Sterling Partners Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Sterling Partners has acquired 2 companies. It has also invested in 5 others.

Sterling Partners’ most common sectors for investment areeducation (24%) and healthcare services (16%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (32%) and growth capital (27%). In total, Sterling Partners has invested in 21 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 11 companies. The Firm’s most common exit type is trade sale (70%). 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 Activity109
    • M&A Buy Activity63
    • M&A Sell Activity46
  • Total Sectors Invested 20
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 52
  • M&A Advisors 11

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 ≤ '16 '17 '18 '19 '20 '21 T
Buy (2.0/yr) # 53 3 5 1 1 - 63
vol $4.7B $4.7B
Sell (3.0/yr) # 31 4 3 3 1 4 46
vol $1.8B $2.2B $1.7B $5.6B
  109

Most Recent M&A

Company Date Value Type
Brace Industrial Group, Inc. 2021-08-03 - Add-on Acquisition
Houston, Texas · www.brace.com
Statewide Safety Systems 2021-08-02 - Add-on Acquisition
Irvine, California · www.statewidesafety.com
Results Physiotherapy 2021-08-02 - Add-on Acquisition
Nashville, Tennessee · www.resultspt.com
Reading Plus LLC 2021-07-19 - Add-on Acquisition
Winooski, Vermont · www.readingplus.com
We are Data Cubed LLC 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 LLC 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
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Laureate Education, Inc. 2007-08-17 Laureate Education, Inc. - Higher Education Institutions 2021-05-28 8
Baltimore, Maryland · www.laureate.net Baltimore, Maryland
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
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
Laureate Education, Inc. 2007-08-17 Laureate International Universities France SAS 2016-04-19 3
Baltimore, Maryland · www.laureate.net Paris, France
Laureate Education, Inc. 2007-08-17 Glion Institute of Higher Education 2016-03-15 2
Baltimore, Maryland · www.laureate.net , Switzerland · www.gliononline.com
Laureate Education, Inc. 2007-08-17 Les Roches International School of Hotel Management 2016-03-15 1
Baltimore, Maryland · www.laureate.net , Switzerland · www.lesroches.edu

M&A by Sector

Sector Current # Value All-time # Value
Education 8 (40%) 3.8B (87%) 15 (24%) 3.8B (81%)
Healthcare Services 5 (25%) - 10 (16%) -
Business Services 1 (5%) 590M (13%) 7 (11%) 599M (13%)
Information Technology 1 (5%) - 7 (11%) 107M (2%)
Internet Software and Services 1 (5%) - 5 (8%) -
Marketing - - 3 (5%) -
Food 1 (5%) - 2 (3%) -
Safety/Security 1 (5%) - 2 (3%) -
Transportation - - 1 (2%) 214M (5%)
Apparel/Textiles - - 1 (2%) -
Construction - - 1 (2%) -
Consumer Services - - 1 (2%) -
Engineering 1 (5%) - 1 (2%) -
Environmental - - 1 (2%) -
Financial Services - - 1 (2%) -
Furniture - - 1 (2%) -
Infrastructure 1 (5%) - 1 (2%) -
Life Science - - 1 (2%) -
Medical Products - - 1 (2%) -
Software - - 1 (2%) -
Total 20 $4.4B 63 $4.7B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 19 (95%) 3.8B (87%) 61 (97%) 3.9B (83%)
  Illinois 3 (15%) - 8 (13%) -
  Maryland 2 (10%) 3.8B (87%) 8 (13%) 3.8B (81%)
  California 2 (10%) - 8 (13%) -
  Texas 3 (15%) - 7 (11%) -
  Georgia 1 (5%) - 5 (8%) 107M (2%)
  Pennsylvania 1 (5%) - 3 (5%) -
  New Jersey 1 (5%) - 3 (5%) -
  Florida - - 3 (5%) 9M (< 1%)
  Tennessee - - 3 (5%) -
  Minnesota - - 2 (3%) -
  Oklahoma 1 (5%) - 1 (2%) -
  New York 1 (5%) - 1 (2%) -
  Michigan 1 (5%) - 1 (2%) -
  Kentucky 1 (5%) - 1 (2%) -
  Kansas 1 (5%) - 1 (2%) -
  Alabama 1 (5%) - 1 (2%) -
  Virginia - - 1 (2%) -
  Vermont - - 1 (2%) -
  Nebraska - - 1 (2%) -
  Colorado - - 1 (2%) -
  Arizona - - 1 (2%) -
Canada 1 (5%) 590M (13%) 2 (3%) 804M (17%)
  Ontario 1 (5%) 590M (13%) 2 (3%) 804M (17%)
Total 20 $4.4B 63 $4.7B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 4 (20%) - 20 (32%) -
Growth Capital 9 (45%) - 17 (27%) -
Venture 1 (5%) - 9 (14%) 9M (< 1%)
Going Private 2 (10%) 4.4B (100%) 5 (8%) 4.7B (100%)
Secondary Buyout 4 (20%) - 4 (6%) -
Divestiture - - 3 (5%) -
Acquisition Financing - - 1 (2%) -
Consolidation - - 1 (2%) -
PIPE - - 1 (2%) -
Recapitalization - - 1 (2%) -
Stake Purchase - - 1 (2%) -
Total 20 $4.4B 63 $4.7B

Exits by Deal Type

Type Total # Value
Trade Sale 22 (48%) 650M (12%)
Trade Sale - Public Company 10 (22%) 5.0B (88%)
Secondary Sale 10 (22%) 11M (< 1%)
IPO 2 (4%) -
Merger 2 (4%) -
Total 46 $5.6B

Top M&A Advisors

Financial Deals
Houlihan Lokey
2
Citigroup Investment Banking
1
Goldman Sachs Investment Banking Division
1
Legal Deals
Katten Muchin Rosenman LLP
5
McGuireWoods LLP
2
Simpson Thacher & Bartlett 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 8 $2.5B
< $100M 2 $69M
TOTAL $5.6B
Largest Magento, Inc.
$1.7B (2018-05-21)

M&A Connections

Deals
Acquired from
Investor(s)
5%
3 (5%)
Strategic(s)
5%
3 (5%)
Exited to
Investor(s)
20%
9 (20%)
Strategic(s)
74%
34 (74%)

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