M&A Deal Summary

Ironwood Capital Acquires Performance Team

On July 31, 2018, growth capital firm Ironwood Capital acquired transportation company Performance Team from Bison Capital Asset Management

Acquisition Highlights
  • This is Ironwood Capital’s 2nd transaction in the Transportation sector.
  • This is Ironwood Capital’s 64th transaction in the United States.
  • This is Ironwood Capital’s 6th transaction in California.
Investment Fate
  • Performance Team was sold to a publicly-traded strategic buyer in 2020.

M&A Deal Summary

Date 2018-07-31
Target Performance Team
Sector Transportation
Buyer(s) Ironwood Capital
Sellers(s) Bison Capital Asset Management
Deal Type Recapitalization

Target

Performance Team

Santa Fe Springs, California, United States
Performance Team LLC is a third-party logistics and distribution provider, offering consolidation, warehousing, distribution, and transportation services across the US. Performance Team was founded in 1987 and is based in Santa Fe Springs, California.

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Buyer(S) 1

Buyer

Ironwood Capital

Avon, Connecticut, United States

Investor Investor Investor Investor


Category Growth Capital Firm
Founded 1986
PE ASSETS 1.0B USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Ironwood Capital is a private investment firm that makes equity and subordinated debt investments in lower middle-market companies. Investment proceeds are generally used to support leveraged buyouts, growth financings, and recapitalizations. Investments typically range from $10 to $40 million in companies generating $20 to $250 million in annual sales. Target sectors include healthcare products/services, value-added manufacturing, business services, consumer products, specialty distribution, and education. Ironwood prefers opportunities East of the Mississippi, but will selectively consider investments in the Western US. The Firm's investment horizon is three to five years. Ironwood Capital was formed in 2002 and is based in Avon, Connecticut.


DEAL STATS #
Overall 64 of 95
Sector: Transportation M&A 2 of 4
Type: Recapitalization M&A Deals 11 of 14
State: California M&A 6 of 9
Country: United States M&A 64 of 95
Year: 2018 M&A 5 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-07-01 P3 Services

Auburn, Washington, United States

P3 Services is a provider of plumbing installation and maintenance and repair services to the multi-family, light commercial, and single-family end markets with operations in Austin, Charlotte, Dallas, Houston, San Antonio, and Seattle. P3 Services was founded in 1985 and is based in Auburn, Washington.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-09-07 Capewell Aerial Systems

South Windsor, Connecticut, United States

Capewell Aerial Systems is a design and manufactures tactical, parachute and aerial delivery products. Capewell Aerial Systems was founded in 1881 and is based in South Windsor, Connecticut.

Buy -

Seller(S) 1

SELLER

Bison Capital Asset Management

Los Angeles, California, United States

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 2001
PE ASSETS 1.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Bison Capital is a private equity firm which makes non-control investments in middle-market companies with revenue of $20 to $500 million and at least $5 million of EBITDA. Bison Capital invests in businesses to finance their growth, balance sheet restructurings, recapitalizations, and to fund buyouts. Bison looks to invest between $10 and $30 million per transaction. Bison Capital was formed in 2001 and is based in Los Angeles, California with an additional office in Charlotte, North Carolina.


DEAL STATS #
Overall 8 of 15
Sector: Transportation M&A 1 of 1
Type: Recapitalization M&A Deals 2 of 2
State: California M&A 5 of 9
Country: United States M&A 7 of 13
Year: 2018 M&A 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-23 HNI Healthcare

Austin, Texas, United States

HNI Healthcare is a provider of tech-enabled hospitalist services. HNI specializes in hospitalist staffing and management services, utilizing its proprietary VitalSigns software platform to more efficiently deliver clinical best practices within hospital-based medicine. HNI Healthcare was founded in 2009 and is based in Austin, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-09-05 Clinical Research Laboratories

Piscataway, New Jersey, United States

Clinical Research Laboratories is an independent contract laboratory providing a wide range of clinical safety and efficacy testing to the cosmetic, personal care, and pharmaceutical industries. Clinical Research Laboratories was formed in 1992 and is based in Piscataway, New Jersey.

Sell -