M&A Deal Summary

Farragut Capital Partners and The BroadOak Fund Acquire Particle Dynamics

On November 14, 2019, mezzanine finance firm Farragut Capital Partners and growth capital firm The BroadOak Fund acquired life science company Particle Dynamics from Edgewater Capital Partners and Peninsula Capital Partners

Acquisition Highlights
  • This is Farragut Capital Partners’ 1st and The BroadOak Fund’s 6th transaction in the Life Science sector.
  • This is Farragut Capital Partners’ 73rd and The BroadOak Fund’s 8th transaction in the United States.
  • This is Farragut Capital Partners’ 1st and The BroadOak Fund’s 1st transaction in Missouri.

M&A Deal Summary

Date 2019-11-14
Target Particle Dynamics
Sector Life Science
Buyer(s) Farragut Capital Partners
The BroadOak Fund
Sellers(s) Edgewater Capital Partners
Peninsula Capital Partners
Deal Type Secondary Buyout
Advisor(s) Fairmount Partners (Financial)
Taft Stettinius & Hollister (Legal)

Target

Particle Dynamics

Saint Louis, Missouri, United States
Particle Dynamics engages in particle processing technologies and finished dose manufacturing, providing a wide range of products and services to the nutraceutical, consumer health, OTC, and pharmaceutical sectors. Particle Dynamics is also a recognized global leader in the supply of highly functional materials and a variety of microencapsulated vitamins, minerals, and OTC active pharmaceutical ingredients. Particle Dynamics was founded in 1990 and is based in Saint Louis, Missouri.

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Buyer(S) 2

Buyer

Farragut Capital Partners

Chevy Chase, Maryland, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 2011
PE ASSETS 1.7B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Farragut Capital Partners LLC is a private investment firm that provides mezzanine and equity capital to help finance buyouts, generational transfers, growth capital financings, and recapitalizations. The Firm prefers asset-light businesses with unique and defensible market positions, stable business models, and reasonable capital expenditure and working capital needs. Sectors of interest include light and niche manufacturing, business services, distribution & logistics, and media. Farragut's target investment size is $2 to $10 million. Farragut Capital Partners was formed in 2011 and is based in Washington, District of Columbia.


DEAL STATS #
Overall 73 of 97
Sector (Life Science) 1 of 1
Type (Secondary Buyout) 7 of 8
State (Missouri) 1 of 1
Country (United States) 73 of 97
Year (2019) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-09-09 Amglo Kemlite Laboratories

Bensenville, Illinois, United States

Amglo Kemlite Laboratories is a manufacturer of specialty xenon and halogen lamps used in a range of niche applications, including aircraft runway lamps, aircraft-mounted navigation lights, railroad headlamps, emergency vehicle lamps, obstruction warning lamps, and other medical and industrial lamps. Amglo Kemlite Laboratories was founded in 1935 and is based in Bensenville, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-02 Douglas-Guardian Services

Houston, Texas, United States

Douglas-Guardian Services is a provider of risk mitigation solutions to asset-based lenders. Douglas-Guardian’s solutions include monitoring, inspecting, and managing loan collateral such as automobiles, manufactured homes, recreational vehicles, agricultural equipment, and other durables. Douglas-Guardian serves global, national, and regional banks and independent financing providers as well as leading manufacturers and their captive finance companies. Douglas-Guardian administers loan collateral and many of the Canadian provinces. Douglas-Guardian Services was founded in 1870 and is based in Houston, Texas.

Buy -
DESCRIPTION

The BroadOak Fund is the investment affiliate of life science focused investment bank BroadOak Capital Partners. The BroadOak Fund provides growth capital to life sciences tools and service providers that have achieved a level of commercial success. The BroadOak Fund is based in Bethesda, Maryland.


DEAL STATS #
Overall 8 of 25
Sector (Life Science) 6 of 20
Type (Secondary Buyout) 1 of 2
State (Missouri) 1 of 1
Country (United States) 8 of 23
Year (2019) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-11-11 ORFLO Technologies

Ketchum, Idaho, United States

ORFLO Technologies is a supplier of cell analysis instruments including flow cytometers and cell counters, consumables, and reagents. ORFLO’s two flagship products are the Moxi Go, a benchtop flow cytometer, and the Moxi Z, a cell counter. Through the unique combination of impedance and fluorescence-based flow cytometry, ORFLO’s Moxi Go provides an informative window into cell analysis by directly measuring fluorescence, cell count, and cell volume simultaneously. ORFLO Technologies was founded in 2003 and is based in Ketchum, Idaho.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-13 Interpace

Parsippany, New Jersey, United States

Interpace engages in enabling personalized medicine, offering specialized services along the therapeutic value chain from early diagnosis and prognostic planning to targeted therapeutic applications. Interpace Biosciences was founded in 1986 and is based in Parsippany, New Jersey.

Buy -

Seller(S) 2

SELLER

Edgewater Capital Partners

Cleveland, Ohio, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1982
Size Middle-Market
Type Sector Focused
DESCRIPTION

Edgewater Capital Partners is a private equity firm focused on acquiring established, lower middle-market companies. Prospective investment situations include corporate divestitures, management buyouts, and family business liquidity. The Firm's industry preferences include highly-engineered manufacturing, specialty chemicals, specialty Industrials, Life Science. Edgewater Capital Partners was formed in 1982 and is based in Cleveland, Ohio.


DEAL STATS #
Overall 13 of 17
Sector (Life Science) 1 of 1
Type (Secondary Buyout) 4 of 4
State (Missouri) 1 of 1
Country (United States) 13 of 17
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-11 Prolytix

Essex Junction, Vermont, United States

Prolytix is a provider of research reagents, customized blood collection tubes, and protein biochemistry services including assay development, validation, and GMP release and stability testing. Prolytix provides contract research and development services such as custom protein purification, protein modification, assay development, GMP stability, and release testing, and offers over 150 high-quality blood coagulation products including proteins, antibodies, inhibitors and substrates, deficient plasmas, custom IVD/POC reagents, and custom blood/specimen collection tubes. Prolytix was founded in 1987 and is based in Essex Junction, Vermont.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-01 Iten Defense

Ashtabula, Ohio, United States

Iten Defense is a provider of advanced composites and armor solutions used in personal protective equipment, fixed and rotary-wing aircraft, tactical vehicles, and maritime vessels. Iten Defense was founded in 2019 and is based in Ashtabula, Ohio.

Buy -
SELLER

Peninsula Capital Partners

Southfield, Michigan, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 1995
PE ASSETS 1.9B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Peninsula Capital Partners is an investment group focused on providing a range of financing solutions to middle-market companies. The Firm is willing to be a minority or control investor and invests across the capital structure. This includes subordinated debt, preferred or common stock. For mezzanine commitments, Peninsula looks to invest $5 to $40 million. For equity transactions, Peninsula looks to invest $2 to $20 million. Peninsula is a generalist investor. Target sectors include manufacturing, industrial service, distribution, consumer products, professional services, retail, applied technology, transportation, food processing and packaging. Peninsula Capital Partners was formed in 1995 and is based in Detroit, Michigan.


DEAL STATS #
Overall 39 of 47
Sector (Life Science) 1 of 1
Type (Secondary Buyout) 11 of 14
State (Missouri) 1 of 2
Country (United States) 36 of 44
Year (2019) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-08-30 Powervac

Novi, Michigan, United States

Powervac is a provider of hydro excavation, pipe inspection, jet/vac, plumbing, electrical, mechanical, and other repair and maintenance services for commercial, retail, and industrial buildings, as well as for utilities, municipalities, and construction companies. Powervac is based in Novi, Michigan.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-20 Zadig & Voltaire

Paris, France

Zadig & Voltaire operates in the luxury segment of the fashion market in Europe. It currently operates approximately 200 boutiques and shop in shops over 20 countries throughout Europe, Asia and North America. Zadig & Voltaire was founded in 1995 and is based in Paris, France.

Buy -