M&A Deal Summary

H.I.G. Private Equity Acquires Ascension Property Services

On July 25, 2024, private equity firm H.I.G. Private Equity acquired consumer services company Ascension Property Services from SouthWorth Capital Management

Acquisition Highlights
  • This is H.I.G. Private Equity’s 5th transaction in the Consumer Services sector.
  • This is H.I.G. Private Equity’s 240th transaction in the United States.
  • This is H.I.G. Private Equity’s 7th transaction in Tennessee.

M&A Deal Summary
Date 2024-07-25
Target Ascension Property Services
Sector Consumer Services
Buyer(s) H.I.G. Private Equity
Sellers(s) SouthWorth Capital Management
Deal Type Secondary Buyout

Target

Ascension Property Services

Memphis, Tennessee, United States
Ascension Property Services provides coatings, HVAC maintenance, and installation, electric, and plumbing. Ascension Property Services was founded in 2019 and is based in Memphis, Tennessee.

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Buyer(S) 1

Buyer

H.I.G. Private Equity

Miami, Florida, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1993
PE ASSETS 65.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HIG Private Equity is the private equity arm of HIG Capital LLC. The firm focuses on management buyouts, growth equity investments, and recapitalizations of middle market companies with an enterprise value of $50 - $1000 million. The Firm also will consider add-on acquisitions, industry consolidations, going-privates, and corporate divestitures. Sectors of interest include aerospace, building materials, business services, consumer products, distribution, healthcare, infrastructure, contracting, manufacturing, media, oil & gas services, IT, and transportation. HIG was formed in 1993 and has offices in Miami, Atlanta, Boston, and San Francisco. HIG's European affiliate is HIG Europe with offices in London, Hamburg, and Paris.

DEAL STATS #
Overall 361 of 369
Sector (Consumer Services) 5 of 5
Type (Secondary Buyout) 66 of 68
State (Tennessee) 7 of 7
Country (United States) 240 of 245
Year (2024) 14 of 22
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-07-23 Naturalia Tantum

Milan, Italy

Naturalia Tantum is the holding company of the pole of companies active in the production and marketing of cosmetics and natural integration products. Naturalia Tantum is based in Milan, Italy.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-08-05 Usalco

Baltimore, Maryland, United States

Usalco is a provider of high-quality aluminum chemicals used in water and wastewater treatment, refinery catalysts, and other industrial end-market applications. Usalco was founded in 1980 and is based in Baltimore, Maryland.

Sell -

Seller(S) 1

SELLER

SouthWorth Capital Management

Investor Investor

Category Family Office
Size Small
Type Sector Agnostic
DESCRIPTION

SouthWorth Capital Management is a family office and advisory firm serving lower middle-market companies. SouthWorth's investment interests include acquiring platform companies operating in fragmented industries with management already in place. Sectors of interest include distribution, marketing, business services, industrial manufacturing, retail, and real estate. SouthWorth Capital Management is based in Memphis, Tennessee.

DEAL STATS #
Overall 1 of 1
Sector (Consumer Services) 1 of 1
Type (Secondary Buyout) 1 of 1
State (Tennessee) 1 of 1
Country (United States) 1 of 1
Year (2024) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-02-25 Fremont-Wright

Memphis, Tennessee, United States

Fremont-Wright is a holding company comprised of nine entities that provide engineering, surveying, and architectural services. The company leverages local expertise combined with national reach to deliver service across eleven states. Fremont-Wright is based in Memphis, Tennessee.

Buy -
Mergr

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