M&A Deal Summary

Dry Fly Capital Acquires PSA Worldwide

On March 19, 2024, private equity firm Dry Fly Capital acquired education company PSA Worldwide from Salem Investment Partners and Brighton Partners

Acquisition Highlights
  • This is Dry Fly Capital’s 1st transaction in the Education sector.
  • This is Dry Fly Capital’s 3rd transaction in the United States.
  • This is Dry Fly Capital’s 3rd transaction in Colorado.

M&A Deal Summary
Date 2024-03-19
Target PSA Worldwide
Sector Education
Buyer(s) Dry Fly Capital
Sellers(s) Salem Investment Partners
Brighton Partners
Deal Type Recapitalization

Target

PSA Worldwide

Colorado Springs, Colorado, United States
PSA Worldwide create awareness for programs which educate on sexual assault prevention, domestic and dating violence prevention, substance abuse prevention, child abuse, bullying, suicide prevention, and overall wellness! PSA Worldwide is based in Colorado Springs, Colorado.

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Buyer(S) 1

Buyer

Dry Fly Capital

Investor Investor Investor Investor

Category Private Equity Firm
Founded 2018
Size Small
Type Sector Agnostic
DESCRIPTION

Dry Fly Capital is a private investment firm focused on partnering with small companies generating $1 to $3 million of EBITDA. The Firm targets opportunities in the distribution, manufacturing, and service sectors. The Firm looks to preserve the existing brand and relationships and improve operations with digital marketing strategies and technology automation investments. Dry Fly Capital was formed in 2018 and is headquartered in Littleton, Colorado.

DEAL STATS #
Overall 3 of 3
Sector (Education) 1 of 1
Type (Recapitalization) 1 of 1
State (Colorado) 3 of 3
Country (United States) 3 of 3
Year (2024) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-11-08 Westland Distributing

Denver, Colorado, United States

Westland Distributing is a provider of foundation covers, windows, doors, set up, and plumbing solutions for the manufactured housing sector. Westland Distributing was founded in 1971 and is based in Denver, Colorado.

Sell -

Seller(S) 2

SELLER

Salem Investment Partners

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 1999
PE ASSETS 450M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Salem Investment Partners specializes in debt and equity investments in privately-held, middle-market businesses across the Southeast and Mid-Atlantic regions of the US. Salem looks to invest $2 to $10 million per transaction to help support growth, acquisitions, recapitalizations, and buyouts. Sectors of interest include business services, light manufacturing, consumer products, and distribution. Salem Investment Partners was formed in 1999 and is based in Greensboro, North Carolina.

DEAL STATS #
Overall 9 of 10
Sector (Education) 1 of 1
Type (Recapitalization) 2 of 2
State (Colorado) 1 of 1
Country (United States) 9 of 10
Year (2024) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-01-17 TopFire Media

Homewood, Illinois, United States

TopFire Media is a full-service digital marketing and public relations firm that primarily serves the franchising industry. TopFire Media is based in Homewood, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-07-28 Salisbury Moore

Raleigh, North Carolina, United States

Salisbury Moore provides renovation and remodeling services for hotel brands across the U.S. Salisbury Moore also renovates municipal and commercial properties for state agencies and local governments. Salisbury Moore is based in Raleigh, North Carolina.

Buy -
SELLER

Brighton Partners

Atlanta, Georgia, United States

Investor Investor

Category Private Equity Firm
Founded 2003
PE ASSETS 21M USD
Size Small
Type Sector Agnostic
DESCRIPTION

Brighton Partners is a private equity firm that targets investments in smaller companies with annual revenues of $10 to $30 million. Brighton looks to make control investments in later-stage companies not driven by rapid changes in technology. The Firm prefers opportunities located in the Southeast, Mid-Atlantic, or Midwest US. Prospective transaction situations include buyouts and recapitalizations. Brighton Partners was formed in 2003 and is based in Atlanta, Georgia.

DEAL STATS #
Overall 3 of 4
Sector (Education) 1 of 1
Type (Recapitalization) 1 of 1
State (Colorado) 1 of 1
Country (United States) 3 of 4
Year (2024) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-08-11 Colorado Industrial Packaging

Colorado Springs, Colorado, United States

Colorado Industrial Packaging (CIP) designs, manufactures and distributes engineered packaging solutions. The Company serves a diverse base of customers located throughout the U.S. from facilities in Colorado Springs and Denver. The CIP transaction represents the first institutional capital invested in the business. Brighton Partners will work closely with management to invest in systems, people and infrastructure, all in support of accelerated growth. Colorado Industrial Packaging is based in Colorado Springs, Colorado.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-05-24 Ray Allen Manufacturing

Colorado Springs, Colorado, United States

Ray Allen Manufacturing is a manufacturer and direct marketer of professional canine training products to the law enforcement, military, and working dog niche markets. Ray Allen Manufacturing was founded in 1948 and is based in Colorado Springs, Colorado.

Buy -
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