M&A Deal Summary

Audax Private Equity and Rigel Associates Acquire Flexstar

On September 26, 2006, private equity firms Audax Private Equity and Rigel Associates acquired software company Flexstar

Acquisition Highlights
  • This is Audax Private Equity’s 2nd and Rigel Associates’ 2nd transaction in the Software sector.
  • This is Audax Private Equity’s 21st and Rigel Associates’ 3rd transaction in the United States.
  • This is Audax Private Equity’s 2nd and Rigel Associates’ 2nd transaction in California.
Investment Fate
  • Flexstar was sold to a strategic buyer in 2015.

M&A Deal Summary

Date 2006-09-26
Target Flexstar
Sector Software
Buyer(s) Audax Private Equity
Rigel Associates
Deal Type Buyout (LBO, MBO, MBI)

Target

Flexstar

San Jose, California, United States
Flexstar Technology is a provider of advanced test and related proprietary software solutions for the storage technology market.

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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 21 of 170
Sector: Software M&A 2 of 7
Type: Buyout (LBO, MBO, MBI) M&A Deals 9 of 46
State: California M&A 2 of 14
Country: United States M&A 21 of 161
Year: 2006 M&A 6 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-06-26 Winchester Interconnect

Wallingford, Connecticut, United States

Winchester Interconnect is a provider of custom engineered interconnect solutions for diverse, growing end markets requiring high reliability and application specific expertise. Winchester designs and manufactures RF coaxial, board-to-board and power interconnects, as well as cable assemblies, for the telecommunications, computer, and test & measurement industries.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-11-27 Nicholl Food Packaging

Staffordshire, United Kingdom

Nicholl Food Packaging Ltd. is a provider of aluminium foil containers to the food industry, with strong positions in its core markets of the UK, Ireland, France and Benelux, and over 1,200 products in production.

Buy -
Buyer

Rigel Associates

San Mateo, California, United States

Category Private Equity Firm
Size Small
Type Sector Agnostic
DESCRIPTION

Rigel Associates is a private equity group focused on investing in profitable companies with opportunities for growth. Rigel looks to invest up to $20 million in businesses with at least $20 million in sales and $3 million of EBITDA. Prospective investments are typically located in the US and Canada and operate in the technology, health & wellness, business services, and clean technology industries. Target transaction situations include management and leveraged buyouts, industry consolidations, follow-on strategic financings, recapitalizations, going private, divestitures, and turnarounds. Rigel Associates is headquartered in San Mateo, California.


DEAL STATS #
Overall 3 of 3
Sector: Software M&A 2 of 2
Type: Buyout (LBO, MBO, MBI) M&A Deals 1 of 1
State: California M&A 2 of 2
Country: United States M&A 3 of 3
Year: 2006 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-04-18 TriVascular

Santa Rosa, California, United States

TriVascular, Inc. is a medical device company that design and manufacture endovascular aortic repair (EVAR). TriVascular’s initial product offerings are novel endovascular grafts focused on significantly advancing EVAR.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-05-25 AirLink Communications

California, United States

AirLink Communications, Inc. designs and manufactures wireless data solutions that enable connectivity to fixed and mobile assets.

Sell -