Sorenson Capital Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Sorenson Capital has acquired 1 company. It has also invested in 5 others.

Sorenson Capital’s most common sectors for investment are internet software and services (22%) and software (11%). The Firm’s most common investment types include growth capital (37%) and buyout (lbo, mbo, mbi) (31%). In total, Sorenson Capital has invested in 14 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 9 companies. The Firm’s most common exit type is trade sale (57%). 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 Activity69
    • M&A Buy Activity46
    • M&A Sell Activity23
  • Total Sectors Invested 21
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 28
  • 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 ≤ '16 '17 '18 '19 '20 '21 T
Buy (1.4/yr) # 39 1 1 5 - - 46
vol $72M $72M
Sell (1.8/yr) # 14 - 3 4 2 - 23
vol $319M $1.1B $1.4B
  69

Most Recent M&A

Company Date Value Type
AccessData Group, Inc. 2020-12-03 - Add-on Acquisition
Orem, Utah · www.accessdata.com
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
Kenna Security, Inc. 2019-09-30 - Venture
Chicago, Illinois · www.kennasecurity.com
Incorta, Inc. 2019-08-15 - Venture
San Mateo, California · www.incorta.com
InfluxData, Inc. 2019-08-12 - Venture
San Francisco, California · www.influxdata.com
Health Catalyst LLC 2019-07-25 - IPO
Salt Lake City, Utah · www.healthcatalyst.com
Fastly, Inc. 2019-05-16 - IPO
San Francisco, California · www.fastly.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
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Internet Software and Services 5 (25%) - 10 (22%) -
Software 2 (10%) - 5 (11%) -
Aerospace - - 3 (7%) -
Energy Services and Equipment 1 (5%) - 3 (7%) -
Information Technology 2 (10%) - 3 (7%) -
Consumer Services 1 (5%) - 2 (4%) -
Electronics - - 2 (4%) -
Healthcare Services 2 (10%) - 2 (4%) -
Machinery 2 (10%) - 2 (4%) -
Manufacturing 1 (5%) - 2 (4%) -
Renewable Energy 1 (5%) - 2 (4%) -
Furniture - - 1 (2%) 72M (100%)
Apparel/Textiles - - 1 (2%) -
Building Materials 1 (5%) - 1 (2%) -
Communications 1 (5%) - 1 (2%) -
Construction - - 1 (2%) -
Distribution - - 1 (2%) -
Electrical Equipment - - 1 (2%) -
Engineering 1 (5%) - 1 (2%) -
Life Science - - 1 (2%) -
Medical Products - - 1 (2%) -
Total 20 - 46 $72M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 20 (100%) - 45 (100%) 72M (100%)
  Utah 3 (15%) - 17 (38%) 72M (100%)
  California 6 (30%) - 9 (20%) -
  Arizona 2 (10%) - 5 (11%) -
  Washington 1 (5%) - 3 (7%) -
  Texas - - 2 (4%) -
  Oklahoma 1 (5%) - 1 (2%) -
  New York 1 (5%) - 1 (2%) -
  New Jersey 1 (5%) - 1 (2%) -
  Nevada 1 (5%) - 1 (2%) -
  Minnesota 1 (5%) - 1 (2%) -
  Illinois 1 (5%) - 1 (2%) -
  Colorado 1 (5%) - 1 (2%) -
  Ohio - - 1 (2%) -
Total 20 - 45 $72M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Growth Capital 7 (35%) - 17 (37%) -
Buyout (LBO, MBO, MBI) 7 (35%) - 14 (30%) -
Venture 5 (25%) - 8 (17%) -
Recapitalization 1 (5%) - 4 (9%) -
Going Private - - 2 (4%) 72M (100%)
Stake Purchase - - 1 (2%) -
Total 20 - 46 $72M

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 7 (30%) 1.4B (98%)
Trade Sale 6 (26%) -
Secondary Sale 4 (17%) 35M (2%)
IPO 4 (17%) -
Bankruptcy 1 (4%) -
Shut Down 1 (4%) -
Total 23 $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
Investor(s)
17%
4 (17%)
Strategic(s)
57%
13 (57%)

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