M&A Deal Summary

Inergy Acquires Liberty Propane

On January 4, 2010, Inergy acquired energy services and equipment company Liberty Propane from JPB Partners, Argosy Private Equity and Sterling Partners Private Equity for 223M USD

Acquisition Highlights
  • This is Inergy’s 2nd transaction in the Energy Services and Equipment sector.
  • This is Inergy’s largest (disclosed) transaction.
  • This is Inergy’s 2nd transaction in the United States.
  • This is Inergy’s 1st transaction in Kansas.

M&A Deal Summary
Date 2010-01-04
Target Liberty Propane
Sector Energy Services and Equipment
Buyer(s) Inergy
Sellers(s) JPB Partners
Argosy Private Equity
Sterling Partners Private Equity
Deal Type Add-on Acquisition
Deal Value 223M USD

Target

Liberty Propane

Overland Park, Kansas, United States
Liberty Propane operates retail propane distribution companies in multiple regions of the United States. Liberty offers a superior level of customer service and expertise throughout its network of companies, providing fuel for many uses including home heating, water heating, cooking and commercial purposes.

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Buyer(S) 1

Buyer

Inergy

Kansas City, Missouri, United States
Category Company
Sector Energy Services and Equipment
DESCRIPTION

Inergy Midstream, L.P. has combined into Crestwood Midstream Partners LP, trading under the ticker symbol CMLP. ?Inergy, L.P. has been renamed Crestwood Equity Partners LP, and its symbol changed from NRGY to CEQP.

DEAL STATS #
Overall 2 of 2
Sector (Energy Services and Equipment) 2 of 2
Type (Add-on Acquisition) 1 of 1
State (Kansas) 1 of 1
Country (United States) 2 of 2
Year (2010) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-07-12 Highland Propane

Roanoke, Virginia, United States

Highland Propane Co. provides energy services.

Buy $28M

Seller(S) 3

SELLER

JPB Partners

Columbia, Maryland, United States

Investor Investor Investor Investor Investor

Category Asset Manager
Founded 1995
Size Small
Type Sector Agnostic
DESCRIPTION

JPB Capital Partners LLC is the private equity affiliate of merchant bank JPB Enterprises. JPB Capital looks to invest in lower middle-market businesses located in the Mid-Atlantic and Southeast regions of the US. Target businesses typically have revenues of $10 to $100 million and EBITDA greater than $2 million. Sectors of interest include distribution, business services, food/beverage, manufacturing, and specialty contracting. The Firm prefers control positions. The firm invests in the range of $3 to $10 million per transaction. JPB Capital Partners is located in Columbia, Maryland.

DEAL STATS #
Overall 12 of 23
Sector (Energy Services and Equipment) 1 of 1
Type (Add-on Acquisition) 2 of 5
State (Kansas) 1 of 2
Country (United States) 12 of 23
Year (2010) 1 of 2
Size (of disclosed) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-10-12 Davis Calibration

Timonium, Maryland, United States

Davis Calibration is a world leader in the calibration of test, measurement and control instrumentation. Founded in 1912, Davis Calibration laboratories are ISO-9001:2000 certified, with a broad scope of accreditation to ISO/IEC 17025.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-08-04 Wythe-Will Distributing

Toano, Virginia, United States

Wythe-Will Distributing LLC is a food distributor of branded and private label gourmet foods and confections.

Sell -
SELLER

Argosy Private Equity

Wayne, Pennsylvania, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1990
PE ASSETS 575M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Argosy Private Equity is the private equity arm of Argosy Capital, an asset management firm. Argosy Private Equity provides both debt and equity capital to lower middle-market companies located throughout the US. Argosy focuses on growth companies with experienced management teams and revenues between $15 and $100 million and EBITDA of $3 to $9 million. Argosy looks to invest $5 - $20 million per transaction. Specific areas of interest include manufacturing, business services, franchising and Value added distributions. The Firm will consider a variety of transaction types, including MBO’s, recapitalizations, growth equity and acquisitions. Argosy was formed in 1990 and is based in Wayne, Pennsylvania.

DEAL STATS #
Overall 9 of 52
Sector (Energy Services and Equipment) 1 of 2
Type (Add-on Acquisition) 7 of 38
State (Kansas) 1 of 1
Country (United States) 9 of 52
Year (2010) 1 of 4
Size (of disclosed) 2 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-10-01 Simkar

Philadelphia, Pennsylvania, United States

Simkar Corp. is a manufacturer of linear and compact fluorescent, exit and emergency, HID and vandal resistant lighting fixtures for commercial, industrial and residential applications.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-01-05 Sure Fit

Alburtis, Pennsylvania, United States

Sure Fit is a provider of ready-made slipcovers and related accessories. The company's longstanding position as the premier producer of ready-made slipcovers and coordinating accessories is based on its history of providing value-added decorating solutions in a broad range of styles to meet the needs of the widest range of purchasers. Sure Fit's product line includes slipcovers for sofas, loveseats, chairs, oversized chairs, wing chairs, dining room chairs, recliners, ottomans, and futons as well as furniture throws and coordinating decorative pillows. It provides an attractive and affordable solution for consumers who need to protect furniture from children, pets, and general wear or want to quickly and cost-effectively enhance the appearance of a room. Sure Fit has operations in New York, New York, and Allentown, Pennsylvania.

Buy -
SELLER

Sterling Partners Private Equity

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1983
PE ASSETS 5.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Sterling Partners Private Equity is the private equity arm of asset management firm Sterling Partners. Sterling Partners Private Equityis focused on investing in small to medium-sized companies positioned for growth, either organically or through acquisitions. Sterling has a strong interest in businesses with differentiated products, defensible competitive positions, recurring revenues, and diversified customers. The Firm's target equity commitment size is $5 to $175 million. Broad sectors of interest include direct marketing, education, specialty distribution, specialty manufacturing, healthcare, technology, and business services. Sterling Partners was formed in 1983 and is based in Chicago, Illinois.

DEAL STATS #
Overall 14 of 51
Sector (Energy Services and Equipment) 1 of 1
Type (Add-on Acquisition) 10 of 34
State (Kansas) 1 of 1
Country (United States) 14 of 49
Year (2010) 1 of 2
Size (of disclosed) 7 of 12
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-01-01 Foundation Partners

Orlando, Florida, United States

Foundation Partners is a provider of end-of-life transition services, owning and operating 38 funeral homes and six cemeteries in 13 states, and is actively seeking to expand its locations throughout the U.S. Foundation Partners was founded in 2010 and is based in Orlando, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-07-15 SterilMed

Maple Grove, Minnesota, United States

SterilMed, Inc. provides reprocessing, repair, and refurbishment of medical devices, equipment, and instruments. It repairs and sells medical equipment, including flexible endoscope systems, rigid endoscope systems, camera and video tower systems, power equipment, and surgical instrumentation.

Sell -
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