Secondary Buyout • Business Services

GrowthPath Capital and CIVC Partners Acquire Icon Identity Solutions

On August 7, 2007, private equity firms GrowthPath Capital and CIVC Partners acquired business services company Icon Identity Solutions from Parkway Capital, Banyan Investment Partners and Stonebridge Partners

Acquisition Context
  • This is GrowthPath Capital’s 1st and CIVC Partners’ 5th transaction in the Business Services sector.
  • This is GrowthPath Capital’s 1st and CIVC Partners’ 36th transaction in the United States.
  • This is GrowthPath Capital’s 1st and CIVC Partners’ 5th transaction in Illinois.
Investment Fate
  • Icon Identity Solutions was sold to a consortium of financial buyers in 2016.
  • Icon Identity Solutions merged with another company in 2019.

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M&A Deal Summary

Date August 7, 2007
Target Icon Identity Solutions
Sector Business Services
Buyer(s) GrowthPath Capital
CIVC Partners
Sellers(s) Parkway Capital
Banyan Investment Partners
Stonebridge Partners
Deal Type Secondary Buyout

Target Company

Icon Identity Solutions

Elk Grove Village, Illinois, United States
Icon Identity Solutions, Inc. is a manufacturer of custom corporate branding and identity solutions encompassing all facets of exterior signage, repair and maintenance and renovation services for blue-chip customers across multiple end markets. Icon’s three manufacturing facilities and extensive network of installation and maintenance technicians allows the company to serve large, nationwide customers in a timely and consistent fashion. Icon’s products and services are provided across three business segments: branding services & products (manufacturing and installation of both exterior and select interior signage), repair & maintenance (preventative maintenance, on-call repair, lighting retrofits and related services for exterior signage and lighting) and remodel & renovation services (in-store renovation/remodel of a customer’s store locations, providing project management and oversight of specialized sub-contractors).
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Buyers Overview 2

Buyer

GrowthPath Capital

Chicago, Illinois, United States

Category Private Equity Firm
Founded 2005
PE ASSETS 100M USD
Size Small
Type Sector Agnostic
DESCRIPTION

GrowthPath Capital is a private equity firm that targets investments in profitable, growth-oriented mid-sized companies operating in well-defined niche markets. GrowthPath looks to invest between $10 and $75 million in each company over the course of its investment period. Target sectors include niche manufacturing, chemicals, industrial services, business process outsourcing, electronic product design and development, medical and medicinal products, geriatric care products and services, and homeland security. Prospective companies should have at least $3 million of EBITDA. GrowthPath Capital was formed in 2005 and is based in Chicago, Illinois.


Deal Context for Buyer #
Overall 1 of 1
Sector: Business Services 1 of 1
Type: Secondary Buyout 1 of 1
State: Illinois 1 of 1
Country: United States 1 of 1
Year: 2007 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-02-01 Icon Identity Solutions

Elk Grove Village, Illinois, United States

Icon Identity Solutions, Inc. is a manufacturer of custom corporate branding and identity solutions encompassing all facets of exterior signage, repair and maintenance and renovation services for blue-chip customers across multiple end markets. Icon’s three manufacturing facilities and extensive network of installation and maintenance technicians allows the company to serve large, nationwide customers in a timely and consistent fashion. Icon’s products and services are provided across three business segments: branding services & products (manufacturing and installation of both exterior and select interior signage), repair & maintenance (preventative maintenance, on-call repair, lighting retrofits and related services for exterior signage and lighting) and remodel & renovation services (in-store renovation/remodel of a customer’s store locations, providing project management and oversight of specialized sub-contractors).

Sell -
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 37 of 80
Sector: Business Services 5 of 13
Type: Secondary Buyout 7 of 16
State: Illinois 5 of 10
Country: United States 36 of 76
Year: 2007 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-02-22 KBS

Oceanside, California, United States

KBS is a provider of integrated facilities management services, including outsourced janitorial cleaning and other services, to some of the largest retail and grocery customers in the United States. KBS was founded in 1967 and is based in Oceanside, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-02-05 Pacific Crest Securities

Portland, Oregon, United States

Pacific Crest Securities is a investment bank focused exclusively on technology. The firm is a full-service investment bank providing research, institutional sales and trading, and investment banking services to technology investors and companies worldwide.

Buy $30M

Seller Profiles 3

SELLER

Parkway Capital

Investor Investor Investor


Category Mezzanine Finance Firm
Founded 2000
PE ASSETS 400M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Parkway Capital is the mezzanine finance unit of Calvert Street Partners. Parkway's investments typically take the form of subordinated debt, which can be combined with a junior secured loan or preferred stock. If an opportunity calls for common equity, Parkway can also co-invest with other shareholders. Parkway looks to commit $3 to $12 million of capital per transaction in companies with at least $10 million in revenue and EBITDA in excess of $2 million. Funds are generally used to support business expansions, corporate acquisitions, leverage buyouts, recapitalization, ownership transfers, and 'wealth diversification'. Parkway Capital was formed in 2000 and became a unit of Calvert Street in 2019.


Deal Context for Seller #
Overall 2 of 13
Sector: Business Services 1 of 2
Type: Secondary Buyout 1 of 5
State: Illinois 1 of 1
Country: United States 2 of 13
Year: 2007 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-01-01 Fab-Tech

Colchester, Vermont, United States

Fab-Tech, Inc. is a manufacturer of coated stainless steel, corrosive fume exhaust systems for the semiconductor, university lab and other industrial markets. Fab-Tech was founded in 1987 and is based in Colchester, Vermont.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-01-15 Potter Electric

St. Louis, Missouri, United States

Potter Electric is a designer and manufacturer of mission-critical specialty electronic and electromechanical products for the fire safety industry. Potter Electric was founded in 1898 and is based in St. Louis, Missouri.

Buy -
SELLER

Banyan Investment Partners

Miami, Florida, United States

Investor


Category Mezzanine Finance Firm
Founded 2002
PE ASSETS 550M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Banyan is a specialty finance firm that provides mezzanine capital to smaller middle-market companies headquartered primarily in the Southeast US. Banyan looks to invest $5 to $25 million of junior capital in profitable companies. The Firm does not have any industry preferences, however, Banyan will not invest in real estate development, oil and gas exploration, direct lenders, start-ups or turn-around situations. Banyan Mezzanine was formed in 2002 and is based in Miami, Florida.


Deal Context for Seller #
Overall 2 of 22
Sector: Business Services 1 of 2
Type: Secondary Buyout 2 of 7
State: Illinois 1 of 1
Country: United States 2 of 22
Year: 2007 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-01-01 The Banker s Exchange

Smyrna, Georgia, United States

The Banker's Exchange is a global supplier of new and remanufactured ATM parts, banking equipment and banking equipment supplies.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-09-01 Silverchair

Charlottesville, Virginia, United States

Silverchair is a provider of an independent content management, product enablement, and digital transformation platform for association, society, and independent publishers. Silverchair was founded in 1993 and is based in Charlottesville, Virginia.

Buy -
SELLER

Stonebridge Partners

White Plains, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1986
PE ASSETS 900M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Stonebridge Partners is a private equity firm that targets investments in mid-sized privately-owned companies or divisions of public companies primarily serving the industrial or commercial marketplaces. The Firm 'particularly seeks companies where manufacturing equipment, processes, technology, patents, brand identity and/or reputation provide sustainable barriers to entry for potential competitors'. Target sectors include specialty manufacturing, value-added distributors, specialty packaging, building materials, and infrastructure. Stonebridge prefers businesses located in the US and Canada. Stonebridge Partners was formed in 1986 and is based in White Plains, New York.


Deal Context for Seller #
Overall 12 of 23
Sector: Business Services 1 of 1
Type: Secondary Buyout 5 of 8
State: Illinois 1 of 1
Country: United States 12 of 22
Year: 2007 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-05-01 Telmar Network Technology

Plano, Texas, United States

Telmar Network Technology, Inc. provides reliable, high-quality, and cost-effective solutions for network maintenance, expansion and asset management. For almost four decades, Telmar Network Technology's unique blend of new and certified reuse telecom equipment and asset management programs have resulted in significant material savings and cost avoidance for the world's largest telecommunication network carriers.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-07-22 American Dryer

Fall River, Massachusetts, United States

American Dryer Corp. is a manufacturer and marketer of coin-operated, on-premise, industrial and specialty laundry equipment.

Buy $300M