TLC Companies provides transportation industries workers' compensation and risk management solutions. The TLC Companies has been able to leverage our 25+ years of experience in risk management and transportation services to our clients resulting in lower operating costs. TLC Companies was founded in 1985 and is based in Brooklyn, Minnesota.

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Buyer(S) 2

Buyer

SE Capital

Chicago, Illinois, United States

Investor Investor Investor Investor

Category Private Equity Firm
Founded 2001
Size Small
Type Sector Agnostic
DESCRIPTION

SE Capital is a private investment firm that looks to partner with management teams in acquiring small to mid-sized businesses. Targeted companies typically have revenues of $15 to $100 million and operate in the business process outsourcing, consulting/IT, healthcare, insurance services, and intelligence/defense sectors. The Firm primarily purses management-assisted buyouts, but will also consider later-stage growth situations. SE Capital was formed in 2001 and is based in Chicago.

DEAL STATS #
Overall 5 of 6
Sector (Staffing) 1 of 1
Type (Secondary Buyout) 1 of 1
State (Minnesota) 1 of 1
Country (United States) 5 of 6
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-12-11 Origin Healthcare Solutions

Chicago, Illinois, United States

Origin Healthcare Solutions LLC is a provider of healthcare revenue cycle management solutions as well as business and clinical intelligence systems to office-based and hospital-based physician practices.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-02 Sierra Air Conditioning & Plumbing

Las Vegas, Nevada, United States

Sierra Air Conditioning & Plumbing provides HVAC repair, replacement, maintenance, and installation to residential clients. Sierra installs heating, ventilation, and air conditioning to new homes built by national and local homebuilders. Sierra Air Conditioning & Plumbing was founded in 1987 and is based in Las Vegas, Nevada.

Buy -
Buyer

Berggruen Holdings

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1986
PE ASSETS 2.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Berggruen Holdings, Inc. is a private holding company that seeks investments in private equity, real estate, alternative energy, stocks and bonds, hedge funds, and other private equity funds. Berggruen's direct private equity group targets investments in mid-market, cash-flow positive businesses operating in a wide variety of industries. The Firm can invest up to $200 million per transaction and will consider opportunities in the US, Europe, Asia, and other emerging markets. Berggruen Holdings looks to partner with management teams when pursuing opportunities. Berggruen Holdings, Inc. was established in 1986 and has offices in New York, Los Angeles, London, Berlin, Tel Aviv, Mumbai, and Istanbul.

DEAL STATS #
Overall 13 of 14
Sector (Staffing) 1 of 1
Type (Secondary Buyout) 1 of 1
State (Minnesota) 1 of 1
Country (United States) 3 of 4
Year (2019) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-08-01 LeYa

Lisbon, Portugal

LeYa is an editorial group that includes some of the most prestigious Portuguese-language publishers in Portugal, Angola, and Mozambique. It is also present in Brazil where it operates in the distance learning/e-learning sector. LeYa was formed in 2008 and is based in Lisbon, Portugal.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-24 Phenomenon

Los Angeles, California, United States

Human Standard is a business transformation agency offering strategic deep expertise across a range of disciplines: business & strategic consulting, creative, design, innovation, products & services and communications. Human Standard was founded in 2006 and is based in Los Angeles, California.

Buy -

Seller(S) 1

SELLER

High Street Capital

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1997
PE ASSETS 165M USD
Size Small
Type Sector Agnostic
DESCRIPTION

High Street Capital is a private investment firm focused on acquiring lower middle-market businesses generating revenues $10-$100 million with an EBITDA up to $15 million. The Firm typically invests in recapitalizations, management buyouts and growth equity financings. Target sectors include business services, aerospace/defense, healthcare product manufacturers and suppliers, testing and analytical services, chemicals and coatings, specialty plastics, and test/measurement equipment manufacturers. High Street looks to commit $2 to $8 million of equity per transaction and will consider both control and non-control situations. High Street will not invest in retail businesses, restaurants, oil and gas, entertainment, commodities, turnarounds, or start-ups. High Street Capital was formed in 1997 and is based in Chicago, Illinois.

DEAL STATS #
Overall 10 of 14
Sector (Staffing) 1 of 1
Type (Secondary Buyout) 5 of 6
State (Minnesota) 2 of 2
Country (United States) 10 of 14
Year (2019) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-03-01 Commodity Blenders

West Salem, Ohio, United States

Commodity Blenders is an independent feed mill producing and delivering custom dairy, poultry and swine feed directly to farm operations in a seven-state region. Commodity Blenders was founded in 1997 and is based in West Salem, Ohio.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-01 Suburban Drywall

Waukesha, Wisconsin, United States

Suburban Drywall is a provider of a complete line of insulation, metal framing, drywall, and painting services for a diversified mix of commercial, multi-family, and residential constructions. Suburban Drywall was founded in 1978 and is based in Waukesha, Wisconsin.

Buy -
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