M&A Deal Summary

Balmoral Funds, Crystal Capital and One Equity Partners Acquire iGPS

On June 1, 2013, private equity firm Balmoral Funds, Crystal Capital and private equity firm One Equity Partners acquired business services company iGPS from Pegasus Capital Advisors, Kelso and Quilvest Capital Partners

Acquisition Highlights
  • This is Balmoral Funds’ 2nd, Crystal Capital’s 4th and One Equity Partners’ 5th transaction in the Business Services sector.
  • This is Balmoral Funds’ 7th, Crystal Capital’s 21st and One Equity Partners’ 29th transaction in the United States.
  • This is Balmoral Funds’ 4th, Crystal Capital’s 2nd and One Equity Partners’ 1st transaction in Florida.

M&A Deal Summary

Date 2013-06-01
Target iGPS
Sector Business Services
Buyer(s) Balmoral Funds
Crystal Capital
One Equity Partners
Sellers(s) Pegasus Capital Advisors
Kelso
Quilvest Capital Partners
Deal Type Special Situations/Distressed

Target

iGPS

Orlando, Florida, United States
iGPS operates the world’s first pallet rental service providing shippers and receivers with lightweight, 100 percent recyclable all-plastic pallets with embedded RFID tags. Its highly engineered platform—the world’s most advanced shipping pallet—is rapidly replacing wood as the platform of choice among the world’s most innovative companies. Businesses that switch from wood pallets to iGPS realize game-changing savings—as much as $2 per unitized load—thanks to lower transport costs, reduced production downtime, reduced product damage and fewer rejected loads. iGPS was founded in 2006 and is based in Orlando, Florida.

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Buyer(S) 3

Buyer

Balmoral Funds

Los Angeles, California, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2005
PE ASSETS 200M USD
Size Small
Type Sector Agnostic
DESCRIPTION

Balmoral Funds is a private equity firm which targets recapitalizations, special situations, and acquisitions of small and middle-market companies. Typical investment candidates are located in the US or Canada, undergoing operational challenges with up to $400 million of revenue. Sectors of interest include manufacturing, business services, consumer products, retail, and value-added distribution. The Firm's target investment size is $5 to $40 million. Balmoral Funds was established in 2005 and is based in Los Angeles, California.


DEAL STATS #
Overall 7 of 20
Sector: Business Services M&A 2 of 2
Type: Special Situations/Distressed M&A Deals 2 of 2
State: Florida M&A 4 of 4
Country: United States M&A 7 of 20
Year: 2013 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-10-19 Concurrent Manufacturing Solutions

Hialeah, Florida, United States

Concurrent Manufacturing Solutions is a vertically integrated contract electronic manufacturer, providing a range of manufacturing and assembly services. Concurrent operates facilities in the U.S. and Mexico and serves a diverse range of customers within the telecommunications, industrial, energy, defense and aerospace markets. Concurrent Manufacturing Solutions is based in Hialeah, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-11-09 Enesco

Itasca, Illinois, United States

Enesco is a distributor of products to wide variety of specialty card and gift retailers, home décor boutiques, as well as mass-market chains and direct mail retailers. Enesco was founded in 2007 and is based in Itasca, Illinois.

Buy -
Buyer

Crystal Capital

Boston, Massachusetts, United States

Category Private Equity Firm
Founded 2006
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Crystal Capital is an affiliate of Crystal Financial Corporation, Crystal Capital is a private investment firm that provides debt and equity capital to middle-market companies. Crystal Capital does not have an industry preference in evaluating opportunities, but looks to provide a minimum of $1 million in equity (co-investment) or $10 million in junior capital per transaction. Target companies typically generate sales of at least $150 million and EBITDA of $15 million. Crystal Capital was formed in 2006 and is based in Boston, Massachusetts with additional offices in Los Angeles, California; Stamford, Connecticut; and Chicago, Illinois.


DEAL STATS #
Overall 25 of 32
Sector: Business Services M&A 4 of 5
Type: Special Situations/Distressed M&A Deals 4 of 4
State: Florida M&A 2 of 4
Country: United States M&A 21 of 27
Year: 2013 M&A 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-02-01 The SCOOTER Store

New Braunfels, Texas, United States

The SCOOTER Store is a provider of power mobility solutions including power wheelchairs, scooters, lifts, ramps, and accessories. The Company also provides Home Care products and services in select locations which provide seniors with a better quality of life and an alternative to living in nursing homes or other care facilities.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-07-16 Dakine

Hood River, Oregon, United States

Dakine is an outdoor sports and lifestyle brand offering backpacks, luggage, gloves and other technical accessories used by enthusiasts across multiple action sports segments such as ski/snowboarding, surfing, biking, and skating.

Buy -
Buyer

One Equity Partners

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2001
PE ASSETS 10.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

One Equity Partners (OEP) is a private equity firm that targets buyout and growth capital investments in North America, Europe, and Asia. OEP prefers to be the lead investor and typically commits $30 to $150 million per transaction. Sectors of interest include industrial products/services, consumer, retail, chemicals, media, communications, and healthcare. One Equity Partners was formed in 2001 and spun out of JP Morgan Chase in 2015. One Equity Partners is based in New York, New York.


DEAL STATS #
Overall 50 of 138
Sector: Business Services M&A 5 of 8
Type: Special Situations/Distressed M&A Deals 1 of 1
State: Florida M&A 1 of 5
Country: United States M&A 29 of 82
Year: 2013 M&A 2 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-03-28 East Balt

Chicago, Illinois, United States

East Balt is a global bakery business spanning four continents with 21 bakeries in 11 countries. East Balt has grown over the last 60+ years through partnerships with leading food service organizations and with a dynamic portfolio of high quality products including buns, bagels, English muffins, tortillas and breads. East Balt is recognized as a quality and innovation leader and is committed to driving the success of its customers.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-06-14 Engineering Ingegneria Informatica

Roma, Italy

Engineering Ingegneria Informatica is an IT services provider focused on digital transformation with more than 11,000 professionals in 65 locations across the world. The Group designs develops and manages innovative IT solutions for business areas where digitalization is having the biggest impact. Engineering Ingegneria Informatica was founded in 1980 and is based in Roma, Italy.

Buy -

Seller(S) 3

SELLER

Pegasus Capital Advisors


Category Private Equity Firm
Founded 1996
PE ASSETS 2.6B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Pegasus Capital Advisors is a private equity firm focused on providing equity and junior capital to middle-market companies across a wide variety of industries. Pegasus looks to commit between $50 and $150 million per transaction. Sectors of interest include building materials, consumer products/services, energy, financial services/insurance, IT, marketing/communications, metals/minerals, and safety/security. Pegasus was formed in 1995 and is based in Stamford, Connecticut.


DEAL STATS #
Overall 5 of 16
Sector: Business Services M&A 1 of 1
Type: Special Situations/Distressed M&A Deals 1 of 1
State: Florida M&A 1 of 2
Country: United States M&A 4 of 11
Year: 2013 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-01-01 Accordant Energy

Rutland, Vermont, United States

Accordant Energy is a fuel technology company offering an innovative, renewable fuel ReEngineered Feedstock to enable cleaner power generation. The company's ReEF is developed and manufactured by the company’s proprietary technology for specific applications including gasification and combustion. The process accepts post recycling materials, which are then further processed in an Advanced Product Manufacturing (“APM”) plant to produce the specified ReEF product incorporating carefully controlled air-emission control sorbents. Accordant Energy was formed in 2011 and is based in Rutland, Vermont.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-03-13 Traxys

Strassen, Luxembourg

Traxys is an intermediary between base metal, noble alloy, industrial mineral producers, and industrial end-users. The Company provides a full range of commercial services such as marketing, sales, distribution, hedging, supply chain financing, raw materials sourcing, credit risk coverage, and logistics. Traxys was founded in 1919 and is based in Strassen, Luxembourg.

Sell -
SELLER

Kelso

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1971
PE ASSETS 15.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Kelso & Company is a private equity and investment management firm that seeks control investments in middle-market companies operating primarily throughout the US. Sectors of interest include manufacturing, communications, media, distribution, service, consumer products, retail, healthcare, transportation, logistics, textiles, & apparel, chemicals, and energy. Kelso looks to align 'management's interest with those of investors' when considering opportunities. Kelso & Company was formed in 1971 and is based in New York City.


DEAL STATS #
Overall 21 of 54
Sector: Business Services M&A 2 of 5
Type: Special Situations/Distressed M&A Deals 2 of 2
State: Florida M&A 1 of 7
Country: United States M&A 19 of 47
Year: 2013 M&A 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-05-07 Power Holdings

Alexandria, Louisiana, United States

Power Holdings (T&D Solutions) is a provider of construction and maintenance services for electric transmission and distribution lines throughout the Southwest, Central South, Midwest, and Eastern United States.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-08-15 SiriusPoint

Pembroke, Bermuda

SiriusPoint is a provider of various specialty property and casualty reinsurance products. SiriusPoint was founded in 2011 and is based in Pembroke, Bermuda.

Sell -
SELLER

Quilvest Capital Partners

Paris, France

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1972
PE ASSETS 7.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Quilvest Capital Partners is the private equity investment arm of asset management firm Quilvest. Quilvest Capital Partners invests in private equity and debt funds as well as makes direct investments. The direct investment group looks for opportunities in the US, Europe, and 'opportunistically' in Asia with a preference for buyout, growth capital, and venture transactions. Quilvest Capital Partners will consider both minority and majority positions. Quilvest Capital Partners was established in 1972 and is based Paris.


DEAL STATS #
Overall 32 of 69
Sector: Business Services M&A 6 of 9
Type: Special Situations/Distressed M&A Deals 1 of 1
State: Florida M&A 2 of 5
Country: United States M&A 13 of 35
Year: 2013 M&A 6 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-06-01 Vyve Broadband

Purchase, New York, United States

Vyve Broadband is a broadband platform focused on non-urban markets in Oklahoma, Kansas, Texas, and Arkansas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-08-01 Fertiláqua

Cidade Nova, Brazil

Fertiláqua is a specialty fertilizer company offering a competitive portfolio of high-value foliar fertilizers, seed treatment solutions and biostimulants for a wide array of crops, fruits, and vegetables.

Buy -