M&A Deal Summary

3 Rivers Capital and Aldine Capital Partners Acquire Aptus

On December 20, 2019, private equity firm 3 Rivers Capital and mezzanine finance firm Aldine Capital Partners acquired construction company Aptus

Acquisition Highlights
  • This is 3 Rivers Capital’s 1st and Aldine Capital Partners’ 3rd transaction in the Construction sector.
  • This is 3 Rivers Capital’s 11th and Aldine Capital Partners’ 45th transaction in the United States.
  • This is 3 Rivers Capital’s 1st and Aldine Capital Partners’ 2nd transaction in North Carolina.

M&A Deal Summary
Date 2019-12-20
Target Aptus
Sector Construction
Buyer(s) 3 Rivers Capital
Aldine Capital Partners
Deal Type Buyout (LBO, MBO, MBI)

Target

Aptus

Charlotte, North Carolina, United States
Aptus is a turnkey utility infrastructure services business, providing inspection, engineering, installation, and maintenance services for bridge-attached utilities, primarily water drainage systems, and conduit piping. Additionally, the company provides inspection, protection, and remediation services for above-ground gas lines. Aptus’ customers include power utilities, telecommunications, natural gas providers, and general contractors for Departments of Transportation, predominately in the eastern half of the United States. Aptus was founded in 2005 and is based in Charlotte, North Carolina.

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Buyer(S) 2

Buyer

3 Rivers Capital

Pittsburgh, Pennsylvania, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2005
Size Small
Type Sector Agnostic
DESCRIPTION

3 Rivers Capital is a private equity firm focused on recapitalizations and buyouts of smaller companies located in the Eastern to Mountain West regions of the US. The Firm generally targets businesses with revenues up to $50 million and EBITDA up to $10 million. Target sectors include niche manufacturing, business services, healthcare, and energy. 3 Rivers prefers businesses with high barriers to entry, strong management, and operating in defensible markets. 3 Rivers was formed in 2005 and is based in Pittsburgh, Pennsylvania.

DEAL STATS #
Overall 11 of 15
Sector (Construction) 1 of 1
Type (Buyout (LBO, MBO, MBI)) 8 of 10
State (North Carolina) 1 of 1
Country (United States) 11 of 15
Year (2019) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-08-06 Interlight

Hammond, Indiana, United States

Interlight is an online distributor of specialty lighting products and other replacement, consumable parts. Interlight utilizes its technology platform to leverage data and simplify the process of purchasing replacement products. Interlight was founded in 1992 and is based in Hammond, Indiana.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-03 R3 Wound Care and Hyperbarics

Ft. Worth, Texas, United States

R3 Wound Care and Hyperbarics is a provider of high quality, outpatient wound care clinics, and hyperbaric oxygen therapy (“HBOT”) centers. R3 specializes in treating diabetic ulcers, arterial insufficiency wounds, radiation wounds, and non-diabetic surgical wounds. R3 Wound Care and Hyperbarics is based in Fort Worth, Texas.

Buy -
Buyer

Aldine Capital Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 2005
Size Small
Type Sector Agnostic
DESCRIPTION

Aldine Capital Partners is a mezzanine investment firm that provides mezzanine and junior capital financing to lower middle-market companies generating sales of at least $10 million and at least $2 million in EBITDA. Aldine invests in the range of $4 to $25 million per transaction. Types of transactions include management buyouts, acquisition financings, shareholder liquidity events, recapitalizations, and growth financings of smaller middle-market companies. Aldine will consider investments across the United States, but has a primary focus on opportunities in the Midwest. The Firm will not consider investments in start-ups, turnarounds, real estate, insurance, banking, and oil/gas. Aldine Capital was formed in 2005 and is based in Chicago, Illinois.

DEAL STATS #
Overall 45 of 70
Sector (Construction) 3 of 3
Type (Buyout (LBO, MBO, MBI)) 21 of 25
State (North Carolina) 2 of 2
Country (United States) 45 of 70
Year (2019) 9 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-12-13 Whisker

Auburn Hills, Michigan, United States

Whisker is a technology consumer products company dedicated to designing, engineering, manufacturing, and marketing highly functional and easy-to-use pet products through its direct-to-consumer e-commerce platform. Whisker was founded in 1999 and is based in Auburn Hills, Michigan.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-12 The Mortgage Office

Long Beach, California, United States

The Mortgage Office is a cloud-based platform provider for the private lending industry, primarily serving private lending institutions, non-profits, municipalities, fund administrators, and franchisors. ABS’s technology solutions enable lenders to service more loans, lower servicing costs, and reduce the time to close, all while ensuring the highest levels of compliance, quality, and efficiency. The Mortgage Office was founded in 1978 and is based in Long Beach, California.

Buy -
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