Three Cities Research Mergers and Acquisitions Summary

Private Equity Profile

Three Cities Research’s most common sectors for investment are business services (15%) and machinery (15%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (72%) and going private (15%). In total, Three Cities Research has invested in 8 US states and 3 different countries. Its largest (disclosed) acquisition occurred in 1995 when it acquired Hunt Valve for $18M.

The Firm’s most common exit type is trade sale (40%). Three Cities Research’s largest (disclosed) exit occurred in 2011 when it sold At Home Group for $715M.

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M&A Summary

  • M&A Total Activity24
    • M&A Buy Activity14
    • M&A Sell Activity10
  • Total Sectors Invested 11
  • Total Countries Invested 3
  • M&A Buy/Sell Connections 12

Three Cities Research

135 East 57th Street, 15-103,
New York, New York 10011
United States
(212) 838-9660
www.tcr-ny.com
info@tcr-ny.com

Three Cities Research (TCR) is a private equity firm focused on investing in underperforming companies. TCR looks for change of control situations where the firm's involvement can lead to improvements. Broad sectors of interest include manufacturing, distribution, industrial, services, and retail. Three Cities Research was formed in1976 and is based in New York City.


Investment Criteria

Sectors of Interest: Apparel/Textiles, Automotive, Building Materials, Business Services, Consumer Services, Distribution, Energy Services and Equipment, Environmental, Financial Services, Furniture, Machinery, Manufacturing, Marketing, Medical Products, Oil/Gas Exploration, Publishing, Retail, Technology Hardware, Transportation

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture

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

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

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (0.0/yr) # 14 - - - - - 14
vol $18M $18M
Sell (0.0/yr) # 10 - - - - - 10
vol $715M $715M
  24

Most Recent M&A

Company Date Value Type
Bluefish Holdings LLC 2013-01-01 - Buyout (LBO, MBO, MBI)
Houston, Texas
Agrileum LLC 2013-01-01 - Buyout (LBO, MBO, MBI)
Memphis, Tennessee · www.agrileum.com
At Home Group, Inc. 2011-09-08 715M USD Secondary Buyout
Plano, Texas · www.athome.com
US Liquids of Louisiana LP (USLL) 2010-07-16 - Add-on Acquisition
Houston, Texas · www.uslla.com
At Home Group, Inc. 2008-02-02 - Bankruptcy
Plano, Texas · www.athome.com
Precision Industries Corp. 2007-10-31 - Add-on Acquisition
Germantown, Wisconsin
Masterplan, Inc. 2007-02-05 - Secondary Buyout
Chatsworth, California · www.masterplan-inc.com
Morton Industrial Group, Inc. 2006-08-25 - Secondary Buyout
Morton, Illinois · www.mortongroup.com
BCR Holdings, Inc. 2006-01-01 - Buyout (LBO, MBO, MBI)
Houston, Texas
At Home Group, Inc. 2005-05-11 - Special Situations/Distressed
Plano, Texas · www.athome.com
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Machinery 1 (25%) - 2 (14%) 18M (100%)
Business Services - - 2 (14%) -
Retail - - 2 (14%) -
Apparel/Textiles - - 1 (7%) -
Distribution - - 1 (7%) -
Energy Services and Equipment - - 1 (7%) -
Environmental 1 (25%) - 1 (7%) -
Manufacturing - - 1 (7%) -
Oil/Gas Exploration 1 (25%) - 1 (7%) -
Publishing - - 1 (7%) -
Renewable Energy 1 (25%) - 1 (7%) -
Total 4 - 14 $18M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 4 (100%) - 12 (92%) 18M (100%)
  Texas 1 (25%) - 4 (31%) -
  Ohio 1 (25%) - 2 (15%) 18M (100%)
  Tennessee 1 (25%) - 1 (8%) -
  Kentucky 1 (25%) - 1 (8%) -
  Oregon - - 1 (8%) -
  New York - - 1 (8%) -
  Illinois - - 1 (8%) -
  Georgia - - 1 (8%) -
France - - 1 (8%) -
Domestic 4 (100%) - 12 (92%) 18M (100%)
Cross-border - - 1 (8%) -
Total 4 - 13 $18M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 4 (100%) - 10 (71%) -
Going Private - - 2 (14%) -
Divestiture - - 1 (7%) 18M (100%)
Special Situations/Distressed - - 1 (7%) -
Total 4 - 14 $18M

Exits by Deal Type

Type Total # Value
Secondary Sale 4 (40%) 715M (100%)
Trade Sale 3 (30%) -
Bankruptcy 2 (20%) -
Trade Sale - Public Company 1 (10%) -
Total 10 $715M

Deal Values

buy # Total
< $100M 1 $18M
TOTAL $18M
Largest Hunt Valve Co., Inc.
$18M (1995-10-24)
sell # Total
$100M to $1B 1 $715M
TOTAL $715M
Largest At Home Group, Inc.
$715M (2011-09-08)

M&A Connections

Deals %
Acquired from
Strategic(s)
100%
1 100%
Exited to
PE Firm(s)
50%
4 50%
Strategic(s)
50%
4 50%

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