Tennenbaum Capital Partners Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Tennenbaum Capital Partners has acquired 2 companies.

Tennenbaum Capital Partners’ most common sectors for investment are information technology (23%) and communications (12%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (23%) and recapitalization (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 2 companies. The Firm’s most common exit type is trade sale (50%). Tennenbaum Capital Partners’ largest (disclosed) exit occurred in 2013 when it sold Online Resources for $263M.

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M&A Summary

  • M&A Total Activity17
    • M&A Buy Activity9
    • M&A Sell Activity8
  • Total Sectors Invested 8
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 12
  • 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, Scandinavia

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 ≤ '15 '16 '17 '18 '19 '20 T
Buy (0.4/yr) # 7 - 1 1 - - 9
vol $386M $386M
Sell (0.6/yr) # 5 1 - 2 - - 8
vol $443M $135M $578M
  17

Most Recent M&A

Company Date Value Type
Hanley Wood LLC 2018-12-12 - Secondary Buyout
Washington, District of Columbia · www.hanleywood.com
Globecomm Systems, Inc. 2018-08-28 135M USD Add-on Acquisition
Hauppauge, New York · www.globecommsystems.com
Cognate BioServices, Inc. 2018-02-20 - Buyout (LBO, MBO, MBI)
Hanover, Maryland · www.cognatebioservices.com
Globecomm Systems, Inc. 2017-08-09 - Secondary Buyout
Hauppauge, New York · www.globecommsystems.com
Contech Engineered Solutions LLC 2016-11-15 - Add-on Acquisition
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 Add-on Acquisition
Andover, Massachusetts · www.enterasys.com
Online Resources Corp. 2013-01-30 263M USD Add-on Acquisition
Chantilly, Virginia · www.orcc.com
Xperience XRG Restaurant Group 2012-02-13 - Special Situations/Distressed
Cypress, California · www.xperiencerg.com
Contech Engineered Solutions LLC 2012-02-08 - Recapitalization
West Chester, Ohio · www.conteches.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Xperience XRG Restaurant Group 2012-02-13 SOL Mexican Cocina 2019-11-26 1
Cypress, California · www.xperiencerg.com Newport Beach, California · www.solcocina.com
Cognate BioServices, Inc. 2018-02-20 Cobra Biologics 2019-11-04 1
Hanover, Maryland · www.cognatebioservices.com Keele Science Park, United Kingdom · www.cobrabio.com

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 (50%) - 1 (11%) -
Media - - 1 (11%) -
Restaurants 1 (50%) - 1 (11%) -
Technology Hardware - - 1 (11%) -
Total 2 - 9 $386M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 2 (100%) - 8 (100%) 386M (100%)
  Massachusetts - - 2 (25%) 386M (100%)
  Maryland 1 (50%) - 1 (13%) -
  California 1 (50%) - 1 (13%) -
  Illinois - - 1 (13%) -
  District of Columbia - - 1 (13%) -
  Ohio - - 1 (13%) -
  New York - - 1 (13%) -
Total 2 - 8 $386M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 1 (50%) - 2 (22%) -
Recapitalization - - 2 (22%) -
Special Situations/Distressed 1 (50%) - 2 (22%) -
Going Private - - 1 (11%) 386M (100%)
PIPE - - 1 (11%) -
Secondary Buyout - - 1 (11%) -
Total 2 - 9 $386M

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 3 (38%) 578M (100%)
Secondary Sale 3 (38%) -
IPO 1 (13%) -
Trade Sale 1 (13%) -
Total 8 $578M

Top M&A Advisors

Financial Deals
Quarton Partners LLC
1
Legal Deals
Skadden, Arps, Slate, Meagher & Flom LLP
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 3 $578M
TOTAL $578M
Largest Online Resources Corp.
$263M (2013-01-30)

M&A Connections

Deals %
Acquired from
PE Firm(s)
100%
7 100%
Exited to
PE Firm(s)
33%
2 33%
Strategic(s)
67%
4 67%

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