M&A Deal Summary

Investcorp and PSP Investments Acquire CrossCountry Consulting

On December 6, 2022, asset manager Investcorp and pension PSP Investments acquired business services company CrossCountry Consulting

Acquisition Highlights
  • This is Investcorp’s 12th and PSP Investments’ 2nd transaction in the Business Services sector.
  • This is Investcorp’s 79th and PSP Investments’ 10th transaction in the United States.
  • This is Investcorp’s 5th and PSP Investments’ 1st transaction in Virginia.

M&A Deal Summary
Date 2022-12-06
Target CrossCountry Consulting
Sector Business Services
Buyer(s) Investcorp
PSP Investments
Deal Type Buyout (LBO, MBO, MBI)
Advisor(s) Guggenheim Securities (Financial)

Target

CrossCountry Consulting

McLean, Virginia, United States
CrossCountry Consulting is a business advisory firm that provides comprehensive solutions encompassing business transformation, technology, accounting, risk, and cybersecurity. CrossCountry partners with clients to help them navigate complex business challenges and achieve goals related to improving operations, minimizing risks, and enabling future growth. CrossCountry Consulting was founded in 2011 and is based in McLean, Virginia.

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Buyer(S) 2

Buyer

Investcorp

New York, New York, United States

Investor Investor Investor Investor Investor

Category Asset Manager
Founded 1982
PE ASSETS 53.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Investcorp is a global investment group focused on a variety of investment disciplines. Practice areas include private equity in North America and Western Europe, hedge funds, US real estate, technology investments, and Middle Eastern private equity. Within North America/Europe private equity, Investcorp targets market leaders with proven track records. It looks to invest $15 to $50 million in companies with revenues of $10 to $250 million. Investcorp's technology group sponsors growth-oriented control investments in the tech sector. Investcorp's Middle East practice focuses on buyout/build opportunities in North Africa and the Gulf Region. Target sectors include services, infrastructure, manufacturing, and energy. Investcorp was formed in 1982 and is based in Manama, Bahrain.

DEAL STATS #
Overall 171 of 176
Sector (Business Services) 12 of 15
Type (Buyout (LBO, MBO, MBI)) 53 of 54
State (Virginia) 5 of 5
Country (United States) 79 of 81
Year (2022) 7 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-12-02 Marble Point Credit Management

Greenwich, Connecticut, United States

Marble Point Credit Management is a specialist asset manager focused exclusively on loans. Marble Point Credit Management is based in Greenwich, Connecticut.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-04-11 Shearer Supply

Farmers Branch, Texas, United States

Shearer Supply is a replacement-focused HVAC distribution platform of scale providing residential and commercial equipment, parts, and supplies to a highly fragmented base of 5,500+ local contractor customers in the Southern U.S. region. The Company serves customers from 22 branches across Texas, Oklahoma, Arkansas, Tennessee, Mississippi, Louisiana, and New Mexico. Shearer's core product lines include American Standard Residential and Commercial HVAC, Ameristar Heating and Air Conditioning, and Samsung HVAC. It also offers parts, supplies, and accessories sourced from over 300 vendors. Shearer Supply was formed in 1983 and is based in Farmers Branch, Texas.

Buy -
Buyer

PSP Investments

Investor Investor Investor Investor Investor

Category Pension
Founded 1999
PE ASSETS 19.4B CAD
Size Mega
Type Sector Agnostic
DESCRIPTION

PSP Investments is a Canadian pension manager focused on a variety of investment strategies including public equities, real estate, private equity, infrastructure, private debt, and natural resources. The Firm's private equity group looks to back funds as well as make direct investments in partnership with managers. PSP will consider opportunities globally and will invest across a broad range of sectors, including financials, consumer, industrials, healthcare, technology, communications, and energy. PSP Investments is based in Ottawa.

DEAL STATS #
Overall 27 of 29
Sector (Business Services) 2 of 2
Type (Buyout (LBO, MBO, MBI)) 5 of 5
State (Virginia) 1 of 1
Country (United States) 10 of 11
Year (2022) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-07-18 UTA

Beverly Hills, California, United States

UTA is a global talent and entertainment company. UTA represents many of the most acclaimed figures across film, television, news, music, sports, theater, fine art, literature, video games, podcasts and other social and digital content. UTA was founded in 1991 and is based in Beverly Hills, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-03-01 Radius Global Infrastructure

Bala Cynwyd, Pennsylvania, United States

Radius Global Infrastructure is an owns and acquires critical digital infrastructure, including ground, tower, rooftop and in-building cell sites, in over 20 countries across North and South America, Europe, and Australia. Radius Global Infrastructure is based in Bala Cynwyd, Pennsylvania.

Buy $3.0B
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