M&A Deal Summary

Halifax Group Acquires Stinger Solutions

On November 6, 2019, private equity firm Halifax Group acquired electronics company Stinger Solutions from Audax Private Equity and PNC Mezzanine Capital

Acquisition Highlights
  • This is Halifax Group’s 1st transaction in the Electronics sector.
  • This is Halifax Group’s 28th transaction in the United States.
  • This is Halifax Group’s 3rd transaction in Florida.

M&A Deal Summary
Date 2019-11-06
Target Stinger Solutions
Sector Electronics
Buyer(s) Halifax Group
Sellers(s) Audax Private Equity
PNC Mezzanine Capital
Deal Type Secondary Buyout

Target

Stinger Solutions

Clearwater, Florida, United States
Stinger Solutions designs and distributes a broad suite of technology products for the automotive aftermarket. The Company is known for its PAC, Connects2, Stinger, and other quality brands, and AAMP is a trusted supplier to installers throughout North America and Europe. Stinger Solutions was formed in 1987 and is based in Clearwater, Florida.

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Buyer(S) 1

Buyer

Halifax Group

Washington, District of Columbia, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1999
PE ASSETS 1.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

The Halifax Group is a private equity firm focused on investing in established, profitable, and growing companies. The Firm prefers completing transactions in partnership with management and typically looks to invest $40 to $80 million per acquisition. Prospective companies generally have revenues of at least $20 million and EBITDA greater than $8 million. Sectors of interest include business services, healthcare services, infrastructure services, and 'wellness' products and services. Halifax prefers opportunities located in North America. The Halifax Group was formed in 1999 and is based in Washington, DC, with additional offices in Dallas, Texas and Raleigh, North Carolina.

DEAL STATS #
Overall 32 of 45
Sector (Electronics) 1 of 1
Type (Secondary Buyout) 11 of 16
State (Florida) 3 of 4
Country (United States) 28 of 40
Year (2019) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-09-25 Prairie Industries

Prairie du Chien, Wisconsin, United States

Prairie Industries provides services for products in a variety of end markets including home improvement, safety, sanitation, and humidity control. It offers primary packaging and secondary packaging services as well as assembly and fabrication services at its four facilities. Prairie Industries is based in Prairie du Chien, Wisconsin.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-12-17 Maverick Fitness - Orangetheory Franchisee

Frisco, Texas, United States

Maverick Fitness is an Orangetheory Fitness franchisee. The Maverick Fitness vision is to provide studios that positively contribute to the community while helping everyone achieve their fitness goals. Maverick Fitness was founded in 2013 and is based in Frisco, Texas.

Buy -

Seller(S) 2

SELLER

Audax Private Equity

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1999
PE ASSETS 19.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Audax Private Equity is a private equity firm focused on acquiring control positions in a variety of mid to large North American headquartered companies. The Firm segments its activities into lower middle-market and larger scale investing. Within its larger group, Audax targets profitable businesses valued up to $800 million and within its lower middle-market group, the Firm seeks companies valued up to $125 million. Sectors of interest include business services, consumer products/services, financial services, healthcare services, industrial services, software, and technology. Audax has a special interest in businesses that can benefit from a buy and build investment strategy for growth. Audax Private Equity was formed in 1999 and is based in Boston, Massachusetts.

DEAL STATS #
Overall 73 of 102
Sector (Electronics) 1 of 1
Type (Secondary Buyout) 41 of 55
State (Florida) 5 of 7
Country (United States) 71 of 97
Year (2019) 7 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-01 Compassus

Brentwood, Tennessee, United States

Compassus is an independent provider of hospice services in the United States. Compassus cares for its patients through over 135 locations in 29 states across the U.S., serving them wherever they call home (primarily homes, nursing homes, and assisted living facilities.) Compassus plays a key part in patients’ lives as they transition from acute to non-curative, post-acute care settings, and seeks to provide timely quality care, pain and symptom management, and emotional support through leveraging interdisciplinary care teams and data-driven insights. Compassus was founded in 1979 and is based in Brentwood, Tennessee.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-12-19 CorEvitas

Waltham, Massachusetts, United States

CorEvitas provides real-world evidence through syndicated registry data and analysis services, helping biopharmaceutical companies demonstrate the value of their products to clinicians, patients, payers, and regulators. Corona operates six major autoimmune registries across the US, Canada, and Japan, collecting data from over 500 participating investigator sites. CorEvitas was founded in 2001 and is based in Waltham, Massachusetts.

Buy -
SELLER

PNC Mezzanine Capital

Pittsburgh, Pennsylvania, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 1989
PE ASSETS 1.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

PNC Mezzanine Capital is the subordinated debt investing arm of PNC Bank. PNC Mezzanine looks to provide $10 to $50 million of junior capital to middle-market companies in a variety of industries. Prospective companies generally have revenues of $20 million and EBITDA greater than $4 million. Broad sectors of interest include niche manufacturing, value-added distribution, and business or consumer services. PNC will not invest in early-stage or technology-driven businesses; real estate, commodity-based or capital-intensive companies; businesses with high customer or vendor concentration; or declining businesses. PNC Mezzanine was formed in 1989 and is based in Pittsburgh, Pennsylvania.

DEAL STATS #
Overall 34 of 49
Sector (Electronics) 2 of 2
Type (Secondary Buyout) 14 of 19
State (Florida) 2 of 2
Country (United States) 33 of 47
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-18 Hollywood Beauty

Miami, Florida, United States

Hollywood Beauty is a manufacturer of hair and skin products. Hollywood Beauty hair care line consists of a large variety of products that repair commonly found problems such as split ends, dry damaged hair, and dry scalp. Hollywood Beauty was founded in 1988 and is based in Miami, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-01 Prospect Mold

Cuyahoga Falls, Ohio, United States

Prospect Mold is a designer and manufacturer of complex molds, tooling and production parts for a variety of industries, including automotive and aerospace. Prospect Mold was founded in 1945 and is based in Cuyahoga Falls, Ohio.

Sell -
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