M&A Deal Summary

Audax Private Equity, Summit Partners and Huron Capital Acquire 48forty Solutions

On December 1, 2020, private equity firm Audax Private Equity, growth capital firm Summit Partners and private equity firm Huron Capital acquired packaging company 48forty Solutions from Grey Mountain Partners and Yukon Partners

Acquisition Highlights
  • This is Audax Private Equity’s 2nd, Summit Partners’ 1st and Huron Capital’s 1st transaction in the Packaging sector.
  • This is Audax Private Equity’s 129th, Summit Partners’ 298th and Huron Capital’s 52nd transaction in the United States.
  • This is Audax Private Equity’s 3rd, Summit Partners’ 11th and Huron Capital’s 3rd transaction in Georgia.

M&A Deal Summary
Date 2020-12-01
Target 48forty Solutions
Sector Packaging
Buyer(s) Audax Private Equity
Summit Partners
Huron Capital
Sellers(s) Grey Mountain Partners
Yukon Partners
Deal Type Secondary Buyout
Advisor(s) Piper Sandler & Co. (Financial)

Target

48forty Solutions

Alpharetta, Georgia, United States
48forty Solutions is a whitewood pallet recycler recycling over 90 million pallets annually across its network of 73 company locations and more than 225 network facilities. 48forty serves over 2,700 customers, including manufacturers, distributors, and retailers in the distribution & logistics, food & beverage, packaging, durables, and non-durables industries. 48forty Solutions was formed in 1992 and is based in Alpharetta, Georgia.

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Buyer(S) 3

Buyer

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 134 of 167
Sector (Packaging) 2 of 2
Type (Secondary Buyout) 57 of 72
State (Georgia) 3 of 4
Country (United States) 129 of 158
Year (2020) 6 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-10-30 AIA Contract Documents

Washington, District of Columbia, United States

AIA Contract Documents is a provider of customizable legal contracts. AIA Contract Documents has been the gold standard of legal documents and a thought leader within the construction industry for over 130 years. AIA Contract Documents was founded in 1888 and is based in Washington, District of Columbia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-07 Gabriel Performance Products

Ashtabula, Ohio, United States

Gabriel Performance Products LLC is a provider of specialty chemicals. Gabriel develops and manufactures a proprietary line of complex chemicals and provides contract manufacturing services to other chemical producers. Gabriel Performance Products was founded in 2001 and is based in Ashtabula, Ohio.

Sell $250M
Buyer

Summit Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Growth Capital Firm
Founded 1984
PE ASSETS 39.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Summit Partners is a private investment and asset management firm focused on venture, growth, credit, and public equity investing. Sectors of interest include business services, communications technology and services, consumer products, energy, financial services, healthcare and life sciences, industrial products, internet/information services, media/entertainment, semiconductors, electronics, and software. Summit Partners is known for having a proactive business development group for sourcing transactions. Summit will consider both minority or majority investment stakes and is willing to commit as little as $10 million or as much as $500 million in combined debt/junior capital per transaction. The Firm's geographic coverage spans North America and Europe. Summit Partners was formed in 1984 and is headquartered in Boston, Massachusetts.

DEAL STATS #
Overall 352 of 387
Sector (Packaging) 1 of 1
Type (Secondary Buyout) 24 of 27
State (Georgia) 11 of 12
Country (United States) 298 of 320
Year (2020) 16 of 18
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-30 Gainsight

San Francisco, California, United States

Gainsight provides a platform that helps companies of all sizes and industries drive durable growth through customer-led and product-led strategies. The Company offers a powerful set of customer success, product experience, and community engagement solutions that together enable businesses to scale efficiently, create alignment, and put the customer at the heart of innovation. Gainsight was formed in 2009 and is based in San Francisco, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-02 ShipMonk

Fort Lauderdale, Florida, United States

ShipMonk is a provider of e-commerce fulfillment and technology solutions to help small and medium-sized e-commerce businesses scale by offering technology-driven fulfillment solutions that enable business founders to devote more time to the things that matter most in their businesses. ShipMonk was founded in 2014 and is based in Fort Lauderdale, Florida.

Buy -
Buyer

Huron Capital

Detroit, Michigan, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1999
PE ASSETS 1.8B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Huron Capital Partners is a private equity firm that seeks to acquire or recapitalize niche manufacturers, value-added distributors and specialty service companies. Prospective transaction situations include management buyouts, corporate spin-offs, recapitalizations, family successions and consolidations. Huron prefers opportunities located in the US and Canada. Target companies typically have revenues between $20 and $200 million and EBITDA of at least $5 million. Huron can commit up to $10 million and $50 million of equity capital per transaction. Huron Capital Partners was formed in 1999 and has offices in Detroit, Michigan and Ontario, Canada.

DEAL STATS #
Overall 55 of 62
Sector (Packaging) 1 of 1
Type (Secondary Buyout) 3 of 4
State (Georgia) 3 of 3
Country (United States) 52 of 59
Year (2020) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-03-03 Lab Crafters

Ronkonkoma, New York, United States

Lab Crafters is a manufacturer of laboratory furniture systems, casework, seating, fume hoods, and custom solutions. A commitment to ingenuity has allowed us to provide the most respected and innovative laboratory products the industry has to offer. Lab Crafters was founded in 1997 and is based in Ronkonkoma, Newyork.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-14 Sunland Asphalt & Construction

Phoenix, Arizona, United States

Sunland Asphalt & Construction is an asphalt producer and paving solution provider. Sunland Asphalt & Construction was founded in 1979 and is based in Phoenix, Arizona.

Buy -

Seller(S) 2

SELLER

Grey Mountain Partners

Boulder, Colorado, United States
Category Private Equity Firm
Founded 1992
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Grey Mountain Partners is a private equity firm focused on investments in smaller middle-market companies. Grey Mountain targets new platform companies with minimum revenues of $25 million and EBITDA greater than $5 million. The Firm can commit up to $75 million per platform investment. Sectors of interest include diversified manufacturing, wholesale/distribution, business services, software, consumer services, packaging, food & beverage, specialty chemicals, financial services, energy, and defense. Prospective transaction situations can include corporate divestitures, MBOs, consolidation opportunities, family held companies in transition, and companies in distress or emerging from bankruptcy. Grey Mountain Partners is based in Boulder, Colorado.

DEAL STATS #
Overall 16 of 17
Sector (Packaging) 1 of 1
Type (Secondary Buyout) 7 of 7
State (Georgia) 2 of 2
Country (United States) 16 of 17
Year (2020) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-06-14 Consolidated Glass Holdings

Denver, Colorado, United States

Consolidated Glass Holdings (CGH) is a fabricator and distributor of impact-resistant glass, architectural glass, metals, and specialty products to the commercial and residential building maintenance, renovation and construction markets. Consolidated Glass Holdings was founded in 2011 and is based in Denver, Colorado.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-03 Dimex

Marietta, Ohio, United States

Dimex is a plastics extrusion business with a sophisticated raw material supply capability that involves reprocessing off-spec and scrap plastic material. Dimex was founded in 1991 and is based in Marietta, Ohio.

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 19 of 28
Sector (Packaging) 1 of 2
Type (Secondary Buyout) 10 of 17
State (Georgia) 1 of 1
Country (United States) 19 of 27
Year (2020) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-01 DuvaSawko

Ormond Beach, Florida, United States

DuvaSawko is an operator of boutique emergency-physician owned and operated revenue-cycle and practice IT management company predominantly serving emergency physician groups and hospital-based emergency departments. DuvaSawko was founded in 1998 and is based in Ormond Beach, Florida.

Sell -
FOLLOWING 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 -
Mergr

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