Tennenbaum Capital Partners Mergers and Acquisitions Summary

Asset Manager Profile

Tennenbaum Capital Partners’ most common sectors for investment areinformation technology (23%) and restaurants (12%) . The Firm’s most common investment types include recapitalization (23%) and special situations/distressed (23%). In total, Tennenbaum Capital Partners has invested in 7 US states and 2 different countries. Its largest (disclosed) acquisition occurred in 2006 when it acquired Enterasys Networks for $386M.

In the last 3 years, Tennenbaum Capital Partners has exited 1 company. The Firm’s most common exit type is trade sale (56%). Tennenbaum Capital Partners’ largest (disclosed) exit occurred in 2021 when it sold Cognate BioServices for $875M.

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M&A Summary

  • M&A Total Activity18
    • M&A Buy Activity9
    • M&A Sell Activity9
  • Total Sectors Invested 8
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 14
  • M&A Advisors 2

Tennenbaum Capital Partners LLC

2951 28th Street, Suite 1000,
Santa Monica, California 90405
United States
(310) 566-1000
www.tennenbaumcapital.com
mailbox@tennenbaumcapital.com

Tennenbaum Capital Partners is a private investment group focused on providing financing solutions to middle-market companies in a variety of sectors. The Firm separates its activity into two segments - performing and distressed. The performing group looks to invest $10 to $125 million to support recapitalizations, LBOs, acquisitions, and growth capital needs of companies valued between $100 million and $1.5 billion. The special situations group looks to provide $20 to $125 million to support rescue needs, as well as fund complex situations or secondary market purchases. Tennenbaum primarily considers opportunities in North America and Europe, but will consider other geographies. Tennenbaum Capital Partners was formed in 1999 and is based in Santa Monica, California.


Investment Criteria

Sectors of Interest: Aerospace, Automotive, Building Materials, Business Services, Chemicals, Consumer Products, Consumer Services, Defense, Energy Services and Equipment, Engineering, Environmental, Financial Services, Forest Products, Gaming, Healthcare Services, Information Technology, Machinery, Manufacturing, Media, Metals/Mining, Packaging, Restaurants, Retail, Technology Hardware, Transportation, Utilities

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Going Private, Recapitalization, Special Situations/Distressed, Acquisition Financing, Add-on Acquisition

Geographic Preferences: East US, Midwest US, South US, West US, Canada, United Kingdom, Western Europe, Nordic

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size 10 125
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '19 '20 '21 '22 '23 '24 T
Buy (0.0/yr) # 9 - - - - - 9
vol $386M $386M
Sell (0.2/yr) # 8 - 1 - - - 9
vol $578M $875M $1.5B
  18

Most Recent M&A

Company Date Value Type
Cognate BioServices, Inc. 2021-02-17 875M USD Trade Sale
Memphis, Tennessee · www.cognatebioservices.com
Hanley Wood LLC 2018-12-12 - Merger
Washington, District of Columbia · www.hanleywood.com
Globecomm Systems, Inc. 2018-08-28 135M USD Trade Sale
Hauppauge, New York · www.globecommsystems.com
Cognate BioServices, Inc. 2018-02-20 - Buyout (LBO, MBO, MBI)
Memphis, Tennessee · www.cognatebioservices.com
Globecomm Systems, Inc. 2017-08-09 - Secondary Buyout
Hauppauge, New York · www.globecommsystems.com
Contech Engineered Solutions LLC 2016-11-15 - Trade Sale
West Chester, Ohio · www.conteches.com
Novanta, Inc. 2015-03-09 - IPO
Bedford, Massachusetts · www.novanta.com
Enterasys Networks, Inc. 2013-09-12 180M USD Trade Sale
Andover, Massachusetts · www.enterasys.com
Online Resources Corp. 2013-01-30 263M USD Trade Sale
Chantilly, Virginia · www.orcc.com
FM RESTAURANTS LLC 2012-02-13 - Special Situations/Distressed
Cypress, California · www.xperiencerg.com
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Information Technology - - 2 (22%) 386M (100%)
Communications - - 1 (11%) -
Engineering - - 1 (11%) -
Information Services - - 1 (11%) -
Life Science - - 1 (11%) -
Media - - 1 (11%) -
Restaurants - - 1 (11%) -
Technology Hardware - - 1 (11%) -
Total - - 9 $386M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States - - 8 (100%) 386M (100%)
  Massachusetts - - 2 (25%) 386M (100%)
  Tennessee - - 1 (13%) -
  Ohio - - 1 (13%) -
  New York - - 1 (13%) -
  Illinois - - 1 (13%) -
  District of Columbia - - 1 (13%) -
  California - - 1 (13%) -
Total - - 8 $386M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) - - 2 (22%) -
Recapitalization - - 2 (22%) -
Special Situations/Distressed - - 2 (22%) -
Going Private - - 1 (11%) 386M (100%)
PIPE - - 1 (11%) -
Secondary Buyout - - 1 (11%) -
Total - - 9 $386M

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 3 (33%) 578M (40%)
Trade Sale 2 (22%) 875M (60%)
Secondary Sale 2 (22%) -
IPO 1 (11%) -
Merger 1 (11%) -
Total 9 $1.5B

Top M&A Advisors

Financial Deals
Quarton Partners LLC
 1
Legal Deals
Skadden, Arps, Slate, Meagher & Flom
 1

Deal Values

buy # Total
$100M to $1B 1 $386M
TOTAL $386M
Largest Enterasys Networks, Inc.
$386M (2006-02-16)
sell # Total
$100M to $1B 4 $1.5B
TOTAL $1.5B
Largest Cognate BioServices, Inc.
$875M (2021-02-17)

M&A Connections

Deals
Acquired from
Investor(s)
33%
3 (33%)
Exited to
Investor(s)
11%
1 (11%)
Strategic(s)
67%
6 (67%)

Investor Summary

Investor Type

Asset Manager

Size

Mega

PE Assets

18.0B USD

Established

1999

Specialist/Generalist

Generalist

FAQ

When was Tennenbaum Capital Partners LLC founded?

Tennenbaum Capital Partners LLC was founded in 1999.

What type of investor is Tennenbaum Capital Partners LLC?

Tennenbaum Capital Partners LLC is an asset manager.

Where is Tennenbaum Capital Partners LLC headquartered?

Tennenbaum Capital Partners LLC is headquartered in Santa Monica, California.

How much capital does Tennenbaum Capital Partners LLC have under management?

Tennenbaum Capital Partners LLC has 18.0B USD under management.

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