M&A Deal Summary

Kohlberg & Company, Antares Capital, Goldman Sachs Merchant Banking and Jefferies Capital Partners Acquire CIBT

On June 1, 2017, private equity firms Kohlberg & Company, Antares Capital, Goldman Sachs Merchant Banking and Jefferies Capital Partners acquired business services company CIBT from ABRY Partners

Acquisition Highlights
  • This is Kohlberg & Company’s 7th, Antares Capital’s 3rd, Goldman Sachs Merchant Banking’s 12th and Jefferies Capital Partners’ 2nd transaction in the Business Services sector.
  • This is Kohlberg & Company’s 55th, Antares Capital’s 33rd, Goldman Sachs Merchant Banking’s 100th and Jefferies Capital Partners’ 26th transaction in the United States.
  • This is Kohlberg & Company’s 2nd, Antares Capital’s 1st, Goldman Sachs Merchant Banking’s 5th and Jefferies Capital Partners’ 2nd transaction in Virginia.

M&A Deal Summary

Date 2017-06-01
Target CIBT
Sector Business Services
Buyer(s) Kohlberg & Company
Antares Capital
Goldman Sachs Merchant Banking
Jefferies Capital Partners
Sellers(s) ABRY Partners
Deal Type Secondary Buyout
Advisor(s) Credit Suisse Investment Banking
William Blair (Financial)
Kirkland & Ellis (Legal)

Target

CIBT

McLean, Virginia, United States
CIBT is a global provider of mobility services including visa, passport, and immigration documentation. CIBT serves multinational corporations, global travel management companies, tour and cruise operators, government agencies, and individual travelers. CIBT’s services simplify the time-consuming and complicated process of obtaining required travel documents and work authorizations, while providing an accurate and compliant service for corporate customers. CIBT was founded in 1989 and is based in McLean, Virginia.

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Buyer(S) 4

Buyer

Kohlberg & Company

Mount Kisco, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1987
PE ASSETS 11.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Kohlberg & Company is a private equity firm which acquires middle-market companies with consistent cash flow, and underperforming companies with operational deficiencies. Kohlberg looks to commit $100 to $500 million of equity capital in opportunities valued from $200 million to $2 billion. Kohlberg generally looks for opportunities in the manufacturing and service sectors, however the Firm will also selectively consider businesses in food and healthcare. Kohlberg tends not to consider technology or communications companies. Kohlberg & Company was formed in 1987 and has offices in Mt. Kisco, New York.


DEAL STATS #
Overall 56 of 79
Sector (Business Services) 7 of 10
Type (Secondary Buyout) 14 of 32
State (Virginia) 2 of 3
Country (United States) 55 of 77
Year (2017) 3 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-05-26 K2-MDV

Seattle, Washington, United States

K2-MDV consists of two iconic winter sports brand families, K2 Sports (K2) and Marker Dalbello Völkl (MDV), who develop, manufacture, and distribute a broad range of skis, snowboards, bindings, skates, snowshoes, and safety products through the brands of Völkl®, K2®, Marker®, Dalbello®, Madshus®, Line®, Full Tilt®, Atlas®, Tubbs®, Ride® and BCA®. K2 and MDV are world renowned as leaders in design, production and sales and marketing, and their products are used by enthusiasts across multiple generations and winter sports disciplines worldwide.

Buy $240M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-08-24 United States Infrastructure

Indianapolis, Indiana, United States

United States Infrastructure Corp. specializes in locating pipes and cables for utility customers across the US and Canada. The Company employs more than 7,500 technicians and performs over 70 million utility locating services annually ahead of excavation or maintenance works. USIC currently serves around 1,000 customers in all major utility segments, including cable, telecommunications, electricity, gas, water and sewage. United States Infrastructure Corp. was founded in 1978 and is based in Indianapolis, Indiana.

Buy -
Buyer

Antares Capital

Miami, Florida, United States

Investor Investor


Category Private Equity Firm
Founded 1993
Size Small
Type Sector Agnostic
DESCRIPTION

Antares Capital is a private investment group that targets growth capital financings as well as management buyout opportunities. The Firm focuses on investments based in the Southeast US and Texas. Prospective companies generally have proven business models, modest capital requirements for growth, and operate in large and growing markets. The Firm looks to commit $500k to $5 million per investment. Antares will not invest in real estate, mineral exploration, distributors, franchisees, or project financings. Antares was founded in 1993 and is based in Miami, Florida.


DEAL STATS #
Overall 34 of 55
Sector (Business Services) 3 of 6
Type (Secondary Buyout) 18 of 30
State (Virginia) 1 of 2
Country (United States) 33 of 54
Year (2017) 3 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-04-10 Jefferson Dental & Orthodontics

Dallas, Texas, United States

Jefferson Dental & Orthodontics provide compassionate, high-quality, affordable and convenient dental and orthodontic care at our more than 70 Jefferson Dental and The Smile Center offices throughout Texas and Oklahoma City. Jefferson Dental & Orthodontics was founded in 1967 and is based in Dallas, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-06-05 Randall-Reilly

Tuscaloosa, Alabama, United States

Randall-Reilly is a provider of data and data-driven marketing solutions for industrial end markets including heavy-duty trucking, construction equipment, agricultural equipment, and machine tools. Randall-Reilly’s unique data assets and highly customizable digital marketing solutions enable clients to identify and target sales, marketing, and recruiting prospects. Randall-Reilly was founded in 1934 and is based in Tuscaloosa, Alabama.

Buy -
Buyer

Goldman Sachs Merchant Banking

New York, New York, United States

Category Private Equity Firm
Founded 1986
PE ASSETS 155.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Goldman Sachs Merchant Banking Division is the investment arm of Goldman Sachs. The primary corporate investment group within the Merchant Banking Division is Goldman Sachs' direct investment arm. GS's direct investment arm consists of GS Capital Partners, GS Mezzanine Partners, and GS Growth Partners. GS Capital Partners is the direct corporate equity investment group which seeks LBO, recapitalization, and growth investments to help fund acquisitions, expansions, recapitalizations, restructurings, buyouts, and take privates. GS Capital Partners looks to invest between $50 and $800 million in opportunities in North/South America, Europe, Asia. GS Mezzanine Partners is the junior capital arm of Goldman Sachs. GS Mezzanine looks to invest between $200 million and and $800 million in transactions valued up to $10 billion. Investment proceeds are used to fund leveraged buyouts, expansion financings, recapitalizations, acquisitions, and restructurings. GS Growth looks to invest in growth equity transactions. The unit seeks to commit $20 to $200 million per investment. Other units within GS's merchant banking division include Real Estate, Infrastructure, and Urban Investments. Goldman Sachs Merchant Banking Division is based in New York City.


DEAL STATS #
Overall 140 of 182
Sector (Business Services) 12 of 15
Type (Secondary Buyout) 46 of 66
State (Virginia) 5 of 6
Country (United States) 100 of 126
Year (2017) 7 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-05-31 Transcendia

Franklin Park, Illinois, United States

Transcendia, Inc. is a converter and distributor of synthetic films in North America. It provides specialized manufacturing and converting services including liquid and extrusion coating, select sheet extrusion, and a wide-range of precision converting including slitting, sheeting, magnetic striping, security and specialty printing.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-06-20 Perseus

New York, New York, United States

Perseus is a provider of managed services for high-precision, high-speed, high-performance applications. With clients spanning the Financial, Media, eCommerce and iGaming sectors, Perseus offers a fully-managed suite of services across the trade lifecycle as well as many of the world’s fastest Market-to-Market routes.

Sell $38M
Buyer

Jefferies Capital Partners

New York, New York, United States

Category Private Equity Firm
Founded 1994
PE ASSETS 850M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Jefferies Capital Partners is a private equity investment firm that seeks to invest in later-stage growth companies, management buyouts, and support of corporate expansion and industry consolidation. The firm makes equity and equity-linked investments between $20 million and $100 million per transaction. Jefferies does not invest in start-ups, early-stage ventures or real estate. The firm seeks companies with revenue between $10 million to $500 million per annum. Jefferies targets companies involved in the following industries: consumer, energy, financial services, healthcare, manufacturing and distribution, media, telecommunications and transportation. Jefferies Capital Partners is based in New York, New York.


DEAL STATS #
Overall 27 of 29
Sector (Business Services) 2 of 2
Type (Secondary Buyout) 7 of 8
State (Virginia) 2 of 2
Country (United States) 26 of 27
Year (2017) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-04-28 Industrial Container Services

Montebello, California, United States

Industrial Container Services LLC is a provider of reusable container solutions in the United States, providing new and reconditioned steel, plastic, and fiber drums. With 49 facilities across the United States and Canada, ICS collects, reconditions and distributes over 10 million steel, poly and intermediate bulk containers annually and is the only company capable of offering comprehensive services, including pickup and reconditioning of containers of all major packaging types, new container manufacturing and distribution, to customers nationally.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-06-14 Industrial Container Services

Montebello, California, United States

Industrial Container Services LLC is a provider of reusable container solutions in the United States, providing new and reconditioned steel, plastic, and fiber drums. With 49 facilities across the United States and Canada, ICS collects, reconditions and distributes over 10 million steel, poly and intermediate bulk containers annually and is the only company capable of offering comprehensive services, including pickup and reconditioning of containers of all major packaging types, new container manufacturing and distribution, to customers nationally.

Sell -

Seller(S) 1

SELLER

ABRY Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1989
PE ASSETS 12.8B USD
Size Mega
Type Sector Focused
DESCRIPTION

ABRY Partners is a media and communications focused private equity investment firm. Specific areas of interest include television, publishing, convention/trade shows, for-profit training, couponing, monitoring services, telephone companies, communications towers, music libraries, database providers, wireless communications, and in-store advertisers. ABRY can provide both equity and mezzanine capital, typically committing $20 to $200 million of equity or $15 to $50 million of mezzanine capital per transaction. Prospective transaction situations include buyouts, expansion financings, platform acquisitions, consolidations, and recapitalizations. ABRY Partners was formed in 1989 and is headquartered in Boston, Massachusetts.


DEAL STATS #
Overall 69 of 103
Sector (Business Services) 8 of 11
Type (Secondary Buyout) 19 of 33
State (Virginia) 1 of 3
Country (United States) 60 of 88
Year (2017) 7 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-05-26 International Medical Group

Indianapolis, Indiana, United States

International Medical Group, Inc. is a provider of medical insurance products and assistance services. IMG offers a full line of international medical insurance products, as well as trip cancellation programs, medical management services and 24/7 emergency medical and travel assistance all designed to provide members Global Peace of Mind® while they’re away from home. International Medical Group, Inc. was established in 1989 and is headquartered in Indianapolis, Indiana.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-07-18 Lightower Fiber Networks

Boxborough, Massachusetts, United States

Lightower Fiber Networks LLC is a fiber network and broadband service provider in the Northeast, offering over 4,600 fiber route miles coupled with comprehensive transport, alternative access, and nationwide long haul services.

Sell $7.1B