Secondary Buyout • Business Services

Gridiron Capital, Bregal Sagemount and Constitution Capital Partners Acquire Vistage

On June 8, 2022, private equity firm Gridiron Capital, growth capital firm Bregal Sagemount and private equity firm Constitution Capital Partners acquired business services company Vistage from Providence Equity Partners

Acquisition Context
  • This is Gridiron Capital’s 7th, Bregal Sagemount’s 3rd and Constitution Capital Partners’ 10th transaction in the Business Services sector.
  • This is Gridiron Capital’s 38th, Bregal Sagemount’s 52nd and Constitution Capital Partners’ 77th transaction in the United States.
  • This is Gridiron Capital’s 2nd, Bregal Sagemount’s 13th and Constitution Capital Partners’ 8th transaction in California.

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M&A Deal Summary

Date June 8, 2022
Target Vistage
Sector Business Services
Buyer(s) Gridiron Capital
Bregal Sagemount
Constitution Capital Partners
Sellers(s) Providence Equity Partners
Deal Type Secondary Buyout
Advisor(s) Macquarie Capital (Financial)
Ropes & Gray
Stradling Yocca Carlson & Rauth (Legal)

Target Company

Vistage

San Diego, California, United States
Vistage is a forum for business leaders to share their issues and experiences to help each other generate better decisions and results for their companies. Vistage was founded in 1957 and is based in San Diego, California.
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Buyers Overview 3

Buyer

Gridiron Capital

New Canaan, Connecticut, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2004
PE ASSETS 8.6B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Gridiron Capital is a private equity firm focused on acquiring mid-sized North American manufacturing, service and specialty consumer companies. Gridiron looks to commit companies with EBITDA up to $60 million. The Firm prefers controlling interests when considering transactions. Situations of interest include companies operating in sectors undergoing change, closely held companies owned by founding family or management for ownership transition, and corporate divestitures of orphaned or non-strategic business units. Gridiron Capital was formed in 2004 and is based in New Canaan, Connecticut.


Deal Context for Buyer #
Overall 38 of 43
Sector: Business Services 7 of 10
Type: Secondary Buyout 13 of 15
State: California 2 of 2
Country: United States 38 of 43
Year: 2022 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-04-12 Vertical Supply Group

Greensboro, North Carolina, United States

Vertical Supply Group is a manufacturer, distributor, and direct e-commerce retailer of arborist tools, rescue and fall protection equipment. Vertical Supply Group was founded in1960 and is based in Greensboro, North Carolina.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-09-01 Tokyo Joe s

Greenwood Village, Colorado, United States

Tokyo Joe’s is a fast casual modern Asian restaurant. The Tokyo Joe’s brand centers around health and personal well-being, where food has nutritional integrity in both the way it is prepared and also the ingredients being used. The Company offers a mix of signature and made-to-order rice and noodle bowls that integrate Tokyo Joe’s proprietary sauces and flavorings as well as signature salads and fresh sushi. Tokyo Joe's was founded in 1996 and is based in Greenwood Village, Colorado.

Sell -
Buyer

Bregal Sagemount

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 2012
PE ASSETS 1.7B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Bregal Sagemount is a growth-focused private capital firm. The Firm provides flexible capital and strategic assistance to market-leading companies in high-growth sectors across a wide variety of transaction situations. Bregal Sagemount invests $8 to $150 million per transaction in a variety of sectors including software, digital infrastructure, healthcare IT, healthcare services, business and consumer services, financial technology, and specialty finance. Bregal Sagemount was formed in 2012 and is headquartered in New York City.


Deal Context for Buyer #
Overall 56 of 67
Sector: Business Services 3 of 5
Type: Secondary Buyout 8 of 8
State: California 13 of 14
Country: United States 52 of 63
Year: 2022 5 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-04-12 PayArc

Greenwich, Connecticut, United States

PayArc provides payment processing solutions to all types and sizes of merchants. With the latest technology, best practices, and transparent pricing models, the company allows businesses to streamline their payment processes and focus on what really matters. By continuously refining its two core pillars, technology, and customer service, it provides everything merchants need in a payments solution, allowing companies to move faster, work smarter, and make better decisions, one payment at a time. PayArc was formed in 2016 and is based in Greenwich, Connecticut.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-07-12 Optima Partners

New York, New York, United States

Optima Partners is a provider of specialized compliance advisory services to the investment management industry. Optima Partners is based in New York City.

Buy -
Buyer
DESCRIPTION

Constitution Capital Partners is a private equity and asset management firm focused on opportunities throughout North America. Constitution Capital typically invests in private equity partnerships, however the Firm also makes direct private equity and credit investments. Constitution Capital Partners does not have any sector preferences. Constitution Capital Partners was formed in 2008 and is headquartered in Andover, Massachusetts.


Deal Context for Buyer #
Overall 83 of 89
Sector: Business Services 10 of 11
Type: Secondary Buyout 36 of 40
State: California 8 of 9
Country: United States 77 of 83
Year: 2022 8 of 12
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-05-19 Captain D s

Nashville, Tennessee, United States

Captain D's owns, operates, and franchises some 500+ restaurants in 25 states, plus military bases around the world. Captain D's offers its customers great seafood at reasonable prices in a relaxed environment. Captain D's was founded in 1969 and is based in Nashville, Tennessee.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-23 Advantek

Eden Prairie, Minnesota, United States

Advantek manufactures precision component packaging and delivery systems designed to transport and protect high-value semiconductor and electronic components during shipping and storage. Advantek was founded in 1978 and is based in Eden Prairie, Minnesota.

Buy -

Seller Profile 1

SELLER

Providence Equity Partners

Providence, Rhode Island, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1989
PE ASSETS 38.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Providence Equity Partners is a specialist private equity firm that targets investments in media, entertainment, communications, and information companies. Specifically, Providence seeks investments in wireless and wireline telephony, cable television content and distribution, music, film, publishing, radio and television broadcasting, and other media and communications sectors. Providence Equity looks to commit $150 million to $800 million of equity capital in transactions ranging from growth financings and recapitalizations, to buyouts and take-privates. Providence Equity Partners was formed in 1989 and has offices in Providence, Rhode Island; New York, New York; Los Angeles, California; London, United Kingdom; Hong Kong, China; and New Delhi, India.


Deal Context for Seller #
Overall 97 of 102
Sector: Business Services 5 of 5
Type: Secondary Buyout 28 of 31
State: California 7 of 7
Country: United States 66 of 69
Year: 2022 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-04-27 AirTies

Paris, France

AirTies is a provider of cloud-based managed in-home Wi-Fi solutions, serving internet service providers ("ISPs") with a combined footprint in excess of 80 million households across the world. AirTies was founded in 2004 and is based in Paris, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-07-06 North Road

California, United States

North Road is a global, multi-genre studio that produces scripted, documentary, and non-scripted film and TV content across the United States and international markets. North Road was founded in 2022 and is based in California.

Buy -