Sterling Partners Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Sterling Partners has acquired 1 company. It has also invested in 8 others.

Sterling Partners’ most common sectors for investment are education (25%) and healthcare services (17%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (30%) and growth capital (28%). In total, Sterling Partners has invested in 22 US states and 2 different countries. Its largest (disclosed) acquisition occurred in 2007 when it acquired Laureate Education for $3.8B.

In the last 3 years, Sterling Partners has exited 9 companies. The Firm’s most common exit type is trade sale (63%). Sterling Partners’ largest (disclosed) exit occurred in 2018 when it sold Magento for $1.7B.

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M&A Summary

  • M&A Total Activity101
    • M&A Buy Activity61
    • M&A Sell Activity40
  • Total Sectors Invested 19
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 45
  • M&A Advisors 10

Sterling Partners

401 North Michigan Avenue, Suite 3300,
Chicago, Illinois 60611
United States
(312) 465-7000
www.sterlingpartners.com

Sterling Partners is a private equity firm focused on investing in small to medium-sized companies positioned for growth, either organically or through acquisitions. Sterling has a strong interest in businesses with differentiated products, defensible competitive positions, recurring revenues, and diversified customers. The Firm's target equity commitment size is $5 to $175 million. Broad sectors of interest include direct marketing, education, specialty distribution, specialty manufacturing, healthcare, technology, and business services. Sterling Partners was formed in 1983 and has offices in Baltimore, Maryland and Chicago, Illinois.


Investment Criteria

Sectors of Interest: Business Services, Chemicals, Communications, Construction, Consumer Products, Distribution, Education, Energy Services and Equipment, Environmental, Financial Services, Food, Healthcare Services, Information Technology, Infrastructure, Insurance, Manufacturing, Marketing, Media, Medical Products, Packaging, Real Estate, Software, Technology Hardware, Transportation, Utilities

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Going Private, Growth Capital, Acquisition Financing, Secondary Buyout

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

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size 35 120
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) # 50 2 3 4 1 1 61
vol $4.7B $4.7B
Sell (2.2/yr) # 29 2 2 3 3 1 40
vol $1.8B $1.4B $1.7B $4.8B
  101

Most Recent M&A

Company Date Value Type
Datacubed Health 2020-09-14 - Growth Capital
Brooklyn, New York · www.datacubed.com
Pepperjam LLC 2020-07-29 - Add-on Acquisition
Wilkes-Barre, Pennsylvania · www.pepperjam.com
Reading Plus 2019-05-13 - Growth Capital
Winooski, Vermont · www.readingplus.com
Livingston International, Inc. 2019-02-21 - Secondary Buyout
Toronto, Ontario · www.livingstonintl.com
Ashworth College 2019-02-06 - Add-on Acquisition
Norcross, Georgia · www.ashworthcollege.edu
Kids Care Dental & Orthodontics 2019-01-10 - Secondary Buyout
Sacramento, California · www.kidscaredental.com
Q-Centrix LLC 2018-11-30 - Secondary Buyout
Portsmouth, New Hampshire · www.q-centrix.com
Big Blue Marble Academy. 2018-11-28 - Growth Capital
Gilbert, South Carolina · www.bbmacademy.com
Fancy Sprinkles 2018-09-26 - Growth Capital
Burbank, California · www.fancysprinkles.com
Academic Programs International (API) 2018-05-30 - Growth Capital
Austin, Texas · www.apistudyabroad.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Laureate Education, Inc. 2007-08-17 Laureate Education, Inc. - Brazilian Operations 2020-09-13 7
Baltimore, Maryland · www.laureate.net , Brazil
Laureate Education, Inc. 2007-08-17 Walden University 2020-09-11 6
Baltimore, Maryland · www.laureate.net Minneapolis, Minnesota · waldenu.edu
Laureate Education, Inc. 2007-08-17 Laureate Education, Inc. - Australia and New Zealand Academic Operations 2020-07-29 5
Baltimore, Maryland · www.laureate.net , Australia
Laureate Education, Inc. 2007-08-17 Laureate Education, Inc. - 5 Educational Institutions 2018-12-12 4
Baltimore, Maryland · www.laureate.net , Spain
DBi Services, Inc. 2016-08-05 Digital Traffic Systems, Inc. 2018-07-10 4
Hazleton, Pennsylvania · www.dbiservices.com Albuquerque, New Mexico · www.dtsits.com
Platinum Dermatology Partners 2016-01-01 Center for Dermatology & Plastic Surgery 2018-02-13 7
Dallas, Texas · www.platinumderm.com Scottsdale, Arizona · www.azcdps.com
DBi Services, Inc. 2016-08-05 Infrastructure Corporation of America 2018-02-01 3
Hazleton, Pennsylvania · www.dbiservices.com Brentwood, Tennessee · www.ica-onramp.com
Platinum Dermatology Partners 2016-01-01 Howsden Dermatology 2017-11-01 6
Dallas, Texas · www.platinumderm.com Garland, Texas · www.howsdendermatology.com
Platinum Dermatology Partners 2016-01-01 Texas Dermatology Specialists 2017-10-02 5
Dallas, Texas · www.platinumderm.com Katy, Texas · www.texasdermatology.com
Ameritox Ltd. 2005-01-01 PRIUM 2017-08-31 1
Midland, Texas · www.ameritox.com Duluth, Georgia · www.prium.com

M&A by Sector

Sector Current # Value All-time # Value
Education 10 (34%) 3.8B (87%) 15 (25%) 3.8B (81%)
Healthcare Services 6 (21%) - 10 (16%) -
Business Services 2 (7%) 590M (13%) 7 (11%) 599M (13%)
Information Technology - - 6 (10%) 107M (2%)
Internet Software and Services 2 (7%) - 5 (8%) -
Marketing - - 3 (5%) -
Food 1 (3%) - 2 (3%) -
Medical Products 1 (3%) - 2 (3%) -
Transportation - - 1 (2%) 214M (5%)
Chemicals 1 (3%) - 1 (2%) -
Construction 1 (3%) - 1 (2%) -
Consumer Services - - 1 (2%) -
Engineering 1 (3%) - 1 (2%) -
Environmental - - 1 (2%) -
Furniture - - 1 (2%) -
Infrastructure 1 (3%) - 1 (2%) -
Life Science 1 (3%) - 1 (2%) -
Safety/Security 1 (3%) - 1 (2%) -
Software 1 (3%) - 1 (2%) -
Total 29 $4.4B 61 $4.7B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 28 (97%) 3.8B (87%) 59 (97%) 3.9B (83%)
  Illinois 5 (17%) - 8 (13%) -
  Maryland 3 (10%) 3.8B (87%) 8 (13%) 3.8B (81%)
  Texas 5 (17%) - 7 (11%) -
  California 2 (7%) - 6 (10%) -
  Georgia 1 (3%) - 5 (8%) 107M (2%)
  Pennsylvania 2 (7%) - 3 (5%) -
  Florida 1 (3%) - 3 (5%) 9M (< 1%)
  Tennessee 1 (3%) - 3 (5%) -
  New Jersey 1 (3%) - 2 (3%) -
  Minnesota - - 2 (3%) -
  Vermont 1 (3%) - 1 (2%) -
  South Carolina 1 (3%) - 1 (2%) -
  Oklahoma 1 (3%) - 1 (2%) -
  New York 1 (3%) - 1 (2%) -
  Michigan 1 (3%) - 1 (2%) -
  Kentucky 1 (3%) - 1 (2%) -
  Kansas 1 (3%) - 1 (2%) -
  Virginia - - 1 (2%) -
  New Hampshire - - 1 (2%) -
  Nebraska - - 1 (2%) -
  Colorado - - 1 (2%) -
  Arizona - - 1 (2%) -
Canada 1 (3%) 590M (13%) 2 (3%) 804M (17%)
  Ontario 1 (3%) 590M (13%) 2 (3%) 804M (17%)
Total 29 $4.4B 61 $4.7B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 5 (17%) - 18 (30%) -
Growth Capital 11 (38%) - 17 (28%) -
Venture 1 (3%) - 9 (15%) 9M (< 1%)
Going Private 3 (10%) 4.4B (100%) 5 (8%) 4.7B (100%)
Secondary Buyout 4 (14%) - 4 (7%) -
Divestiture 1 (3%) - 3 (5%) -
Acquisition Financing 1 (3%) - 1 (2%) -
Consolidation 1 (3%) - 1 (2%) -
PIPE - - 1 (2%) -
Recapitalization 1 (3%) - 1 (2%) -
Stake Purchase 1 (3%) - 1 (2%) -
Total 29 $4.4B 61 $4.7B

Exits by Deal Type

Type Total # Value
Trade Sale 16 (40%) 650M (14%)
Secondary Sale 11 (28%) 11M (< 1%)
Trade Sale - Public Company 9 (23%) 4.2B (86%)
IPO 2 (5%) -
Merger 2 (5%) -
Total 40 $4.8B

Top M&A Advisors

Financial Deals
Houlihan Lokey
2
William Blair & Co. LLC
1
Citigroup Investment Banking
1
Legal Deals
Katten Muchin Rosenman LLP
5
Simpson Thacher & Bartlett LLP
1
McDermott Will & Emery LLP
1

Deal Values

buy # Total
> $1B 1 $3.8B
$100M to $1B 3 $910M
< $100M 1 $9M
TOTAL $4.7B
Largest Laureate Education, Inc.
$3.8B (2007-08-17)
sell # Total
> $1B 2 $3.1B
$100M to $1B 7 $1.7B
< $100M 2 $69M
TOTAL $4.8B
Largest Magento, Inc.
$1.7B (2018-05-21)

M&A Connections

Deals %
Acquired from
PE Firm(s)
67%
6 67%
Strategic(s)
33%
3 33%
Exited to
PE Firm(s)
33%
13 33%
Strategic(s)
68%
27 68%

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