M&A Deal Summary

AFM Capital Partners and Kissel Capital Acquire Royal Camp Services

On April 1, 2022, private equity firms AFM Capital Partners and Kissel Capital acquired business services company Royal Camp Services from HKW

Acquisition Highlights
  • This is AFM Capital Partners’ 3rd and Kissel Capital’s 1st transaction in the Business Services sector.
  • This is AFM Capital Partners’ 1st and Kissel Capital’s 1st transaction in Canada.
  • This is AFM Capital Partners’ 1st and Kissel Capital’s 1st transaction in Alberta.
Investment Fate
  • Royal Camp Services was sold to a publicly-traded strategic buyer in 2025 for 165M USD.

M&A Deal Summary

Date 2022-04-01
Target Royal Camp Services
Sector Business Services
Buyer(s) AFM Capital Partners
Kissel Capital
Sellers(s) HKW
Deal Type Secondary Buyout

Target

Royal Camp Services

Edmonton, Alberta, Canada
Royal Camp Services is a provider of workforce accommodations, catering, and complementary services to customers operating in the oil, natural gas, and mining industries in western Canada. Royal Camp Services was founded in 1991 and is based in Edmonton, Alberta.

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Buyer(S) 2

DESCRIPTION

AFM Capital Partners is an operationally-driven private investment firm specializing in control investments in middle-market companies across the US. The Firm partners with growth-oriented businesses and experienced management teams to provide strategic guidance, capital resources, and deep operational expertise. AFM’s sector focus spans advanced industrials, aerospace, manufacturing, and packaging, consumer goods, food, beverage, and business services. AFM Capital Partners was founded in 2017 and is based in Indianapolis, Indiana.


DEAL STATS #
Overall 7 of 10
Sector: Business Services M&A 3 of 3
Type: Secondary Buyout M&A Deals 1 of 2
State: Alberta M&A 1 of 1
Country: Canada M&A 1 of 1
Year: 2022 M&A 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-01 613 Originals

Mahwah, New Jersey, United States

613 Originals is the premier & innovative source for custom heat applied graphics. The company specializes in custom screen printed heat transfers. 613 Originals was founded in 2018 and is based in Mahwah, New Jersey.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-01-09 CMIT Solutions

Austin, Texas, United States

CMIT Solutions is a provider of enterprise-level information technology (IT) services to the small and mid-market business community. CMIT Solutions was founded in 1996 and is based in Austin, Texas.

Buy -
DESCRIPTION

Kissel Capital is a private equity firm specializing in management-led recapitalizations and buyouts of lower-middle-market companies throughout the US and Canada. The Firm looks for companies operating in the industrial services, industrial technology, building products, and business services sectors. Kissel Capital was founded in 2022 and is headquartered in Zionsville, Indiana.


DEAL STATS #
Overall 1 of 3
Sector: Business Services M&A 1 of 1
Type: Secondary Buyout M&A Deals 1 of 2
State: Alberta M&A 1 of 2
Country: Canada M&A 1 of 2
Year: 2022 M&A 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-06-24 Contour Glass

Surgoinsville, Tennessee, United States

Contour Glass is a niche fabricator – cutting, drilling, screen printing, and tempering of glass parts primarily for appliance manufacturers and suppliers. Contour Glass was founded in 1985 and is headquartered in Surgoinsville, Tennessee.

Buy -

Seller(S) 1

SELLER

HKW

Indianapolis, Indiana, United States

Investor Investor Investor Investor


Category Private Equity Firm
Founded 1903
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Hammond Kennedy Whitney & Company (HKW) is a private equity firm focused on making control investments in mid-sized, 'market leading' companies generating sales of $5 to $75 million. HKW looks for companies with low risk for technological obsolescence, defined growth strategies, and talented management who want to own equity. Target transaction situations include industry consolidations, corporate divestitures, generational changes in ownership, growth equity, management buy-outs and recapitalizations. HKW prefers North American based opportunities. HKW dates back to 1903, however the Firm transitioned from sole to institutional investors in 2001. The Firm has offices in Indianapolis and New York City.


DEAL STATS #
Overall 36 of 38
Sector: Business Services M&A 4 of 5
Type: Secondary Buyout M&A Deals 18 of 19
State: Alberta M&A 2 of 3
Country: Canada M&A 6 of 8
Year: 2022 M&A 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-03-22 Draup

The Woodlands, Texas, United States

Draup is a provider of AI-driven data intelligence solutions for corporate leaders across sales & marketing, and human resources. Draup is based in The Woodlands, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-10-11 TitanGPS

Edmonton, Alberta, Canada

Certified Tracking Solutions develops software for applications ranging from specialized fleet management telematics solutions to consumer-based GPS tracking and vehicle control systems. Certified Tracking Solutions was founded in 2004 and is based in Edmonton, Alberta.

Sell -