Buyout (LBO, MBO, MBI) • Construction

Boyne Capital Acquires M Utility

On February 23, 2023, private equity firm Boyne Capital acquired construction company M Utility

Acquisition Context

This is Boyne Capital’s 1st transaction in the Construction sector.
This is Boyne Capital’s 22nd transaction in the United States.
This is Boyne Capital’s 1st transaction in Oklahoma.

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M&A Deal Summary
Date	February 23, 2023
Target	M Utility
Sector	Construction
Buyer(s)	Boyne Capital
Deal Type	Buyout (LBO, MBO, MBI)

Target Company

M Utility

Prague, Oklahoma, United States

M Utility is a family-owned and operated business specializing in water and wastewater pipeline installation, replacement, tunnelling, boring for water, wastewater and stormwater utility customers. M Utility was founded in 1978 and is based in Prague, Oklahoma.

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Buyer Overview 1

Buyer

Boyne Capital

Miami, Florida, United States

Investor Investor

Category	Private Equity Firm
Founded	2006
Size	Middle-Market
Type	Sector Agnostic

DESCRIPTION

Boyne Capital is a Florida-based investment group focused on smaller businesses with at least $2 million in cash-flow. Boyne targets companies in the US and Canada. Sectors of interest include niche manufacturing, specialty services (IT, healthcare, financial), value-added distribution, wastewater, 'next generation' energy, and restaurants. Boyne prefers control positions and will consider a variety of transaction situation, including buyouts, recapitalizations, divestitures, add-on acquisitions, and growth financings. Boyne Capital was formed in 2006 and is based in Miami, Florida.

Deal Context for Buyer	#
Overall	23 of 29
Sector: Construction	1 of 3
Type: Buyout (LBO, MBO, MBI)	15 of 17
State: Oklahoma	1 of 1
Country: United States	22 of 28
Year: 2023	2 of 5

PREVIOUS DEAL

DATE	TARGET	DEAL TYPE	VALUE
2023-01-24	Flatworld Bangalore, India Flatworld is a business process outsourcing and automation (BPO/BPA) company providing services to the following industries: banking, financial services, and insurance (BFSI), customer experience, healthcare, software development, IT-enabled services, engineering, and customs brokerage & logistics. Through its subsidiary, Quadratic Insights (“Quadratics”), the company also offers artificial intelligence (AI), machine learning (ML), and robotic process automation (RPA) solutions. Flatworld was founded in 2002 and is based in Bangalore, India.	Buy	-

DATE

TARGET

DEAL TYPE

VALUE

2023-01-24

Flatworld

Bangalore, India

Flatworld is a business process outsourcing and automation (BPO/BPA) company providing services to the following industries: banking, financial services, and insurance (BFSI), customer experience, healthcare, software development, IT-enabled services, engineering, and customs brokerage & logistics. Through its subsidiary, Quadratic Insights (“Quadratics”), the company also offers artificial intelligence (AI), machine learning (ML), and robotic process automation (RPA) solutions. Flatworld was founded in 2002 and is based in Bangalore, India.

Buy

FOLLOWING DEAL

DATE	TARGET	DEAL TYPE	VALUE
2023-03-28	Ryan Construction Suffolk, Virginia, United States Ryan Construction is a family owned and operated General Contractor specializing in concrete and industrial construction. Ryan Construction was founded in 1985 and is based in Suffolk, Virginia.	Buy	-

DATE

TARGET

DEAL TYPE

VALUE

2023-03-28

Ryan Construction

Suffolk, Virginia, United States

Ryan Construction is a family owned and operated General Contractor specializing in concrete and industrial construction. Ryan Construction was founded in 1985 and is based in Suffolk, Virginia.

Buy

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