Secondary Buyout • Business Services

Aurora Capital Partners and Antares Capital Acquire Restaurant Technologies

On April 30, 2015, private equity firms Aurora Capital Partners and Antares Capital acquired business services company Restaurant Technologies from EQT

Acquisition Context
  • This is Aurora Capital Partners’ 2nd and Antares Capital’s 2nd transaction in the Business Services sector.
  • This is Aurora Capital Partners’ 20th and Antares Capital’s 18th transaction in the United States.
  • This is Aurora Capital Partners’ 1st and Antares Capital’s 2nd transaction in Minnesota.
Investment Fate
  • Restaurant Technologies was sold to a consortium of financial buyers in 2018.
  • Restaurant Technologies was sold to a consortium of financial buyers in 2022.

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M&A Deal Summary

Date April 30, 2015
Target Restaurant Technologies
Sector Business Services
Buyer(s) Aurora Capital Partners
Antares Capital
Sellers(s) EQT
Deal Type Secondary Buyout

Target Company

Restaurant Technologies

Mendota Heights, Minnesota, United States
Restaurant Technologies is a foodservice industry partner, serving more than 32,000 quick-service and full-service restaurant chains, independent restaurants, grocery delis, hotels, casinos, universities, and hospitals nationwide. The company helps make foodservice operations safer, smarter, and more efficient through cooking oil and hood and flue management solutions. It has a long history of sustainability, working with partners to provide used cooking oil as input into renewable diesel and biodiesel, creating an ESG-friendly process of recycled used cooking oil for its customers. Restaurant Technologies was formed in 1996 and is based in Mendota Heights, Minnesota.
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Buyers Overview 2

Buyer

Aurora Capital Partners

Los Angeles, California, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1991
PE ASSETS 4.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Aurora Capital Partners is a private investment firm that manages private equity funds as well as investment vehicles focused on debt/equity securities. Targeted businesses are generally industry leaders that operate in defensible markets with sustainable margins. Sectors of interest include aerospace, industrial products, and services, packaging, plastics, distribution, manufacturing, media, retail, and chemicals. Aurora will only consider majority/control positions. Aurora's investment horizon is typically three to seven years. Aurora Capital Partners was formed in 1991 and is based in Los Angeles, California.


Deal Context for Buyer #
Overall 21 of 43
Sector: Business Services 2 of 4
Type: Secondary Buyout 11 of 22
State: Minnesota 1 of 2
Country: United States 20 of 42
Year: 2015 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-05-09 RecoverCare

Louisville, Kentucky, United States

RecoverCare is a provider of specialty low air loss mattress and overlays, preventative foam and gel products, hospital beds and patient transfer systems to acute care hospitals, nursing homes, and other providers of wound care and bariatric services. RecoverCare is based in Louisville, Kentucky.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-09-01 Pace

Minneapolis, Minnesota, United States

Pace is a provider of analytical testing and related outsourced scientific solutions to the life sciences industry. Pace's Analytical Services division provides full-service testing, sampling, and analytical support services to detect trace-level organic and inorganic contaminants in air, water, wastewater, soil, biota, and waste. Pace's Life Sciences division provides a wide variety of testing services for the biopharmaceutical, pharmaceutical, medical device, and drug-device industries as well as early-stage drug development and manufacturing services with a broad range of pre-clinical and clinical capabilities for both small and large molecules. Pace was formed in 1978 and is based in Minneapolis, Minnesota.

Buy -
Buyer

Antares Capital

Miami, Florida, United States

Investor Investor


Category Private Equity Firm
Founded 1993
Size Small
Type Sector Agnostic
DESCRIPTION

Antares Capital is a private investment group that targets growth capital financings as well as management buyout opportunities. The Firm focuses on investments based in the Southeast US and Texas. Prospective companies generally have proven business models, modest capital requirements for growth, and operate in large and growing markets. The Firm looks to commit $500k to $5 million per investment. Antares will not invest in real estate, mineral exploration, distributors, franchisees, or project financings. Antares was founded in 1993 and is based in Miami, Florida.


Deal Context for Buyer #
Overall 19 of 55
Sector: Business Services 2 of 5
Type: Secondary Buyout 9 of 30
State: Minnesota 2 of 3
Country: United States 18 of 54
Year: 2015 2 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-04-15 LSQ Funding

Orlando, Florida, United States

LSQ Funding is a technology-enabled provider of invoice and supply chain finance solutions to small and mid-sized businesses across a range of industries and geographies within the United States. The Company primarily provides factoring and asset-based lending solutions and helps clients outsource the back-office administration of accounts receivable management and expedite the cash conversion cycle. LSQ was founded in 1996 and is founded in Orlando, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-06-10 AWP Safety

North Canton, Ohio, United States

AWP Safety is a provider of professional traffic control design and execution services in support of utility infrastructure maintenance and construction activity. AWP Safety was founded in 1981 and is based in North Canton, Ohio.

Buy -

Seller Profile 1

SELLER

EQT

Stockholm, Sweden

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1994
PE ASSETS 242.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

EQT is a global private equity group that purses a variety of investment strategies around the world. EQT is divided into several investment disciplines, including private capital, real assets, credit, and venture. The Firm's private capital group targets large, market-leading enterprises (investment size of €125 to €1.5 billion) across Europe and the US, as well as mid-market, growth companies (investment size of €40 to €125 million) across the US, Europe, China, and Southeast Asia. The Firm's real assets group seeks to identify control or co-control equity investments (investment size of €500 to €1 billion) in medium-sized infrastructure companies that provide an essential service to society, are recession resilient, and have secure cash flows. EQT's credit group provides flexible, long-term debt capital solutions to medium-sized European businesses, across a wide range of sectors. EQT was established in 1994 and is headquartered in Stockholm, Sweden.


Deal Context for Seller #
Overall 70 of 194
Sector: Business Services 4 of 8
Type: Secondary Buyout 22 of 61
State: Minnesota 2 of 2
Country: United States 4 of 28
Year: 2015 6 of 12
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-04-13 WASH

Torrance, California, United States

WASH is a provider of route-based laundry services to multifamily apartments and universities. The Company operates an infrastructure network across 34 branches, with approximately 635,000 installed machines and 82,000 customer locations. WASH was founded in 1947 and is based in Torrance, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-07-02 HusCompagniet

Tilst, Denmark

HusCompagniet builds on a strong brand and business model, delivering high-quality single-family houses with great value for money. HusCompagniet was founded in 1972 and is based in Tilst, Denmark.

Buy -