Secondary Buyout • Business Services

CIVC Partners, Apogem Capital, Brookside Equity Partners and General Atlantic Acquire ENTRUST Solutions

On April 30, 2012, private equity firm CIVC Partners, asset manager Apogem Capital, private equity firm Brookside Equity Partners and growth capital firm General Atlantic acquired business services company ENTRUST Solutions from Clearview Capital and Brookside Equity Partners

Acquisition Context
  • This is CIVC Partners’ 7th, Apogem Capital’s 1st, Brookside Equity Partners’ 9th and General Atlantic’s 15th transaction in the Business Services sector.
  • This is CIVC Partners’ 46th, Apogem Capital’s 30th, Brookside Equity Partners’ 30th and General Atlantic’s 53rd transaction in the United States.
  • This is CIVC Partners’ 8th, Apogem Capital’s 5th, Brookside Equity Partners’ 3rd and General Atlantic’s 4th transaction in Illinois.
Investment Fate
  • ENTRUST Solutions was sold to a consortium of financial buyers in 2019.
  • ENTRUST Solutions was sold to a strategic buyer in 2023.

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M&A Deal Summary

Date April 30, 2012
Target ENTRUST Solutions
Sector Business Services
Buyer(s) CIVC Partners
Apogem Capital
Brookside Equity Partners
General Atlantic
Sellers(s) Clearview Capital
Brookside Equity Partners
Deal Type Secondary Buyout
Advisor(s) Houlihan Lokey
KeyBanc Capital Markets (Financial)
Kirkland & Ellis (Legal)

Target Company

ENTRUST Solutions

Warrenville, Illinois, United States
EN Engineering's corporate headquarters in Warrenville, Illinois.
EN Engineering's corporate headquarters in Warrenville, Illinois.
ENTRUST Solutions is an outsourced provider of comprehensive design, engineering, and consulting services to utilities in the U.S. ENTRUST Solutions offers customers a full spectrum of services with expertise in gas and electric distribution, pipeline infrastructure, automation systems, and integrity management solutions. ENTRUST Solutions is based in Warrenville, Illinois.
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Buyers Overview 4

Buyer

CIVC Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1970
PE ASSETS 2.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

CIVC Partners is a private equity firm that provides buyout and growth capital to middle-market businesses located in the US and Canada. CIVC invests in companies generating sales of $40 - $300 million with an EBITDA of $5 to $30 million. Sectors of interest include Business Services, Information Services, Facility Services, Insurance Services, Transportation & Logistics, Tech-enabled Services, BPO, SaaS, Compliance Services, Corporate Training, IT Services, and Utility Services. The firm invests in the range of $20 - $100 million per transaction. CIVC prefers to be the lead equity sponsor and will consider both majority and minority investment situations. CIVC Partners was formed in 1970 and is based in Chicago, Illinois.


Deal Context for Buyer #
Overall 47 of 80
Sector: Business Services 7 of 13
Type: Secondary Buyout 8 of 16
State: Illinois 8 of 10
Country: United States 46 of 76
Year: 2012 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-04-10 Thermo Fluids

Phoenix, Arizona, United States

Thermo Fluids is a provider of environmental services through a network of permitted facilities. The Company's range of environmental services includes used oil recycling, used oil filter recycling, antifreeze products, parts washers and solvent recycling. Its industrial waste management services include vacuum services, remediation, lab pack and hazardous waste management. Thermo Fluids was formed in 1993 and Based in Scottsdale, Arizona.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-07-02 Equipment Transport

Carlisle, Pennsylvania, United States

Equipment Transport is a diversified ancillary well site services company. The company provides critical services supporting the Marcellus and Utica Shale drilling and hydraulic fracturing programs of major exploration and production ("E&P") companies. Equipment Transport brings significant value to its E&P customers through a broad service offering that includes fluid transportation, waste management, heavy equipment hauling, and ancillary pad support services. Equipment Transport was founded in 2007 and is based in Carlisle, Pennsylvania.

Buy -
Buyer

Apogem Capital

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 2001
PE ASSETS 39.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Apogem Capital is a diversified alternative investment manager and subsidiary of insurance provider, New York Life. Apogem manages a variety of investment strategies including private equity, private credit, and real assets. Within private equity, the Firm looks to make fund, direct, and secondary investments, as well as acquire GP stakes. Within its direct investing activity, Apogem targets mid-sized companies valued up to $250 million and will consider businesses throughout North America and Europe. Apogem Capital formed as the result of New York Life combining PA Capital, Madison Capital Funding, and Goldpoint Partners into one entity. Apogem Capital is based in New York City.


Deal Context for Buyer #
Overall 30 of 70
Sector: Business Services 1 of 4
Type: Secondary Buyout 12 of 25
State: Illinois 5 of 7
Country: United States 30 of 70
Year: 2012 3 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-04-05 Double E

West Bridgewater, Massachusetts, United States

Double E is a manufacturer of highly-engineered components for web converting applications. The company's product offering includes critical wear components such as chucks, brakes, shafts, slitters, web guides, core cutters, and roll movers. These products secure, straighten, apply tension, cut, and move rolled raw materials through continuous manufacturing processes. Double E was established in 1972 and is headquartered in West Bridgewater, Massachusetts.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-05-01 Total Military Management

Jacksonville, Florida, United States

Total Military Management is a global provider of relocation services for U.S. military and government personnel. TMM is a technology-enabled, asset-light provider of logistical, administrative, sales and marketing services to a network of transportation service providers. Total Military Management was formed in 2003 and is based in Jacksonville, Florida.

Sell -
Buyer

Brookside Equity Partners

Stamford, Connecticut, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1977
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Brookside Equity Partners (BEP) focuses on private equity investments, including direct control investments, majority or minority co-investments alongside other investment firms, and, on a selective basis, investments in private funds or special situations. BEP targets North American middle-market companies with revenues greater than $15 million and at least $5 million of EBITDA. Sectors of interest include manufacturing, chemicals, financial services, environmental, food, and distribution. Brookside Equity Partners was formed in 1977 and is based in Stamford, Connecticut.


Deal Context for Buyer #
Overall 30 of 38
Sector: Business Services 9 of 9
Type: Secondary Buyout 3 of 6
State: Illinois 3 of 3
Country: United States 30 of 37
Year: 2012 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-04-13 GroupAero

New York, New York, United States

Aerospace Holdings, Inc. is a provider of advanced engineering, design and manufacturing services to space, commercial aerospace and defense markets. Aerospace Holdings is based in New York City.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-09-04 Sabre Industries

Alvarado, Texas, United States

Sabre Industries is a producer of highly engineered products used for electric transmission and distribution and wireless telecommunications, offering a complete customer solution with a full range of engineered towers, poles, structures, and related services. Sabre Industries was founded in 1977 and is based in Alvarado, Texas.

Sell -
Buyer

General Atlantic

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 1980
PE ASSETS 105.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

General Atlantic is a large private equity firm that invests globally in growth-oriented public and private companies. Broad areas of interest include financial services, media and consumer, healthcare, enterprise solutions, communications and electronics, and energy. General Atlantic looks to invest $40 to $400 million in transactions that support growth, expansions, buy-outs, consolidations and build-ups. General Atlantic seeks to make 8 to 12 investments per year with an investment horizon of five to ten years. The Firm's geographic coverage spans North America; Europe; Asia/Pacific; and India. General Atlantic was formed in 1980 and is based in New York, New York.


Deal Context for Buyer #
Overall 106 of 364
Sector: Business Services 15 of 23
Type: Secondary Buyout 8 of 30
State: Illinois 4 of 11
Country: United States 53 of 175
Year: 2012 10 of 13
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-04-27 Decolar

Sao Paulo, Brazil

Decolar is an online travel agency in Brazil and across Latin America. The company, through its branded websites Despegar.com (in greater Latin America) and Decolar.com (in Brazil), provides online airline and hotel booking services to leisure and unmanaged business travelers in Latin America. Decolar was founded in 2000 and is based in Sao Paulo, Brazil.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-05-18 Facebook

Menlo Park, California, United States

Facebook is a social utility company that helps people communicate more efficiently with their friends, family, and coworkers. Facebook develops technologies that facilitate the sharing of information through the social graph, the digital mapping of people's real-world social connections. Facebook was founded in 2004 and is based in Menlo Park, California.

Sell -

Seller Profiles 2

SELLER

Clearview Capital

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1999
PE ASSETS 645M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Clearview Capital LLC is a private equity firm that targets investments in North American companies with operating profits between $4 and $20 million. Sectors of interest include general manufacturing, plastics, food processing, furniture, education, healthcare, outsourcing, distribution, oil field services, consumer products, and industrial. The Firm prefers majority investment situations in transaction types that include corporate divestitures, management buyouts, and ownership transfers of closely-held companies. Clearview Capital was formed in 1999 and has offices in Connecticut, California.


Deal Context for Seller #
Overall 6 of 26
Sector: Business Services 1 of 2
Type: Secondary Buyout 4 of 17
State: Illinois 1 of 2
Country: United States 6 of 26
Year: 2012 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-03-07 Hettinger Welding

Gillette, Wyoming, United States

Hettinger Welding, LLC is a provider of pipeline and facilities construction and maintenance services for customers building natural gas infrastructure.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-06-12 Battenfeld Technologies

Columbia, Missouri, United States

Battenfeld Technologies, Inc. is a designer, developer and supplier of branded shooting and hunting accessories to the outdoor sporting goods industry.

Buy -
SELLER

Brookside Equity Partners

Stamford, Connecticut, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1977
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Brookside Equity Partners (BEP) focuses on private equity investments, including direct control investments, majority or minority co-investments alongside other investment firms, and, on a selective basis, investments in private funds or special situations. BEP targets North American middle-market companies with revenues greater than $15 million and at least $5 million of EBITDA. Sectors of interest include manufacturing, chemicals, financial services, environmental, food, and distribution. Brookside Equity Partners was formed in 1977 and is based in Stamford, Connecticut.


Deal Context for Seller #
Overall 11 of 29
Sector: Business Services 2 of 7
Type: Secondary Buyout 6 of 13
State: Illinois 2 of 4
Country: United States 11 of 29
Year: 2012 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-04-13 GroupAero

New York, New York, United States

Aerospace Holdings, Inc. is a provider of advanced engineering, design and manufacturing services to space, commercial aerospace and defense markets. Aerospace Holdings is based in New York City.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-09-04 Sabre Industries

Alvarado, Texas, United States

Sabre Industries is a producer of highly engineered products used for electric transmission and distribution and wireless telecommunications, offering a complete customer solution with a full range of engineered towers, poles, structures, and related services. Sabre Industries was founded in 1977 and is based in Alvarado, Texas.

Sell -