Stonehenge Partners Mergers and Acquisitions Summary

Mezzanine Finance Firm Profile

In the last 3 years, Stonehenge Partners has acquired 1 company.

Stonehenge Partners’ most common sectors for investment arebusiness services (14%) and distribution (10%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (73%) and venture (10%). In total, Stonehenge Partners has invested in 25 US states and 3 different countries. Its largest (disclosed) acquisition occurred in 2004 when it acquired Rutland Plastic Technologies for $30M.

In the last 3 years, Stonehenge Partners has exited 3 companies. The Firm’s most common exit type is trade sale (44%). Stonehenge Partners’ largest (disclosed) exit occurred in 2005 when it sold Medex for $925M.

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M&A Summary

  • M&A Total Activity103
    • M&A Buy Activity66
    • M&A Sell Activity37
  • Total Sectors Invested 32
  • Total Countries Invested 3
  • M&A Buy/Sell Connections 50
  • M&A Advisors 2

Stonehenge Partners, Inc.

191 W. Nationwide Blvd., Suite 600,
Columbus, Ohio 43215
United States
(614) 246-2500
www.stonehengepartners.com
info@stonehengepartners.com

Stonehenge Partners is a private equity firm that seeks equity and mezzanine investments in lower middle-market companies with at least $10 million in sales. Stonehenge looks to invest ranging from $5 million to $35 million of equity/junior capital to support management buyouts, leveraged acquisitions, recapitalizations, and growth capital financings. Stonehenge prefers businesses operating in manufacturing, distribution, business services and healthcare. Stonehenge avoids investing in real estate, oil and gas, high technology and 'industries that are susceptible to a high degree of cyclicality'. Stonehenge was formed in 1999 and is based in Columbus, Ohio.


Investment Criteria

Sectors of Interest: Apparel/Textiles, Automotive, Building Materials, Business Services, Chemicals, Communications, Consumer Products, Consumer Services, Distribution, Electrical Equipment, Electronics, Engineering, Environmental, Financial Services, Food, Healthcare Services, Insurance, Life Science, Machinery, Manufacturing, Medical Products, Metals/Mining, Packaging, Plastics, Publishing, Retail, Safety/Security, Software, Staffing

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

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

Transaction Criteria Min Max
Target Revenue 10 -
Target EBITDA 2 -
Investment Size 5 35
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '16 '17 '18 '19 '20 '21 T
Buy (0.2/yr) # 65 - 1 - - - 66
vol $45M $45M
Sell (1.2/yr) # 31 3 1 1 - 1 37
vol $1.8B $1.8B
  103

Most Recent M&A

Company Date Value Type
Bancsource, Inc. 2021-06-02 - Add-on Acquisition
Springfield, Missouri · www.bancsource.net
United Retirement Plan Consultants, Inc. 2019-06-03 - Add-on Acquisition
Dublin, Ohio · www.unitedretirement.com
Frozen Specialties, Inc. 2018-12-03 - Add-on Acquisition
Perrysburg, Ohio · www.frozenspecialties.com
Algiere Construction Services, Inc. 2018-11-01 - Buyout (LBO, MBO, MBI)
Plano, Texas · www.algierehospitality.com
Microdynamics Group, Inc. 2017-10-18 - Add-on Acquisition
Naperville, Illinois · www.microdg.com
BHS Specialty Chemicals LLC 2017-07-17 - Add-on Acquisition
Salt Lake City, Utah · www.bhsmarketing.com
Beacon Promotions, Inc. 2017-01-24 - Add-on Acquisition
New Ulm, Minnesota · www.beaconpromotions.com
Clad-Rex, Inc. 2016-12-22 - Secondary Buyout
Franklin Park, Illinois · www.cladrex.com
ARPAC LLC 2016-11-02 - Add-on Acquisition
Schiller Park, Illinois · www.arpac.com
Biotronic NeuroNetwork LLC 2016-06-06 98M USD Add-on Acquisition
Ann Arbor, Michigan · www.biotronic.com
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Business Services - - 9 (14%) 4M (9%)
Distribution 1 (14%) - 6 (9%) -
Consumer Products - - 4 (6%) -
Healthcare Services 2 (29%) - 4 (6%) -
Food - - 3 (5%) 5M (11%)
Apparel/Textiles 1 (14%) - 3 (5%) -
Consumer Services 1 (14%) - 3 (5%) -
Packaging - - 3 (5%) -
Energy Services and Equipment - - 2 (3%) 5M (11%)
Chemicals - - 2 (3%) -
Construction 1 (14%) - 2 (3%) -
Financial Services - - 2 (3%) -
Manufacturing - - 2 (3%) -
Medical Products - - 2 (3%) -
Software - - 2 (3%) -
Plastics - - 1 (2%) 30M (67%)
Oil/Gas Exploration - - 1 (2%) 1M (2%)
Automotive - - 1 (2%) -
Building Materials - - 1 (2%) -
Communications - - 1 (2%) -
Digital Media - - 1 (2%) -
Electrical Equipment - - 1 (2%) -
Engineering - - 1 (2%) -
Environmental - - 1 (2%) -
Insurance - - 1 (2%) -
Media - - 1 (2%) -
Metals/Mining - - 1 (2%) -
Publishing - - 1 (2%) -
Retail 1 (14%) - 1 (2%) -
Staffing - - 1 (2%) -
Test/Measurement Equipment - - 1 (2%) -
Transportation - - 1 (2%) -
Total 7 - 66 $45M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 7 (100%) - 64 (97%) 45M (100%)
  Ohio 3 (43%) - 18 (27%) -
  Texas 3 (43%) - 7 (11%) 5M (11%)
  New York - - 6 (9%) 9M (20%)
  Michigan - - 4 (6%) -
  Illinois - - 4 (6%) -
  Pennsylvania 1 (14%) - 2 (3%) -
  Louisiana - - 2 (3%) 1M (2%)
  Wisconsin - - 2 (3%) -
  Minnesota - - 2 (3%) -
  California - - 2 (3%) -
  North Carolina - - 1 (2%) 30M (67%)
  West Virginia - - 1 (2%) -
  Vermont - - 1 (2%) -
  Utah - - 1 (2%) -
  Tennessee - - 1 (2%) -
  South Carolina - - 1 (2%) -
  Missouri - - 1 (2%) -
  Massachusetts - - 1 (2%) -
  Maryland - - 1 (2%) -
  Kansas - - 1 (2%) -
  Indiana - - 1 (2%) -
  Georgia - - 1 (2%) -
  Florida - - 1 (2%) -
  Colorado - - 1 (2%) -
  Arkansas - - 1 (2%) -
Canada - - 1 (2%) -
  Ontario - - 1 (2%) -
France - - 1 (2%) -
Domestic 7 (100%) - 64 (97%) 45M (100%)
Cross-border - - 2 (3%) -
Total 7 - 66 $45M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 5 (71%) - 48 (73%) 5M (11%)
Venture - - 6 (9%) 10M (22%)
Growth Capital 2 (29%) - 5 (8%) -
Secondary Buyout - - 4 (6%) 30M (67%)
Recapitalization - - 2 (3%) -
Stake Purchase - - 1 (2%) -
Total 7 - 66 $45M

Exits by Deal Type

Type Total # Value
Secondary Sale 15 (41%) 440M (24%)
Trade Sale 10 (27%) -
Trade Sale - Public Company 8 (22%) 1.4B (76%)
Recapitalization 2 (5%) -
Bankruptcy 1 (3%) -
Merger 1 (3%) -
Total 37 $1.8B

Top M&A Advisors

Financial Deals
Blaige & Co. LLC
 1
Western Reserve Partners LLC
 1

Deal Values

buy # Total
< $100M 5 $45M
TOTAL $45M
Largest Rutland Plastic Technologies, Inc.
$30M (2004-12-01)
sell # Total
$100M to $1B 3 $1.5B
< $100M 3 $268M
TOTAL $1.8B
Largest Medex, Inc.
$925M (2005-03-21)

M&A Connections

Deals
Acquired from
Investor(s)
5%
3 (5%)
Exited to
Investor(s)
43%
16 (43%)
Strategic(s)
43%
16 (43%)

Investor Summary

Investor Type

Mezzanine Finance Firm

Size

Large

PE Assets

1.0B USD

Established

1999

Specialist/Generalist

Generalist

Leadership

Andrew Bohutinsky

Managing Partner

Peter Davies

Managing Partner

Robert Eversole

Managing Partner

Thomas Utgard

Managing Partner

Keith Bishop

Managing Director

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