M&A Deal Summary

AEA Investors, Warren Equity Partners and Audax Private Debt Acquire Allied Power Group

On June 17, 2019, private equity firm AEA Investors, private equity firm Warren Equity Partners and mezzanine finance firm Audax Private Debt acquired energy services and equipment company Allied Power Group from OFS Energy Fund

Acquisition Highlights
  • This is AEA Investors’ 3rd, Warren Equity Partners’ 2nd and Audax Private Debt’s 1st transaction in the Energy Services and Equipment sector.
  • This is AEA Investors’ 78th, Warren Equity Partners’ 9th and Audax Private Debt’s 59th transaction in the United States.
  • This is AEA Investors’ 9th, Warren Equity Partners’ 4th and Audax Private Debt’s 7th transaction in Texas.

M&A Deal Summary

Date 2019-06-17
Target Allied Power Group
Sector Energy Services and Equipment
Buyer(s) AEA Investors
Warren Equity Partners
Audax Private Debt
Sellers(s) OFS Energy Fund
Deal Type Secondary Buyout

Target

Allied Power Group

Houston, Texas, United States
Allied Power Group is an independent provider of aftermarket maintenance and repair solutions for heavy-frame IGTs, primarily serving the electric utility industry. APG’s fully-integrated offering includes engineered inspections and repairs, specialized coatings, precision manufacturing of replacement components, experienced field service professionals, multi-faceted rotor repair, and an expansive inventory of refurbished parts. Allied Power Group was founded in 2005 and is based in Houston, Texas.

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Buyer(S) 3

Buyer

AEA Investors

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1968
PE ASSETS 19.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

AEA Investors is a private investment firm focused on investing in and acquiring businesses headquartered primarily in the US, Europe, and China. AEA looks for companies operating in stable to growing industries with a proven ability to generate positive cash-flow. Broad sectors of interest include value-added industrial products/services, specialty chemicals, consumer products, and services. In addition to its primary middle-market private equity fund, AEA maintains additional funds targeted towards mezzanine financing, senior secured debt, and small business buyouts. AEA Investors was formed in 1968 and is based in New York City.


DEAL STATS #
Overall 90 of 121
Sector: Energy Services and Equipment M&A 3 of 3
Type: Secondary Buyout M&A Deals 41 of 57
State: Texas M&A 9 of 13
Country: United States M&A 78 of 106
Year: 2019 M&A 3 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-31 AmEx

Folcroft, Pennsylvania, United States

AmEx is a same-day ground courier that specializes in on-demand, expedited transportation and logistics services for customers with time-critical shipment needs. AmEx’s services have expanded over time to encompass air services, a national logistics program, service parts distribution and warehousing, fulfillment, facilities and fleet management. AmEx was founded in 1983 and is based in Folcroft, Pennsylvania.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-18 Trox

Phoenix, Arizona, United States

Trox is a national distributor of audio visual products primarily serving the K-12 and higher education markets. Trox helps customers simplify purchasing, deployment, and lifecycle management of complex solutions and offers industry-leading warranties and customer support.

Sell -
Buyer

Warren Equity Partners

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2015
PE ASSETS 4.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Warren Equity Partners is a private equity firm focused on small and medium-sized company investments. Warren Equity will consider profitable companies throughout North America and looks to invest $25 to $100 million per transaction. Sectors of interest include infrastructure, energy services, industrial, and building materials. Warren Equity Partners was formed in 2015 and is based in Jacksonville, Florida.


DEAL STATS #
Overall 9 of 29
Sector: Energy Services and Equipment M&A 2 of 4
Type: Secondary Buyout M&A Deals 2 of 4
State: Texas M&A 4 of 9
Country: United States M&A 9 of 29
Year: 2019 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-01-08 M&D Distributors

Humble, Texas, United States

M&D Distributors is a distributor of aftermarket parts and components for maintaining and repairing diesel-powered engines within Texas, Oklahoma, and Louisiana. M&D Distributors’ product portfolio includes more than 100,000 new and remanufactured fuel injection, turbocharger, engine part, and filtration products from leading OEMs and aftermarket suppliers. M&D Distributors was founded in 1943 and is based in Humble, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-04-01 PowerGrid Services

Hartselle, Alabama, United States

PowerGrid Services is a utility services business providing repair and maintenance services for distribution, transmission, and substation infrastructure. PowerGrid Services is based in Hartselle, Alabama.

Buy -
Buyer

Audax Private Debt

New York, New York, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 2000
PE ASSETS 5.4B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Audax Mezzanine is the mezzanine finance arm of the Audax Group. The Firm focuses on investing in both private and public, US-based middle market companies with a strong history of cash flows and consistent revenue growth. Audax will consider subordinated mezzanine debt commitments, second lien or junior secured debt, preferred stock and common stock. The Firm seeks to invest in companies with EBITDA between $10 and $100 million. Types of transaction include MBOs, LBOs, growth capital financings, acquisition financings, and recapitalizations. Audax Private Debt is based in New York, New York.


DEAL STATS #
Overall 60 of 120
Sector: Energy Services and Equipment M&A 1 of 1
Type: Secondary Buyout M&A Deals 25 of 58
State: Texas M&A 7 of 9
Country: United States M&A 59 of 118
Year: 2019 M&A 4 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-14 CPP

Cleveland, Ohio, United States

CPP is an aerospace casting manufacturer and offers both sand and investment casting capabilities. The company specializes in producing complex, mission-critical components for a variety of leading commercial and military aircraft and regional/business jets, as well as industrial gas turbines. CPP was founded in 1991 and is based in Cleveland, Ohio.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-26 Monotype

Woburn, Massachusetts, United States

Monotype is a provider of typefaces, technology, and expertise that enable the best user experience and ensure brand integrity. Monotype provides customers worldwide with typeface solutions for a broad range of creative applications and consumer devices. Monotype was founded in 1887 and is based in Woburn, Massachusetts.

Buy $825M

Seller(S) 1

SELLER

OFS Energy Fund

Houston, Texas, United States

Investor


Category Private Equity Firm
Founded 2008
Size Small
Type Sector Focused
DESCRIPTION

OFS Energy Fund is a private equity fund focused on acquiring and growing lower middle market energy service companies. OFS seeks at least $15 million in companies generating revenue of $5 to $100 million and EBITDA of $1 to $20 million. OFS also looks to provide debt financing to private and public companies as well. The Firm will consider a variety of transaction situations, including buyouts, recapitalizations, growth capital financings, and special situations. OFS Energy is managed by Dorado Energy Partners LLC. The Firm was founded in 2008 and is based in Houston, Texas.


DEAL STATS #
Overall 9 of 14
Sector: Energy Services and Equipment M&A 6 of 8
Type: Secondary Buyout M&A Deals 2 of 3
State: Texas M&A 6 of 11
Country: United States M&A 9 of 14
Year: 2019 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-02-07 Buckhorn Energy Services

Denver, Colorado, United States

Buckhorn Energy Services provides oilfield waste disposal services to the oil and natural gas industry. Buckhorn was founded in 2011 and is based in Denver, Colorado.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-15 Terra Oilfield Services

Conroe, Texas, United States

Terra Oilfield Services provides critical water transfer, treatment, and fluids management services to the oil and gas industry primarily during the drilling and completion phases. Terra Oilfield Services is based in Conroe, Texas.

Sell -