M&A Deal Summary

Bain Capital Double Impact, Macquarie Capital, BayPine, Two Sigma Impact and Everberg Capital Acquire Penn Foster

On May 1, 2018, private equity firms Bain Capital Double Impact, Macquarie Capital, BayPine, Two Sigma Impact and Everberg Capital acquired education company Penn Foster from Vistria Group

Acquisition Highlights
  • This is Bain Capital Double Impact’s 1st, Macquarie Capital’s 1st, BayPine’s 1st, Two Sigma Impact’s 1st and Everberg Capital’s 1st transaction in the Education sector.
  • This is Bain Capital Double Impact’s 4th, Macquarie Capital’s 2nd, BayPine’s 1st, Two Sigma Impact’s 1st and Everberg Capital’s 5th transaction in the United States.
  • This is Bain Capital Double Impact’s 1st, Macquarie Capital’s 1st, BayPine’s 1st, Two Sigma Impact’s 1st and Everberg Capital’s 1st transaction in Pennsylvania.

M&A Deal Summary
Date 2018-05-01
Target Penn Foster
Sector Education
Buyer(s) Bain Capital Double Impact
Macquarie Capital
BayPine
Two Sigma Impact
Everberg Capital
Sellers(s) Vistria Group
Deal Type Secondary Buyout
Advisor(s) William Blair (Financial)

Target

Penn Foster

Scranton, Pennsylvania, United States
Penn Foster is a leading provider of high school diploma, workforce education, and training solutions. The business focuses on adult learners who seek forms of higher education to improve their career skills and employment status. Penn Foster was founded in 1890 and is based in Scranton, Pennsylvania.

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Buyer(S) 5

Buyer

Bain Capital Double Impact

Investor Investor Investor Investor Investor

Category Private Equity Firm
Size Small
Type Sector Focused
DESCRIPTION

Bain Capital Double Impact is the social and wellness investment arm of Bain Capital. The Firm looks to invest in mission-driven companies that deliver both competitive financial returns and meaningful, measurable social and environmental good. Bain Capital Double Impact is based in Boston, Massachusetts.

DEAL STATS #
Overall 4 of 18
Sector (Education) 1 of 2
Type (Secondary Buyout) 2 of 7
State (Pennsylvania) 1 of 1
Country (United States) 4 of 17
Year (2018) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-05 Beatnic

New York, New York, United States

Beatnic is a provider of 100% vegan, 100% delicious food that debuted in New York City in 2015. Beatnic offers a creative plant-based menu of house-made burgers, sandwiches, salads, and baked sweets. A destination for vegans and omnivores alike, Beatnic continues to innovate in the category while staying true to the brand's creative, inclusive, and vibrant core values. Beatnic was founded in 2015 and is based in New York City.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-16 Arosa

Los Angeles, California, United States

Arosa is a national in-home care provider for older adult Americans and their families. Arosa was founded in 2012 and is based in Los Angeles, California.

Buy -
Buyer

Macquarie Capital

Investor Investor

Category Private Equity Firm
Size Mega
Type Sector Agnostic
DESCRIPTION

Macquarie Capital is the principal investing arm of financial services company Macquarie Group. Macquarie Capital has global capability in advisory, capital raising services, and provides clients with specialist expertise, advice and flexible capital solutions across a range of sectors and products including investing alongside partners and clients. Macquarie Capital is based in Sydney, Australia.

DEAL STATS #
Overall 10 of 29
Sector (Education) 1 of 1
Type (Secondary Buyout) 2 of 8
State (Pennsylvania) 1 of 1
Country (United States) 2 of 11
Year (2018) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-12-05 INEA S.A

Poznan, Poland

INEA Joint Stock Company is the largest telecommunications operator in Western Poland – the Wielkopolska region, which provides advanced telecommunication services based on NGN (New Generation Network), including fiber-to-the-home networks (FTTH) and broadband network in WiMAX technology in the standard IEEE 802.16e.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-05-25 Techem

Eschborn, Germany

Techem specializes in smart and sustainable solutions for the real estate industry, focusing on energy efficiency and decarbonization. Techem provides digital services that help reduce energy consumption, improve water management, and increase resource conservation across properties. Techem's comprehensive offerings include remote monitoring systems for heating and water, wireless smoke detectors, and solutions for enhancing energy efficiency in buildings. Techem was founded in 1952 and is based in Eschborn, Germany.

Sell €4.6B
Buyer

BayPine

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2019
PE ASSETS 3.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

BayPine is a private investment firm that seeks to invest in and acquire market-leading businesses across traditional sectors of the economy. BayPine has a particular interest in businesses where digital transformation can have a big impact on the future growth. BayPine was formed in 2020 and is headquartered Boston, Massachusetts.

DEAL STATS #
Overall 1 of 5
Sector (Education) 1 of 1
Type (Secondary Buyout) 1 of 5
State (Pennsylvania) 1 of 1
Country (United States) 1 of 5
Year (2018) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-05 Mavis Discount Tire

Millwood, New York, United States

Mavis Discount Tire is an independent tire and service provider in the United States, with more than 1,100 service centers across 27 states. In addition to its core offering of tires from over 20 major brands, Mavis offers a menu of repair and maintenance services including brakes, alignments, suspension, shocks, and exhaust. Mavis Discount Tire was founded in 1972 and is based in Millwood, New York.

Buy -
Buyer

Two Sigma Impact

Investor Investor

Category Private Equity Firm
Founded 2001
Size Small
Type Sector Agnostic
DESCRIPTION

Two Sigma is a private investment group focused on opportunities in education & training, healthcare, consumer services, and business services. The Firm prefers growth businesses and will consider opportunities throughout the US. Two Sigma is headquartered in New York City.

DEAL STATS #
Overall 1 of 7
Sector (Education) 1 of 1
Type (Secondary Buyout) 1 of 5
State (Pennsylvania) 1 of 1
Country (United States) 1 of 7
Year (2018) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-29 Wholesale Supplies Plus

Independence, Ohio, United States

Wholesale Supplies Plus is a provider of high-quality raw materials, supplies, and packaging for soap, skincare, and candle artisans. The company’s broad product assortment and complementary support enable an expanding artisan community to meet growing consumer demand for authentic, local, and clean label personal products. Wholesale Supplies Plus was founded in 1999 and is based in Independence, Ohio.

Buy -
Buyer

Everberg Capital

Investor

Category Private Equity Firm
Founded 2019
Size Small
Type Sector Agnostic
DESCRIPTION

Everberg Capital is a private investment firm that looks to partner with family-owned businesses, entrepreneurs, and financial sponsors with capital for acquisition financing, leveraged buyouts, growth opportunities, and recapitalizations. Broad areas of interest include industrials, business services, consumer products/services, and healthcare. Everberg can invest across the capital structure and seeks to commit $10 to $100 million per transaction. Everberg Capital was formed in 2019 and is based in New York City.

DEAL STATS #
Overall 6 of 18
Sector (Education) 1 of 1
Type (Secondary Buyout) 2 of 4
State (Pennsylvania) 1 of 1
Country (United States) 5 of 16
Year (2018) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-03-13 Wpromote

El Segundo, California, United States

Wpromote is a digital marketing agency that provides a range of services including paid search, search engine optimization, social media, Amazon marketing, programmatic advertising, email marketing, and video and digital intelligence services. Wpromote was founded in 2001 and is based in El Segundo, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-06-19 Comar

Voorhees, New Jersey, United States

Comar is a designer and manufacturer of rigid plastic solutions, serving the Medical, Pharmaceutical, Consumer Healthcare, Personal & Home Care, Food & Beverage, and other niche markets. We have a longstanding reputation for developing creative, industry-compliant packaging and dispensing solutions for customers who count on us for quality driven engineering and manufacturing. Comar was founded in 1949 and is based in Voorhees, New Jersey.

Buy -

Seller(S) 1

SELLER

Vistria Group

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2013
Size Small
Type Sector Agnostic
DESCRIPTION

The Vistria Group is a middle-market private equity firm focused on the education, healthcare, and financial services industries. Vistria was formed in 2013 and is based in Chicago, Illinois.

DEAL STATS #
Overall 1 of 5
Sector (Education) 1 of 2
Type (Secondary Buyout) 1 of 2
State (Pennsylvania) 1 of 1
Country (United States) 1 of 5
Year (2018) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-01 CareMetx

Bethesda, Maryland, United States

CareMetx is a pharmaceutical, biotechnology and device manufacturers with technology and specialty hub services to support patient access. CareMetx was founded in 2011 and is based in Bethesda, Maryland.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-14 Catapult Learning

Philadelphia, Pennsylvania, United States

Catapult Learning is an outsourced K-12 educational services platform in the U.S. The Company serves more than 300,000 K-12 students across 300+ districts, including 16 of the 20 largest districts, in 38 states and the District of Columbia. Catapult Learning was founded in 1976 and is based in Philadelphia, Pennsylvania.

Buy -
Mergr

Product

Company

Legal