M&A Deal Summary

Argonaut Private Equity Acquires Center Rock

On May 9, 2023, private equity firm Argonaut Private Equity acquired energy services and equipment company Center Rock from Sverica, Timepiece Capital and Gemini Investors

Acquisition Highlights
  • This is Argonaut Private Equity’s 4th transaction in the Energy Services and Equipment sector.
  • This is Argonaut Private Equity’s 25th transaction in the United States.
  • This is Argonaut Private Equity’s 1st transaction in Pennsylvania.

M&A Deal Summary
Date 2023-05-09
Target Center Rock
Sector Energy Services and Equipment
Buyer(s) Argonaut Private Equity
Sellers(s) Sverica
Timepiece Capital
Gemini Investors
Deal Type Secondary Buyout

Target

Center Rock

Berlin, Pennsylvania, United States
Center Rock is an integrated drilling solutions company that manufactures a complete line of pneumatically-driven downhole drilling products (bits & hammers), distributes capital equipment in the form of high-pressure air and booster compressors that power its manufactured drilling components, and offers 24/7 support services. Center Rock was founded in 1998 and is based in Berlin, Pennsylvania.

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Buyer(S) 1

Buyer

Argonaut Private Equity

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2002
PE ASSETS 2.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Argonaut Private Equity is a private equity firm focused on control investments in entrepreneur and family-owned businesses headquartered in the middle region of the US. The Firm seeks industrial oriented manufacturing, distribution, and service companies with revenue between $20 and $300 million and EBITDA between $5 and $50 million. Argonaut typically commits $15 to $100 million per transaction to support buy-outs, distressed and special situations, growth needs, and divestitures. Argonaut Private Equity was founded in 2002 and is based in Tulsa, Oklahoma.

DEAL STATS #
Overall 25 of 26
Sector (Energy Services and Equipment) 4 of 4
Type (Secondary Buyout) 2 of 2
State (Pennsylvania) 1 of 1
Country (United States) 25 of 26
Year (2023) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-05-04 Bandera Utility Contractors

McKinney, Texas, United States

Bandera Utility Contractors is an underground, wet utility contractor that provides services to both developers and municipalities across the state of Texas. Primary services include storm sewer, water, sanitary sewer, and duct banks. Bandera Utility Contractors is based in McKinney, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-03-13 Legacy Building Solutions

South Haven, Minnesota, United States

Legacy Building Solutions specializes in manufacturing and erecting tension fabric buildings using a patented attachment system for integrating fabric cladding with a steel frame. Legacy Building Solutions is based in South Haven, Minnesota.

Buy -

Seller(S) 3

SELLER

Sverica

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Growth Capital Firm
Founded 2001
PE ASSETS 1.1B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Sverica Capital Management is a private equity firm that invests in stable or growing, smaller companies with valued less than $150 million. Sverica looks to commit $15 to $50 million per transaction and primarily targets buyout or divestiture situations and avoids businesses in need of restructuring. Broad areas of interest include IT, business services, healthcare, light manufacturing, and industrials. The Firm generally seeks majority control investments, but will also selectively consider minority situations. Sverica Capital Management was formed in 2001 and has offices in Boston and San Francisco.

DEAL STATS #
Overall 25 of 28
Sector (Energy Services and Equipment) 1 of 1
Type (Secondary Buyout) 9 of 10
State (Pennsylvania) 1 of 2
Country (United States) 21 of 24
Year (2023) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-03-29 Hirebotics

Nashville, Tennessee, United States

Hirebotics is a cobot technology developer that designs and develops tools to improve the productivity, usability and affordability of collaborative robot systems. Hirebotics was founded in 2015 and is based in Nashville, Tennessee.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-06-21 First Stop Health

Chicago, Illinois, United States

First Stop Health provides virtual healthcare services for the employer marketplace, including telemedicine and care navigation to members via phone, online video consultation, and iPhone and Android apps. First Stop Health was founded in 2011 and is based in Chicago, Illinois.

Buy -
SELLER

Timepiece Capital

Scottsdale, Arizona, United States

Investor

Category Private Equity Firm
Founded 2004
Size Small
Type Sector Agnostic
DESCRIPTION

Timepiece Capital is a private investment firm that targets smaller company investments across the niche distribution, manufacturing, and service industries. Timepiece looks for businesses with $5 to $50 million of annual revenue and at least $1.25 million of operating cash flow. Timepiece will not invest in restaurants, real estate opportunities, or companies with a significant degree of technology risk. Timepiece Capital was formed in 2004 and is based in Scottsdale, Arizona.

DEAL STATS #
Overall 6 of 6
Sector (Energy Services and Equipment) 2 of 2
Type (Secondary Buyout) 1 of 1
State (Pennsylvania) 2 of 2
Country (United States) 6 of 6
Year (2023) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-12-01 TGC Components

Grand Junction, Colorado, United States

Colorado Components is a manufacturer and distributor of aftermarket wheels, tires and wheel accessories for the powersports and golf cart markets.

Sell -
SELLER

Gemini Investors

Wellesley, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1993
PE ASSETS 700M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Gemini Investors is a middle-market private equity firm that targets investments in growing and established businesses. Areas of interest include technology, business services, consumer services, healthcare, education, manufacturing and distribution. Gemini looks for companies with $5 to $50 million in annual revenue and typically makes investments of $3 to $8 million in the form of preferred stock and/or subordinated debt. Prospective transaction types include growth capital, recapitalization and buyout situations. Gemini Investors was formed in 1993 and is based in Wellesley, Massachusetts.

DEAL STATS #
Overall 47 of 48
Sector (Energy Services and Equipment) 2 of 2
Type (Secondary Buyout) 12 of 13
State (Pennsylvania) 4 of 4
Country (United States) 47 of 48
Year (2023) 4 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-04-18 Workplace Modular Systems

Londonderry, New Hampshire, United States

Workplace Modular Systems is a designer, manufacturer and distributor of premium modular workbench stations and accessories for commercial application in manufacturing, distribution, medical, research, educational, and government facilities. Workplace Modular Systems is based in Londonderry, New Hampshire.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-07-01 Alpine Bearing

Boston, Massachusetts, United States

Alpine Bearing is a distributor of high precision ball bearings used in a broad array of applications and end markets, including aerospace defense, semiconductor, industrial, medical, robotics and automotive. Alpine Bearing is based in Boston, Massachusetts.

Buy -
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