M&A Deal Summary

Apax Acquires Tosca

On October 2, 2017, private equity firm Apax acquired packaging company Tosca from Orchard Holdings Group and Triangle Capital

Acquisition Highlights
  • This is Apax’s 1st transaction in the Packaging sector.
  • This is Apax’s 74th transaction in the United States.
  • This is Apax’s 2nd transaction in Georgia.

M&A Deal Summary
Date 2017-10-02
Target Tosca
Sector Packaging
Buyer(s) Apax
Sellers(s) Orchard Holdings Group
Triangle Capital
Deal Type Secondary Buyout
Advisor(s) William Blair
RSM EquiCo Capital Markets LLC
PwC Corporate Finance LLC (Financial)
Kirkland & Ellis (Legal)

Target

Tosca

Atlanta, Georgia, United States
Tosca is a provider of reusable packaging and supply chain solutions across a diverse range of markets including eggs, poultry, produce, case-ready meat, and cheese. It collaborates with growers, suppliers, and retailers to deliver the best flow of perishables through the supply chain, eliminating waste at every turn. Tosca was formed in 1959 and is based in Atlanta, Georgia.

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Buyer(S) 1

Buyer

Apax

London, United Kingdom

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1981
PE ASSETS 77.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Apax Partners is a mega-sized private equity investment group, operating across the United States, Europe, Israel and Asia. Broad industry sectors of interest include tech & telecom, media, retail & consumer, healthcare, financial services, and business services. Apax will consider both minority and majority investment positions and prefers companies with strong market positions and growth potential. The Firm generally pursues platform acquisitions valued from $1 to $5 billion. Apax Partners was formed in 1981 and is based in London.

DEAL STATS #
Overall 194 of 261
Sector (Packaging) 1 of 1
Type (Secondary Buyout) 37 of 66
State (Georgia) 2 of 2
Country (United States) 74 of 104
Year (2017) 14 of 15
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-10-01 Squad

Poissonnière, France

Squad is an IT services company specialized in Cybersecurity and DevOps. Squad provides expertise to ensure protection against the most complex cyber threats. Combining the best practices of DevOps and Cybersecurity, we are committed to creating secured cyberspace. Squad was founded in 2011 and is based in Poissonnière, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-10-16 Paradigm

Houston, Texas, United States

Paradigm Ltd. is an independent developer of software enabled solutions to the global oil and gas industry. Paradigm technologies and workflows enable its customers to create value from data, understand complex geology, drill in optimal locations, assess risks impacting safety and the environment, and maximize asset value. Paradigm was formed in 1987 and is based in Houston, Texas.

Sell $510M

Seller(S) 2

SELLER

Orchard Holdings Group

Investor Investor

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

Orchard Holdings Group is a private investment firm focused on investing in well-established, profitable companies with revenues of $20 to $300 million and EBITDA of $5 to $30 million. Transaction types of interest include buyouts, recapitalizations, consolidations, growth capital financings, and special situations. The Firm does not have any stated sector preferences, but prefers businesses with proven business models, established infrastructure, and ability to grow via acquisition or organically. Orchard Holdings Group was formed in 2005 and is based in Cincinnati, Ohio.

DEAL STATS #
Overall 2 of 3
Sector (Packaging) 1 of 1
Type (Secondary Buyout) 1 of 1
State (Georgia) 1 of 2
Country (United States) 2 of 3
Year (2017) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-04-17 Bock & Clark

Akron, Ohio, United States

Bock & Clark Corp. is a provider of commercial real estate due diligence services. With offices in Ohio, Pennsylvania, Florida, Oklahoma, California, Colorado, and Rhode Island, Bock & Clark serves clients in all 50 states and Canada in the following capacities: ALTA land and title surveys, boundary surveys, topographic surveys, aerial survey zoning reports and letters, and environmental services. Bock & Clark employs experienced professionals to research and prepares each of these products resulting in due diligence efficiency.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-21 Lucas Group

Atlanta, Georgia, United States

Lucas Group, Inc. is an executive recruitment firm committed to hiring, training, and molding the very best executive recruiters in the industry. Lucas Group surrounds our clients, candidates, and associates with meaningful communication and knowledgeable, consultative service. Lucas Group was founded in 1970 and is based in Atlanta, Georgia.

Sell -
SELLER

Triangle Capital

Raleigh, North Carolina, United States
Category Private Equity Firm
Founded 2007
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

DEAL STATS #
Overall 49 of 71
Sector (Packaging) 1 of 1
Type (Secondary Buyout) 20 of 28
State (Georgia) 4 of 5
Country (United States) 49 of 70
Year (2017) 7 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-09-25 CIS Secure

Ashburn, Virginia, United States

CIS Secure is a provider of secure communications equipment and computing solutions for a wide range of U.S. government customers. CIS is focused on modifying Commercial-off-the-Shelf (“COTS”) communications and network equipment to support stringent government requirements to protect sensitive and classified information from illicit capture or manipulation. CIS Secure was founded in 1992 and is based in Ashburn, Virginia.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-03-05 Community Medical Group

North Miami Beach, Florida, United States

Community Medical Holdings Corp. is a provider of primary care physician services primarily to Medicaid eligible patients. Community Medical Holdings Corp. was established in 2002 and is based in North Miami Beach, Florida.

Sell -
Mergr

Product

Company

Legal