M&A Deal Summary

Arlington Capital Partners Acquires Millstone Medical Outsourcing

On January 11, 2022, private equity firm Arlington Capital Partners acquired business services company Millstone Medical Outsourcing from Schooner Capital and Boulder Brook Partners

Acquisition Highlights
  • This is Arlington Capital Partners’ 8th transaction in the Business Services sector.
  • This is Arlington Capital Partners’ 51st transaction in the United States.
  • This is Arlington Capital Partners’ 2nd transaction in Massachusetts.

M&A Deal Summary
Date 2022-01-11
Target Millstone Medical Outsourcing
Sector Business Services
Buyer(s) Arlington Capital Partners
Sellers(s) Schooner Capital
Boulder Brook Partners
Deal Type Secondary Buyout
Advisor(s) William Blair (Financial)
Locke Lord (Legal)

Target

Millstone Medical Outsourcing

Fall River, Massachusetts, United States
Millstone Medical Outsourcing is a provider of outsourcing solutions to medical device OEMs, including contract packaging services alongside innovative warehousing and distribution services. Millstone Medical Outsourcing was founded in 2000 and is based in Fall River, Massachusetts.

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Buyer(S) 1

Buyer

Arlington Capital Partners

Chevy Chase, Maryland, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1999
PE ASSETS 7.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Arlington Capital Partners is a middle-market private equity firm focused on buyouts and recapitalizations in targeted growth industries. Arlington targets US based companies valued between $50 and $500 million with strong potential for organic growth and possible consolidation opportunities. Sectors of interest include business services and outsourcing, aerospace/defense, federal and commercial IT, media, education and training, healthcare services, and manufacturing. Arlington Capital was formed in 1999 and is headquartered in Washington DC.

DEAL STATS #
Overall 55 of 64
Sector (Business Services) 8 of 8
Type (Secondary Buyout) 14 of 16
State (Massachusetts) 2 of 2
Country (United States) 51 of 60
Year (2022) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-06 MCR

McLean, Virginia, United States

MCR provides cost analysis and engineering and software development expertise to customers in defense, intelligence and critical civilian governmental agencies in the US as well as customers internationally. MCR was founded in 1977 and is based in McLean, Virginia.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-12-07 Octo

Reston, Virginia, United States

Octo is a provider of digital services for the Federal Government. Octo specializes in providing agile software development, user experience design, and cloud engineering services that address the government’s most pressing missions and modernization challenges. Octo is based in Reston, Virginia.

Sell -

Seller(S) 2

SELLER

Schooner Capital

Boston, Massachusetts, United States
Category Private Equity Firm
Founded 1971
Size Small
Type Sector Agnostic
DESCRIPTION

Schooner Capital is a private investment firm and family office focused on direct company investments, as well as investing through independent managers. For direct company investments, Schooner invests across a variety of stages and sectors. The Firm is particularly attracted to businesses with 'recurring revenue, capital efficiency, and protective moats'. Schooner was formed in 1971 and is based in Boston, Massachusetts.

DEAL STATS #
Overall 3 of 4
Sector (Business Services) 1 of 2
Type (Secondary Buyout) 1 of 1
State (Massachusetts) 3 of 3
Country (United States) 3 of 4
Year (2022) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-02 SpottedRisk

Boston, Massachusetts, United States

SpottedRisk is a specialty analytics and underwriting firm that focuses on building new data-driven insurance products that address the gaps in coverages in the entertainment and event industries, among others – SpottedRisk uses defensible analytics to improve the underwriting and evaluation of emerging and specialty risks that take advantage of time-sensitive market dislocations. SpottedRisk was founded in 2016 and is based in Boston, Massachusetts.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-03-14 RailComm

Fairport, New York, United States

Railcomm provides expert rail automation systems focused on improving operational efficiencies for the world's freight and passenger rail industries. RailComm was founded in 1999 and is based in Fairport, New York.

Sell $14M
SELLER

Boulder Brook Partners

Acton, Massachusetts, United States

Investor Investor

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

Boulder Brook Partners LLC is a private investment firm focused on acquiring businesses headquartered primarily in the Northeast US. It targets middle market companies with revenue of $5 - $100 million, and cash flows over $1 million. Specific areas of interest include manufacturing, distribution and consumer services. Type of transactions include MBO’s, MBI’s and recapitalizations. Boulder Brook Partners LLC was formed in 2004 and is based in Acton, Massachusetts.

DEAL STATS #
Overall 2 of 2
Sector (Business Services) 1 of 1
Type (Secondary Buyout) 1 of 1
State (Massachusetts) 2 of 2
Country (United States) 2 of 2
Year (2022) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-04-17 NAI Cranes

Woburn, Massachusetts, United States

NAI Cranes LLC is a manufacturer of industrial cranes (overhead cranes). Products include bridge cranes, gantry cranes, monorails, jib cranes, and custom-engineered systems with capacities up to 150 tons and spans up to 150 ft. NAI Cranes was formed in 1969 and is based in Woburn, Massachusetts.

Sell -
Mergr

Product

Company

Legal