M&A Deal Summary

Kohlberg & Company, Maranon Capital and CIVC Partners Acquire GPRS

On June 29, 2020, private equity firm Kohlberg & Company, mezzanine finance firm Maranon Capital and private equity firm CIVC Partners acquired technology hardware company GPRS from CIVC Partners

Acquisition Highlights
  • This is Kohlberg & Company’s 2nd, Maranon Capital’s 1st and CIVC Partners’ 2nd transaction in the Technology Hardware sector.
  • This is Kohlberg & Company’s 66th, Maranon Capital’s 31st and CIVC Partners’ 59th transaction in the United States.
  • This is Kohlberg & Company’s 4th, Maranon Capital’s 4th and CIVC Partners’ 3rd transaction in Ohio.

M&A Deal Summary

Date 2020-06-29
Target GPRS
Sector Technology Hardware
Buyer(s) Kohlberg & Company
Maranon Capital
CIVC Partners
Sellers(s) CIVC Partners
Deal Type Secondary Buyout
Advisor(s) Houlihan Lokey
KeyBanc Capital Markets (Financial)

Target

GPRS

Toledo, Ohio, United States
GPRS is a provider of private utility locating and concrete scanning services to utilities, contractors, engineering firms, and environmental consultants in every major market in the United States. GPRS was founded in 2001 and is based in Toledo, Ohio.

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Buyer(S) 3

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 68 of 79
Sector (Technology Hardware) 2 of 2
Type (Secondary Buyout) 22 of 32
State (Ohio) 4 of 5
Country (United States) 66 of 77
Year (2020) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-08-29 Interstate Hotels & Resorts

Arlington, Virginia, United States

Interstate Hotels & Resorts, Inc. is a global hotel management company, operating branded full- and select-service hotels and resorts, convention centers and independent hotels worldwide. Currently, Interstate and its affiliates manage 425 hotels with nearly 75,000 rooms around the globe. In addition, Interstate has executed agreements to manage 40 hotels with nearly 5,200 rooms under development or construction.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-08-24 PCI Pharma Services

Philadelphia, Pennsylvania, United States

PCI Pharma Services is a provider of outsourced pharmaceutical supply chain solutions supporting biotechnology and pharmaceutical companies throughout the various stages of drug development and commercialization. PCI Pharma Services was founded in 2012 and is based in Philadelphia, Pennsylvania.

Buy -
Buyer

Maranon Capital

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 2007
PE ASSETS 4.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Maranon Capital LP is an investment firm that provides senior financing, mezzanine debt and equity co-investments for private equity backed and non sponsored middle market companies. Maranon seeks investments in financially healthy businesses with stable cash flows, diverse customers, and strong management. Prospective companies are valued between $30 and $150 million and generate $5 to $30 million of EBITDA. Maranon looks to invest $2 to $10 million for equity co-investments, $5 to $30 million for junior capital needs, and $10 to $50 million for senior debt requirements. Areas of interest include business services, healthcare services, distribution, manufacturing and consumer products/services. Funds typically support acquisitions, recapitalizations, refinancings, consolidations, ESOPs and growth capital needs. Maranon Capital LP was formed in 2007 and is based in Chicago. The Firm has additional offices in Birmingham, Michigan and South Bend, Indiana.


DEAL STATS #
Overall 32 of 38
Sector (Technology Hardware) 1 of 1
Type (Secondary Buyout) 10 of 10
State (Ohio) 4 of 4
Country (United States) 31 of 37
Year (2020) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-05-13 PKWARE

Milwaukee, Wisconsin, United States

PKWAR is a provider of encryption and compression software, offering data security solutions incorporating data discovery, classification, and protection in automated, policy-driven workflows. PKWARE was founded in 1986 and is based in Milwaukee, Wisconsin.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-09-11 iVision

Atlanta, Georgia, United States

iVision is a managed services and technology consulting provider for mid-market and enterprise clients. iVision provides infrastructure and application solutions, and it is organized into five complementary practices, including Infrastructure Services, Data Center, Converged Network, and Application Development - all supported by the Delivery Assurance practice. iVision was founded in 2004 and is based in Atlanta, Georgia.

Buy -
Buyer

CIVC Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1970
PE ASSETS 2.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

CIVC Partners is a private equity firm that provides buyout and growth capital to middle-market businesses located in the US and Canada. CIVC invests in companies generating sales of $40 - $300 million with an EBITDA of $5 to $25 million. Sectors of interest include Business Services, Information Services, Facility Services, Insurance Services, Transportation & Logistics, Tech-enabled Services, BPO, SaaS, Compliance Services, Corporate Training, IT Services, and Utility Services. The firm invests in the range of $20 - $100 million per transaction. CIVC prefers to be the lead equity sponsor and will consider both majority and minority investment situations. CIVC Partners was formed in 1970 and is based in Chicago, Illinois.


DEAL STATS #
Overall 62 of 76
Sector (Technology Hardware) 2 of 2
Type (Secondary Buyout) 13 of 15
State (Ohio) 3 of 3
Country (United States) 59 of 72
Year (2020) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-01 Crest Insurance Group

Tucson, Arizona, United States

Crest Insurance Group is an insurance brokerage focused on commercial property & casualty, employee benefits, and personal lines. Crest Insurance Group was founded in 2010 and is based in Tucson, Arizona.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-09-11 iVision

Atlanta, Georgia, United States

iVision is a managed services and technology consulting provider for mid-market and enterprise clients. iVision provides infrastructure and application solutions, and it is organized into five complementary practices, including Infrastructure Services, Data Center, Converged Network, and Application Development - all supported by the Delivery Assurance practice. iVision was founded in 2004 and is based in Atlanta, Georgia.

Buy -

Seller(S) 1

SELLER

CIVC Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1970
PE ASSETS 2.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

CIVC Partners is a private equity firm that provides buyout and growth capital to middle-market businesses located in the US and Canada. CIVC invests in companies generating sales of $40 - $300 million with an EBITDA of $5 to $25 million. Sectors of interest include Business Services, Information Services, Facility Services, Insurance Services, Transportation & Logistics, Tech-enabled Services, BPO, SaaS, Compliance Services, Corporate Training, IT Services, and Utility Services. The firm invests in the range of $20 - $100 million per transaction. CIVC prefers to be the lead equity sponsor and will consider both majority and minority investment situations. CIVC Partners was formed in 1970 and is based in Chicago, Illinois.


DEAL STATS #
Overall 43 of 48
Sector (Technology Hardware) 1 of 1
Type (Secondary Buyout) 17 of 19
State (Ohio) 2 of 2
Country (United States) 43 of 47
Year (2020) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-01 Crest Insurance Group

Tucson, Arizona, United States

Crest Insurance Group is an insurance brokerage focused on commercial property & casualty, employee benefits, and personal lines. Crest Insurance Group was founded in 2010 and is based in Tucson, Arizona.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-09-11 iVision

Atlanta, Georgia, United States

iVision is a managed services and technology consulting provider for mid-market and enterprise clients. iVision provides infrastructure and application solutions, and it is organized into five complementary practices, including Infrastructure Services, Data Center, Converged Network, and Application Development - all supported by the Delivery Assurance practice. iVision was founded in 2004 and is based in Atlanta, Georgia.

Buy -