M&A Deal Summary

Calera Capital, Ardian and Court Square Capital Partners Acquire Evans

On February 9, 2017, private equity firms Calera Capital, Ardian and Court Square Capital Partners acquired transportation company Evans from AEA Investors

Acquisition Highlights
  • This is Calera Capital’s 3rd, Ardian’s 7th and Court Square Capital Partners’ 1st transaction in the Transportation sector.
  • This is Calera Capital’s 25th, Ardian’s 37th and Court Square Capital Partners’ 38th transaction in the United States.
  • This is Calera Capital’s 4th, Ardian’s 4th and Court Square Capital Partners’ 2nd transaction in Pennsylvania.

M&A Deal Summary
Date 2017-02-09
Target Evans
Sector Transportation
Buyer(s) Calera Capital
Ardian
Court Square Capital Partners
Sellers(s) AEA Investors
Deal Type Secondary Buyout
Advisor(s) William Blair (Financial)

Target

Evans

Schuylkill Haven, Pennsylvania, United States
Evans is a provider of intermodal and other trucking services through a non-asset-based agency model. Through its agent network, Evans offers services through a fleet of over 3,000 tractors and over 180 terminals throughout the country. Evans has a long and successful track record of supporting and growing its agent network and servicing agents, independent contractors, and shippers with a comprehensive and highly value-additive offering. Evans was founded in 1939 and is based in Schuylkill Haven, Pennsylvania.

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Buyer(S) 3

Buyer

Calera Capital

San Francisco, California, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1991
PE ASSETS 3.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Calera Capital Partners LP is a private equity firm that targets investments in mid-sized North American businesses valued up to $750 million. Calera Capital looks to invest at least $35 million of equity capital per transaction. Target industries include manufacturing, software, healthcare, consumer products and services. Prospective transaction situations include leveraged recapitalizations of privately held companies, restructurings, growth financings/acquisitions, corporate spin-offs, and take-private situations. Calera seeks businesses with leading market positions, attractive margins, and strong organic growth. Calera Capital was formerly known as Fremont Partners, a unit of the Fremont Group. Calera Capital was formed in 1991 and has offices in San Francisco, California and Boston, Massachusetts.

DEAL STATS #
Overall 28 of 35
Sector (Transportation) 3 of 4
Type (Secondary Buyout) 4 of 4
State (Pennsylvania) 4 of 5
Country (United States) 25 of 32
Year (2017) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-01-10 Carnegie Fabrics

Rockville Centre, New York, United States

Carnegie Fabrics is a supplier and innovator of sustainable textiles and wallcoverings for the corporate, healthcare, hospitality, and education building markets. The company is a tradition of firsts, including the development of its own xorel fabrics, which provide a durable alternative to PVC materials and Biobased xorel, the first plant based high performance textile in the world. Carnegie has built a reputation for its ongoing and comprehensive commitment to the environment through all parts of its business cycle. Carnegie Fabrics was founded in 1950 and is based in Rockville Centre, New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-03-01 United Dental Partners

Chicago, Illinois, United States

United Dental Partners is a provider of non-clinical services to dental practices. The company provides dental facilities, support staff, and administrative services to dental organizations, freeing them up to focus on providing the highest quality clinical care for their patients. All Family Dental and Braces, First Smiles Dental and Smiles for Families are the firm's major clients. These practices provide patients with affordable access to multiple dental specialties, including orthodontia, pediatrics, and oral surgery. United Dental Partners was founded in 2017 and is based in Chicago, Illinois.

Buy -
Buyer

Ardian

Paris, France

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1996
PE ASSETS 125.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Ardian is a mega-sized diversified investment group focused on opportunities worldwide. Ardian invests across and manages funds focused on small and mid-sized buyouts, growth capital financings, mezzanine, infrastructure, real estate, and co-investment opportunities. Ardian's small-buyouts group targets controlling interests in French, German, and Italian businesses valued up to €100 million. It's mid-sized buyout group seeks businesses valued up €1.5 billion and does not have any geographic limitations. The Infrastructure team looks for European opportunities and can commit up to €150 million per transaction. The Mezzanine group supports junior capital commitments of €5 to €80 million. In addition to direct investing, Ardian also manages various private equity fund-of-funds. Ardian was founded in 1996 and is based in Paris.

DEAL STATS #
Overall 287 of 418
Sector (Transportation) 7 of 8
Type (Secondary Buyout) 93 of 137
State (Pennsylvania) 4 of 5
Country (United States) 37 of 59
Year (2017) 3 of 22
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-01-30 Davies

Stoke-on-Trent, United Kingdom

Davies is a specialist professional service and technology business serving the global insurance market. The company delivers professional services and technology solutions across the risk and insurance value chain, including claims, underwriting, distribution, regulation, customer experience, human capital, digital transformation, and change management. Davies was formed in 1968 and is based in Stoke-on-Trent, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-02-24 Frostkrone Food Group

Rietberg, Germany

Frostkrone Food Group is a specialist in the development and production of deep-frozen finger food and snack products. Frostkrone Food Group has a highly diverse product portfolio based on cheese, fish, vegetables, and meat, and sells its products in food retail outlets and in the foodservice sector. Frostkrone Food Group was founded in 1997 and is based in Rietberg, Germany.

Sell -
Buyer

Court Square Capital Partners

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1968
PE ASSETS 7.7B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Court Square Capital Partners (CSCP) is a generalist private equity firm that seeks middle market company investments across the US. CSCP looks to partner with management teams to accelerate revenue growth and improve operating efficiency. Sectors of interest include business services, building products, chemicals, consumer products, food products/services, healthcare, aerospace/defense, manufacturing, media, technology, telecommunications, and transportation. Court Square Capital Partners was formerly known as Citigroup Venture Capital Equity Partners. The Group spun out of Citigroup and became independent in 2006. CSCP is based in New York City.

DEAL STATS #
Overall 41 of 67
Sector (Transportation) 1 of 1
Type (Secondary Buyout) 20 of 31
State (Pennsylvania) 2 of 3
Country (United States) 38 of 64
Year (2017) 2 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-01-24 Data Axle

Dallas, Texas, United States

Data Axle is a provider of data and interactive resources that enables targeted sales, effective marketing and insightful research solutions. The Company's information powers tools and insights for businesses to efficiently reach current and future customers through multiple channels, including the world’s Internet search engines and GPS navigation systems. Data Axle was founded in 1972 and is based in Dallas, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-08-17 Strategic Products and Services

Parsippany, New Jersey, United States

Strategic Products and Services is a provider of enterprise telephony and unified communications services, software, and hardware to enterprise and government customers in the U.S. SPS assesses, designs, implements, and manages voice and data network systems using technologies from Avaya, Microsoft, Cisco, and Juniper Networks. Strategic Products and Services was established in 1988 and is based in Parsippany, New Jersey.

Sell -

Seller(S) 1

SELLER

AEA Investors

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1968
PE ASSETS 19.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

AEA Investors is a private investment firm focused on investing in and acquiring businesses headquartered primarily in the US, Europe, and China. AEA looks for companies operating in stable to growing industries with a proven ability to generate positive cash-flow. Broad sectors of interest include value-added industrial products/services, specialty chemicals, consumer products, and services. In addition to its primary middle-market private equity fund, AEA maintains additional funds targeted towards mezzanine financing, senior secured debt, and small business buyouts. AEA Investors was formed in 1968 and is based in New York City.

DEAL STATS #
Overall 46 of 78
Sector (Transportation) 1 of 2
Type (Secondary Buyout) 17 of 34
State (Pennsylvania) 5 of 9
Country (United States) 43 of 71
Year (2017) 2 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-02-02 Niacet

Niagara Falls, New York, United States

Niacet is a producer of specialty ingredients for food, feed, and pharmaceutical applications and the global leader in propionates and acetates. The Company’s propionates function as preservatives in baked goods and animal feed, while its acetates serve a wide variety of food and pharmaceutical applications. Niacet was established in 1978 and is based in Niagara Falls, New York.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-04-30 NCS

Grimes, Iowa, United States

NCS is a full-service fluids and systems provider to the vehicle care industry, including car wash systems, aftermarket parts, cleaning fluids, and vacuums all supported through its industry-leading distribution and services footprint. NCS was founded in 1973 and is based in Grimes, Iowa.

Buy -
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