M&A Deal Summary

Cornell Capital and HarbourVest Partners Acquire PureStar

On June 1, 2018, private equity firms Cornell Capital and HarbourVest Partners acquired consumer services company PureStar

Acquisition Highlights
  • This is Cornell Capital’s 1st and HarbourVest Partners’ 3rd transaction in the Consumer Services sector.
  • This is Cornell Capital’s 5th and HarbourVest Partners’ 107th transaction in the United States.
  • This is Cornell Capital’s 1st and HarbourVest Partners’ 4th transaction in Nevada.

M&A Deal Summary

Date 2018-06-01
Target PureStar
Sector Consumer Services
Buyer(s) Cornell Capital
HarbourVest Partners
Deal Type Buyout (LBO, MBO, MBI)

Target

PureStar

Las Vegas, Nevada, United States
PureStar is a commercial linen management services provider dedicated to the hospitality industry. PureStar boasts 11 brands with 30 full-service laundries across 3 countries and 25 U.S. markets. PureStar is based in Las Vegas, Nevada.

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Buyer(S) 2

Buyer

Cornell Capital

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2013
PE ASSETS 6.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Cornell Capital is a private investment firm that seeks to partner with strong management teams to build businesses. Cornell Capital does not have any sector preferences and focuses on opportunities across the US. Cornell Capital was formed in 2013 and is based in New York City.


DEAL STATS #
Overall 5 of 17
Sector (Consumer Services) 1 of 1
Type (Buyout (LBO, MBO, MBI)) 1 of 3
State (Nevada) 1 of 1
Country (United States) 5 of 14
Year (2018) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-05-31 Talcott Resolution

Windsor, Connecticut, United States

Talcott Resolution is an insurance company with capabilities including extensive life insurance and annuity product knowledge and rigorous risk and liability management. Talcott's primary blocks of business are variable annuities, fixed annuities, structured settlements, and corporate-owned life insurance. Talcott Resolution is based in Windsor, Connecticut.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-07 KDC/ONE

Longueuil, Quebec, Canada

KDC/ONE is a custom innovator, formulator and manufacturer serving the prestige beauty, personal care, and household sectors. KDC/ONE was established in 2002 and is based in Longueuil, Quebec.

Buy -
Buyer

HarbourVest Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1978
PE ASSETS 86.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HarbourVest Partners, LLC is an investment firm that makes investments in new private equity partnerships, acquires secondary interests, and makes direct investments in operating companies. HarbourVest's largest investment area is investments in private equity funds, comprising of approximately 2/3 of HarbourVest's assets. HarbourVest's direct investment group looks for investments in growth oriented businesses at a variety of stages. The Group generally targets co-investments of $5 to $100 million, growth capital financings of $5 to $40 million, or mezzanine commitments of $5 to $20 million. Sectors of interest include software, hardware, data communications, telecommunications, and financial services. HarbourVest was formed in 1997 to assume the business of Hancock Venture Partners which was formed in 1982. HarbourVest Partners is based in Boston, Massachusetts, with additional offices in London, Tokyo, and Hong Kong.


DEAL STATS #
Overall 178 of 223
Sector (Consumer Services) 3 of 4
Type (Buyout (LBO, MBO, MBI)) 39 of 41
State (Nevada) 4 of 4
Country (United States) 107 of 134
Year (2018) 11 of 25
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-06-01 SI Group

The Woodlands, Texas, United States

SI Group is a developer and manufacturer of performance additives and intermediates solutions for industrial and consumer goods. SI Group was founded in 1906 and is based in The Woodlands, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-07-26 Personify

Austin, Texas, United States

Personify is a provider of software solutions for member-focused organizations. Personify offers products and services that enable organizations to acquire, engage and optimize relationships with their constituents. Personify captures and provides insight across all constituent interactions, allowing associations and nonprofit organizations to drive productivity and maximize revenue. Personify was founded in 1996 and is based in Austin, Texas.

Buy -