M&A Deal Summary

Goldman Sachs Merchant Banking Acquires Sterling Infosystems

On June 23, 2015, private equity firm Goldman Sachs Merchant Banking acquired business services company Sterling Infosystems from Calera Capital and Manulife Investment Management

Acquisition Highlights
  • This is Goldman Sachs Merchant Banking’s 9th transaction in the Business Services sector.
  • This is Goldman Sachs Merchant Banking’s 79th transaction in the United States.
  • This is Goldman Sachs Merchant Banking’s 11th transaction in New York.

M&A Deal Summary
Date 2015-06-23
Target Sterling Infosystems
Sector Business Services
Buyer(s) Goldman Sachs Merchant Banking
Sellers(s) Calera Capital
Manulife Investment Management
Deal Type Secondary Buyout

Target

Sterling Infosystems

New York, New York, United States
Sterling Infosystems, Inc. (Sterling Talent Solutions) is a provider of criminal background checks, employment and education verification, drug testing and other pre-employment related screening services.

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Buyer(S) 1

Buyer

Goldman Sachs Merchant Banking

New York, New York, United States
Category Private Equity Firm
Founded 1986
PE ASSETS 155.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Goldman Sachs Merchant Banking Division is the investment arm of Goldman Sachs. The primary corporate investment group within the Merchant Banking Division is Goldman Sachs' direct investment arm. GS's direct investment arm consists of GS Capital Partners, GS Mezzanine Partners, and GS Growth Partners. GS Capital Partners is the direct corporate equity investment group which seeks LBO, recapitalization, and growth investments to help fund acquisitions, expansions, recapitalizations, restructurings, buyouts, and take privates. GS Capital Partners looks to invest between $50 and $800 million in opportunities in North/South America, Europe, Asia. GS Mezzanine Partners is the junior capital arm of Goldman Sachs. GS Mezzanine looks to invest between $200 million and and $800 million in transactions valued up to $10 billion. Investment proceeds are used to fund leveraged buyouts, expansion financings, recapitalizations, acquisitions, and restructurings. GS Growth looks to invest in growth equity transactions. The unit seeks to commit $20 to $200 million per investment. Other units within GS's merchant banking division include Real Estate, Infrastructure, and Urban Investments. Goldman Sachs Merchant Banking Division is based in New York City.

DEAL STATS #
Overall 111 of 183
Sector (Business Services) 9 of 15
Type (Secondary Buyout) 36 of 67
State (New York) 11 of 15
Country (United States) 79 of 127
Year (2015) 7 of 16
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-06-23 Gardman

Peterborough, United Kingdom

Gardman Ltd. is a provider of wild bird-care products such as seeds and feeders; tooling, gardening footwear and gloves; lighting; greenhouses; and pots, planters and hanging baskets. Gardman Ltd. was founded in 1992 and is based in Peterborough, United Kingdom.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-06-25 TransUnion

Chicago, Illinois, United States

TransUnion is a global provider of information and risk management solutions. TransUnion provides these solutions to businesses across multiple industries and to individual consumers. TransUnion technology and services enable businesses to make informed credit granting, risk management, underwriting, fraud protection and customer acquisition decisions by delivering data that's integrated with analytics and decisioning capabilities. TransUnion was founded in 1968 and is based in Chicago, Illinois.

Sell -

Seller(S) 2

SELLER

Calera Capital

San Francisco, California, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1991
PE ASSETS 3.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Calera Capital Partners LP is a private equity firm that targets investments in mid-sized North American businesses valued up to $750 million. Calera Capital looks to invest at least $35 million of equity capital per transaction. Target industries include manufacturing, software, healthcare, consumer products and services. Prospective transaction situations include leveraged recapitalizations of privately held companies, restructurings, growth financings/acquisitions, corporate spin-offs, and take-private situations. Calera seeks businesses with leading market positions, attractive margins, and strong organic growth. Calera Capital was formerly known as Fremont Partners, a unit of the Fremont Group. Calera Capital was formed in 1991 and has offices in San Francisco, California and Boston, Massachusetts.

DEAL STATS #
Overall 15 of 24
Sector (Business Services) 2 of 3
Type (Secondary Buyout) 4 of 8
State (New York) 1 of 1
Country (United States) 14 of 21
Year (2015) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-05-22 Risk Transfer Group

Jersey, United Kingdom

Risk Transfer Group Ltd. provides insurance and reinsurance solutions in broking, underwriting and captive management in most major global wholesale markets. The company's brands include RFIB, the leading independent wholesale broker and Limehouse Agencies the fast-growing MGA and captive manager.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-11-08 Transaction Services Group

Auckland, New Zealand

Transaction Services Group is an outsourced provider of highly differentiated solutions and technology that enables businesses to efficiently accept recurring payments from customers. Transaction Services Group was founded in 2007 and is based in Auckland, New Zealand.

Buy -
SELLER

Manulife Investment Management

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 1998
Size Large
Type Sector Agnostic
DESCRIPTION

Manulife Investment Management is a private investment group that provides mezzanine as well as non-controlling equity capital to middle-market businesses. Manulife Investment's target investment size is $10 to $50 million per transaction. The Group prefers opportunities located in the US. Manulife Investment Management was established in 1998 and maintains offices in Boston and New York City.

DEAL STATS #
Overall 6 of 19
Sector (Business Services) 1 of 1
Type (Secondary Buyout) 2 of 7
State (New York) 1 of 1
Country (United States) 6 of 18
Year (2015) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-12-23 dlhBOWLES

Canton, Ohio, United States

dlhBOWLES is a supplier of innovative engineered plastic solutions to many of the largest corporations and most recognizable brands around the globe in the automotive and consumer products industries. The company designs and manufactures automotive products for camera and sensor wash systems, windshield washer systems, powertrain, chassis, and sunroof products. It also provides solutions for a wide array of consumer products in the areas of consumer sprays, plumbing, irrigation, and other diverse applications. dlhBOWLES was founded in 1961 and is based in Canton, Ohio.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-01-04 Dexter Axle

Elkhart, Indiana, United States

Dexter Axle Co., Inc. is a designer and manufacturer of trailer axle, brake and suspension assemblies and related replacement parts used primarily in the industrial and utility trailer.

Sell -
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