M&A Deal Summary

J.F. Lehman & Company and Monroe Capital Acquire PURIS

On December 27, 2018, private equity firm J.F. Lehman & Company and lender Monroe Capital acquired utilities company PURIS

Acquisition Highlights
  • This is J.F. Lehman & Company’s 1st and Monroe Capital’s 2nd transaction in the Utilities sector.
  • This is J.F. Lehman & Company’s 31st and Monroe Capital’s 75th transaction in the United States.
  • This is J.F. Lehman & Company’s 1st and Monroe Capital’s 5th transaction in Georgia.

M&A Deal Summary

Date 2018-12-27
Target PURIS
Sector Utilities
Buyer(s) J.F. Lehman & Company
Monroe Capital
Deal Type Buyout (LBO, MBO, MBI)
Advisor(s) Houlihan Lokey (Financial)
Jaffe Raitt Heuer & Weiss (Legal)

Target

PURIS

The Woodlands, Georgia, United States
PURIS provides end-to-end water infrastructure renewal solutions, specializing in environmentally sustainable trenchless pipeline rehabilitation. PURIS was founded in 1973 and is based in The Woodlands, Texas.

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Buyer(S) 2

Buyer

J.F. Lehman & Company

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1992
PE ASSETS 4.5B USD
Size Large
Type Sector Focused
DESCRIPTION

JF Lehman is a specialist private equity firm that targets investments in the defense, aerospace and maritime industries. JF Lehman looks for lower middle-market company opportunities with established products but that not may not be realizing their full potential. The Firm will only consider control based investment situations. J.F. Lehman was formed in 1992 and has offices in New York, London, and Washington DC.


DEAL STATS #
Overall 34 of 45
Sector (Utilities) 1 of 1
Type (Buyout (LBO, MBO, MBI)) 16 of 19
State (Georgia) 1 of 2
Country (United States) 31 of 41
Year (2018) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-29 International Marine & Industrial Applicators

Daphne, Alabama, United States

International Marine & Industrial Applicators is a provider of critical vessel preservation services to the U.S. Navy ("USN") and commercial maintenance, repair, and overhaul ("MRO") and new construction markets. International Marine & Industrial Applicators was founded in 1985 and is based in Daphne, Alabama.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-01-01 American Scaffold

San Diego, California, United States

American Scaffold is a provider of scaffolding systems and environmental containment solutions for the maintenance, repair, and overhaul (“MRO”) of U.S. Government (“USG”) vessels. The Company's services are predominantly utilized for the maintenance, repair, and overhaul ("MRO") of marine vessels at shipyards throughout the U.S. American Scaffold is based in San Diego, California.

Sell -
Buyer

Monroe Capital

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Lender
Founded 2004
PE ASSETS 14.1B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Monroe Capital is a provider of senior and junior debt and equity co-investments to middle-market companies in the US and Canada. Investment types include unitranche financings, cash flow and enterprise value based loans, asset based loans, acquisition facilities, mezzanine debt, second lien or last-out loans and equity co-investments. Monroe Capital is a generalist investor and will consider companies in the healthcare, technology, media, retail, consumer sectors. Monroe Capital was formed in 2004 and is based in Chicago, Illinois.


DEAL STATS #
Overall 75 of 116
Sector (Utilities) 2 of 2
Type (Buyout (LBO, MBO, MBI)) 19 of 33
State (Georgia) 5 of 7
Country (United States) 75 of 115
Year (2018) 10 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-12-24 MindBody

San Luis Obispo, California, United States

MindBody is a technology platform for the fitness, beauty and wellness services industries. Local entrepreneurs worldwide use MINDBODY’s integrated software and payments platform to run, market and build their businesses. Consumers use MINDBODY to more easily find, engage and transact with fitness, wellness and beauty providers in their local communities. MindBody was formed in 2001 and is based in San Luis Obispo, California.

Buy $1.9B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-01-08 M&D Distributors

Humble, Texas, United States

M&D Distributors is a distributor of aftermarket parts and components for maintaining and repairing diesel-powered engines within Texas, Oklahoma, and Louisiana. M&D Distributors’ product portfolio includes more than 100,000 new and remanufactured fuel injection, turbocharger, engine part, and filtration products from leading OEMs and aftermarket suppliers. M&D Distributors was founded in 1943 and is based in Humble, Texas.

Buy -