M&A Deal Summary

Coalesce Capital and Audax Private Debt Acquire Pearl Meyer

On January 6, 2025, private equity firm Coalesce Capital and mezzanine finance firm Audax Private Debt acquired business services company Pearl Meyer from Main Street Capital

Acquisition Highlights
  • This is Coalesce Capital’s 1st and Audax Private Debt’s 18th transaction in the Business Services sector.
  • This is Coalesce Capital’s 3rd and Audax Private Debt’s 116th transaction in the United States.
  • This is Coalesce Capital’s 1st and Audax Private Debt’s 8th transaction in Massachusetts.

M&A Deal Summary

Date 2025-01-06
Target Pearl Meyer
Sector Business Services
Buyer(s) Coalesce Capital
Audax Private Debt
Sellers(s) Main Street Capital
Deal Type Recapitalization
Advisor(s) Citizens Capital Markets (Financial)
Locke Lord (Legal)

Target

Pearl Meyer

Wellesley, Massachusetts, United States
Pearl Meyer is an independent executive compensation consulting firm. PM&P has served as a trusted advisor to Boards and their senior management in the areas of governance, strategy, and compensation program design. Clients from the Fortune 500 to not-for-profits and emerging high-growth companies rely on PM&P to help align rewards with long-term business goals to create value for all stakeholders: shareholders, executives, and employees. Pearl Meyer was founded in 1989 and is based in Wellesley, Massachusetts.

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Buyer(S) 2

Buyer

Coalesce Capital

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2022
PE ASSETS 1.1B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Coalesce Capital is a private equity firm that partners with entrepreneurs and management teams and seeks to invest in human capital and technology-enabled services companies with at least $25?million of revenue and $5?million in EBITDA. Coalesce Capital was founded in 2022, is headquartered in New?York, New York.


DEAL STATS #
Overall 3 of 5
Sector: Business Services M&A 1 of 1
Type: Recapitalization M&A Deals 2 of 2
State: Massachusetts M&A 1 of 1
Country: United States M&A 3 of 5
Year: 2025 M&A 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-09-11 Miller Environmental Group

Calverton, New York, United States

Miller Environmental Group services the utility, transportation, and petrochemical industries in the areas of emergency response, waste transportation and disposal, remediation, and industrial as well as marine services. Miller Environmental Group was founded in 1971 and is based in Calverton, New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-05-27 DAS Health

Tampa, Florida, United States

DAS Health is a provider of Health IT and management solutions and a trusted consultant to many physician groups, hospitals, and healthcare systems across North America. DAS delivers Health Information Technology (HIT), MSP, cybersecurity, RCM medical billing, value-based care, patient engagement, compliance, and practice management solutions for nearly 20,000 users nationwide. DAS Health was founded in 2003 and is based in Tampa, Florida.

Buy -
Buyer

Audax Private Debt

New York, New York, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 2000
PE ASSETS 5.4B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Audax Mezzanine is the mezzanine finance arm of the Audax Group. The Firm focuses on investing in both private and public, US-based middle market companies with a strong history of cash flows and consistent revenue growth. Audax will consider subordinated mezzanine debt commitments, second lien or junior secured debt, preferred stock and common stock. The Firm seeks to invest in companies with EBITDA between $10 and $100 million. Types of transaction include MBOs, LBOs, growth capital financings, acquisition financings, and recapitalizations. Audax Private Debt is based in New York, New York.


DEAL STATS #
Overall 118 of 120
Sector: Business Services M&A 18 of 18
Type: Recapitalization M&A Deals 7 of 7
State: Massachusetts M&A 8 of 8
Country: United States M&A 116 of 118
Year: 2025 M&A 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-12-11 Frontline Managed Services

Atlanta, Georgia, United States

Frontline Managed Services is a provider of business process outsourcing to the legal and accounting markets. Frontline Managed Services specializes in white glove IT help desk support, IT Managed Services (Development, Infrastructure, Engineering, and Legacy Software Support), Managed Financial Services (e-billing processing, accounts receivable management, and cash application), and training and education through its e-learning platform. Frontline Managed Services was founded in 1987 and is based in Atlanta, Georgia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-04-03 Summit Spine & Joint Centers

Lawrenceville, Georgia, United States

Summit Spine & Joint Centers operates ambulatory surgery centers and pain management clinics in the greater Atlanta area. Summit provides interventional pain management treatment to patients who suffer from chronic pain symptoms. Summit Spine & Joint Centers was founded in 2014 and is based in Lawrenceville, Georgia.

Sell -

Seller(S) 1

SELLER

Main Street Capital

Houston, Texas, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1997
PE ASSETS 3.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Main Street Capital Holdings is a public investment firm that invests in mid-market companies to support ownership transitions, recapitalizations, strategic acquisitions, business expansion and other growth initiatives. Main Street looks for businesses opearting in basic industries with positive cash-flow and and defensible competitive advantages. Main Street generally invests $5 to $75 million in companies with $10 to $150 million of revenue and EBITDA of $3 to $20 million. Investments are usually in the form of term debt and/or direct equity. Main Street Capital Corporation was formed in 1997 and is based in Houston, Texas.


DEAL STATS #
Overall 46 of 48
Sector: Business Services M&A 4 of 4
Type: Recapitalization M&A Deals 4 of 4
State: Massachusetts M&A 1 of 1
Country: United States M&A 46 of 48
Year: 2025 M&A 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-08-29 MoneyThumb

Encinitas, California, United States

MoneyThumb is a software-as-a-service provider of financial file conversion, reconciliation, and analysis software to end customers primarily in the merchant cash advance and accounting industries. MoneyThumb was founded in 2014 and is headquartered in Encinitas, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-03-20 NinjaTrader Group

Chicago, Illinois, United States

NinjaTrader Group is a provider of trading software and brokerage services to active traders. NinjaTrader Group was founded in 2003 and is based in Chicago, Illinois.

Sell $1.5B