M&A Deal Summary

Argosy Private Equity, Akoya Capital Partners and Salem Halifax Capital Partners Acquire Panhandle

On June 20, 2013, private equity firm Argosy Private Equity, private equity firm Akoya Capital Partners and mezzanine finance firm Salem Halifax Capital Partners acquired oil/gas exploration company Panhandle

Acquisition Highlights
  • This is Argosy Private Equity’s 1st, Akoya Capital Partners’ 1st and Salem Halifax Capital Partners’ 1st transaction in the Oil/Gas Exploration sector.
  • This is Argosy Private Equity’s 47th, Akoya Capital Partners’ 8th and Salem Halifax Capital Partners’ 17th transaction in the United States.
  • This is Argosy Private Equity’s 1st, Akoya Capital Partners’ 2nd and Salem Halifax Capital Partners’ 3rd transaction in Oklahoma.

M&A Deal Summary

Date 2013-06-20
Target Panhandle
Sector Oil/Gas Exploration
Buyer(s) Argosy Private Equity
Akoya Capital Partners
Salem Halifax Capital Partners
Deal Type Recapitalization

Target

Panhandle

Oklahoma City, Oklahoma, United States
Panhandle is an oil field services provider which serves a diversified base of customers in nine states. Panhandle was founded in 1989 and is based in Oklahoma City.

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Buyer(S) 3

Buyer

Argosy Private Equity

Wayne, Pennsylvania, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1990
PE ASSETS 575M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Argosy Private Equity is the private equity arm of Argosy Capital, an asset management firm. Argosy Private Equity provides both debt and equity capital to lower middle-market companies located throughout the US. Argosy focuses on growth companies with experienced management teams and revenues between $15 and $100 million and EBITDA of $3 to $9 million. Argosy looks to invest $5 - $20 million per transaction. Specific areas of interest include manufacturing, business services, franchising and Value added distributions. The Firm will consider a variety of transaction types, including MBO’s, recapitalizations, growth equity and acquisitions. Argosy was formed in 1990 and is based in Wayne, Pennsylvania.


DEAL STATS #
Overall 47 of 88
Sector (Oil/Gas Exploration) 1 of 1
Type (Recapitalization) 4 of 6
State (Oklahoma) 1 of 1
Country (United States) 47 of 88
Year (2013) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-05-14 Karl s Event Rental

Oak Creek, Wisconsin, United States

Karl's Event Rental, Inc. provides rental services for corporate, gala, industrial, festival, hospitality, disaster relief, private, trade shows, sporting, and exposition events in the United States.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-07-24 Linkage

Burlington, Massachusetts, United States

Linkage offers a variety of leadership training programs for senior and high potential executives of large companies, covering such areas as organizational development, innovation, team assessment and women in leadership. Linkage was founded in 1988 and is based in Burlington, Massachusetts.

Buy -
DESCRIPTION

Akoya Capital Partners is a private equity firm focused on acquiring profitable US-based middle-market companies with $25 to $200 million in revenue. The Firm generally pursues privately-owned companies, especially family-owned businesses. Sectors of interest include chemicals, food, information services, consumer products, industrial products, and industrial distribution. Akoya Capital Partners was formed in 2005 and is based in Chicago, Illinois.


DEAL STATS #
Overall 8 of 25
Sector (Oil/Gas Exploration) 1 of 1
Type (Recapitalization) 3 of 4
State (Oklahoma) 2 of 2
Country (United States) 8 of 25
Year (2013) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-01-08 LawLogix

Phoenix, Arizona, United States

LawLogix is a provider of software as a service (“SaaS”) solutions and data migration services to law firms, employers, and non-profit organizations. The Company provides immigration case management, electronic I-9 compliance, and E-Verify solutions with a focus on engineering excellence, stellar customer service and support, and thorough legal analysis. LawLogix is based in 2000 and is based in Phoenix, Arizona.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-08-15 Cass Polymers

Oklahoma City, Oklahoma, United States

Cass Polymers, Inc. is an operator of specialty chemical manufacturing company that produces several lines of commercial, industrial and military floor coatings as well as a line of resins, adhesives, and fillers for the automotive, yachting and industrial tooling markets. Cass Polymers is based in Oklahoma City.

Sell -
Buyer

Salem Halifax Capital Partners

Marietta, Georgia, United States

Category Mezzanine Finance Firm
Founded 1999
PE ASSETS 105M USD
Size Small
Type Sector Agnostic
DESCRIPTION

Salem Halifax Capital Partners is a mezzanine investment firm that targets investments in traditional manufacturing, distribution, and service businesses located in the Southeast US. Salem looks to commit $2 to $10 million of junior capital in companies with predictable cash-flows and sales of $10 to $75 million. Salem Halifax was originally formed in 1999 and was known as Venture Capital Solutions from 1999 to 2004. Salem has offices in Winston-Salem, North Carolina, and Atlanta, Georgia.


DEAL STATS #
Overall 17 of 18
Sector (Oil/Gas Exploration) 1 of 1
Type (Recapitalization) 3 of 3
State (Oklahoma) 3 of 3
Country (United States) 17 of 18
Year (2013) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-11-12 LA Digital Post

Toluca Lake, California, United States

LA Digital rents post-production editing equipment and provides technical support to major film and television clients. The company is located in Atlanta, GA, Los Angeles, CA and New York City, NY.

Sell $3M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-01-13 Nutrition Physiology

Guymon, Oklahoma, United States

Nutrition Physiology Co. LLC is a researcher, developer, marketer and supplier of natural and organic, feed additives designed to improve overall herd health and feed efficiency in cattle feedlots and dairies.

Sell $185M