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M&A Deal Summary

Audax Private Equity and Five Points Capital Acquire Cadence Education

On February 1, 2014, private equity firms Audax Private Equity and Five Points Capital acquired education company Cadence Education from Audax Private Equity

Acquisition Highlights
  • This is Audax Private Equity’s 2nd and Five Points Capital’s 3rd transaction in the Education sector.
  • This is Audax Private Equity’s 66th and Five Points Capital’s 47th transaction in the United States.
  • This is Audax Private Equity’s 2nd and Five Points Capital’s 1st transaction in Arizona.
Investment Fate
  • Cadence Education was sold to a consortium of financial buyers in 2016.
  • Cadence Education was sold to a consortium of financial buyers in 2020.

M&A Deal Summary
Date 2014-02-01
Target Cadence Education
Sector Education
Buyer(s) Audax Private Equity
Five Points Capital
Sellers(s) Audax Private Equity
Deal Type Recapitalization

Target

Cadence Education

Scottsdale, Arizona, United States
Cadence Education is a premier early childhood educator in the United States, operating more than 225 private preschools across the country. With more than 27 years in business, Cadence has developed unparalleled expertise in preparing students to thrive in the next step of their childhood. It provides parents with peace of mind by giving children an exceptional education every fun-filled day in a place as nurturing as home. Cadence Education was formed in 1969 and is based in Scottsdale, Arizona.

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Buyer(S) 2

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 68 of 170
Sector: Education M&A 2 of 3
Type: Recapitalization M&A Deals 8 of 15
State: Arizona M&A 2 of 6
Country: United States M&A 66 of 161
Year: 2014 M&A 4 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-01-01 P Exhaust Technologies

Goldsboro, North Carolina, United States

P Exhaust Technologies LLC is a provider in exhaust and emissions products -- mufflers, exhaust pipes, catalytic converters and components. It also manufactures a complete line of original replacement and performance exhaust and emissions products for automotive, light truck, heavy-duty, agricultural and industrial markets.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-03-04 CURT Group

Eau Claire, Wisconsin, United States

CURT Group is a designer, manufacturer, and distributor of towing solutions, and trailer and cargo management accessories for passenger vehicles and trucks. Its products are sold through installers, distributors, e-commerce, retail, and auto dealer channels. CURT Group was founded in 1994 and is based in Eau Claire, Wisconsin.

Buy -
Buyer

Five Points Capital

Winston-Salem, North Carolina, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1997
PE ASSETS 1.3B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Five Points Capital makes both direct private equity and junior capital investments in US-based middle-market companies. Five Points prefers control based investments and will consider opportunities in a variety of industries. For both equity and mezzanine investments, the Firm looks to commit $5 to $25 million of capital in businesses with at least $10 million in sales and $3 million of EBITDA. Five Points Capital was formerly known as BB&T Capital Partners and re-branded in 2015. The Firm was established in 1997 and is based in Winston-Salem, North Carolina.

DEAL STATS #
Overall 47 of 89
Sector: Education M&A 3 of 3
Type: Recapitalization M&A Deals 11 of 21
State: Arizona M&A 1 of 2
Country: United States M&A 47 of 89
Year: 2014 M&A 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-11-18 Aaron Industries

Clinton, South Carolina, United States

Aaron Industries, Inc. is a manufacturer of private-label OTC pharmaceuticals, health and first aid products. The company's products include national brand equivalent liquid over-the-counter (OTC) stomach relief and cough, cold, allergy and pain medicines, pediatric electrolytes and a full range of first aid items. Aaron was formed in 1981 and is based in Clinton, South Carolina.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-02-12 Stella Rising

New York, New York, United States

Stella Rising is a media strategy, planning and buying company to emerging and established brands in the fashion, beauty, health, food and beverage industries. Stella Rising was established in 1982 and is based in New York City.

Buy -

Seller(S) 1

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 33 of 109
Sector: Education M&A 1 of 2
Type: Recapitalization M&A Deals 1 of 4
State: Arizona M&A 1 of 2
Country: United States M&A 31 of 103
Year: 2014 M&A 1 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-01-01 P Exhaust Technologies

Goldsboro, North Carolina, United States

P Exhaust Technologies LLC is a provider in exhaust and emissions products -- mufflers, exhaust pipes, catalytic converters and components. It also manufactures a complete line of original replacement and performance exhaust and emissions products for automotive, light truck, heavy-duty, agricultural and industrial markets.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-03-04 CURT Group

Eau Claire, Wisconsin, United States

CURT Group is a designer, manufacturer, and distributor of towing solutions, and trailer and cargo management accessories for passenger vehicles and trucks. Its products are sold through installers, distributors, e-commerce, retail, and auto dealer channels. CURT Group was founded in 1994 and is based in Eau Claire, Wisconsin.

Buy -
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