Sorenson Capital Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Sorenson Capital has invested in 1 company.

Sorenson Capital’s most common sectors for investment are internet software and services (18%) and aerospace (8%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (36%) and growth capital (36%). In total, Sorenson Capital has invested in 11 US states and 2 different countries. Its largest (disclosed) acquisition occurred in 2007 when it acquired Mity-Lite for $72M.

In the last 3 years, Sorenson Capital has exited 5 companies. The Firm’s most common exit type is trade sale (58%). Sorenson Capital’s largest (disclosed) exit occurred in 2020 when it sold CradlePoint for $1.1B.

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M&A Summary

  • M&A Total Activity58
    • M&A Buy Activity39
    • M&A Sell Activity19
  • Total Sectors Invested 21
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 26
  • M&A Advisors 4

Sorenson Capital

3400 North Ashton Boulevard, Suite 400,
Lehi, Utah 84043
United States
(801) 407-8400
www.sorensoncapital.com
info@sorensoncap.com

Sorenson Capital is a private equity firm that seeks to support buyout and growth capital financings of lower middle-market companies. Sorenson invests across a broad range of industries and generally pursues companies with significant market share, high barriers to entry, fragmented industry competition, motivated managment, and sustainable pricing and profit margins. Target businesses typically have sales of $30 to $300 million with earnings of $3 to $25 million. Sorenson's geographic preference is for opportunities in the Mountain West and West Coast regions of the US. Sorenson raised its inaugural fund in 2004 and is based in Salt Lake City, Utah.


Investment Criteria

Sectors of Interest: Aerospace, Apparel/Textiles, Business Services, Construction, Consumer Products, Consumer Services, Distribution, Electrical Equipment, Energy Services and Equipment, Engineering, Environmental, Food, Franchising, Furniture, Healthcare Services, Information Technology, Manufacturing, Media, Renewable Energy, Transportation

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

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

Transaction Criteria Min Max
Target Revenue 30 300
Target EBITDA 3 25
Investment Size 10 40
Enterprise Value 30 150
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (0.4/yr) # 37 1 - - 1 - 39
vol $72M $72M
Sell (1.2/yr) # 13 1 - 2 2 1 19
vol $89M $230M $1.1B $1.4B
  58

Most Recent M&A

Company Date Value Type
CradlePoint, Inc. 2020-09-18 1.1B USD Add-on Acquisition
Boise, Idaho · www.cradlepoint.com
Spring Dental 2019-12-01 - Growth Capital
Tulsa, Oklahoma · www.thespringdental.com
InMoment, Inc. 2019-05-15 - Secondary Buyout
Salt Lake City, Utah · www.inmoment.com
Axiom Materials, Inc. 2019-02-18 - Add-on Acquisition
Santa Ana, California · www.axiommaterials.com
Zarbee's, Inc. 2018-07-30 - Add-on Acquisition
South Jordan, Utah · www.zarbees.com
Pluralsight Inc. 2018-05-17 - IPO
Farmington, Utah · www.pluralsight.com
Axiom Materials, Inc. 2016-08-16 - Growth Capital
Santa Ana, California · www.axiommaterials.com
Nexmo, Inc. 2016-05-05 230M USD Add-on Acquisition
San Francisco, California · www.nexmo.com
RealtyMogul.com 2015-07-15 - Venture
Los Angeles, California · www.realtymogul.com
Rural Physicians Group LLC 2015-04-21 - Growth Capital
Greenwood Village, Colorado · www.ruralphysiciansgroup.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Home Brands Group LLC 2009-12-30 ForzaStone LLC 2016-12-21 1
Phoenix, Arizona · www.rebath.com Tempe, Arizona · www.forzastone.com

M&A by Sector

Sector Current # Value All-time # Value
Internet Software and Services 3 (19%) - 7 (18%) -
Aerospace - - 3 (8%) -
Energy Services and Equipment 1 (6%) - 3 (8%) -
Software 1 (6%) - 3 (8%) -
Consumer Services 1 (6%) - 2 (5%) -
Electronics - - 2 (5%) -
Healthcare Services 2 (13%) - 2 (5%) -
Machinery 2 (13%) - 2 (5%) -
Manufacturing 1 (6%) - 2 (5%) -
Renewable Energy 1 (6%) - 2 (5%) -
Furniture - - 1 (3%) 72M (100%)
Apparel/Textiles - - 1 (3%) -
Building Materials 1 (6%) - 1 (3%) -
Business Services 1 (6%) - 1 (3%) -
Communications 1 (6%) - 1 (3%) -
Construction - - 1 (3%) -
Distribution - - 1 (3%) -
Education - - 1 (3%) -
Electrical Equipment - - 1 (3%) -
Life Science - - 1 (3%) -
Medical Products 1 (6%) - 1 (3%) -
Total 16 - 39 $72M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 16 (100%) - 38 (100%) 72M (100%)
  Utah 5 (31%) - 17 (45%) 72M (100%)
  California 4 (25%) - 6 (16%) -
  Arizona 1 (6%) - 4 (11%) -
  Washington 1 (6%) - 3 (8%) -
  Texas - - 2 (5%) -
  Oklahoma 1 (6%) - 1 (3%) -
  New Jersey 1 (6%) - 1 (3%) -
  Minnesota 1 (6%) - 1 (3%) -
  Colorado 1 (6%) - 1 (3%) -
  Ohio - - 1 (3%) -
Total 16 - 38 $72M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 7 (44%) - 14 (36%) -
Growth Capital 6 (38%) - 14 (36%) -
Recapitalization 1 (6%) - 4 (10%) -
Venture 2 (13%) - 4 (10%) -
Going Private - - 2 (5%) 72M (100%)
Stake Purchase - - 1 (3%) -
Total 16 - 39 $72M

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 7 (37%) 1.4B (98%)
Secondary Sale 4 (21%) 35M (2%)
Trade Sale 4 (21%) -
IPO 2 (11%) -
Bankruptcy 1 (5%) -
Shut Down 1 (5%) -
Total 19 $1.4B

Top M&A Advisors

Financial Deals
Lincoln International
2
Harris Williams & Co.
1
Janes Capital Partners, Inc.
1
Legal Deals
Honigman Miller Schwartz and Cohn LLP
1

Deal Values

buy # Total
< $100M 1 $72M
TOTAL $72M
Largest Mity-Lite, Inc.
$72M (2007-07-18)
sell # Total
> $1B 1 $1.1B
$100M to $1B 1 $230M
< $100M 2 $89M
TOTAL $1.4B
Largest CradlePoint, Inc.
$1.1B (2020-09-18)

M&A Connections

Deals %
Exited to
PE Firm(s)
27%
4 27%
Strategic(s)
73%
11 73%

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