M&A Deal Summary

Harvey & Company, Pegasus Capital Advisors, HarbourVest Partners, Ares Private Equity Group and Intersection Acquire ReCommunity Holdings

On March 2, 2011, merchant bank Harvey & Company, private equity firm Pegasus Capital Advisors, private equity firm HarbourVest Partners, private equity firm Ares Private Equity Group and Intersection acquired environmental company ReCommunity Holdings from FCR for 134M USD

Acquisition Highlights
  • This is Harvey & Company’s 2nd, Pegasus Capital Advisors’ 1st, HarbourVest Partners’ 1st, Ares Private Equity Group’s 3rd and Intersection’s 1st transaction in the Environmental sector.
  • This is Harvey & Company’s , Pegasus Capital Advisors’ , HarbourVest Partners’ 59th, Ares Private Equity Group’s 17th and Intersection’s largest (disclosed) transaction.
  • This is Harvey & Company’s 20th, Pegasus Capital Advisors’ 18th, HarbourVest Partners’ 58th, Ares Private Equity Group’s 29th and Intersection’s 1st transaction in the United States.
  • This is Harvey & Company’s 3rd, Pegasus Capital Advisors’ 2nd, HarbourVest Partners’ 4th, Ares Private Equity Group’s 3rd and Intersection’s 1st transaction in North Carolina.
Investment Fate
  • ReCommunity Holdings was sold to a publicly-traded strategic buyer in 2017.

M&A Deal Summary
Date 2011-03-02
Target ReCommunity Holdings
Sector Environmental
Buyer(s) Harvey & Company
Pegasus Capital Advisors
HarbourVest Partners
Ares Private Equity Group
Intersection
Sellers(s) FCR
Deal Type Divestiture
Deal Value 134M USD

Target

ReCommunity Holdings

Charlotte, North Carolina, United States
ReCommunity is a recycling, recovery and repowering company that is focused on dramatically reducing the volume of land-filled waste through conversion into useful products such as recycled commodities, low-carbon energy, ReEngineered Feedstock, biofuels, and other value-added recycled products. ReCommunity Holdings was founded in 2011 and is based in Charlotte, North Carolina.

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Buyer(S) 5

Buyer

Harvey & Company

Investor Investor Investor Investor Investor

Category Merchant Bank
Founded 1998
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Harvey & Company is a principal investment and advisory group. The Firm works with companies and private equity firms on acquisition searches as well as makes investments of its own. Harvey & Company was established in 1998 and is headquartered in Newport Beach, California.

DEAL STATS #
Overall 22 of 72
Sector (Environmental) 2 of 3
Type (Divestiture) 2 of 3
State (North Carolina) 3 of 4
Country (United States) 20 of 67
Year (2011) 1 of 5
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-02-07 Checkers Safety

Broomfield, Colorado, United States

Checkers Safety is a provider of branded industrial safety products dedicated to vehicular safety, asset protection, and workplace safety. Checkers Safety was founded in 1987 and is based in Broomfield, Colorado.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-04-30 Fabreeka International

Stoughton, Massachusetts, United States

Fabreeka International, Inc. is a provider of engineered vibration-isolation and shock-control solutions.

Buy -
Buyer

Pegasus Capital Advisors

Category Private Equity Firm
Founded 1996
PE ASSETS 2.6B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Pegasus Capital Advisors is a private equity firm focused on providing equity and junior capital to middle-market companies across a wide variety of industries. Pegasus looks to commit between $50 and $150 million per transaction. Sectors of interest include building materials, consumer products/services, energy, financial services/insurance, IT, marketing/communications, metals/minerals, and safety/security. Pegasus was formed in 1995 and is based in Stamford, Connecticut.

DEAL STATS #
Overall 21 of 31
Sector (Environmental) 1 of 1
Type (Divestiture) 1 of 1
State (North Carolina) 2 of 2
Country (United States) 18 of 25
Year (2011) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-10-06 Lighting Science Group

West Warwick, Rhode Island, United States

Lighting Science Group Corp. designs develops, manufactures and markets LED lighting solutions that are environmentally friendlier and more energy-efficient than traditional lighting products. Lighting Science Group offers retrofit LED lamps in form factors that match the form factor of traditional lamps or bulbs and LED luminaires for a range of applications including public and private infrastructure for both indoor and outdoor applications. Lighting Science Group was founded in 2000 and is based in West Warwick, Rhode Island.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-03-31 Rontal Applications

St. Modi’in, Israel

Rontal Applications is a leading provider of physical security information management (PSIM) solutions. Offering a groundbreaking approach to incident management, Rontal delivers the industry's most advanced and comprehensive solutions for real-time management of safety and security events. Whether implemented at an airport, power plant or international border, Rontal's solutions meet the security needs of any organization, while delivering a substantial and rapid return on investment (ROI).

Sell -
Buyer

HarbourVest Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1978
PE ASSETS 86.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HarbourVest Partners, LLC is an investment firm that makes investments in new private equity partnerships, acquires secondary interests, and makes direct investments in operating companies. HarbourVest's largest investment area is investments in private equity funds, comprising of approximately 2/3 of HarbourVest's assets. HarbourVest's direct investment group looks for investments in growth oriented businesses at a variety of stages. The Group generally targets co-investments of $5 to $100 million, growth capital financings of $5 to $40 million, or mezzanine commitments of $5 to $20 million. Sectors of interest include software, hardware, data communications, telecommunications, and financial services. HarbourVest was formed in 1997 to assume the business of Hancock Venture Partners which was formed in 1982. HarbourVest Partners is based in Boston, Massachusetts, with additional offices in London, Tokyo, and Hong Kong.

DEAL STATS #
Overall 94 of 223
Sector (Environmental) 1 of 1
Type (Divestiture) 4 of 13
State (North Carolina) 4 of 5
Country (United States) 58 of 134
Year (2011) 4 of 14
Size (of disclosed) 59 of 68
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-02-24 Triton International

Hamilton, Bermuda

Triton International engages in the acquisition, leasing, re-leasing, and sale of various types of intermodal transportation equipment to shipping lines, and freight forwarding companies and manufacturers. Triton International was founded in 1980 and is based in Hamilton, Bermuda.

Buy $1.0B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-03-08 Big Heart Pet Brands

San Francisco, California, United States

Big Heart Pet Brands is a standalone producer, distributor and marketer of premium quality, branded pet food and pet snacks. The Company’s purpose is to nurture the bond between pets and the people who love them – making every day special. Its portfolio of brands, with a foundation in dog and cat food and treats, strives to cater to every pet life stage and every family’s budget through the availability and accessibility of its products.

Buy $5.3B
Buyer

Ares Private Equity Group

Los Angeles, California, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2003
PE ASSETS 20.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Ares Private Equity Group is the private equity arm of Ares Management, a global alternative asset manager. The Ares Private Equity Group specializes in opportunistic majority/shared control investments in under-capitalized middle-market companies. Ares looks for companies with strong franchises and attractive growth opportunities. The Group prefers to be the lead investor and will invest across the capital structure, including common equity, preferred equity, convertible equity/debt and senior debt. Areas of interest include business services, defense, healthcare, manufacturing, industrial, energy and consumer products and services. Ares Private Equity Group was formed in 2003 and is based in Los Angeles, California.

DEAL STATS #
Overall 31 of 98
Sector (Environmental) 3 of 8
Type (Divestiture) 1 of 6
State (North Carolina) 3 of 4
Country (United States) 29 of 82
Year (2011) 1 of 7
Size (of disclosed) 17 of 20
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-01-01 GNC

Pittsburgh, Pennsylvania, United States

GNC is the largest global specialty retailer of health and wellness products, with 4,200 retail locations in the United States and franchise operations in 48 international markets. GNC products include vitamins, minerals, and other wellness products. GNC was established in 1935 and is based in Pittsburgh, Pennsylvania.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-03-03 Global Defense Technology & Systems

United States

Global Defense Technology & Systems, Inc. provides software, system engineering, and technology development to help the Department of Defense, CIA, Homeland Security, and other government agencies fight terrorism and enforce national security.

Buy $223M
Buyer

Intersection

Westport, Connecticut, United States
Category Company
Sector Environmental
DESCRIPTION

Intersection, LLC is a business-building sponsor and partner of companies that operate in the renewable resources and healthcare verticals. Intersection’s model is to identify and implement seminal events that drive step-function value creation that enhances valuation metrics/multiple. Intersection was one of the founders of ReCommunity, the nation’s largest pure play municipal solid waste recycling company.

DEAL STATS #
Overall 1 of 2
Sector (Environmental) 1 of 2
Type (Divestiture) 1 of 1
State (North Carolina) 1 of 1
Country (United States) 1 of 2
Year (2011) 1 of 1
Size (of disclosed) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-03-16 Creative Recycling Systems

Tampa, Florida, United States

Creative Recycling Systems (CRS) is an industry-leading, full service IT asset management and electronics recycling company, providing e-waste recycling solutions for organizations of all sizes.

Buy -

Seller(S) 1

SELLER

FCR

Columbia, Missouri, United States
Category Company
Founded 2003
Sector Information Technology
DESCRIPTION

FCR, Inc. is a provider of IT payment processing services for banking industry.

DEAL STATS #
Overall 1 of 1
Sector (Environmental) 1 of 1
Type (Divestiture) 1 of 1
State (North Carolina) 1 of 1
Country (United States) 1 of 1
Year (2011) 1 of 1
Size (of disclosed) 1 of 1
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