M&A Deal Summary

Astorg Partners and Cobepa SA Acquire Corsearch

On April 20, 2021, private equity firms Astorg Partners and Cobepa SA acquired business services company Corsearch from Audax Private Equity and Yukon Partners

Acquisition Highlights
  • This is Astorg Partners’ 5th and Cobepa SA’s 6th transaction in the Business Services sector.
  • This is Astorg Partners’ 8th and Cobepa SA’s 3rd transaction in the United Kingdom.

M&A Deal Summary
Date 2021-04-20
Target Corsearch
Sector Business Services
Buyer(s) Astorg Partners
Cobepa SA
Sellers(s) Audax Private Equity
Yukon Partners
Deal Type Secondary Buyout

Target

Corsearch

London, United Kingdom
Corsearch is a player in the brand risk and performance market, serving over 5,000 clients across multiple industries. Corsearch Brand Risk and Performance solutions are revolutionizing how companies commercialize and protect their growth. Corsearch delivers data, analytics, and services that support brands to market their assets and reduce commercial risks. From IP clearance to brand protection and anti-piracy, Corsearch provides a comprehensive program that Press Release 2/2 enables businesses to secure brand value and thrive commercially. Corsearch was founded in 1949 and is based in London, United Kingdom.

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Buyer(S) 2

Buyer

Astorg Partners

Paris, France

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1998
PE ASSETS 22.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Astorg Partners is a private equity firm that targets small to midcap company investments primarily in France and to a limited extent, Western Europe. Astorg Partners looks for companies valued between €400 million and €2 billion, requiring at least €15 million in equity. Areas of interest include healthcare, retail, distribution, hospitality, and professional services. Prospective transaction situations include leverage build-ups, divestitures, family transitions, and secondary buyouts. Astorg Partners was formed in 1998 and is based in Paris and has additional offices in London and Luxembourg.

DEAL STATS #
Overall 52 of 67
Sector (Business Services) 5 of 5
Type (Secondary Buyout) 27 of 37
Country (United Kingdom) 8 of 11
Year (2021) 5 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-30 Opus 2

London, United Kingdom

Opus 2 is a provider of integrated software and services used in legal disputes around the world. Opus 2’s cloud-based collaboration software is designed for case preparation and multi-party hearings enabling all stakeholders to work on a single platform. Opus 2 was founded in 2008 and is headquartered in London, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-05-04 Solina

Bréal-Sous-Monfort, France

Solina is a European manufacturer of ingredient and seasoning blends for the food industry. The company serves more than eighteen thousand clients with 2, 250 employees across twenty-seven sites across Europe and Canada. It is exposed to resilient food consumption markets and to secular growth trends fuelled by the shift in food consumption towards more premium and natural ingredients. Solina puts sustainability at the center of its activities by creating healthier food solutions and more sustainable diets as well as by contributing to the development of meat alternatives. Solina was formed in 1988 and is based in Bréal-Sous-Monfort, France.

Buy -
Buyer

Cobepa SA

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1957
PE ASSETS 2.5B EUR
Size Large
Type Sector Agnostic
DESCRIPTION

Cobepa S.A. is a global investment group focused on growth capital investments (acquiring significant minority stakes) and leveraged buyout transactions. Cobepa invests in established companies with business models, sustainable market positions, and strong management teams. Sectors of interest include transportation, industrial, retail, financial services, and business services. The Firm generally pursues opportunities throughout Europe and North America, however Cobepa also targets opportunities in Asia and South America. Cobepa was originally established in 1957 and is headquartered in Brussels, Belgium

DEAL STATS #
Overall 32 of 38
Sector (Business Services) 6 of 6
Type (Secondary Buyout) 13 of 16
Country (United Kingdom) 3 of 3
Year (2021) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-15 Heartland Home Services

Grand Rapids, Michigan, United States

Heartland Home Services is a provider of non-discretionary, residential HVAC replacement and maintenance, plumbing, and electrical services. The company has over 350 employees and services homeowners in Michigan, Indiana, and Kentucky. Heartland Home Services is based in Grand Rapids, Michigan.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-18 Hillebrand

Mainz Hechtsheim, Germany

Hillebrand is a provider of logistics solutions operating in two specific niche markets beer, wine and spirits, and industrial bulk. Hillebrand was founded in 1844 and is based in Mainz Hechtsheim, Germany.

Sell -

Seller(S) 2

SELLER

Audax Private Equity

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1999
PE ASSETS 19.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Audax Private Equity is a private equity firm focused on acquiring control positions in a variety of mid to large North American headquartered companies. The Firm segments its activities into lower middle-market and larger scale investing. Within its larger group, Audax targets profitable businesses valued up to $800 million and within its lower middle-market group, the Firm seeks companies valued up to $125 million. Sectors of interest include business services, consumer products/services, financial services, healthcare services, industrial services, software, and technology. Audax has a special interest in businesses that can benefit from a buy and build investment strategy for growth. Audax Private Equity was formed in 1999 and is based in Boston, Massachusetts.

DEAL STATS #
Overall 80 of 102
Sector (Business Services) 4 of 8
Type (Secondary Buyout) 46 of 55
Country (United Kingdom) 2 of 2
Year (2021) 3 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-23 AI Fire

Long Beach, California, United States

AI Fire is a provider of fire and life safety services, including inspection, service, customized work orders, and installation for fire alarms, sprinklers, fire extinguishers, and other fire suppression systems. AI Fire was founded in 2009 and is based in Long Beach, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-05-05 Axia Women s Health

Voorhees, New Jersey, United States

Axia Women's Health provides a highly integrated platform of non-clinical business and administrative support services, such as accounting, HR, insurance, IT, and practice management services, to its network of physician practices across the US. Axia has partnered with more than 80 care centers comprising 150 locations and supporting 475,000 patients annually, which offer a wide range of care, including obstetrics, gynecology, laboratory, mammography, urogynecology, fertility, and other sub-specialties. Axia is at the forefront of delivering women's healthcare via a truly integrated model that treats patients across different phases of life, while supporting physicians' clinical autonomy and ability to focus on care. Partners Group will draw on its extensive experience transforming other leading multi-site healthcare businesses to support Axia's patient-centric value creation plan. Key initiatives will include expanding in-demand ancillary services; improving patient experience, outcomes and engagement; and continued accretive M&A in both its existing geographical footprint and new regions. Axia Women's Health was formed in 2017 and is headquartered in Voorhees, New Jersey.

Sell -
SELLER

Yukon Partners

Minneapolis, Minnesota, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 2008
PE ASSETS 640M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Yukon Partners is a mezzanine finance firm that works with private equity sponsors to fund a variety of investment situations. Yukon looks to invest $10 to $40 million to support buyouts, recapitalizations, take privates, and refinancings. Sectors of interest include automotive, building products, business services, consumer products, food/beverages, healthcare products/services, industrial manufacturing, niche manufacturing, and transportation/logistics. Prospective companies generally have revenues of $30 to $500 million and are profitable with EBITDA of $5 to $50 million. Yukon Partners was formed in 2008 and is based in Minneapolis, Minnesota.

DEAL STATS #
Overall 20 of 28
Sector (Business Services) 2 of 2
Type (Secondary Buyout) 11 of 17
Country (United Kingdom) 1 of 1
Year (2021) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-02-01 recteq

Evans, Georgia, United States

recteq is a designer, marketer, and direct seller of premium pellet grills, accessories, and other consumable products. recteq’s continued technology-driven product innovation, direct-to-consumer distribution model, and top-notch customer service position recteq as a premium brand in the pellet grill space. recteq was founded in 2009 and is based in Evans, Georgia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-10 Bridgeway

Moon Township, Pennsylvania, United States

Bridgeway is an asset-light transportation and logistics company that transports or arranges transport of heavy and over-dimensional freight for large and high-growth end markets serving the energy, infrastructure, and industrial sectors. Bridgeway was founded in 1988 and is based in Moon Township, Pennsylvania.

Sell -
Mergr

Product

Company

Legal