M&A Deal Summary

Fenway Partners Acquires Iconic Group

On May 25, 2018, private equity firm Fenway Partners acquired consumer services company Iconic Group from Friend Skoler and Raymond James Capital

Acquisition Highlights
  • This is Fenway Partners’ 1st transaction in the Consumer Services sector.
  • This is Fenway Partners’ 18th transaction in the United States.
  • This is Fenway Partners’ 2nd transaction in Georgia.
Investment Fate
  • Iconic Group merged with another company in 2019.

M&A Deal Summary

Date 2018-05-25
Target Iconic Group
Sector Consumer Services
Buyer(s) Fenway Partners
Sellers(s) Friend Skoler
Raymond James Capital
Deal Type Secondary Buyout
Advisor(s) Raymond James - Investment Banking (Financial)
Ledbetter Wanamaker Glass (Legal)

Target

Iconic Group

Atlanta, Georgia, United States
Iconic Group is a provider of professional event photography services to educational institutions and endurance race organizers. Iconic Group's divisions include Bob Knight Photo, Chappell Graduation Images, and MarathonFoto. Iconic Group provides professional photography services at 10,000 events and 30,000 shoot dates, taking 53 million consumer images per year under the GradImages, University Photo, WorldWide Photography, and MarathonFoto brands. Iconic Group is based in Atlanta, Georgia.

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Buyer(S) 1

Buyer

Fenway Partners

Westerly, Rhode Island, United States

Investor Investor Investor


Category Private Equity Firm
Founded 1994
PE ASSETS 2.1B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Fenway Partners is a private equity firm focused on investments in the consumer products and transportation/logistics/distribution sectors. Fenway looks for profitable companies with positive cash-flow and 'strong franchises. Prospective companies are generally valued between $100 and $600 million with $15 to $75 million of EBITDA. The Firm's investment horizon is four to six years. Fenway Partners was formed in 1994 and maintains offices in New York City and Los Angeles.


DEAL STATS #
Overall 20 of 20
Sector: Consumer Services M&A 1 of 1
Type: Secondary Buyout M&A Deals 9 of 9
State: Georgia M&A 2 of 2
Country: United States M&A 18 of 18
Year: 2018 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-03-13 Commonwealth Laminating & Coating

Martinsville, Virginia, United States

SunTek Holding Co. is a designer, manufacturer and distributor of window film to the automotive, residential and commercial markets. The company employs state-of-the-art manufacturing methods and equipment to produce a broad line of window film products, which it distributes directly to dealers through centers in Martinsville, Houston, Phoenix and Dania Beach, Florida. The Company also accesses the international market via a network of established distributors.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-02-25 Preferred Freezer Services

Chatham, New Jersey, United States

Preferred Freezer Services is an operator of state-of-the-art, full-service refrigerated warehouses providing storage primarily for specialty frozen seafood. The company operates twelve facilities in five metropolitan areas and ranks as the 7th largest refrigerated warehouse company in North America. The company has over 1,900 clients, consisting of seafood importers and distributors and frozen food manufacturers and distributors.

Sell -

Seller(S) 2

SELLER

Friend Skoler

West Caldwell, New Jersey, United States

Category Private Equity Firm
Founded 1998
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Friend Skoler is a private equity firm that invests in profitable middle-market companies across a range of industries. The Firm looks to commit $10 to $100 million of equity capital in businesses valued between $3 and $20 million. Generally, target companies have at least $10 million in sales and $1 million of EBIT. Sectors of interest include manufacturing, distribution, business services, direct marketing, e-commerce, event photography, digital imaging, retail and branded consumer products companies. The Firm will consider transactions ranging from buyouts and recapitalizations to expansion and acquisition financings. Friend Skoler was formed in 1998 and is based in Saddle Brook, New Jersey.


DEAL STATS #
Overall 8 of 9
Sector: Consumer Services M&A 1 of 2
Type: Secondary Buyout M&A Deals 4 of 5
State: Georgia M&A 1 of 1
Country: United States M&A 7 of 8
Year: 2018 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-05-15 PetMatrix

Saddle Book, New Jersey, United States

PetMatrix provides a broad portfolio of innovative, rawhide-free dog chews across its two flagship brands DreamBone and SmartBones. PetMatrix products are sold to mass merchandisers, food and drug stores, and pet specialty stores. The business benefits from a strong patent portfolio and has a robust pipeline of new products expected to drive future growth and product portfolio diversification opportunities.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-11-30 Salon Lofts

Columbus, Ohio, United States

Salon Lofts develops and leases individual salon suites with upscale finishes and appeals to individual stylists who in turn operate their own businesses. Salon Lofts also provides stylists with proprietary web-based salon management and marketing support tools. Salon Lofts was founded in 2003 and is based in Columbus, Ohio.

Sell -
SELLER

Raymond James Capital

St. Petersburg, Florida, United States

Category Merchant Bank
Founded 1998
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Raymond James Capital (RJC) is the private equity and merchant bank arm of asset manager Raymond James Financial, Inc. RJC invests in middle-market companies located throughout the US. RJC focuses on companies with exceptional management teams, predictable revenues, and diverse customers. Target businesses generally have an enterprise value between $25 - $150 million and EBITDA greater than $5 million. RJC looks to invest $15 - $50 million per transaction. Specific areas of interest include consumer products, energy, financial services, healthcare, industrial growth, specialized manufacturing, and service businesses. Types of transactions include MBO’s, buyouts, and recapitalization. Raymond James Capital, Inc. was formed in 1998 and is based in St. Petersburg, Florida.


DEAL STATS #
Overall 2 of 2
Sector: Consumer Services M&A 1 of 1
Type: Secondary Buyout M&A Deals 1 of 1
State: Georgia M&A 1 of 1
Country: United States M&A 2 of 2
Year: 2018 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-09-08 GREER Laboratories

Lenoir, North Carolina, United States

GREER Laboratories, Inc. is a provider of allergenic extracts in the United States for the diagnosis and treatment of allergies in both humans and animals.

Sell -