M&A Deal Summary

Grain Management Acquires LightRiver

On April 4, 2022, private equity firm Grain Management acquired technology hardware company LightRiver from Plexus Capital and CVF Capital Partners

Acquisition Highlights
  • This is Grain Management’s 1st transaction in the Technology Hardware sector.
  • This is Grain Management’s 10th transaction in the United States.
  • This is Grain Management’s 1st transaction in California.

M&A Deal Summary

Date 2022-04-04
Target LightRiver
Sector Technology Hardware
Buyer(s) Grain Management
Sellers(s) Plexus Capital
CVF Capital Partners
Deal Type Secondary Buyout
Advisor(s) Cowen (Financial)

Target

LightRiver

Concord, California, United States
LightRiver is a provider of optical, data, and switching products and services for cloud data centers, government, enterprise, and utility sectors. LightRiver was founded in 1998 and is based in Concord, California.

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Buyer(S) 1

Buyer

Grain Management

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2007
PE ASSETS 6.7B USD
Size Mega
Type Sector Focused
DESCRIPTION

Grain Management LLC is a private equity firm focused on the communications sector. The Firm looks to acquire assets and companies valued from $20 to $150 million and will consider opportunities throughout North America. Specific areas of interest include fiber, spectrum, cell towers, and other communications assets. Grain Management LLC was established in 2007 and is headquartered in Washington, DC.


DEAL STATS #
Overall 11 of 14
Sector: Technology Hardware M&A 1 of 1
Type: Secondary Buyout M&A Deals 2 of 3
State: California M&A 1 of 1
Country: United States M&A 10 of 13
Year: 2022 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-18 Phoenix Tower International

Boca Raton, Florida, United States

Phoenix Tower International owns and operates towers and other wireless infrastructure and related sites. Phoenix Tower International was founded in 2013 and is based in Boca Raton, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-01-19 Spectrotel

Neptune, New Jersey, United States

Spectrotel is a next-generation aggregator and leading integrated technology services provider. Spectrotel was founded in 1996 and is based in Neptune, New Jersey.

Buy -

Seller(S) 2

SELLER

Plexus Capital

Charlotte, North Carolina, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1995
PE ASSETS 2.2B USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Plexus Capital is a private equity firm that invests in buyouts, acquisitions, recapitalizations and growth financings in the form of junior and/or equity capital. Plexus focuses on lower middle-market businesses located in the Mid-Atlantic and Southeast areas of the US. The Firm looks for businesses companies in the business services, consumer services, manufacturing, value-added distribution, and healthcare sectors with up to $2 to $15 million of cash-flow. Plexus Capital was formed in 1995 and is based in Charlotte, North Carolina.


DEAL STATS #
Overall 37 of 43
Sector: Technology Hardware M&A 1 of 1
Type: Secondary Buyout M&A Deals 7 of 11
State: California M&A 3 of 3
Country: United States M&A 37 of 43
Year: 2022 M&A 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-02-23 U.S. Mobile Health Exams

Jacksonville, Florida, United States

U.S. Mobile Health Exams is a mobile health testing provider specializing in occupational health tests (e.g., hearing conservation, respiratory protection, physical exams, and drug and alcohol testing), and health screenings (e.g., blood tests, ultrasound screenings, immunizations, community health outreach, and other advanced screenings). The Company performs on-site health services for customers across the U.S. and in a broad range of industries. U.S. Mobile Health Exams was founded in 2011 and is based in Jacksonville, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-04-27 Ticketech International

Long Island City, New York, United States

Ticketech International provides software and hardware point-of-sale systems to valet-based parking garage operators. Ticketech International was established in 1972 and is based in Long Island City, New York.

Sell -
SELLER

CVF Capital Partners

Davis, California, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 2005
PE ASSETS 385M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

CVF Capital Partners is a private investment firm created to provide growth capital for small to mid-sized businesses located in the California Central Valley. CVF looks to commit $5 to $15 million of capital in the form of mezzanine debt to companies with revenues of 5 million, and at least $1 million of cash-flow. CVF funds are generally used to support business expansions, acquisitions, or to refinance. CVF was formed by the principals of Gael Partners. CVF Capital Partners was founded in 2005 and is based in Davis, California.


DEAL STATS #
Overall 15 of 18
Sector: Technology Hardware M&A 2 of 2
Type: Secondary Buyout M&A Deals 5 of 6
State: California M&A 10 of 11
Country: United States M&A 15 of 18
Year: 2022 M&A 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-28 Pioneer Recycling Services

Tacoma, Washington, United States

Pioneer Recycling Services is an operator of non-hazardous recycling and solid waste company in the Pacific Northwest. Pioneer Recycling’s collections centers focus on providing reliable environmental services and solutions for commercial, industrial, municipal, and residential customers. Pioneer Recycling Services was founded in 2014 and is based in Tacoma, Washington.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-07-18 Custom Power

Fountain Valley, California, United States

Custom Power is a manufacturer of highly customized as well as off-the-shelf energy solutions for portable and stationary products used in medical, defense, aerospace, industrial, and green energy markets. Custom Power was founded in 1965 and is based in Fountain Valley, California.

Sell -