M&A Deal Summary

Comvest Partners and Barings Private Equity Acquire Renovation Brands

On November 22, 2021, private equity firms Comvest Partners and Barings Private Equity acquired distribution company Renovation Brands from The Mustang Group, Digital Fuel Capital, Bush O Donnell Capital Partners, Pine Street Capital Partners and Eagle Private Capital

Acquisition Highlights
  • This is Comvest Partners’ 3rd and Barings Private Equity’s 4th transaction in the Distribution sector.
  • This is Comvest Partners’ 49th and Barings Private Equity’s 41st transaction in the United States.
  • This is Comvest Partners’ 2nd and Barings Private Equity’s 2nd transaction in Alabama.

M&A Deal Summary

Date 2021-11-22
Target Renovation Brands
Sector Distribution
Buyer(s) Comvest Partners
Barings Private Equity
Sellers(s) The Mustang Group
Digital Fuel Capital
Bush O Donnell Capital Partners
Pine Street Capital Partners
Eagle Private Capital
Deal Type Secondary Buyout
Advisor(s) Houlihan Lokey (Financial)

Target

Renovation Brands

Florence, Alabama, United States
Renovation Brands is a distributor and retailer of electric fireplaces, electric heating appliances, customized fireplace mantels, and outdoor heating products. Renovation Brands was founded in 2002 and is based in Florence, Alabama.

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Buyer(S) 2

Buyer

Comvest Partners

West Palm Beach, Florida, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2000
PE ASSETS 7.7B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
Comvest Partners' headquarters in West Palm Beach, Florida.
Comvest Partners' headquarters in West Palm Beach, Florida.

Comvest Partners is a private investment firm that provides equity and debt capital to middle-market companies across North America. Comvest funds a variety of investment situations, including buyouts, divestitures, recapitalizations, consolidations, take privates, and turnarounds. Sectors of interest include business services, information services, education, financial services, healthcare services, software, IT, and transportation. For equity investments, Comvest prefers control and looks to invest $50 to $150 million per transaction. For debt needs, Comvest seeks to provide $25 to $250 million per transaction. Comvest Partners was formed in 2000 and is based in West Palm Beach, Florida.


DEAL STATS #
Overall 50 of 62
Sector (Distribution) 3 of 3
Type (Secondary Buyout) 8 of 12
State (Alabama) 2 of 3
Country (United States) 49 of 61
Year (2021) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-21 Gen3 Marketing

Blue Bell, Pennsylvania, United States

Gen3 Marketing is a digital marketing agency that provides affiliate marketing services to customers (“advertisers”) by optimizing advertisers’ positioning of their products and services on third party websites (“publishers” or “affiliates”). Gen3 Marketing was founded in 2007 and is based in Blue Bell, Pennsylvania.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-13 Robbins Brothers

Azusa, California, United States

Robbins Brothers operates retail jewelry stores in California, Texas, Washington, Arizona, and online, primarily in the bridal segment. The company provides extensive product education, exceptional quality and value and steadfast commitment to its customers. Robbins Brothers was founded in 1921 and is based in Azusa, California.

Sell -
Buyer

Barings Private Equity

Investor Investor


Category Private Equity Firm
Founded 1991
PE ASSETS 5.7B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Barings Private Equity is the private equity arm of global asset management firm Barings. The Group looks to invest in mezzanine, distressed, and other private equity transactions including secondaries and funds. Sectors of interest include manufacturing, business services, distribution, consumer products, consumer services, food products, packaging, and healthcare. Barings Private Equity was originally established in 1991 and is based in Charlotte, North Carolina.


DEAL STATS #
Overall 45 of 53
Sector (Distribution) 4 of 4
Type (Secondary Buyout) 18 of 20
State (Alabama) 2 of 2
Country (United States) 41 of 48
Year (2021) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-06 Amtech

Fort Washington, Pennsylvania, United States

Amtech is a provider of software solutions for the corrugated and folding carton manufacturing industries. Amtech’s fully integrated product suite of modules, multilingual, and enterprise solutions provide a compelling value proposition to the full spectrum of manufacturers. Amtech's software solutions serve over 245 customers at over 750 manufacturing plants in North America, Europe, and Latin America. Amtech was founded in 1981 and is based in Fort Washington, Pennsylvania.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-30 America s Auto Auction

Dallas, Texas, United States

America's Auto Auction is a wholesale automobile auction company offering a full spectrum of remarketing services for both buyers and sellers of used vehicles. America's Auto Auction was formed in 2005 and is based in Dallas, Texas.

Sell -

Seller(S) 5

SELLER

The Mustang Group

Newton, Massachusetts, United States

Category Private Equity Firm
Founded 2003
Size Small
Type Sector Agnostic
DESCRIPTION

The Mustang Group is an East Coast US-based private equity firm focused on investing in profitable mid-sized companies with revenues of $5 to $100 million. Mustang looks to fund management buyouts, recapitalizations, corporate carve-outs, and growth capital financings. Areas of interest include leisure/recreation, specialty retail, consumer products, technology, business and financial services, and manufacturing. The Mustang Group prefers opportunities where management looks to continue on with the business and that have leading positions within their respective sectors. The Mustang Group was formed in 2003 and is based in Newton, Massachusetts.


DEAL STATS #
Overall 3 of 4
Sector (Distribution) 1 of 1
Type (Secondary Buyout) 1 of 1
State (Alabama) 1 of 1
Country (United States) 3 of 4
Year (2021) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-06-06 Scribe Software

Manchester, New Hampshire, United States

Scribe Software Corp. is a provider of cloud-based integration service that helps more than 10,000 businesses to connect Software-as-a-Service (SaaS) applications and automate data flows using an intuitive browser-based approach. Scribe Software was founded in 1995 and is based in manchester, New Hampshire.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-20 SOG

Lynnwood, Washington, United States

SOG is a designer, manufacturer, and marketer of knives and tools used by hunters, campers, and outdoor enthusiasts, as well as military and law enforcement personnel. SOG was founded in 1986 and is based in Lynnwood, Washington.

Sell -
DESCRIPTION

Digital Fuel Capital is a private investment firm focused on investing in and acquiring companies involved in digital marketing. This includes e-commerce, digital marketing service companies, and advertising/marketing technology companies. Digital Fuel was established in 2015 and is headquartered in Newton, Massachusetts.


DEAL STATS #
Overall 3 of 4
Sector (Distribution) 1 of 1
Type (Secondary Buyout) 2 of 2
State (Alabama) 1 of 1
Country (United States) 3 of 4
Year (2021) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-10 Ledge Lounger

Katy, Texas, United States

Ledge is an in-pool and backyard furniture and accessories platform with an omni-channel go-to-market strategy. Since the introduction of their first in-pool Chaise, Ledge has grown to include patio furnishings, umbrellas, cabanas and outdoor games, all designed to withstand the harsh pool and outdoor environments. Ledge Lounger was founded in 2011 and is based in Katy, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-07-07 Artifact Uprising

Denver, Colorado, United States

Artifact Uprising is a provider of printed photo products with elevated quality, thoughtful design, and responsibly-sourced materials. Artifact Uprising was founded in 2012 and is based in Denver, Colorado.

Sell -
SELLER

Bush O Donnell Capital Partners

St. Louis, Missouri, United States

Category Private Equity Firm
PE ASSETS 250M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Bush O'Donnell Capital Partners (BOCP) is the private equity investment arm of Bush O'Donnell & Co., a firm that also provides investment advisory services. BOCP makes equity and mezzanine investments of $2 to $10 million in lower middle-market businesses with $5 to $100 million in sales. Funds are generally used to support growth initiatives, management buyouts, leveraged buyouts, and recapitalizations. Prospective companies typically have experienced management, stable cash-flows, and operate in a defensible market niche. The Firm will not invest in start-ups or turnarounds. BOCP is based in St. Louis, Missouri.


DEAL STATS #
Overall 24 of 25
Sector (Distribution) 2 of 2
Type (Secondary Buyout) 2 of 2
State (Alabama) 1 of 1
Country (United States) 24 of 25
Year (2021) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-12-01 Claris Vision

Warwick, Rhode Island, United States

Koch Eye Associates, Inc. is a provider of eye care and surgical practices, with twenty doctors treating patients at eight office locations, three laser vision centers, and a surgery center. Koch Eye Associates was founded in 1981 and is based in Warwick, Rhode Island.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-04-01 Kieffer

Sheboygan, Wisconsin, United States

Kieffer is a full-service provider of innovative and high quality signs and related services. Kieffer is based in Sheboygan, Wisconsin.

Sell -
SELLER

Pine Street Capital Partners

Albany, New York, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 2004
PE ASSETS 425M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Pine Street Capital Partners (PSCP) provides mezzanine capital to small and medium-sized private and public companies. PSCP will consider investments from $3 to $15 million in companies generating at least $10 million of sales. Target sectors include manufacturing, business services, consumer products, healthcare and media. PSCP prefers investments in the Northeast and Mid-Atlantic regions of the US, but will consider opportunities nationwide. Investment funds are typically used to support strategic acquisitions, growth, management and employee buyouts, and leveraged recapitalization. PSCP will not invest in the real estate, biotech and oil & gas industries. Pine Street Capital Partners was formed in 2004 and is based in Albany, New York.


DEAL STATS #
Overall 11 of 17
Sector (Distribution) 1 of 1
Type (Secondary Buyout) 2 of 6
State (Alabama) 1 of 1
Country (United States) 11 of 17
Year (2021) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-01 Lumina

Scottsdale, Arizona, United States

Lumina is a network of patient-centric optometric practices. Lumina was founded in 2015 and is based in Scottsdale, Arizona.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-20 SST Conveyor Components

Loveland, Ohio, United States

SST Conveyor Components is a designer and manufacturer of specialized conveyor components serving the material handling, distribution, and conveyor systems integration markets. SST Conveyor produces high-quality straight, tapered, grooved, and custom rollers, bearing assemblies, and pulleys tailored to meet the unique requirements of each customer. SST Conveyor Components was founded in 1957 and is based in Loveland, Ohio.

Sell -
SELLER

Eagle Private Capital

St. Louis, Missouri, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
PE ASSETS 1.0B USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Eagle Private Capital (EPC) makes private equity and mezzanine investments in middle-market companies. The Firm typically invests $4 to $15 million per investment. EPC looks to partner with management or other private equity investors to provide growth or change of control capital. EPC is based in St. Louis, Missouri.


DEAL STATS #
Overall 39 of 49
Sector (Distribution) 3 of 3
Type (Secondary Buyout) 9 of 10
State (Alabama) 1 of 1
Country (United States) 39 of 49
Year (2021) 4 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-28 Nelson-Miller

Los Angeles, California, United States

Nelson-Miller designs manufacture, and sources customized membrane switches, graphic overlays, nameplates, rubber keypads, touchscreens, and other user-interface and product identification solutions. Nelson-Miller was formed in 2011 and is based in Los Angeles, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-07 Vorteq Coil Finishers

Oakmont, Pennsylvania, United States

Vorteq Coil Finishers is a provider of coil coated steel and aluminum products including wide and narrow coil coating, printing, slitting, and embossing for a diverse range of building products, transportation, automotive, signage, energy and lighting end markets. Vorteq Coil Finishers was founded in 1982 and is based in Oakmont, Pennsylvania.

Sell -