M&A Deal Summary

Cortec Group and Audax Private Debt Acquire A1 Garage Door Service

On December 22, 2022, private equity firm Cortec Group and mezzanine finance firm Audax Private Debt acquired consumer services company A1 Garage Door Service

Acquisition Highlights
  • This is Cortec Group’s 2nd and Audax Private Debt’s 4th transaction in the Consumer Services sector.
  • This is Cortec Group’s 47th and Audax Private Debt’s 61st transaction in the United States.
  • This is Cortec Group’s 2nd and Audax Private Debt’s 2nd transaction in Arizona.

M&A Deal Summary

Date 2022-12-22
Target A1 Garage Door Service
Sector Consumer Services
Buyer(s) Cortec Group
Audax Private Debt
Deal Type Recapitalization
Advisor(s) Cowen Group, Inc. (Financial)
Foley & Lardner (Legal)

Target

A1 Garage Door Service

Phoenix, Arizona, United States
A1 Garage Door Service is a provider of residential repair and replacement garage door services. A1 Garage Door Service was founded in 2007 and is based in Phoenix, Arizona.

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Buyer(S) 2

Buyer

Cortec Group

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1984
PE ASSETS 6.4B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Cortec Group is a private equity firm focused on acquiring mid-sized businesses operating in basic industries. Cortec Group is an experienced and knowledgeable investor in healthcare products and services, B2C and B2B products, value-added distribution (including eCommerce), and specialty services companies with equity of $100-$500 million and EBITDA of $10 to $50 million. Cortec Group was formed in 1984 and is based in New York City.


DEAL STATS #
Overall 48 of 49
Sector (Consumer Services) 2 of 2
Type (Recapitalization) 11 of 11
State (Arizona) 2 of 2
Country (United States) 47 of 48
Year (2022) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-11-18 Four Seasons

Chicago, Illinois, United States

Four Seasons is a provider of residential HVAC replacement and repair services including Chicagoland HVAC installation, Chicagoland HVAC repair, and air quality solutions. Four Seasons was formed in 1971 and is based in Chicago, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-12-31 Harmar

Sarasota, Florida, United States

Harmar is a designer, manufacturer, and marketer of mobility and accessibility solutions for individuals who use power wheelchairs/scooters or are otherwise mobility impaired. Harmar was founded in 1998 and is based in Sarasota, Florida.

Sell -
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 valued between $10 and $60 million. Types of transaction include MBOs, LBOs, growth capital financings, acquisition financings, and recapitalizations.


DEAL STATS #
Overall 63 of 67
Sector (Consumer Services) 4 of 4
Type (Recapitalization) 4 of 4
State (Arizona) 2 of 2
Country (United States) 61 of 65
Year (2022) 6 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-11-01 Ned Stevens

Fairfield, New Jersey, United States

Ned Stevens provides gutter cleaning, soft wash, and other related, non-discretionary residential services, including gutter maintenance, installation, and repair. Ned Stevens was founded in 1965 and is based in Fairfield, New Jersey.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-04-12 Tower Engineering Professionals

Raleigh, North Carolina, United States

Tower Engineering Professionals is an operator of engineering services firm focused on serving the telecommunications industry. Tower Engineering Professionals' services include structural analysis, civil engineering, surveying; environmental, inspection, geotechnical, renewable energy, residential, commercial, plumbing, mechanical, and electrical, and structural modification and design. Tower Engineering Professionals was founded in 1997 and is based in Raleigh, North Carolina.

Buy -