The Edgewater Funds Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, The Edgewater Funds has acquired 3 companies. It has also invested in 2 others.

The Edgewater Funds’ most common sectors for investment areinformation technology (16%) and medical products (8%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (58%) and growth capital (16%). In total, The Edgewater Funds has invested in 21 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 (43%). 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 Activity91
    • M&A Buy Activity51
    • M&A Sell Activity40
  • Total Sectors Invested 24
  • Total Countries Invested 3
  • M&A Buy/Sell Connections 35
  • 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 ≤ '19 '20 '21 '22 '23 '24 T
Buy (1.2/yr) # 45 1 1 2 2 - 51
vol $882M $882M
Sell (1.6/yr) # 32 2 1 4 1 - 40
vol $524M $524M
  91

Most Recent M&A

Company Date Value Type
Unitech Holdings, Inc. 2023-11-07 - Secondary Sale
Hayden, Idaho · www.theunitechgroup.com
Turbine Engine Specialists 2023-10-01 - Growth Capital
Fort Worth, Texas · www.tesservice.com
Dura Products Inc. 2023-06-01 - Buyout (LBO, MBO, MBI)
Arcadia, Indiana
Industrial Service Solutions 2022-12-19 - Secondary Sale
Houston, Texas · www.iss-na.com
Rensa Filtration 2022-08-15 - Secondary Sale
St. Charles, Illinois · www.rensafiltration.com
Flexible Packaging Specialties, Inc. 2022-08-04 - Buyout (LBO, MBO, MBI)
Loveland, Ohio · www.flex-pack.com
Technical Safety Services, Inc. 2022-06-23 - Secondary Sale
Berkeley, California · www.techsafety.com
Solgen Enterprises LLC 2022-05-01 - Consolidation
Pasco, Washington
Flow Control Holdings 2022-03-15 - Secondary Sale
Chicago, Illinois · www.flowcontrolholdings.com
Vertical Bridge Holdings LLC 2021-08-10 - Secondary Sale
Boca Raton, Florida · www.verticalbridge.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

M&A by Sector

Sector Current # Value All-time # Value
Information Technology 2 (18%) - 8 (15%) 12M (1%)
Medical Products - - 4 (8%) -
Leisure - - 3 (6%) 670M (76%)
Aerospace 2 (18%) - 3 (6%) -
Machinery - - 3 (6%) -
Manufacturing 1 (9%) - 3 (6%) -
Test/Measurement Equipment 1 (9%) - 3 (6%) -
Financial Services - - 2 (4%) 200M (23%)
Business Services - - 2 (4%) -
Communications - - 2 (4%) -
Environmental - - 2 (4%) -
Healthcare Services - - 2 (4%) -
Insurance - - 2 (4%) -
Packaging 2 (18%) - 2 (4%) -
Software 1 (9%) - 2 (4%) -
Beverages - - 1 (2%) -
Consumer Services - - 1 (2%) -
Defense - - 1 (2%) -
Distribution - - 1 (2%) -
Infrastructure - - 1 (2%) -
Marketing 1 (9%) - 1 (2%) -
Renewable Energy 1 (9%) - 1 (2%) -
Technology Hardware - - 1 (2%) -
Transportation - - 1 (2%) -
Total 11 - 52 $882M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 11 (100%) - 50 (96%) 882M (100%)
  Illinois 1 (9%) - 8 (15%) 200M (23%)
  Texas 3 (27%) - 7 (13%) -
  Missouri 1 (9%) - 4 (8%) 12M (1%)
  Virginia - - 4 (8%) 670M (76%)
  Florida - - 4 (8%) -
  New York 2 (18%) - 3 (6%) -
  Indiana 1 (9%) - 2 (4%) -
  Pennsylvania 1 (9%) - 2 (4%) -
  Ohio 1 (9%) - 2 (4%) -
  Michigan - - 2 (4%) -
  California - - 2 (4%) -
  Washington 1 (9%) - 1 (2%) -
  New Jersey - - 1 (2%) -
  Massachusetts - - 1 (2%) -
  Kentucky - - 1 (2%) -
  Iowa - - 1 (2%) -
  Idaho - - 1 (2%) -
  Georgia - - 1 (2%) -
  Tennessee - - 1 (2%) -
  Oregon - - 1 (2%) -
  North Carolina - - 1 (2%) -
United Kingdom - - 1 (2%) -
  Texas - - 1 (2%) -
Bermuda - - 1 (2%) -
Domestic 11 (100%) - 50 (96%) 882M (100%)
Cross-border - - 2 (4%) -
Total 11 - 52 $882M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 2 (18%) - 30 (58%) 682M (77%)
Growth Capital 4 (36%) - 8 (15%) -
Consolidation 2 (18%) - 5 (10%) -
Recapitalization 2 (18%) - 3 (6%) -
Divestiture 1 (9%) - 2 (4%) -
Secondary Buyout - - 2 (4%) -
PIPE - - 1 (2%) 200M (23%)
Stake Purchase - - 1 (2%) -
Total 11 - 52 $882M

Exits by Deal Type

Type Total # Value
Secondary Sale 16 (40%) -
Trade Sale 9 (23%) 130M (35%)
Trade Sale - Public Company 8 (20%) 244M (65%)
Bankruptcy 3 (8%) -
IPO 2 (5%) -
Merger 1 (3%) -
Recapitalization 1 (3%) -
Total 40 $374M

Top M&A Advisors

Financial Deals
Allegiance Capital Corp.
 1
Legal Deals
Kirkland & Ellis
 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
Investor(s)
4%
2 (4%)
Strategic(s)
4%
2 (4%)
Exited to
Investor(s)
43%
17 (43%)
Strategic(s)
45%
18 (45%)

Investor Summary

Investor Type

Private Equity Firm

Size

Large

PE Assets

2.8B USD

Established

1991

Specialist/Generalist

Generalist

Leadership

James Gordon

Founder & Managing Partner

David Tolmie

Senior Partner

Gregory Jones

Senior Partner

Scott Brown

Senior Partner

Matt Norris

CFO & COO

FAQ

When was The Edgewater Funds founded?

The Edgewater Funds was founded in 1991.

What type of investor is The Edgewater Funds?

The Edgewater Funds is a private equity firm.

Where is The Edgewater Funds headquartered?

The Edgewater Funds is headquartered in Chicago, Illinois.

How much capital does The Edgewater Funds have under management?

The Edgewater Funds has 2.8B USD under management.

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