M&A Deal Summary

Bernhard Capital Partners Acquires RailWorks

On September 30, 2021, private equity firm Bernhard Capital Partners acquired construction company RailWorks from Wind Point Partners and Audax Private Debt

Acquisition Highlights
  • This is Bernhard Capital Partners’ 1st transaction in the Construction sector.
  • This is Bernhard Capital Partners’ 7th transaction in the United States.
  • This is Bernhard Capital Partners’ 1st transaction in New York.

M&A Deal Summary

Date 2021-09-30
Target RailWorks
Sector Construction
Buyer(s) Bernhard Capital Partners
Sellers(s) Wind Point Partners
Audax Private Debt
Deal Type Secondary Buyout

Target

RailWorks

New York, New York, United States
RailWorks provides track construction, electrical systems construction, maintenance services, and products throughout the United States and Canada for major transit authorities, Class I and short-line railroads, and rail-served commercial and industrial companies. Trusted RailWorks brands include L.K. Comstock Inc., PNR RailWorks, NARSTCO, and HSQ Technology. RailWorks was formed in 1998 and is based in New York, New York.

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Buyer(S) 1

DESCRIPTION

Bernhard Capital Partners is a private equity firm focused on acquiring and investing in middle-market services companies. Bernhard Capital Partners was formed in 2013 and is headquartered in Baton Rouge, Louisiana.


DEAL STATS #
Overall 7 of 14
Sector (Construction) 1 of 1
Type (Secondary Buyout) 1 of 1
State (New York) 1 of 1
Country (United States) 7 of 14
Year (2021) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-01 Allied Power

Baton Rouge, Louisiana, United States

Allied Power provides a diversified range of services – from routine maintenance to outage services and management, capital construction and specialized support – for power plants across the asset life cycle throughout the U.S. Allied Power was founded in 2017 and is based in Baton Rouge, Louisiana.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-04 Bernhard

Metairie, Louisiana, United States

Bernhard is an Energy-as-a-Service company delivering turnkey projects and custom solutions in the United States with 100+ years of energy and infrastructure project experience servicing higher education, healthcare, commercial and specialty markets. Bernhard was established in 1919 and is based in Metairie, Louisiana.

Sell -

Seller(S) 2

SELLER

Wind Point Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1984
PE ASSETS 7.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Wind Point Partners is a private equity firm focused on acquisitions of mid-sized companies operating in the business services, consumer products, healthcare services, and industrial products sectors. Wind Point looks to invest $60 to $130 million in companies valued up to $500 million. Prospective transaction types include leveraged buyouts, recapitalizations, industry consolidations, and growth capital financings. Wind Point Partners began investing in 1984 and is based in Chicago.


DEAL STATS #
Overall 51 of 56
Sector (Construction) 1 of 1
Type (Secondary Buyout) 19 of 23
State (New York) 2 of 2
Country (United States) 46 of 51
Year (2021) 6 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-02 Vertex

Weymouth, Massachusetts, United States

Vertex is a multidisciplinary engineering and consulting firm that provides forensic consulting, engineering design, construction management, claims & dispute resolution, environmental, and digital solutions to insurance carriers, sureties, law firms, real estate owners, property managers, public agencies, and commercial clients. Clients rely on Vertex to deliver solutions for complex situations with a high cost of failure. Vertex was founded in 1995 and is based in Weymouth, Massachusetts.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-08 good2grow

Atlanta, Georgia, United States

good2grow is a better-for-you kids’ nutrition platform providing single-serve juice, fortified water, and milk products. The Company delivers its unique product with a collectible spout top (“toppers”) based on famous characters from children’s entertainment franchises. Beverages are sold across numerous brick-and-mortar retail channels including convenience, mass, grocery, dollar, and drug stores. G2G uses a variety of distribution methods, including a direct store delivery (“DSD”) network of over 220 partners which allows for optimal merchandising and efficient in-stock rates. good2grow was founded in 2001 and is based in Atlanta, Georgia.

Buy -
SELLER

Audax Private Debt

New York, New York, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 2000
PE ASSETS 5.4B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Audax Mezzanine is the mezzanine finance arm of the Audax Group. The Firm focuses on investing in both private and public, US-based middle market companies with a strong history of cash flows and consistent revenue growth. Audax will consider subordinated mezzanine debt commitments, second lien or junior secured debt, preferred stock and common stock. The Firm seeks to invest in companies valued between $10 and $60 million. Types of transaction include MBOs, LBOs, growth capital financings, acquisition financings, and recapitalizations.


DEAL STATS #
Overall 48 of 51
Sector (Construction) 2 of 2
Type (Secondary Buyout) 23 of 24
State (New York) 3 of 4
Country (United States) 48 of 51
Year (2021) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-14 Summit Spine & Joint Centers

Lawrenceville, Georgia, United States

Summit Spine & Joint Centers operates ambulatory surgery centers and pain management clinics in the greater Atlanta area. Summit provides interventional pain management treatment to patients who suffer from chronic pain symptoms. Summit Spine & Joint Centers was founded in 2014 and is based in Lawrenceville, Georgia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-11 Ornua Ingredients North America

Whitehall, Wisconsin, United States

Ornua Ingredients North America is a manufacturer of custom analog and processed cheese ingredients and products for industrial, food service, and retail markets. Ornua Ingredients North America was founded in 1994 and is based in Whitehall, Wisconsin.

Sell -