M&A Deal Summary

Blue Wolf Capital Partners and GCM Grosvenor Acquire Hallcon

On July 5, 2022, private equity firm Blue Wolf Capital Partners and GCM Grosvenor acquired transportation company Hallcon from Novacap

Acquisition Highlights
  • This is Blue Wolf Capital Partners’ 1st and GCM Grosvenor’s 1st transaction in the Transportation sector.
  • This is Blue Wolf Capital Partners’ 30th and GCM Grosvenor’s 3rd transaction in the United States.
  • This is Blue Wolf Capital Partners’ 3rd and GCM Grosvenor’s 1st transaction in Illinois.

M&A Deal Summary

Date 2022-07-05
Target Hallcon
Sector Transportation
Buyer(s) Blue Wolf Capital Partners
GCM Grosvenor
Sellers(s) Novacap
Deal Type Secondary Buyout
Advisor(s) Houlihan Lokey (Financial)
Blake, Cassels & Graydon (Legal)

Target

Hallcon

Chicago, Illinois, United States
Hallcon is a provider of mission-critical transportation services and infrastructure for a broad range of customers including railroads, universities, airports, hospitals and healthcare systems, public transit, technology, industrial companies, and other large employers seeking custom transportation solutions. Hallcon was founded in 1946 and is based in Chicago, Illinois.

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Buyer(S) 2

Buyer

Blue Wolf Capital Partners

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2005
PE ASSETS 2.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Blue Wolf Capital Partners is a private equity investment firm that targets control investments in middle-market North American companies. Blue Wolf looks to commit at least $25 million of equity capital in businesses with minimum revenues of $50 million. Blue Wolf is a generalist firm with broad interest in service and applied engineering companies, capital equipment manufacturers, general manufacturing, financial services, paper products, and broadcast media. Blue Wolf will also consider distressed situation investments. The Firm does not invest in start-ups. Blue Wolf Capital Partners was formed in 2005 and is located in New York, New York.


DEAL STATS #
Overall 32 of 34
Sector (Transportation) 1 of 2
Type (Secondary Buyout) 7 of 7
State (Illinois) 3 of 4
Country (United States) 30 of 31
Year (2022) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-22 StateServ

Mesa, Arizona, United States

StateServ is a provider of durable medical equipment (DME) benefit management solutions to the post-acute care market. The company's technology-enabled platform provides DME cost containment solutions to hospices and other post-acute providers, delivering high-quality patient care, tangible cost savings, and operational efficiencies. its mission is to use technology and optimized processes to help its customers provide the best possible care for patients while giving them the tools they need to drive efficiency. StateServ was formed in 2004 and is based in Mesa, Arizona.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-02-08 Sterling

Phoenix, Illinois, United States

Sterling is a provider of mission critical site access solutions in North America. The Company offers a comprehensive suite of products and services including site planning and design, mat rentals and sales, site preparation, mat installation, and final mat removal and site restoration. It serves blue-chip customers in the power transmission and distribution, civil infrastructure, and energy sectors. Sterling was formed in 1949 and is based in Phoenix, Illinois.

Buy -
Buyer

GCM Grosvenor

Chicago, Illinois, United States

Category Company
Founded 1971
Sector Financial Services
Employees538
Revenue 452M USD (2023)
DESCRIPTION

GCM Grosvenor is a large and diversified independent alternative asset management firm. The Company offers comprehensive public and private markets solutions and a broad suite of investment and advisory choices that span hedge funds, private equity, and various credit and specialty strategies. GCM Grosvenor specializes in developing customized investment programs tailored to each client’s specific investment goals. GCM Grosvenor was founded in 1971 and is based in Chicago, Illinois.


DEAL STATS #
Overall 3 of 3
Sector (Transportation) 1 of 1
Type (Secondary Buyout) 1 of 1
State (Illinois) 1 of 1
Country (United States) 3 of 3
Year (2022) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-30 ReSource Waste Services

Albany, New York, United States

ReSource Waste Services is a processor of construction and demolition (C&D) material, operates an integrated network of strategically located facilities that process a wide variety of waste material and recover a high percentage of that material into high-quality end products for reuse. ReSource Waste Services is based in Albany, New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-10-24 Horizon

Columbus, Ohio, United States

Horizon is a provider of advanced broadband services throughout much of Ohio and into surrounding states. Utilizing its extensive network of fiber optic cable, Horizon delivers advanced high-speed data services, Internet, voice, digital video, security, and monitoring services. Horizon was founded in 1895 and is based in Columbus, Ohio.

Sell $385M

Seller(S) 1

SELLER

Novacap

Brossard, Quebec, Canada

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1981
PE ASSETS 8.0B CAD
Size Mega
Type Sector Agnostic
DESCRIPTION

Novacap is a large private equity firm focused on middle-market company acquisitions in Canada. Novacap pursues companies with $30 to $500 million in sales and will consider transactions valued up to $500 million. Target transaction situations include partial or full buyouts, spin-offs, take privates, recapitalizations, and growth capital financings. Novacap will consider opportunities in basic industries as well as high-growth tech sectors. Novacap was formed in 1981 and has offices in Toronto and Montreal.


DEAL STATS #
Overall 23 of 30
Sector (Transportation) 2 of 3
Type (Secondary Buyout) 10 of 12
State (Illinois) 1 of 2
Country (United States) 8 of 10
Year (2022) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-29 Windmill Farms

Ashburn, Ontario, Canada

Windmill Farms operates of farms specializing in the production of mushrooms. Windmill Farms is based in Ashburn, Ontario.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-07-14 Ratehub

Toronto, Ontario, Canada

Ratehub is an online financial platform for consumer education, financial transparency, and online shopping for financial products. Ratehub was founded in 2010 and is based in Toronto, Ontario.

Buy -