M&A Deal Summary

Enservco Acquires Adler Hot Oil Services

On October 29, 2018, Enservco acquired energy services and equipment company Adler Hot Oil Services from Aldine Capital Partners, Spell Capital Partners, EXMARQ Capital Partners and Kemper

Acquisition Highlights
  • This is Enservco’s 1st transaction in the Energy Services and Equipment sector.
  • This is Enservco’s 1st transaction in the United States.
  • This is Enservco’s 1st transaction in Utah.

M&A Deal Summary
Date 2018-10-29
Target Adler Hot Oil Services
Sector Energy Services and Equipment
Buyer(s) Enservco
Sellers(s) Aldine Capital Partners
Spell Capital Partners
EXMARQ Capital Partners
Kemper
Deal Type Add-on Acquisition

Target

Adler Hot Oil Services

Vernal, Utah, United States
Adler Hot Oil Services LLC is an oilfield service company providing heating services for oil and gas well sites. Adler Hot Oil Services was founded in 1989 and is based in Vernal, Utah.

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Buyer(S) 1

Buyer

Enservco

Longmont, Colorado, United States
Category Company
Founded 1980
Sector Energy Services and Equipment
Employees86
Revenue 22M USD (2023)
DESCRIPTION

Enservco provides a wide range of oilfield services, including hot oiling, acidizing, frac water heating, water transfer, and related services. Enservco was founded in 1980 and is based in Longmont, Colorado.

DEAL STATS #
Overall 1 of 3
Sector (Energy Services and Equipment) 1 of 2
Type (Add-on Acquisition) 1 of 3
State (Utah) 1 of 1
Country (United States) 1 of 3
Year (2018) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-09-11 RapidHot

Washington, Pennsylvania, United States

RapidHot serves E&P customers in the Appalachian Basin and is a provider of frac water heating services in Ohio, Pennsylvania and West Virginia. RapidHot was formed in 2007 and is based in Washington, Pennsylvania.

Buy -

Seller(S) 4

SELLER

Aldine Capital Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 2005
Size Small
Type Sector Agnostic
DESCRIPTION

Aldine Capital Partners is a mezzanine investment firm that provides mezzanine and junior capital financing to lower middle-market companies generating sales of at least $10 million and at least $2 million in EBITDA. Aldine invests in the range of $4 to $25 million per transaction. Types of transactions include management buyouts, acquisition financings, shareholder liquidity events, recapitalizations, and growth financings of smaller middle-market companies. Aldine will consider investments across the United States, but has a primary focus on opportunities in the Midwest. The Firm will not consider investments in start-ups, turnarounds, real estate, insurance, banking, and oil/gas. Aldine Capital was formed in 2005 and is based in Chicago, Illinois.

DEAL STATS #
Overall 15 of 24
Sector (Energy Services and Equipment) 2 of 3
Type (Add-on Acquisition) 10 of 14
State (Utah) 1 of 1
Country (United States) 15 of 24
Year (2018) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-11-30 Connecting Point Marketing Group

Rye, New Hampshire, United States

Connecting Point Marketing Group is an organizes and hosts trade events for executives in the retail, restaurant, healthcare and hotel industries for innovation. Connecting Point Marketing is based in Rye, New Hampshire.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-01-25 FMT Solutions

Portland, Oregon, United States

FMT Solutions is a provider of integrated educational content and tech-enabled marketing services principally for the retirement planning and wealth management services market. FMT offers a comprehensive suite of retirement planning and wealth management communication services and financial education courses designed to support Registered Investment Advisors (RIAs), Investor Advisor Representatives (IARs), and individual investors. FMT Solutions was founded in 2001 and is based in Portland, Oregon.

Buy -
SELLER

Spell Capital Partners

Minneapolis, Minnesota, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1988
PE ASSETS 500M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Spell Capital Partners is a private equity firm that targets control investments in lower middle-market manufacturing and distribution businesses. Spell targets companies with at least $5 million in annual revenues and minimum EBITDA of $1 million. The Firm's target equity investment size range is $2 to $15 million. Spell prefers opportunities located in the upper-midwestern states of Minnesota, Iowa, Wisconsin, North Dakota, South Dakota, Indiana, Illinois, and Nebraska. Spell Capital Partners was formed in 1988 and is based in Minneapolis, Minnesota.

DEAL STATS #
Overall 24 of 31
Sector (Energy Services and Equipment) 1 of 1
Type (Add-on Acquisition) 12 of 16
State (Utah) 1 of 1
Country (United States) 24 of 31
Year (2018) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-11 All Safe Global

Wyoming, Minnesota, United States

All Safe Global s a distributor of compressed gas cylinders and valves, provides cylinder re-certification, refurbishment, and recycling services. All Safe Global was founded in 1976 and is based in Wyoming, Minnesota.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-01 Polar Plastics

Oakdale, Minnesota, United States

Polar Plastics LLC is a manufacturer of plastic film and low-density polyethylene packaging products used to make plastic films and bags for packaging, logisitics, home improvement, retail, and other applications. Polar Plastics was founded in 1967 and is based in Oakdale, Minnesota.

Buy -
SELLER

EXMARQ Capital Partners

Category Mezzanine Finance Firm
Founded 2011
Size Small
Type Sector Agnostic
DESCRIPTION

EXMARQ Capital Partners is a private investment firm focused on making junior capital investments in lower middle-market companies predominantly in the upper Midwest US. The Firm targets investments in well-established, profitable, growth oriented companies in support of management buyouts, owner liquidity events, recapitalizations, and expansion needs. EXMARQ looks for strong management teams and businesses with defensible market positions. Sectors of interest include manufacturing, value-added distribution, and business services. EXMARQ Capital was formed in 2011 and is based in Minnetonka, Minnesota.

DEAL STATS #
Overall 1 of 4
Sector (Energy Services and Equipment) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (Utah) 1 of 1
Country (United States) 1 of 4
Year (2018) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-02-27 BestMark

Saint Louis Park, Minnesota, United States

BestMark is a provider of customer experience measurement services and related analytics. BestMark assesses and improves customer satisfaction and loyalty for major companies in retail, automotive, hospitality, technology, and other industries. BestMark was founded in 1986 and is based in Saint Louis Park, Minnesota.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-08-13 Select Food Products

North Plymouth, Minnesota, United States

Select Food Products, Inc. is a custom food manufacturer specializing in the sandwich, breakfast, snack and dessert categories. Select Foods prides itself on providing customized and innovative solutions to retail, club, convenience store, and foodservice customers. Select Food Products is based in North Plymouth, Minnesota.

Sell -
SELLER

Kemper

Chicago, Illinois, United States
Category Company
Founded 1990
Sector Insurance
Employees8,100
Revenue 4.9B USD (2023)
DESCRIPTION

Kemper is a diversified insurance holding company with subsidiaries that provide an array of products to the individual and small business market. Kemper was founded in 1990 and is based in Chicago, Illinois.

DEAL STATS #
Overall 3 of 4
Sector (Energy Services and Equipment) 1 of 1
Type (Add-on Acquisition) 2 of 2
State (Utah) 1 of 1
Country (United States) 3 of 4
Year (2018) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-02-13 Infinity Property and Casualty

Birmingham, Alabama, United States

Infinity Property and Casualty Corp. is a provider of personal automobile insurance with a concentration on nonstandard auto insurance. Its products are offered through a network of approximately 12,500 independent agencies and brokers. Infinity Property and Casualty was founded in 2002 and is based in Birmingham, Alabama.

Buy $1.4B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-23 American Access Casualty

Downers Grove, Illinois, United States

American Access Casualty Co. provides specialty private passenger auto insurance services. American Access Casualty was founded in 1999 and is based in Downers Grove, Illinois.

Buy $370M
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