M&A Deal Summary

Centerbridge Partners, Oaktree Capital Management and Bayside Capital Acquire TriMark

On August 1, 2017, asset manager Centerbridge Partners, asset manager Oaktree Capital Management and lender Bayside Capital acquired distribution company TriMark from Warburg Pincus

Acquisition Highlights
  • This is Centerbridge Partners’ 1st, Oaktree Capital Management’s 2nd and Bayside Capital’s 1st transaction in the Distribution sector.
  • This is Centerbridge Partners’ 27th, Oaktree Capital Management’s 54th and Bayside Capital’s 9th transaction in the United States.
  • This is Centerbridge Partners’ 3rd, Oaktree Capital Management’s 2nd and Bayside Capital’s 1st transaction in Massachusetts.

M&A Deal Summary

Date 2017-08-01
Target TriMark
Sector Distribution
Buyer(s) Centerbridge Partners
Oaktree Capital Management
Bayside Capital
Sellers(s) Warburg Pincus
Deal Type Secondary Buyout
Advisor(s) Barclays Investment Bank
Jefferies (Financial)
Kirkland & Ellis (Legal)

Target

TriMark

Mansfield, Massachusetts, United States
TriMark is a full service distributor of food service equipment and supplies and a provider of design and engineering services to over 10,000 customers nationwide, including restaurant, healthcare, entertainment, and other food service venues and facilities. TriMark was founded in 1998 and is based in Mansfield, Massachusetts.

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Buyer(S) 3

Buyer

Centerbridge Partners

New York, New York, United States

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 2005
PE ASSETS 38.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Centerbridge Partners is a mega-sized private equity firm focused primarily on distressed/special situations in North America and Europe. In addition to making control investments, Centerbridge also maintains funds for non-control credit investments. Centerbridge was formed in 2005 and is based in New York City.


DEAL STATS #
Overall 30 of 50
Sector: Distribution M&A 1 of 1
Type: Secondary Buyout M&A Deals 18 of 27
State: Massachusetts M&A 3 of 3
Country: United States M&A 27 of 41
Year: 2017 M&A 5 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-07-06 Precisely

Burlington, Massachusetts, United States

Precisely is a provider of data integrity software. The Company provides accuracy, consistency, and context in data for 12,000 customers in more than 100 countries. Precisely’s data integration, data quality, data governance, location intelligence, and data enrichment products power better business decisions to create better outcomes. Precisely is based in Burlington, Massachusetts.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-09-01 Canopius

London, United Kingdom

Canopius is a general insurance company operating in the Lloyd's insurance market in London. The Company also has underwriting platforms as well as various service companies. Canopius underwrites primarily short-tail property risks and some casualty risks with an underwriting premium capacity. Canopius was founded in 2003 and is based in London, United Kingdom.

Buy $952M
Buyer

Oaktree Capital Management

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 1995
PE ASSETS 26.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Oaktree Capital Management LLP is a global alternative investment firm with a variety of investment strategies spanning corporate debt, convertible securities, distressed debt, control investing, real estate, and public investing. The Firm's control investing group is spread across several disciplines, including Global Principal, European Principal, Power, and Infrastructure. Oaktree was formed in 1995 and is based in Los Angeles.


DEAL STATS #
Overall 83 of 129
Sector: Distribution M&A 2 of 2
Type: Secondary Buyout M&A Deals 17 of 24
State: Massachusetts M&A 2 of 3
Country: United States M&A 54 of 83
Year: 2017 M&A 7 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-07-19 My Alarm Center

Newtown Square, Pennsylvania, United States

My Alarm Center is a security company, provides resources to independent alarm companies, as well as advanced security services and home automation to households and businesses. My Alarm Center was founded in 2000 and is based in Newtown Square, Pennsylvania.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-08-18 Vitanas

Berlin, Germany

Vitanas is a provider of private nursing care facilities. The company comprises an extensive network of services including retirement centers, clinics, and outpatient care. Vitanas was founded in 1969 and is based in Berlin, Germany.

Buy -
Buyer

Bayside Capital

Miami, Florida, United States

Investor Investor Investor Investor Investor


Category Lender
PE ASSETS 7.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Bayside Capital is the credit affiliate of mega-sized private equity firm, HIG Capital. The Firm is split into three groups, Bayside Credit Partners, Bayside Fixed Income, and Bayside Special Situations. Within its operating segments, the Firm provides a variety of equity and debt financing solutions to a variety of private and public companies. Bayside typically targets businesses with revenues in excess of $50 million and will invest $10 to $100 million per transaction. Bayside will invest in companies across a broad spectrum of industries, including business services, manufacturing, healthcare, retail, food/agriculture, and specialty finance. The Firm will not invest in start-up enterprises, real estate ventures, or project finance. Although Bayside seeks to purchase a controlling interest in its portfolio companies, the firm will consider promising minority investments. Bayside prefers companies with substantial operations in the United States and Canada, but will consider opportunities in Europe. Bayside Capital has offices in Miami, Atlanta, Boston, and San Francisco.


DEAL STATS #
Overall 15 of 15
Sector: Distribution M&A 1 of 1
Type: Secondary Buyout M&A Deals 5 of 5
State: Massachusetts M&A 1 of 1
Country: United States M&A 9 of 9
Year: 2017 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-03-16 BodyBell

Madrid, Spain

Bodybell is the largest independent chain of personal care and beauty retail in Spain. with 240 stores, Bodybell is the a good platform in a sector that continues to present opportunities for consolidation in the medium term.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-05-31 Jackson Hewitt Tax Service

Jersey City, New Jersey, United States

Jackson Hewitt Tax Service is a tax and accounting service that provides clients access to simple, low-cost solutions to manage their taxes and tax refunds. Jackson Hewitt Tax Service was formed in 1985 and is based in Jersey City, New Jersey.

Sell -

Seller(S) 1

SELLER

Warburg Pincus

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1966
PE ASSETS 83.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Warburg Pincus is a mega-sized, global private equity firm focused on investment opportunities across North America, Asia, and Europe. Warburg will consider investing at various company stages, from early-stage opportunities to distressed situations. Warburg Pincus is organized by industry groups. Verticals include financial services, healthcare, technology, media & telecommunications, energy, consumer & industrial, and real estate. Within financial services, Warburg will consider asset/wealth managers, banks, exchanges, financial technology, insurance, transaction processing, private banking, and specialty/consumer finance. Within healthcare, specific areas of interest include medical devices, healthcare services, and biotech/pharmaceuticals. Within technology/media/communications, Warburg targets software, media/internet/information, financial technology, telecom, business services, and systems/semiconductors. Within energy, specific areas of interest include oil/gas exploration, power generation/transmission, and alternative energy. Warburg Pincus raised its first fund in 1966 and is based in New York City.


DEAL STATS #
Overall 149 of 263
Sector: Distribution M&A 1 of 2
Type: Secondary Buyout M&A Deals 21 of 47
State: Massachusetts M&A 5 of 7
Country: United States M&A 90 of 148
Year: 2017 M&A 11 of 17
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-08-01 Evidon

New York, New York, United States

Evidon, Inc. is a technology company focused on simplifying the complex world of Digital Governance. Fulfilling this promise requires organisations to have a comprehensive approach to govern data collection across their websites, applications and ads while complying with global regulations. Evidon, Inc. was established in 2009 and is based in New York, New York.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-08-09 Melinta Therapeutics

Parsippany, New Jersey, United States

Melinta Therapeutics is a molecule drug discovery and development company focused on the structure-based design of new classes of antibiotics. Melinta Therapeutics is based in New Haven, Connecticut.

Sell -