M&A Deal Summary

Fog Software Group Acquires Freestyle Solutions

On February 22, 2018, Fog Software Group acquired software company Freestyle Solutions from Milestone Partners, Apogem Capital and Churchill Financial

Acquisition Highlights
  • This is Fog Software Group’s 1st transaction in the Software sector.
  • This is Fog Software Group’s 1st transaction in the United States.
  • This is Fog Software Group’s 1st transaction in New Jersey.

M&A Deal Summary

Date 2018-02-22
Target Freestyle Solutions
Sector Software
Buyer(s) Fog Software Group
Sellers(s) Milestone Partners
Apogem Capital
Churchill Financial
Deal Type Add-on Acquisition

Target

Freestyle Solutions

Totowa, New Jersey, United States
Freestyle Solutions, Inc. is a software developer and marketer of solutions for direct selling, e-commerce and multi-channel businesses. Its solutions are designed specifically for small to medium-sized merchants, distributors, manufacturers and third-party fulfillment operations, and range from complete front-end solutions such as hosted e-commerce web sites to complete back-end order management solutions. Freestyle Solutions was founded in 1983 and is based in Totowa, New Jersey.

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Buyer(S) 1

Buyer

Fog Software Group

Deerfield, Illinois, United States

Category Company
Founded 1995
Sector Software
DESCRIPTION

Fog Software Group acquires, manages, and builds software companies in a variety of vertical markets, enabling them to be clear leaders in their industries. Their companies provide mission-critical enterprise solutions for vertical industries across the entire industry value chain. The group is all about strengthening businesses within the markets in which it competes and enabling them to grow – whether through organic measures such as new initiatives and product development, day-to-day business, or through acquisitions.


DEAL STATS #
Overall 1 of 5
Sector (Software) 1 of 5
Type (Add-on Acquisition) 1 of 2
State (New Jersey) 1 of 1
Country (United States) 1 of 4
Year (2018) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-02-06 ASC Software

Beavercreek, Ohio, United States

ASC provides innovative supply chain software solutions for complex supply chain challenges. The company’s products are consistently rated and awarded as some of the best in the industry, unsurpassed for price and performance. For over 30 years, ASC has provided the tools for manufacturers and distribution companies to intelligently and efficiently serve customers.

Buy -

Seller(S) 3

SELLER

Milestone Partners

Villanova, Pennsylvania, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1995
PE ASSETS 650M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Milestone Partners is a lower middle-market private equity firm specializing in investments in manufacturing, distribution, and service companies. Milestone looks for businesses valued up to $250 million with EBITDA of $5 to $50 million. The Firm's target revenue size is $10 to $250 million. Milestone prefers companies with growth potential and proven management. The Firm will not invest in businesses in high cyclical industries, with low barriers to entry, or have a high reliance on technology. Milestone Partners was formed in 1995 and is based in Villanova, Pennsylvania.


DEAL STATS #
Overall 20 of 28
Sector (Software) 1 of 1
Type (Add-on Acquisition) 8 of 11
State (New Jersey) 1 of 1
Country (United States) 18 of 26
Year (2018) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-08-29 eCommission

Austin, Texas, United States

eCommission is a provider of commission advance services to real estate professionals in the United States. eCommission was founded in 2001 and is based in Austin, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-05-31 mTAB

Anaheim, California, United States

mTAB provides database services and cloud-based data analytics platforms to enterprise clients in a variety of end markets, including automotive, consumer electronics, insurance and consulting. mTAB was founded in 1987 and is based in Anaheim, California.

Buy -
SELLER

Apogem Capital

Chicago, Illinois, United States

Category Asset Manager
Founded 2001
PE ASSETS 39.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Apogem Capital is a diversified alternative investment manager and subsidiary of insurance provider, New York Life. Apogem manages a variety of investment strategies including private equity, private credit, and real assets. Within private equity, the Firm looks to make fund, direct, and secondary investments, as well as acquire GP stakes. Within its direct investing activity, Apogem targets mid-sized companies valued up to $250 million and will consider businesses throughout North America and Europe. Apogem Capital formed as the result of New York Life combining PA Capital, Madison Capital Funding, and Goldpoint Partners into one entity. Apogem Capital is based in New York City.


DEAL STATS #
Overall 29 of 52
Sector (Software) 2 of 4
Type (Add-on Acquisition) 11 of 21
State (New Jersey) 5 of 6
Country (United States) 29 of 52
Year (2018) 3 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-02-07 Polyform Products

Elk Grove Village, Illinois, United States

Polyform Products is a developer, manufacturer, and marketer of polymer clay products worldwide. Polyform Products was founded in 1967 and is based in Elk Grove Village, Illinois.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-11 FTJ FundChoice

Hebron, Kentucky, United States

FTJ FundChoice is an SEC Registered Investment Advisor, provides advisors access to independent asset allocation strategies and model trading functionality. FTJ FundChoice assists advisors in simplifying their business by absorbing back office tasks, such as trade reconciliation, account administration, fee billing, and performance reporting, allowing the advisor to spend more time on client relationship-building activities.

Sell -
SELLER

Churchill Financial

New York, New York, United States

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

Churchill Financial is the subordinated debt investing arm of financial services group, Churchill Capital. CF provides mezzanine as well as other debt-financing solutions to support private equity sponsored middle-market companies. CF looks to provide $5 to $30 million of capital to companies generating EBITDA of at least $5 million. Sectors of interest include manufacturing, industrial products, electronics, medical components, consumer/household products, recreational equipment, and outsourced business services. The Group will consider opportunities throughout the US and Canada. Churchill Capital is based in New York City.


DEAL STATS #
Overall 1 of 1
Sector (Software) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (New Jersey) 1 of 1
Country (United States) 1 of 1
Year (2018) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-01-15 Freestyle Solutions

Totowa, New Jersey, United States

Freestyle Solutions, Inc. is a software developer and marketer of solutions for direct selling, e-commerce and multi-channel businesses. Its solutions are designed specifically for small to medium-sized merchants, distributors, manufacturers and third-party fulfillment operations, and range from complete front-end solutions such as hosted e-commerce web sites to complete back-end order management solutions. Freestyle Solutions was founded in 1983 and is based in Totowa, New Jersey.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-09-07 101

Pendleton, Indiana, United States

101 is a provider of eco-friendly, waste management services for food processors and retailers. Nutrition 101 repurposes food residuals from manufacturers and retailers into nutritious livestock feed, compost, and green energy products like bio-gas – reducing waste, landfill usage, and greenhouse gas emissions. 101 was founded in 1984 and is based in Pendleton, Indiana.

Buy -