M&A Deal Summary

Canopy Capital Partners and Valley Bank Acquire Turtle Infrastructure Partners

On June 15, 2018, private equity firm Canopy Capital Partners and Valley Bank acquired construction company Turtle Infrastructure Partners

Acquisition Highlights
  • This is Canopy Capital Partners’ 1st and Valley Bank’s 1st transaction in the Construction sector.
  • This is Canopy Capital Partners’ 3rd and Valley Bank’s 7th transaction in the United States.
  • This is Canopy Capital Partners’ 2nd and Valley Bank’s 4th transaction in Florida.

M&A Deal Summary

Date 2018-06-15
Target Turtle Infrastructure Partners
Sector Construction
Buyer(s) Canopy Capital Partners
Valley Bank
Deal Type Recapitalization
Advisor(s) CEA Group (Financial)

Target

Turtle Infrastructure Partners

Largo, Florida, United States
Turtle Infrastructure Partners is a multi-generational firm and a provider of asphalt milling services for over 40 years. Turtle Southeast is a Provider of road maintenance services to paving contractors. Turtle Infrastructure Partners was founded in 1974 and is based in Largo, Florida.

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Buyer(S) 2

DESCRIPTION

Canopy Capital Partners is a private equity firm focused on lower middle-market companies generating sales of $5 to $100 million and EBITDA between $1 and $10 million. Canopy Capital Partners will consider a variety of transaction situations, including management buyouts, growth financings, and recapitalizations. Sectors of interest include business services, construction, distribution, machinery, manufacturing, and transportation. Canopy Capital Partners was formed in 2015 and is based in Tampa, Florida.


DEAL STATS #
Overall 3 of 9
Sector (Construction) 1 of 1
Type (Recapitalization) 3 of 6
State (Florida) 2 of 5
Country (United States) 3 of 9
Year (2018) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-03-13 Freight Force

Anaheim, California, United States

Freight Force, Inc. is a one-stop destination for nationwide cartage needs serving air freight forwarders, logistics providers, and other expedited freight companies. Freight Force specializes in first mile and last mile transportation services, facilitating the original pickup or the final delivery of international freight. Freight Force maintains partnerships with local and regional motor carriers in 52 metro areas and serves as a one-stop source for access to reliable, high quality, and specialized capacity across the entire United States.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-22 Alloy Cladding

Jupiter, Florida, United States

Alloy Cladding is a turnkey industry contractor, offering a variety of specialties including submerged arc stainless steel digester overlay, carbon steel buildup, portable field service machining, process piping system installations, digester component replacement, and pressure vessel alterations and re-ratings. Alloy Cladding was founded in 1956 and is based in Jupiter, Florida.

Buy -
Buyer

Valley Bank

Morristown, New Jersey, United States

Category Company
Founded 1927
Sector Financial Services
Employees3,749
Revenue 1.9B USD (2023)
DESCRIPTION

Valley Bank is a regional bank holding company that operates 204 branches in 144 communities serving 16 counties throughout northern and central New Jersey, Manhattan, Brooklyn, Queens, and Long Island. Valley Bank was founded in 1927 and is based in Morristown, New Jersey.


DEAL STATS #
Overall 7 of 11
Sector (Construction) 1 of 1
Type (Recapitalization) 1 of 2
State (Florida) 4 of 6
Country (United States) 7 of 11
Year (2018) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-01 USAmeriBancorp

Clearwater, Florida, United States

USAmeriBancorp, Inc. is a commercial bank organized by a group of banking and business executives with deep roots. USAmeriBank serves the needs of individuals and businesses in the Tampa Bay community by providing a high level of personalized service as well as a wide range of traditional loan and deposit products. USAmeriBancorp was founded in 2007 and is based in Clearwater, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-22 Alloy Cladding

Jupiter, Florida, United States

Alloy Cladding is a turnkey industry contractor, offering a variety of specialties including submerged arc stainless steel digester overlay, carbon steel buildup, portable field service machining, process piping system installations, digester component replacement, and pressure vessel alterations and re-ratings. Alloy Cladding was founded in 1956 and is based in Jupiter, Florida.

Buy -