Tenth Street Capital Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Tenth Street Capital has acquired 4 companies.

Tenth Street Capital’s most common sectors for investment are distribution (12%) and healthcare services (12%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (72%) and recapitalization (18%). In total, Tenth Street Capital has invested in 21 US states.

In the last 3 years, Tenth Street Capital has exited 5 companies. The Firm’s most common exit type is trade sale (36%).

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M&A Summary

  • M&A Total Activity52
    • M&A Buy Activity35
    • M&A Sell Activity17
  • Total Sectors Invested 19
  • Total Countries Invested 1
  • M&A Buy/Sell Connections 31

Tenth Street Capital

901 Tallan Building,
Chattanooga, Tennessee 37402
United States
(423) 266-7196
www.tenthstreet.com
alduke@tenthstreet.com

Tenth Street Capital LLC is an independent investment firm that seeks to invest in lower middle-market companies operating in a broad range of industries. TSC targets profitable businesses with strong market positions and diverse customers. Tenth Street will provide equity and junior capital and looks to invest $1 to $5 million in companies generating $10 to $150 million of revenue. Areas of interest include manufacturing, distribution, and services. Investment proceeds are generally used to support acquisitions, buyouts, and recapitalizations. Tenth Street Capital LLC was formed in 2005 and is based in Chattanooga, Tennessee.


Investment Criteria

Sectors of Interest: Automotive, Business Services, Communications, Consumer Products, Consumer Services, Distribution, Electrical Equipment, Energy Services and Equipment, Furniture, Healthcare Services, Information Technology, Life Science, Machinery, Manufacturing, Marine, Packaging, Restaurants, Retail, Staffing, Transportation

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

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

Transaction Criteria Min Max
Target Revenue 10 150
Target EBITDA 1 -
Investment Size 1 12
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (1.6/yr) # 27 4 2 2 - - 35
Sell (2.0/yr) # 7 5 3 1 - 1 17
  52

Most Recent M&A

Company Date Value Type
The Krystal Co. 2020-01-19 - Bankruptcy
Dunwoody, Georgia · www.krystal.com
Mid America Metals 2018-05-31 - Recapitalization
Ozark, Missouri · www.midamericametals.com
VersiCare Group 2018-02-28 - Buyout (LBO, MBO, MBI)
, United States · www.versicaregroup.com
Myco Trailers LLC 2018-02-21 - Secondary Sale
Bradenton, Florida · www.mycotrailers.com
Thomas Pipe & Supply LLC 2017-12-19 - Add-on Acquisition
Phoenix, Arizona · www.thomaspipe.net
Nexus Technologies, Inc. 2017-12-13 - Recapitalization
Greenwood Village, Colorado · www.nexustek.com
Lawn Dawg, Inc. 2017-09-25 - Add-on Acquisition
Nashua, New Hampshire · www.lawndawg.com
Gared Holdings LLC 2017-01-10 - Buyout (LBO, MBO, MBI)
Noblesville, Indiana · www.garedsports.com
Timberland Cabinetry Co. 2017-01-02 - Buyout (LBO, MBO, MBI)
Spring Hill, Tennessee · www.timberlandcabinets.com
BLR, Inc. (Business and Legal Resources) 2016-12-08 - Merger
Brentwood, Tennessee · www.blr.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Clarke Solutions LLC 2015-09-24 Covex LLC 2020-01-09 1
Fishers, Indiana · theclarkecompanies.net Wayne, Pennsylvania · www.covexllc.com
Brown Transfer Co. 2016-08-08 Central Arizona Freight, Inc. 2018-02-23 1
Kearney, Nebraska · www.browntransfer.com Phoenix, Arizona · www.cazfrt.com

M&A by Sector

Sector Current # Value All-time # Value
Distribution - - 4 (11%) -
Healthcare Services 1 (6%) - 4 (11%) -
Packaging 3 (19%) - 4 (11%) -
Transportation 2 (13%) - 3 (9%) -
Business Services 1 (6%) - 2 (6%) -
Consumer Products 1 (6%) - 2 (6%) -
Consumer Services 1 (6%) - 2 (6%) -
Information Technology - - 2 (6%) -
Manufacturing - - 2 (6%) -
Automotive 1 (6%) - 1 (3%) -
Communications 1 (6%) - 1 (3%) -
Electrical Equipment 1 (6%) - 1 (3%) -
Energy Services and Equipment 1 (6%) - 1 (3%) -
Furniture 1 (6%) - 1 (3%) -
Machinery - - 1 (3%) -
Marine - - 1 (3%) -
Restaurants - - 1 (3%) -
Retail 1 (6%) - 1 (3%) -
Staffing 1 (6%) - 1 (3%) -
Total 16 - 35 -

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 16 (100%) - 35 (100%) -
  Tennessee 2 (13%) - 5 (14%) -
  Georgia 2 (13%) - 3 (9%) -
  Florida - - 3 (9%) -
  Indiana 2 (13%) - 2 (6%) -
  Washington 1 (6%) - 2 (6%) -
  Ohio 1 (6%) - 2 (6%) -
  Louisiana 1 (6%) - 2 (6%) -
  Massachusetts - - 2 (6%) -
  Arizona - - 2 (6%) -
  Wisconsin 1 (6%) - 1 (3%) -
  Texas 1 (6%) - 1 (3%) -
  South Carolina 1 (6%) - 1 (3%) -
  Nebraska 1 (6%) - 1 (3%) -
  Missouri 1 (6%) - 1 (3%) -
  Idaho 1 (6%) - 1 (3%) -
  New York - - 1 (3%) -
  New Hampshire - - 1 (3%) -
  Kansas - - 1 (3%) -
  Iowa - - 1 (3%) -
  Colorado - - 1 (3%) -
Total 16 - 35 -

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 12 (75%) - 25 (71%) -
Recapitalization 3 (19%) - 6 (17%) -
Secondary Buyout 1 (6%) - 2 (6%) -
Divestiture - - 1 (3%) -
Growth Capital - - 1 (3%) -
Total 16 - 35 -

Exits by Deal Type

Type Total # Value
Secondary Sale 7 (41%) -
Trade Sale 6 (35%) -
Bankruptcy 1 (6%) -
Merger 1 (6%) -
Recapitalization 1 (6%) -
Trade Sale - Public Company 1 (6%) -
Total 17 -

M&A Connections

Deals %
Acquired from
PE Firm(s)
67%
2 67%
Strategic(s)
33%
1 33%
Exited to
PE Firm(s)
65%
11 65%
Strategic(s)
35%
6 35%

Investor Summary

Size

Small

PE Assets

100M USD

Established

2005

Specialist/Generalist

Generalist

Leadership

Al Duke

Co-Founder & Partner

Meredith Duke

Partner

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