M&A Deal Summary

Boathouse Capital and Empower Brands Acquire Jan-pro

On October 3, 2016, private equity firm Boathouse Capital and Empower Brands acquired franchising company Jan-pro from Webster Equity Partners, Gemini Investors and Midwest Mezzanine Funds

Acquisition Highlights
  • This is Boathouse Capital’s 1st and Empower Brands’ 1st transaction in the Franchising sector.
  • This is Boathouse Capital’s 31st and Empower Brands’ 1st transaction in the United States.
  • This is Boathouse Capital’s 1st and Empower Brands’ 1st transaction in Georgia.

M&A Deal Summary

Date 2016-10-03
Target Jan-pro
Sector Franchising
Buyer(s) Boathouse Capital
Empower Brands
Sellers(s) Webster Equity Partners
Gemini Investors
Midwest Mezzanine Funds
Deal Type Add-on Acquisition
Advisor(s) Harris Williams & Co. (Financial)

Target

Jan-pro

Alpharetta, Georgia, United States
Jan-pro operates its business in the commercial cleaning franchising industry and licenses its master franchise owners and unit franchisees under the trademark 'JAN-PRO. Jan-pro was founded in 2005 and is based in Alpharetta, Georgia.

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Buyer(S) 2

Buyer

Boathouse Capital

Wayne, Pennsylvania, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2008
PE ASSETS 2.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Boathouse Capital is a provider of mezzanine and equity capital to lower middle-market companies in a variety of industries. The Firm works in partnership with management teams and private equity firms in funding private equity sponsored buyouts, management buyouts, recapitalizations, refinancings, and growth capital financings. Boathouse can commit up to $25 million per transaction and generally pursues companies with 'exceptional' management, sustainable competitive advantages, growing end markets, 'sticky' business models, and diversified customers. Boathouse seeks companies with at least $10 million in revenues and at least $5 million of EBITDA. Boathouse is based in Wayne, Pennsylvania.


DEAL STATS #
Overall 31 of 52
Sector (Franchising) 1 of 2
Type (Add-on Acquisition) 1 of 1
State (Georgia) 1 of 2
Country (United States) 31 of 52
Year (2016) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-10-03 Ducker Carlisle

Washington, District of Columbia, United States

Ducker Carlisle is an information and advisory services firm that works with over 200 multinational clients operating in emerging markets globally. Ducker Carlisle is based in Washington, District of Columbia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-11-03 Lugano Diamonds & Jewelry

Newport Beach, California, United States

Lugano Diamonds & Jewelry is an international jewelry firm provides jewelry art in addition to being a leading jeweler to the ultra-high net worth clients. Each design is a signature creation by Lugano Diamonds, featuring artistic, one-of-a-kind settings. Lugano Diamonds & Jewelry was established in 1974 and is based in Newport Beach, California.

Buy -
Buyer

Empower Brands

Glen Allen, Virginia, United States

Category Company
Founded 1991
Sector Franchising
DESCRIPTION

Empower Brands is a multi-brand franchise platform focused on commercial and residential services with core offerings including cleaning, restoration, virtual office services, outdoor living space construction, outdoor lighting, and irrigation services. Empower Brands was founded in 1991 and is based in Glen Allen, Virginia.


DEAL STATS #
Overall 1 of 5
Sector (Franchising) 1 of 2
Type (Add-on Acquisition) 1 of 5
State (Georgia) 1 of 1
Country (United States) 1 of 5
Year (2016) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-02-06 Intelligent Office

Denver, Colorado, United States

Intelligent Office provides customized business solutions, reception services, and prestigious offices and conference space to hundreds of local, national and international businesses.

Buy -

Seller(S) 3

SELLER

Webster Equity Partners

Waltham, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2003
PE ASSETS 6.8B USD
Size Mega
Type Sector Focused
DESCRIPTION

Webster Capital is a private equity firm that targets growth capital and buyout investments in profitable, middle-market healthcare and consumer companies. Prospective business characteristics of interest include differentiated products or services, distinctive brands, and loyal/repeat customers. Webster looks for companies generating sales of $20 to $200 million, EBITDA of $5 to $20 million, and valued up to $200 million. Webster Capital was formed in 2003 and is based in Waltham, Massachusetts.


DEAL STATS #
Overall 11 of 20
Sector (Franchising) 2 of 2
Type (Add-on Acquisition) 6 of 10
State (Georgia) 1 of 3
Country (United States) 11 of 20
Year (2016) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-07-11 Margaritaville

Los Angeles, California, United States

Margaritaville is a global brand inspired by the lyrics and lifestyle of Jimmy Buffett. The company designs and supplies an expansive line of apparel and accessories that satisfy the yearning for a leisurely escape. Margaritaville also licenses the brand for other consumer products, including home goods, outdoor furnishings, recreational merchandise and more. Margaritaville is based in Los Angeles, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-12-19 Epic Health Services

Dallas, Texas, United States

Epic Health Services, Inc. is a provider of pediatric services are designed to provide a high quality, lower cost alternative to prolonged hospitalization for medically fragile and chronically ill children.

Sell -
SELLER

Gemini Investors

Wellesley, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1993
PE ASSETS 700M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Gemini Investors is a middle-market private equity firm that targets investments in growing and established businesses. Areas of interest include technology, business services, consumer services, healthcare, education, manufacturing and distribution. Gemini looks for companies with $5 to $50 million in annual revenue and typically makes investments of $3 to $8 million in the form of preferred stock and/or subordinated debt. Prospective transaction types include growth capital, recapitalization and buyout situations. Gemini Investors was formed in 1993 and is based in Wellesley, Massachusetts.


DEAL STATS #
Overall 30 of 48
Sector (Franchising) 1 of 1
Type (Add-on Acquisition) 11 of 23
State (Georgia) 3 of 3
Country (United States) 30 of 48
Year (2016) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-08-10 Pinnacle Treatment Centers

Mt. Laurel, New Jersey, United States

Pinnacle Treatment Centers is a comprehensive provider of substance abuse treatment services to individuals that are addicted to drugs and / or alcohol. Pinnacle Treatment Centers was founded in 2006 and is based in Mt. Laurel, New Jersey.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-12-15 All Aboard America! Holdings

Mesa, Arizona, United States

All Aboard America! Holdings, Inc. is a provider of charter bus tours and travel services.

Sell -
SELLER

Midwest Mezzanine Funds

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 1992
PE ASSETS 1.0B USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Midwest Mezzanine Funds (MMF) is a provider of junior capital to lower middle-market, US and Canadian companies. MMF looks to invest $4 to $15 million to support buyouts, acquisition financings, recapitalizations, and growth capital needs. Prospective companies generally have consistent profits ($3 million of EBITDA), low capital intensity, and sustainable competitive advantages. Broad areas of interest include manufacturing, value-added distribution, and services. MMF will not invest in high technology, energy, or real estate. Midwest Mezzanine was formed in 1992 and has offices in Chicago and Monroe, Michigan.


DEAL STATS #
Overall 34 of 56
Sector (Franchising) 1 of 1
Type (Add-on Acquisition) 12 of 24
State (Georgia) 1 of 1
Country (United States) 33 of 55
Year (2016) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-06-01 Hercules Chassis

Hillsborough, New Jersey, United States

Hercules Chassis is a manufacturer of chassis and specialty trailers used to carry intermodal shipping containers to and from ports, rail terminals, origin, and final destination. Hercules Chassis was founded in 1958 and is based in Hillsborough, New Jersey.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-10-26 Sentient Medical Systems

Hunt Valley, Maryland, United States

Sentient Medical Systems is a provider of intraoperative monitoring (“IOM”) services and non-surgical diagnostic monitoring services to approximately 300 health care facilities in 24 states.

Sell -