M&A Deal Summary

Audax Private Equity and Northleaf Capital Partners Acquire Van Pool

On July 11, 2018, private equity firm Audax Private Equity and asset manager Northleaf Capital Partners acquired transportation company Van Pool from Fort Point Capital, Crescent Capital Group and Barings Private Equity

Acquisition Highlights
  • This is Audax Private Equity’s 2nd and Northleaf Capital Partners’ 1st transaction in the Transportation sector.
  • This is Audax Private Equity’s 108th and Northleaf Capital Partners’ 4th transaction in the United States.
  • This is Audax Private Equity’s 10th and Northleaf Capital Partners’ 1st transaction in Massachusetts.

M&A Deal Summary
Date 2018-07-11
Target Van Pool
Sector Transportation
Buyer(s) Audax Private Equity
Northleaf Capital Partners
Sellers(s) Fort Point Capital
Crescent Capital Group
Barings Private Equity
Deal Type Secondary Buyout

Target

Van Pool

Wilbraham, Massachusetts, United States
Van Pool is a best-in-class provider of transportation services for special needs and homeless students in Massachusetts, Connecticut, and New Hampshire. Van Pool was founded in 1980 and is based in Wilbraham, Massachusetts.

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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 113 of 167
Sector (Transportation) 2 of 3
Type (Secondary Buyout) 50 of 72
State (Massachusetts) 10 of 13
Country (United States) 108 of 158
Year (2018) 5 of 9
PREVIOUS 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 -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-08-01 Solis Mammography

Addison, Texas, United States

Solis Mammography comprehensive is a provider of mammography and other breast health services in spa-like outpatient centers. Solis Mammography operates 29 clinics in six states focused exclusively on screening and diagnostics and related services for detecting breast cancer using advanced digital technologies. Solis Mammography was founded in 1986 and is based in Addison, Texas.

Sell -
Buyer

Northleaf Capital Partners

Investor Investor Investor Investor Investor

Category Asset Manager
Founded 2009
PE ASSETS 22.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Northleaf Capital Partners is an asset management firm focused on private equity, private credit, and infrastructure investment opportunities. The Firm's private equity group looks to make fund, secondary, as well as direct investments. Within its direct investing practice, Northleaf will consider a variety of middle-market investment situations including growth capital financings, successions, consolidations, and other special situations. Northleaf Capital Partners was established in 2009 and is based in Toronto, Ontario.

DEAL STATS #
Overall 9 of 24
Sector (Transportation) 1 of 2
Type (Secondary Buyout) 1 of 3
State (Massachusetts) 1 of 1
Country (United States) 4 of 13
Year (2018) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-01-01 Lal Lal Wind Farms

Lal Lal, Australia

Lal Lal Wind Farms is a 228-megawatt development with 60 turbine, built across 2,100 hectares of land in the Moorabool Shire, occupying sites at Yendon and Elaine near Ballarat. Lal Lal Wind Farms was founded in 2016 and is based in Lal Lal, Australia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-02-01 Vault Data Centers

Tampa, Florida, United States

Vault Data Centers is a operator of data centers and platform of highly strategic data centers diversified by geography and counterparty. Vault Data Centers is based in Tampa, Florida.

Buy -

Seller(S) 3

SELLER

Fort Point Capital

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Growth Capital Firm
Founded 2009
Size Small
Type Sector Agnostic
DESCRIPTION

Fort Point Capital is a private investment firm that targets smaller middle-market growth company investments. The Firm specifically looks for partnerships where firm expertise can help businesses realize their 'potential'. Sectors of interest include business services, healthcare, consumer, and software and information. Fort Point Capital was formed in 2009 and has offices in Boston and New York City.

DEAL STATS #
Overall 4 of 7
Sector (Transportation) 2 of 2
Type (Secondary Buyout) 2 of 5
State (Massachusetts) 2 of 3
Country (United States) 4 of 7
Year (2018) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-23 3Phase Elevator

Canton, Massachusetts, United States

3Phase Elevator is an independent provider of elevator maintenance, repair, and modernization services. 3Phase Elevator was founded in 1996 and is based in Canton, Massachusetts.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-07 AMS Fulfillment Holdings

Valencia, California, United States

AMS Fulfillment Holdings is a full service outsourced logistics provider offering order management, warehouse, and inventory management, kit assembly, reverse logistics and other value-added, complex fulfillment services to fast-growing consumer products companies primarily in the beauty/cosmetics, apparel, footwear, and accessories sectors. AMS Fulfillment Holdings was established in 2002 and is based in Valencia, California.

Buy -
SELLER

Crescent Capital Group

Los Angeles, California, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 1991
PE ASSETS 39.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Crescent Capital is a provider of debt securities to middle-market companies. Crescent looks to issue senior bank loans, high yield bonds, mezzanine debt and distressed debt to fund a variety of needs. The FIrm's direct lending group looks to provide $10 to $30 million to sponsor-backed companies that generate $5 to $35 million of EBITDA. Crescent's mezzanine practice typically provides junior capital to support buyouts, recapitalizations, and refinancings. Crescent Capital was formed in 1991 and was originally known as TCW/Crescent Mezzanine. The Firm has offices in Los Angeles, Boston, New York, and London.

DEAL STATS #
Overall 43 of 47
Sector (Transportation) 1 of 1
Type (Secondary Buyout) 12 of 13
State (Massachusetts) 3 of 3
Country (United States) 37 of 40
Year (2018) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-05-08 Intermedix

Fort Lauderdale, Florida, United States

Intermedix is a provider of healthcare information technology based business services to emergency providers. Intermedix was founded in 1983 and is based in Fort Lauderdale, Florida.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-12-27 Avalign Technologies

Rosemont, Illinois, United States

Avalign Technologies is a manufacturer of implants and instruments, specialty instrumentation, cutting tools, and cases and trays to the orthopedic medical device and specialty surgical markets. Avalign Technologies, Inc. is comprised of two divisions, avalign orthopedics, and avalign Surgical. Avalign Orthopedics manufactures premium implants and instruments for orthopedic, spine, and trauma applications. Avalign Technologies was founded in 2005 and is based in Rosemont, Illinois.

Buy -
SELLER

Barings Private Equity

Investor Investor

Category Private Equity Firm
Founded 1991
PE ASSETS 5.7B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Barings Private Equity is the private equity arm of global asset management firm Barings. The Group looks to invest in mezzanine, distressed, and other private equity transactions including secondaries and funds. Sectors of interest include manufacturing, business services, distribution, consumer products, consumer services, food products, packaging, and healthcare. Barings Private Equity was originally established in 1991 and is based in Charlotte, North Carolina.

DEAL STATS #
Overall 23 of 37
Sector (Transportation) 2 of 3
Type (Secondary Buyout) 5 of 10
State (Massachusetts) 2 of 2
Country (United States) 21 of 33
Year (2018) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-03-27 Tranzonic Companies

Knoxville, Tennessee, United States

Tranzonic Companies is a manufacturer and distributor of consumable personal care, cleaning, and MRO products sold to over 30,000 industrial, commercial, institutional, and medical customers. Primary products include wipers, adult incontinence, personal hygiene, and related products with generic and private label brands. The Tranzonic Companies was established in 1933 and is based in Knoxville, Tennessee.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-08-28 Aramsco

Paulsboro, New Jersey, United States

Aramsco is a distributor of products, equipment, and services to specialty contractors in North America. The Company carries more than 30,000 different products ranging from personal protective equipment to specialty chemicals and equipment. Aramsco complements this product offering with a suite of value-added services such as equipment repair, rental, and training. Aramsco was founded in 1966 and is based in Paulsboro, New Jersey.

Sell -
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