M&A Deal Summary

Kinderhook Industries Acquires REIC

On January 6, 2022, private equity firm Kinderhook Industries acquired business services company REIC from NewSpring Capital and Southfield Mezzanine Capital

Acquisition Highlights
  • This is Kinderhook Industries’ 1st transaction in the Business Services sector.
  • This is Kinderhook Industries’ 55th transaction in the United States.
  • This is Kinderhook Industries’ 1st transaction in Montana.

M&A Deal Summary

Date 2022-01-06
Target REIC
Sector Business Services
Buyer(s) Kinderhook Industries
Sellers(s) NewSpring Capital
Southfield Mezzanine Capital
Deal Type Secondary Buyout

Target

REIC

Kalispell, Montana, United States
REIC is an equipment rental company that provides construction and industrial equipment for rent, as well as used equipment for sale. The Company operates equipment rental stores throughout the Mountain West region of the United States. REIC was founded in 2014 and is based in Kalispell, Montana.

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Buyer(S) 1

Buyer

Kinderhook Industries

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2003
PE ASSETS 8.5B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Kinderhook Industries targets control investments in companies valued between $25 to $250 million. Prospective transaction situations include acquiring non-core divisions of public companies, existing small capitalization companies lacking institutional support, management buyouts of entrepreneurial-owned businesses, and troubled companies. Sectors of interest include consumer products and services, media, packaging, industrial products, communications, and business services. Kinderhook Industries was formed in 2003 and is based in New York, New York.


DEAL STATS #
Overall 57 of 66
Sector (Business Services) 1 of 3
Type (Secondary Buyout) 12 of 13
State (Montana) 1 of 1
Country (United States) 55 of 64
Year (2022) 3 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-04 Medical Card System

San Juan, Puerto Rico

Medical Card System provides commercial health insurance through its fully-insured and cost-plus business lines to some of the largest multi-national employers in Puerto Rico, such as Baxter, Pfizer, HP, Nestlé and Microsoft. Medical Card System was founded in 1982 and is based in San Juan, Puerto Rich.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-07 Mersino

Davison, Michigan, United States

Mersino is a provider of water control solutions offering industrial pump rentals and services through its vertically integrated model. The Company operates two divisions – (i) water control solutions with a fleet of over 1,200 pumps and (ii) industrial pump manufacturing marketed through its Global Pump brand. Mersino was founded in 1988 and is headquartered in Davison, Michigan.

Buy -

Seller(S) 2

SELLER

NewSpring Capital

Radnor, Pennsylvania, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1999
PE ASSETS 3.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

NewSpring Capital is a private investment firm focused on growth companies in the Mid-Atlantic US. The Firm can provide both growth equity and junior capital to prospective companies. NewSpring's target investment size for both mezzanine and equity financing is $2 to $5 million, although for new ventures, the Firm can commit up to $10 million. Sectors of interest include specialty manufacturing, technology, business services, information technology, life science, healthcare services, and medical devices. NewSpring Capital was formed in 1999 and is based in Radnor, Pennsylvania with an additional office in Short Hills, New Jersey.


DEAL STATS #
Overall 78 of 86
Sector (Business Services) 9 of 9
Type (Secondary Buyout) 19 of 20
State (Montana) 1 of 1
Country (United States) 77 of 85
Year (2022) 1 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-14 Central Bark

Philadelphia, Wisconsin, United States

Central Bark is a dog daycare industry pioneer. The brand has drawn in dogs and their owners across the U.S. to experience its Enrichment Doggy Day Care, which combines Central Bark’s industry-leading doggy day care expertise with the latest in canine behavioral science. Central Bark also offers dog boarding, baths, grooming, a retail market, training, and more to local dog owners. Central Bark was founded in 2003 and is based in Philadelphia, Wisconsin.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-18 Appcues

Boston, Massachusetts, United States

Appcues is an in-app user engagement platform provides low-code, non-technical solutions. Appcues was founded in 2013 and is based in Boston, Massachusetts.

Buy -
DESCRIPTION

Southfield Mezzanine Capital is a mezzanine finance provider that looks to invest $5 to $20 million to support profitable ($3+ million of EBITDA) manufacturing, business services, and distribution companies across the US. Prospective transaction situation include acquisition financings, growth capital financings, and recapitalizations. Southfield Mezzanine Capital was formed in 2013 and is headquartered in Greenwich, Connecticut.


DEAL STATS #
Overall 5 of 6
Sector (Business Services) 3 of 4
Type (Secondary Buyout) 3 of 4
State (Montana) 1 of 1
Country (United States) 5 of 6
Year (2022) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-22 Pacific West

Salt Lake City, Utah, United States

Pacific West is an industrial and mechanical contracting firm that provides a wide range of services to clients including the construction of railroad locomotive fueling facilities, rail yard air brake networks, wastewater treatment facilities, above and below ground mechanical facilities and security fencing. Additional services include 24/7 emergency response assistance, environmental remediation work, trenchless pipe activity, vacuum truck resources and a variety of ongoing maintenance services. Pacific West was formed in 1988 and is based in Salt Lake City, Utah.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-19 Pierce Washington

Mill Valley, California, United States

Pierce Washington is a software system integrator executing enterprise-level configure-price-quote (CPQ) and digital commerce implementations. Pierce Washington was founded in 2005 and is based in Mill Valley, California.

Buy -