M&A Deal Summary

Banyan Investment Partners and Convergent Capital Partners Acquire Bay West

On October 1, 2013, mezzanine finance firm Banyan Investment Partners and growth capital firm Convergent Capital Partners acquired environmental company Bay West

Acquisition Highlights
  • This is Banyan Investment Partners’ 3rd and Convergent Capital Partners’ 3rd transaction in the Environmental sector.
  • This is Banyan Investment Partners’ 60th and Convergent Capital Partners’ 49th transaction in the United States.
  • This is Banyan Investment Partners’ 1st and Convergent Capital Partners’ 11th transaction in Minnesota.

M&A Deal Summary

Date 2013-10-01
Target Bay West
Sector Environmental
Buyer(s) Banyan Investment Partners
Convergent Capital Partners
Deal Type Buyout (LBO, MBO, MBI)

Target

Bay West

St Paul, Minnesota, United States
Bay West is a customer-focused environmental and industrial services provider, with a four-decade track record of providing value-added solutions to our clients in both the public and private sectors. Bay West was founded in 1974 and is based in St Paul, Minnesota.

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Buyer(S) 2

Buyer

Banyan Investment Partners

Miami, Florida, United States

Investor


Category Mezzanine Finance Firm
Founded 2002
PE ASSETS 550M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Banyan is a specialty finance firm that provides mezzanine capital to smaller middle-market companies headquartered primarily in the Southeast US. Banyan looks to invest $5 to $25 million of junior capital in profitable companies. The Firm does not have any industry preferences, however, Banyan will not invest in real estate development, oil and gas exploration, direct lenders, start-ups or turn-around situations. Banyan Mezzanine was formed in 2002 and is based in Miami, Florida.


DEAL STATS #
Overall 60 of 73
Sector (Environmental) 3 of 3
Type (Buyout (LBO, MBO, MBI)) 19 of 28
State (Minnesota) 1 of 1
Country (United States) 60 of 73
Year (2013) 4 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-06-26 Pinnacle Exhibits

Hillsboro, Oregon, United States

Pinnacle Exhibits is a full service provider of custom tradeshow exhibits and Events for large corporate customers with national and global brands. Pinnacle Exhibits was founded in 1998 and is based in Hillsboro, Oregon.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-11-07 Pipeline Transportation

Jacksonville, Florida, United States

Pipeline Transportation is a provider of petroleum transportation, fuel inventory management and other fuel supply services. The Company currently services Florida and parts of Georgia.

Sell -
DESCRIPTION

Convergent Capital is a private investment firm that provides growth and debenture financing to late-stage growth companies. Convergent prefers to commit $3 to $12 million per transaction in businesses with at least $10 million in revenues. Convergent is a generalist investor and will consider businesses in a wide range of industries. Investment funds are typically used to assist growth, but the firm can also structure investments around buyouts, recapitalizations, consolidations, and add-on acquisitions. Convergent is licensed as a SBIC. Convergent Capital was formed in 1999 and is based in Minneapolis, Minnesota.


DEAL STATS #
Overall 49 of 62
Sector (Environmental) 3 of 3
Type (Buyout (LBO, MBO, MBI)) 21 of 25
State (Minnesota) 11 of 12
Country (United States) 49 of 62
Year (2013) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-09-01 Solvair

Chicago, Illinois, United States

Solvair, LLC is a producer and marketer of proprietary, environmentally friendly dry cleaning systems. Solvair was founded in 2007 and is based in Chicago, Illinois.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-11-29 IntelePeer

San Mateo, California, United States

IntelePeer, Inc. provides a fully managed, on-demand peering infrastructure to exchange voice traffic over IP or legacy TDM networks. Its customers are communications services providers, universities, enterprises and VoiP application developers.

Sell -