M&A Deal Summary

Cohere Capital, Graycliff Partners and Brookside Capital Partners Acquire Phaedon

On December 14, 2023, growth capital firm Cohere Capital, private equity firm Graycliff Partners and mezzanine finance firm Brookside Capital Partners acquired marketing company Phaedon from ICF International

Acquisition Highlights
  • This is Cohere Capital’s 4th, Graycliff Partners’ 2nd and Brookside Capital Partners’ 7th transaction in the Marketing sector.
  • This is Cohere Capital’s 7th, Graycliff Partners’ 67th and Brookside Capital Partners’ 61st transaction in the United States.
  • This is Cohere Capital’s 1st, Graycliff Partners’ 3rd and Brookside Capital Partners’ 1st transaction in Minnesota.

M&A Deal Summary

Date 2023-12-14
Target Phaedon
Sector Marketing
Buyer(s) Cohere Capital
Graycliff Partners
Brookside Capital Partners
Sellers(s) ICF International
Deal Type Divestiture

Target

Phaedon

Minneapolis, Minnesota, United States
Phaedon is a provider of technology-enabled consumer engagement, loyalty, communication, and brand strategy services. Phaedon is based in Minneapolis, Minnesota.

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Buyer(S) 3

Buyer

Cohere Capital

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 2019
PE ASSETS 200M USD
Size Small
Type Sector Focused
DESCRIPTION

Cohere Capital is a growth-oriented private equity firm focused on acquiring and investing in technology and services companies throughout the US. The Firm looks to acquire or majority or significant minority stakes in profitable businesses valued up to $250 million. Cohere Capital was formed in 2019 and is based in Boston, Massachusetts.


DEAL STATS #
Overall 7 of 7
Sector: Marketing M&A 4 of 4
Type: Divestiture M&A Deals 1 of 1
State: Minnesota M&A 1 of 1
Country: United States M&A 7 of 7
Year: 2023 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-20 iPromote

San Luis Obispo, California, United States

iPromote is a provider of digital advertising technology and solutions designed to help underserved SMBs access the high growth programmatic digital advertising market in an efficient and cost-effective way. iPromote was founded in 2004 and is based in San Luis Obispo, California.

Buy -
Buyer

Graycliff Partners

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1991
PE ASSETS 1.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Graycliff Partners is a private equity firm focused on private equity and mezzanine investments in middle-market companies throughout the US. The Firm's mezzanine practice does not have any sector preferences and looks to invest $10 to $50 million in profitable companies with at least $10 million in revenue. Funds are used to support buyouts, growth needs, divestitures, or consolidations. Graycliff's private equity group looks to acquire middle-market companies in the manufacturing, service, and distribution sectors. The Firm looks for businesses with $10 to $200 million of revenue. Graycliff Partners was established in 1991 and is based in New York City.


DEAL STATS #
Overall 72 of 79
Sector: Marketing M&A 2 of 2
Type: Divestiture M&A Deals 4 of 5
State: Minnesota M&A 3 of 3
Country: United States M&A 67 of 74
Year: 2023 M&A 5 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-12-04 PumpMan

Saddle Brook, New Jersey, United States

PumpMan is a provider of pump system maintenance, repair, and new system installation. PumpMan serves more than 2,700 customers in the municipal, commercial, industrial, and residential markets across Southern California. To make sure pump systems continue to be reliable and efficient, PumpMan offers Planned Maintenance Programs. PumpMan was founded in 1997 and is based in Saddle Brook, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-03-01 Electro-Mechanical

Bristol, Virginia, United States

Electro-Mechanical is a manufacturer of electrical apparatus and sells its products under the Federal Pacific, Line Power, Mirus International, and GridConnex brands. With five manufacturing facilities including a repair and service division, the company has nearly one million square feet of modern manufacturing facilities. Electro-Mechanical was founded in 1958 and is based in Bristol, Virginia.

Sell -
Buyer
DESCRIPTION

Brookside Capital Partners is an investment management firm focused on stable lower-middle market companies in the US. The Firm typically commits $5 to $30 million per transaction to support buyouts, leveraged recapitalizations, strategic acquisitions and growth. Potential businesses generally have revenue greater than $15 million, and EBITDA of at least $4 million. Industries of interest include business services, consumer, distribution, healthcare, manufacturing, and transportation and logistics. Brookside Capital Partners was established in 2001 and is based in Stamford, Connecticut.


DEAL STATS #
Overall 61 of 68
Sector: Marketing M&A 7 of 7
Type: Divestiture M&A Deals 1 of 2
State: Minnesota M&A 1 of 1
Country: United States M&A 61 of 68
Year: 2023 M&A 5 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-10-04 Architectural Polymers

Palmerton, Pennsylvania, United States

Architectural Polymers is a manufacturer and designer of urethane (rubber) and plastic molds, or form liners, that are used in pre-cast, tilt-up, and pour-in-place concrete construction applications to create textures, patterns, graphic designs and embedded thin brick surfaces on concrete walls. Architectural Polymers was founded in 1992 and is based in Palmerton, Pennsylvania.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-04-19 Pediatric Health Choice

Tampa, Florida, United States

Pediatric Health Choice is a provider of alternative-site healthcare services for medically-complex, technology-dependent, and behaviorally-challenged children. Pediatric Health Choice is based in Tampa, Florida.

Sell -

Seller(S) 1

SELLER

ICF International

Reston, Virginia, United States

Category Company
Founded 1969
Sector Business Services
Employees7,998
Revenue 2.0B USD (2024)
DESCRIPTION

ICF International is a provider of management, technology, and policy consulting and implementation services to government and commercial clients in the United States. ICF International was founded in 1969 and is based in Reston, Virginia.


DEAL STATS #
Overall 1 of 1
Sector: Marketing M&A 1 of 1
Type: Divestiture M&A Deals 1 of 1
State: Minnesota M&A 1 of 1
Country: United States M&A 1 of 1
Year: 2023 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-08 SemanticBits

Herndon, Virginia, United States

SemanticBits provides a full suite of scalable digital modernization services using open-source frameworks, including end-to-end agile at scale development capabilities, cloud-native solutions, data analytics and human-centered design. SemanticBits was founded in 2005 and is based in Herndon, Virginia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-01-07 AEG

Islandia, New York, United States

AEG provides a suite of integrated technology and advisory solutions to a growing set of electric and gas utilities, state and local governments, and state energy offices nationwide. AEG was founded in 1982 and is based in Islandia, New York.

Buy -