M&A Deal Summary

Everberg Capital and Penn Foster Acquire Carrus

On October 13, 2021, private equity firm Everberg Capital and Penn Foster acquired internet software and services company Carrus from Revelstoke Capital Partners and NMP Capital

Acquisition Highlights
  • This is Everberg Capital’s 2nd and Penn Foster’s 2nd transaction in the Internet Software and Services sector.
  • This is Everberg Capital’s 13th and Penn Foster’s 3rd transaction in the United States.
  • This is Everberg Capital’s 1st and Penn Foster’s 1st transaction in Utah.

M&A Deal Summary
Date 2021-10-13
Target Carrus
Sector Internet Software and Services
Buyer(s) Everberg Capital
Penn Foster
Sellers(s) Revelstoke Capital Partners
NMP Capital
Deal Type Add-on Acquisition
Advisor(s) William Blair (Financial)
Winston & Strawn (Legal)

Target

Carrus

Lehi, Utah, United States
Carrus is a provider of online competency-driven education courses to students throughout the United States and in several foreign countries. Carrus was established in 1992 and is based in Lehi, Utah.

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Buyer(S) 2

Buyer

Everberg Capital

Investor

Category Private Equity Firm
Founded 2019
Size Small
Type Sector Agnostic
DESCRIPTION

Everberg Capital is a private investment firm that looks to partner with family-owned businesses, entrepreneurs, and financial sponsors with capital for acquisition financing, leveraged buyouts, growth opportunities, and recapitalizations. Broad areas of interest include industrials, business services, consumer products/services, and healthcare. Everberg can invest across the capital structure and seeks to commit $10 to $100 million per transaction. Everberg Capital was formed in 2019 and is based in New York City.

DEAL STATS #
Overall 15 of 18
Sector (Internet Software and Services) 2 of 2
Type (Add-on Acquisition) 1 of 3
State (Utah) 1 of 1
Country (United States) 13 of 16
Year (2021) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-05-28 Atlas Vineyard Management

Napa, California, United States

Atlas Vineyard Management serves vineyard owners and wineries across California, Oregon, Washington, and Texas. Atlas Vineyard Management’s offerings include vineyard development, vineyard farming, grape sales, and viticulture services. Atlas Vineyard Management was founded in 2012 and is based in Napa, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-01 Swyft Filings

Dover, Delaware, United States

Swyft Filings is an end-to-end platform for small and medium sized businesses seeking incorporation, filing, compliance, and other ancillary legal services. Swyft Filings was founded in 2015 and is based in Dover, Delaware.

Buy -
Buyer

Penn Foster

Scranton, Pennsylvania, United States
Category Company
Founded 1890
Sector Education
DESCRIPTION

Penn Foster is a leading provider of high school diploma, workforce education, and training solutions. The business focuses on adult learners who seek forms of higher education to improve their career skills and employment status. Penn Foster was founded in 1890 and is based in Scranton, Pennsylvania.

DEAL STATS #
Overall 4 of 4
Sector (Internet Software and Services) 2 of 2
Type (Add-on Acquisition) 3 of 3
State (Utah) 1 of 1
Country (United States) 3 of 3
Year (2021) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-19 Sokanu

Vancouver, British Columbia, Canada

Sokanu is an internet career advancement platform with its online career discovery and advancement tools put cutting-edge technologies and data science to work to help people navigate the rapidly changing world of work. The CareerExplorer assessment blends psychometrics and machine learning to help millions of people learn how their personal traits, talents, interests, and values align with nearly 1,000 different career roles. Its membership service provides additional services and benefits designed to help career seekers and changers advance toward their career goals. Sokanu was formed in 2012 and is based in Vancouver, British Columbia.

Buy -

Seller(S) 2

SELLER

Revelstoke Capital Partners

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2013
PE ASSETS 5.6B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Revelstoke Capital Partners is a private equity firm focused on acquiring and building industry leading companies. For platform acquisitions, Revelstoke seeks profitable companies (> $5 million) and looks to commit $10 to $250 million per transaction. The Firm will consider majority and minority positions and seeks situations where companies have opportunities for growth, either organically or through add-ons. Targeted industries include healthcare services, transportation, logistics, specialty distribution, business services, and insurance. Revelstoke Capital Partners was formed in 2013 and is based in Denver, Colorado.

DEAL STATS #
Overall 4 of 7
Sector (Internet Software and Services) 1 of 1
Type (Add-on Acquisition) 2 of 4
State (Utah) 1 of 1
Country (United States) 4 of 7
Year (2021) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-10 Bridgeway

Moon Township, Pennsylvania, United States

Bridgeway is an asset-light transportation and logistics company that transports or arranges transport of heavy and over-dimensional freight for large and high-growth end markets serving the energy, infrastructure, and industrial sectors. Bridgeway was founded in 1988 and is based in Moon Township, Pennsylvania.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-22 CEI Vision Partners

Columbus, Ohio, United States

CEI Vision Partners is a management services organization. CVP provides comprehensive eye care services and has leading physicians across all major sub-specialties. CEI Vision Partners was established in 2018 and is based in Columbus, Ohio.

Sell $600M
SELLER

NMP Capital

Minneapolis, Minnesota, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 2000
PE ASSETS 4.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

NMP Capital is an independent investment firm focused on providing junior capital to a variety of lower middle-market companies in partnership with financial sponsors. NMP looks to commit $20 to $75 million in profitable companies with at least $10 million of EBITDA. NMP will consider opportunities in a wide range of industries including distribution, manufacturing, healthcare, and consumer. NMP Capital was formed in 2000 and is based in Minneapolis, Minnesota.

DEAL STATS #
Overall 47 of 53
Sector (Internet Software and Services) 1 of 1
Type (Add-on Acquisition) 22 of 26
State (Utah) 1 of 1
Country (United States) 45 of 51
Year (2021) 3 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-11 Pentec Health

Glen Mills, Pennsylvania, United States

Pentec Health is a provider of specialty infusion services to patients who require access to complex pharmaceutical products and services outside of the hospital setting. Pentec Health was founded in 1983 and is based in Glen Mills, Pennsylvania.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-23 DBi Services

Hazleton, Pennsylvania, United States

DBi Services provides infrastructure maintenance, operations and management solutions in North America and Europe for government agencies, utilities, private industries, railways, retailers and other infrastructure owners. DBi Services was founded in 1978 and is based in Hazleton, Pennsylvania.

Sell -
Mergr

Product

Company

Legal