M&A Deal Summary

Audax Private Equity Acquires Revolution Dancewear

On June 28, 2018, private equity firm Audax Private Equity acquired apparel/textiles company Revolution Dancewear from Incline Equity Partners and MTN Capital Partners

Acquisition Highlights
  • This is Audax Private Equity’s 1st transaction in the Apparel/Textiles sector.
  • This is Audax Private Equity’s 106th transaction in the United States.
  • This is Audax Private Equity’s 10th transaction in Illinois.

M&A Deal Summary

Date 2018-06-28
Target Revolution Dancewear
Sector Apparel/Textiles
Buyer(s) Audax Private Equity
Sellers(s) Incline Equity Partners
MTN Capital Partners
Deal Type Secondary Buyout
Advisor(s) Robert W. Baird & Co., Inc. (Financial)
Dentons Cohen & Grigsby (Legal)

Target

Revolution Dancewear

Niles, Illinois, United States
Revolution Dancewear is a designer and marketer of specialty dancewear, footwear, and recital costumes. Revolution Dancewear was founded in 1996 and is based in Niles, Illinois.

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Buyer(S) 1

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 111 of 167
Sector (Apparel/Textiles) 1 of 1
Type (Secondary Buyout) 48 of 72
State (Illinois) 10 of 16
Country (United States) 106 of 158
Year (2018) 3 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-05-17 HALO

Sterling, Illinois, United States

HALO is a marketing services platform that distributes promotional products and provides employee recognition services. HALO was founded in 1952 and is headquartered in Sterling, Illinois.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-07-10 MNX Global Logistics

Long Beach, California, United States

MNX Global Logistics is a provider of express, supply chain, and freight services to customers primarily in the life sciences, entertainment, and aviation industries. MNX Global Logistics was founded in 1983 and is based in Long Beach, California.

Buy -

Seller(S) 2

SELLER

Incline Equity Partners

Pittsburgh, Pennsylvania, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1982
PE ASSETS 5.8B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Incline Equity Partners is a private equity firm focused on lower middle-market growth companies. The Firm targets companies located in the US and Canada with enterprise values ranging from $25 to $750 million. Prospective transaction types include buyouts, minority recapitalizations, and corporate divestitures. Incline Equity Partners was formerly known as PNC Equity Partners. The Firm is based in Pittsburgh.


DEAL STATS #
Overall 26 of 39
Sector (Apparel/Textiles) 2 of 2
Type (Secondary Buyout) 13 of 24
State (Illinois) 1 of 3
Country (United States) 25 of 38
Year (2018) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-11 Continental Battery Systems

Dallas, Texas, United States

Continental Battery Systems is a distributor of aftermarket batteries to the electric utility vehicle (EUV), automotive, commercial, marine, and industrial markets. Continental Batteries operates more than 100 branches throughout North America. Continental Battery Systems was founded in 1932 and based in Dallas, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-12-06 Caldwell & Gregory

Manakin-Sabot, Virginia, United States

Caldwell & Gregory is a provider of turnkey laundry facility management services for customers in the university and multifamily housing markets. C&G owns and services over 50,000 laundry machines across 23 states and the District of Columbia. Caldwell & Gregory was founded in 1990 and is based in Manakin-Sabot, Virginia.

Buy -
SELLER

MTN Capital Partners

Investor Investor Investor Investor


Category Private Equity Firm
Founded 2003
PE ASSETS 500M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

MTN Capital Partners LLC is a lower middle-market private equity firm focused on investing in North American companies. MTN will consider both healthy as well as distressed companies. Sectors of interest include manufacturing, business services, consumer products, specialty retail, restaurants, distribution, energy services, automotive, food/beverage, healthcare, marketing services, chemicals, and communications. For healthy companies, MTN targets businesses with at least $10 million in revenues and $2 to $15 million of EBITDA, and for distressed situations. MTN Capital Partners was founded in 2003 and is based in New York City.


DEAL STATS #
Overall 3 of 4
Sector (Apparel/Textiles) 1 of 1
Type (Secondary Buyout) 3 of 3
State (Illinois) 1 of 1
Country (United States) 2 of 3
Year (2018) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-01-03 Rita s

Trevose, Pennsylvania, United States

Rita's is an ice and frozen treat franchiser in the world with more than 600 stores. The company is aggressively expanding internationally with operating locations in the Philippines, Canada, and the Middle East. Rita's was founded in 1984 and is based in Trevose, Pennsylvania.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-05-24 JSI Store Fixtures

Milo, Maine, United States

JSI Store Fixtures is a designer and manufacturer of high-quality refrigerated and non-refrigerated wood merchandising displays for the supermarket industry. JSI Store Fixtures was first to market with a patented line of closed-cell foam merchandising surfaces for produce. JSI Store Fixtures’ merchandising displays are used by many of North America’s top supermarkets, grocery, and food retail chains. JSI was founded in 1991 and is based in Milo, Maine.

Sell $90M