M&A Deal Summary

Highlander Partners Acquires Black Sage

On January 31, 2023, private equity firm Highlander Partners acquired information technology company Black Sage from Acorn Capital Management

Acquisition Highlights
  • This is Highlander Partners’ 4th transaction in the Information Technology sector.
  • This is Highlander Partners’ 34th transaction in the United States.
  • This is Highlander Partners’ 1st transaction in Idaho.

M&A Deal Summary

Date 2023-01-31
Target Black Sage
Sector Information Technology
Buyer(s) Highlander Partners
Sellers(s) Acorn Capital Management
Deal Type Secondary Buyout

Target

Black Sage

Boise, Idaho, United States
Black Sage is a defense technology integrator specialized in autonomous airspace protection solutions to take down small remote piloted aircraft systems. Black Sage employs a hardware-agnostic approach to integrating best-of-breed sensors with its proprietary artificial intelligence-enabled target tracking and defense automation systems to provide adaptable, end-to-end C-UAS systems. Black Sage was founded in 2014 and is based in Boise, Idaho.

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Buyer(S) 1

Buyer

Highlander Partners

Dallas, Texas, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2004
PE ASSETS 3.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Highlander Partners LP is a private equity firm focuses on making both direct private equity and mezzanine investments in companies located in US and Europe. The firm seeks to target to invest in small and mid-size private companies with strong management teams, fundamentally strong operations and positive cash flows. HP looks to invest $10 to $50 million as an equity and $10 to $25 million in mezzanine financing in companies with revenues of $10 to $500 million and enterprise value up to $100 million. Specific areas of interest include manufacturing, food, healthcare products and services, and healthcare IT, retail and building materials. Types of transaction include buyouts, growth capital, divestitures, consolidation and recapitalization. Highlander Partners LP was formed in 2004 and is based in Dallas, Texas with additional office in Warszawa, Poland.


DEAL STATS #
Overall 48 of 49
Sector: Information Technology M&A 4 of 4
Type: Secondary Buyout M&A Deals 7 of 8
State: Idaho M&A 1 of 1
Country: United States M&A 34 of 35
Year: 2023 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-01-05 DZYNE Technologies

Fairfax, Virginia, United States

DZYNE Technologies is a technology developer and manufacturer of Group I-V UAS platforms. The Company’s platforms provide advanced intelligence, reconnaissance, and surveillance capabilities and the Company specializes in the rapid design, development, and deployment of advanced manned and unmanned systems. DZYNE Technologies is based in Fairfax, Virginia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-11-06 Bevolution Group

Chicago, Illinois, United States

Bevolution Group is a manufacturer and supplier of innovative beverage solutions, primarily selling clean label and preservative free smoothie bases, bar and cocktail mixes, juices, concentrates and other related beverage products into the foodservice channel. Bevolution Group was founded in 2015 and is based in Chicago, Illinois.

Sell -

Seller(S) 1

DESCRIPTION

Acorn Capital Management is a private equity group focused on aerospace and defense opportunities. Acorn looks specifically for companies engaged in aerospace parts manufacturing, aircraft modification and upgrades, engineering services, logistics, procurement and maintenance, repair, and overhaul. Acorn Capital Management was established in 2005 and is headquartered in Oklahoma City, Oklahoma.


DEAL STATS #
Overall 5 of 7
Sector: Information Technology M&A 1 of 1
Type: Secondary Buyout M&A Deals 2 of 3
State: Idaho M&A 2 of 3
Country: United States M&A 4 of 5
Year: 2023 M&A 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-01-01 AltAero Aviation Finance

Washington, District of Columbia, United States

AltAero Aviation Finance is an aviation-focused specialty finance platform that was formed to offer flexible credit solutions supporting the private aviation, government & defense, and other civil aerospace markets. AltAero Aviation Finance is headquartered in Washington, District of Columbia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-10-11 EirTrade Aviation

Dublin, Ireland

EirTrade Aviation is a global aviation asset manager, leasing companies, airlines, and other industry participants, a full suite of end-of-life solutions for aviation assets with expertise and a robust track record across multiple aeroengine and airframe models. EirTrade Aviation was formed in 2010 and is based in Dublin, Ireland.

Buy -