M&A Deal Summary

Cortec Group and Antares Capital Acquire ECS Tuning

On December 19, 2019, private equity firms Cortec Group and Antares Capital acquired automotive company ECS Tuning from Bertram Capital

Acquisition Highlights
  • This is Cortec Group’s 2nd and Antares Capital’s 4th transaction in the Automotive sector.
  • This is Cortec Group’s 39th and Antares Capital’s 45th transaction in the United States.
  • This is Cortec Group’s 3rd and Antares Capital’s 5th transaction in Ohio.

M&A Deal Summary
Date 2019-12-19
Target ECS Tuning
Sector Automotive
Buyer(s) Cortec Group
Antares Capital
Sellers(s) Bertram Capital
Deal Type Secondary Buyout
Advisor(s) BB&T Capital Markets (Financial)
Perkins Coie (Legal)

Target

ECS Tuning

Wadsworth, Ohio, United States
ECS Tuning is a provider of designs, produces, and sells proprietary parts and kits for a rapidly growing number of automotive makes and models, and it partners with hundreds of other performance brands to bring the enthusiast community an unparalleled customer experience. ECS Tuning is based in Wadsworth, Ohio.

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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 40 of 48
Sector (Automotive) 2 of 2
Type (Secondary Buyout) 16 of 16
State (Ohio) 3 of 3
Country (United States) 39 of 47
Year (2019) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-01 Community Veterinary Partners

Philadelphia, Pennsylvania, United States

Community Veterinary Partners owns and operates veterinary hospitals and is committed to providing world-class treatment and health services to animals. Community Veterinary Partners was founded in 2009 and is based in Philadelphia, Pennsylvania.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-17 Groundworks

Virginia Beach, Virginia, United States

Groundworks is a vertically integrated foundation services company that serves primarily the single-family residential market, providing a critical suite of services to homeowners that preserve home value, integrity, and safety, including foundation repair, basement waterproofing, crawl space repair and encapsulation, and concrete lifting. Groundworks is based in Virginia Beach, Virginia.

Buy -
Buyer

Antares Capital

Miami, Florida, United States

Investor Investor

Category Private Equity Firm
Founded 1993
Size Small
Type Sector Agnostic
DESCRIPTION

Antares Capital is a private investment group that targets growth capital financings as well as management buyout opportunities. The Firm focuses on investments based in the Southeast US and Texas. Prospective companies generally have proven business models, modest capital requirements for growth, and operate in large and growing markets. The Firm looks to commit $500k to $5 million per investment. Antares will not invest in real estate, mineral exploration, distributors, franchisees, or project financings. Antares was founded in 1993 and is based in Miami, Florida.

DEAL STATS #
Overall 46 of 55
Sector (Automotive) 4 of 5
Type (Secondary Buyout) 27 of 30
State (Ohio) 5 of 5
Country (United States) 45 of 54
Year (2019) 6 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-30 Hilb Group

Richmond, Virginia, United States

Hilb Group is a middle-market insurance agency. Hilb Group seeks to grow through targeted acquisitions in the middle market insurance brokerage space. Hilb Group was founded in 2009 and is based in Richmond, Virginia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-05-13 Ten-X

Irvine, California, United States

Ten-X, Inc. is a provider of an online real-estate marketplace that allows individuals and investors to buy and sell residential and commercial real-estate properties using both desktop and mobile channels. Ten-X was founded in 2009 and is based in Irvine, California.

Sell $190M

Seller(S) 1

SELLER

Bertram Capital

Foster City, California, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2006
PE ASSETS 3.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Bertram Capital is a private equity firm that targets buyout and growth equity investments in lower middle-market companies. Bertram looks for companies with revenues of $20 to $250 million and EBITDA of $5 to $35 million. Sectors of interest include healthcare services and infrastructure, industrial manufacturing, business and financial services, technology, and internet. Bertram will consider both control and non-control investments. Prospective transaction structures include management buyouts, shareholder liquidity events, acquisitions financing's, growth financing's, and PIPE. Bertram Capital was formed in 2006 and is based in Foster City, California.

DEAL STATS #
Overall 13 of 26
Sector (Automotive) 1 of 1
Type (Secondary Buyout) 5 of 11
State (Ohio) 3 of 3
Country (United States) 12 of 24
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-09-25 Solo Brands

Grapevine, Texas, United States

Solo Brands is a platform for the next generation of digitally-connected, direct-to-consumer (DTC) brands that develops and produces lifestyle products to help customers create good moments and lasting memories. Solo Brands was founded in 2011 and is based in Grapevine, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-08-13 CreativeDrive

New York, New York, United States

CreativeDrive is a tech-driven content production company that simplifies, automates, and scales the creative asset production process. CreativeDrive was established in 2015 and is based in New York City.

Sell -
Mergr

Product

Company

Legal