The Edgewater Funds Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, The Edgewater Funds has acquired 3 companies.

The Edgewater Funds’ most common sectors for investment are information technology (16%) and medical products (12%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (67%) and growth capital (12%). In total, The Edgewater Funds has invested in 22 US states and 3 different countries. Its largest (disclosed) acquisition occurred in 2004 when it acquired AMF Bowling Worldwide for $670M.

In the last 3 years, The Edgewater Funds has exited 6 companies. The Firm’s most common exit type is trade sale (49%). The Edgewater Funds’ largest (disclosed) exit occurred in 2008 when it sold Helicon Re Holdings for $150M.

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M&A Summary

  • M&A Total Activity75
    • M&A Buy Activity44
    • M&A Sell Activity31
  • Total Sectors Invested 20
  • Total Countries Invested 3
  • M&A Buy/Sell Connections 38
  • M&A Advisors 2

The Edgewater Funds

900 N. Michigan Avenue, Suite 1800,
Chicago, Illinois 60611
United States
(312) 649-5666
www.edgewaterfunds.com

The Edgewater Funds is a private equity firm that targets investments in profitable, middle-market growth companies. Target companies typically have revenues of $20 to $500 million in revenue and EBITDA of $5 to $30 million. The Firm will consider minority and control investments in the form of growth capital financings and traditional buyouts. Edgewater looks for North American businesses operating in a variety of industries. Sectors of interest include business services; financial and government services; consumer products and services; healthcare; IT services and software; and industrial/manufacturing. Edgewater was formed in 1991 and is based in Chicago, Illinois.


Investment Criteria

Sectors of Interest: Aerospace, Automotive, Beverages, Business Services, Communications, Construction, Consumer Products, Consumer Services, Defense, Distribution, Engineering, Environmental, Financial Services, Healthcare Services, Information Technology, Insurance, Leisure, Machinery, Manufacturing, Marine, Medical Products, Software, Technology Hardware, Test/Measurement Equipment, Transportation

Target Transaction Types: Buyout (LBO, MBO, MBI), Growth Capital, Recapitalization, PIPE, Secondary Buyout, Stake Purchase, Merger

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

Transaction Criteria Min Max
Target Revenue 20 500
Target EBITDA 5 30
Investment Size - -
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (0.8/yr) # 40 1 - 2 1 - 44
vol $882M $882M
Sell (1.2/yr) # 25 - - 3 2 1 31
vol $524M $524M
  75

Most Recent M&A

Company Date Value Type
DataBank Ltd. 2020-02-10 - Secondary Buyout
Dallas, Texas · www.databank.com
Priority Express Courier, Inc. 2019-10-29 - Add-on Acquisition
Boothwyn, Pennsylvania · www.priorityexpress.com
MedData, Inc. 2019-10-10 - Divestiture
Brecksville, Ohio · www.meddata.com
Confluent Health 2019-05-30 - Secondary Buyout
Louisville, Kentucky · www.goconfluent.com
Steel & O'Brien Mfg. Inc. 2018-11-21 - Recapitalization
Arcade, New York · www.steelobrien.com
American Piping Products, Inc. 2018-09-17 - Secondary Buyout
Chesterfield, Missouri · www.amerpipe.com
Homecare Holdings LLC 2018-06-27 - Consolidation
, United States
Paragon Water Systems, Inc. 2018-03-14 - Add-on Acquisition
Clearwater, Florida · www.paragonwater.com
Bolder Healthcare Solutions LLC 2018-03-12 - Add-on Acquisition
Louisville, Kentucky · www.bolderhealthcare.com
DataBank Ltd. 2016-07-13 - Secondary Buyout
Dallas, Texas · www.databank.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Steel & O'Brien Mfg. Inc. 2018-11-21 Top Line Process Equipment Co. 2020-08-11 1
Arcade, New York · www.steelobrien.com Bradford, Pennsylvania · www.toplineonline.com
Homecare Holdings LLC 2018-06-27 Family Home Health Services 2018-06-27 1
, United States Melbourne, Florida · www.fhhsfl.com
Salter Labs, Inc. 2010-11-02 IntuBrite LLC 2017-08-23 3
Arvin, California · www.salterlabs.com Vista, California · www.intubrite.com
Salter Labs, Inc. 2010-11-02 Parker Medical, Inc. 2017-08-23 2
Arvin, California · www.salterlabs.com Highlands Ranch, Colorado · www.parkermedical.com
Salter Labs, Inc. 2010-11-02 Innomed Technologies, Inc. 2017-08-23 1
Arvin, California · www.salterlabs.com Coconut Creek, Florida · www.innomedinc.com
Industrial Service Solutions (ISS) 2011-01-01 Industrial Scaffolding Group LLC 2016-12-19 20
Chicago, Illinois · www.iss-na.com Grayling, Michigan · www.ipecgroup.wpengine.com/scaffolding/
Industrial Service Solutions (ISS) 2011-01-01 IPEC LLC 2016-12-19 19
Chicago, Illinois · www.iss-na.com Grayling, Michigan · www.ipecgroup.com
Industrial Service Solutions (ISS) 2011-01-01 Control Products Of Louisiana, Inc. 2016-12-15 18
Chicago, Illinois · www.iss-na.com Lafayette, Louisiana
Industrial Service Solutions (ISS) 2011-01-01 PTI Industries, Inc. 2016-12-15 17
Chicago, Illinois · www.iss-na.com Enfield, Connecticut · www.ptiindustries.com
Industrial Service Solutions (ISS) 2011-01-01 Buna Electric Motor Service, Inc. 2016-12-15 16
Chicago, Illinois · www.iss-na.com Vidor, Texas · www.bunaelectric.com

M&A by Sector

Sector Current # Value All-time # Value
Information Technology 1 (7%) - 7 (16%) 12M (1%)
Medical Products 1 (7%) - 5 (11%) -
Leisure 1 (7%) - 3 (7%) 670M (76%)
Machinery 1 (7%) - 3 (7%) -
Financial Services - - 2 (4%) 200M (23%)
Business Services 1 (7%) - 2 (4%) -
Communications 1 (7%) - 2 (4%) -
Consumer Services 1 (7%) - 2 (4%) -
Environmental - - 2 (4%) -
Healthcare Services 1 (7%) - 2 (4%) -
Insurance - - 2 (4%) -
Manufacturing 1 (7%) - 2 (4%) -
Software 2 (13%) - 2 (4%) -
Technology Hardware 2 (13%) - 2 (4%) -
Test/Measurement Equipment 1 (7%) - 2 (4%) -
Aerospace 1 (7%) - 1 (2%) -
Beverages - - 1 (2%) -
Defense - - 1 (2%) -
Distribution - - 1 (2%) -
Transportation - - 1 (2%) -
Total 15 - 45 $882M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 14 (93%) - 43 (96%) 882M (100%)
  Illinois 3 (20%) - 7 (16%) 200M (23%)
  Virginia 1 (7%) - 4 (9%) 670M (76%)
  California 2 (13%) - 3 (7%) -
  Florida 1 (7%) - 3 (7%) -
  Missouri - - 3 (7%) 12M (1%)
  Texas - - 3 (7%) -
  Michigan - - 3 (7%) -
  Ohio 1 (7%) - 2 (4%) -
  New York 1 (7%) - 2 (4%) -
  Idaho 1 (7%) - 1 (2%) -
  Tennessee 1 (7%) - 1 (2%) -
  North Carolina 1 (7%) - 1 (2%) -
  New Jersey 1 (7%) - 1 (2%) -
  Massachusetts - - 1 (2%) -
  Kentucky - - 1 (2%) -
  Iowa - - 1 (2%) -
  Indiana - - 1 (2%) -
  Georgia - - 1 (2%) -
  Pennsylvania - - 1 (2%) -
  Oregon - - 1 (2%) -
  Minnesota - - 1 (2%) -
Australia 1 (7%) - 1 (2%) -
Bermuda - - 1 (2%) -
Domestic 14 (93%) - 43 (96%) 882M (100%)
Cross-border 1 (7%) - 2 (4%) -
Total 15 - 45 $882M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 8 (53%) - 30 (67%) 682M (77%)
Growth Capital 2 (13%) - 5 (11%) -
Consolidation 2 (13%) - 2 (4%) -
Divestiture 2 (13%) - 2 (4%) -
Recapitalization 1 (7%) - 2 (4%) -
Secondary Buyout - - 2 (4%) -
PIPE - - 1 (2%) 200M (23%)
Stake Purchase - - 1 (2%) -
Total 15 - 45 $882M

Exits by Deal Type

Type Total # Value
Secondary Sale 10 (32%) -
Trade Sale 8 (26%) 130M (35%)
Trade Sale - Public Company 7 (23%) 244M (65%)
Bankruptcy 2 (6%) -
IPO 2 (6%) -
Merger 1 (3%) -
Recapitalization 1 (3%) -
Total 31 $374M

Top M&A Advisors

Financial Deals
Allegiance Capital Corp.
1
Legal Deals
Kirkland & Ellis LLP
1

Deal Values

buy # Total
$100M to $1B 2 $870M
< $100M 1 $12M
TOTAL $882M
Largest AMF Bowling Worldwide, Inc.
$670M (2004-02-27)
sell # Total
$100M to $1B 3 $430M
< $100M 1 $94M
TOTAL $524M
Largest Helicon Re Holdings Ltd.
$150M (2008-02-26)

M&A Connections

Deals %
Acquired from
PE Firm(s)
67%
4 67%
Strategic(s)
33%
2 33%
Exited to
PE Firm(s)
53%
18 53%
Strategic(s)
47%
16 47%

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