M&A Deal Summary

MidOcean Partners, BlackRock Capital Investment and PennantPark Investment Advisers Acquire LegalShield

On June 30, 2011, private equity firm MidOcean Partners, business development company BlackRock Capital Investment and lender PennantPark Investment Advisers acquired business services company LegalShield for 650M USD

Acquisition Highlights
  • This is MidOcean Partners’ 2nd, BlackRock Capital Investment’s 4th and PennantPark Investment Advisers’ 1st transaction in the Business Services sector.
  • This is MidOcean Partners’ 2nd, BlackRock Capital Investment’s and PennantPark Investment Advisers’ largest (disclosed) transaction.
  • This is MidOcean Partners’ 23rd, BlackRock Capital Investment’s 21st and PennantPark Investment Advisers’ 6th transaction in the United States.
  • This is MidOcean Partners’ 1st, BlackRock Capital Investment’s 1st and PennantPark Investment Advisers’ 1st transaction in Oklahoma.
Investment Fate
  • LegalShield was sold to a consortium of financial buyers in 2018.

M&A Deal Summary

Date 2011-06-30
Target LegalShield
Sector Business Services
Buyer(s) MidOcean Partners
BlackRock Capital Investment
PennantPark Investment Advisers
Deal Type Going Private
Deal Value 650M USD

Target

LegalShield

Ada, Oklahoma, United States
LegalShield is a provider of legal plans and identity theft solutions to families and small businesses across the US and Canada. LegalShield was founded in 1972 and is based in Ada, Oklahoma.

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Buyer(S) 3

Buyer

MidOcean Partners

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2003
PE ASSETS 10.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

MidOcean Partners is a private equity firm focused on acquiring controlling interests in middle-market companies throughout North America. The Firm has a preference for consumer and business services sectors including automotive, food/beverage, retail, consumer products, information services, infrastructure services, training and more. MidOcean seeks opportunities valued between $150 and $750 million where it can commit $75 to $300 million. In addition to investing equity, MidOcean also looks to provide flexible credit solutions as well. MidOcean Partners was formed in 2003 and is based in New York, New York.


DEAL STATS #
Overall 27 of 60
Sector (Business Services) 2 of 4
Type (Going Private) 2 of 2
State (Oklahoma) 1 of 1
Country (United States) 23 of 55
Year (2011) 2 of 4
Size (of disclosed) 2 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-04-04 Sbarro

Melville, New York, United States

Sbarro is a Italian quick service restaurant concept and the largest shopping mall -based concept.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-08-01 SouthBeachDiet

New York, New York, United States

The South Beach Diet is a lifestyle approach to healthy eating for millions of people around the world, with more than 23 million copies of the South Beach Diet and its companion books currently in print worldwide. SouthBeachDiet is based in Newyork city.

Buy -
Buyer

BlackRock Capital Investment

New York, New York, United States

Investor Investor Investor Investor Investor


Category Business Development Company
Founded 2005
PE ASSETS 1.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

BlackRock Capital Investment is a publicly traded business development company (BDC) that provides middle-market companies with a variety of financing solutions. This includes senior and junior secured, unsecured and subordinated debt securities and loans, as well as equity. BlackRock Capital targets profitable companies with strong management and defensible market positions that may be underserved by traditional lending sources. The Firm looks to commit $10 to $50 million in businesses generating $10 to $50 million of EBITDA. BlackRock was formed in 2005 by BlackRock and Kelso & Company. The Firm has offices in New York City and Chicago.


DEAL STATS #
Overall 22 of 33
Sector (Business Services) 4 of 5
Type (Going Private) 1 of 1
State (Oklahoma) 1 of 1
Country (United States) 21 of 26
Year (2011) 2 of 2
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-01-18 Facet

Atlanta, Georgia, United States

Facet is a provider of microsampling sharps products, including lancets, lancing devices, and diagnostic lancets used in blood glucose monitoring and point-of-care testing. Facet was founded in 1984 and is based in Atlanta, Georgia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-06-25 View

Milpitas, California, United States

View designs, manufactures, and sells a new generation of architectural dynamic glass that intelligently adjusts in response to external conditions and user preferences, enabling unparalleled control over the amount of light and heat that enters a building. View was founded in 2006 and is based in Milpitas, California.

Buy -
Buyer

PennantPark Investment Advisers

Investor Investor Investor Investor Investor


Category Lender
Founded 2007
PE ASSETS 6.4B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

PennantPark is a provider of credit solutions to middle-market private equity sponsors. The Firm looks to provide $10 to $100 million of capital and can support a variety of investment structures. PennantPark was formed in 2007 and is headquartered in New York City.


DEAL STATS #
Overall 6 of 22
Sector (Business Services) 1 of 1
Type (Going Private) 1 of 1
State (Oklahoma) 1 of 1
Country (United States) 6 of 22
Year (2011) 2 of 4
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-01-01 CINgroup

Dayton, Ohio, United States

CINgroup, Inc. is a provider of innovative software and due diligence products for attorneys practicing bankruptcy and their clients. Serving customers nationwide, the CINgroup family includes Best Case® Bankruptcy, CINcompass®, CIN Legal Data Services® and myHorizon™.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-10-03 Galls

Lexington, Kentucky, United States

Galls is a distributor of uniforms and equipment to the public safety market. Galls represents the largest distributor of uniform and equipment to public safety personnel, including police, fire, EMS, private security, corrections, federal/military, and postal. Galls services customers through a national catalogue, convenient eCommerce site, more than 50 dedicated sales reps, 80 locations, and its proprietary "eQuip" online solution serving state and local agencies. Each year, more than one million men and women in the public safety, postal and public transportation industries depend on Galls for their essential equipment and apparel. Galls was founded in 1967 and is based in Lexington, Kentucky.

Buy $163M