Secondary Buyout • Business Services

Kohlberg & Company Acquires ENTRUST Solutions

On July 18, 2019, private equity firm Kohlberg & Company acquired business services company ENTRUST Solutions from CIVC Partners, Apogem Capital, Brookside Equity Partners and General Atlantic

Acquisition Context
  • This is Kohlberg & Company’s 9th transaction in the Business Services sector.
  • This is Kohlberg & Company’s 65th transaction in the United States.
  • This is Kohlberg & Company’s 4th transaction in Illinois.
Investment Fate
  • ENTRUST Solutions was sold to a strategic buyer in 2023.

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M&A Deal Summary

Date July 18, 2019
Target ENTRUST Solutions
Sector Business Services
Buyer(s) Kohlberg & Company
Sellers(s) CIVC Partners
Apogem Capital
Brookside Equity Partners
General Atlantic
Deal Type Secondary Buyout

Target Company

ENTRUST Solutions

Warrenville, Illinois, United States
EN Engineering's corporate headquarters in Warrenville, Illinois.
EN Engineering's corporate headquarters in Warrenville, Illinois.
ENTRUST Solutions is an outsourced provider of comprehensive design, engineering, and consulting services to utilities in the U.S. ENTRUST Solutions offers customers a full spectrum of services with expertise in gas and electric distribution, pipeline infrastructure, automation systems, and integrity management solutions. ENTRUST Solutions is based in Warrenville, Illinois.
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Buyer Overview 1

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 Context for Buyer #
Overall 66 of 82
Sector: Business Services 9 of 11
Type: Secondary Buyout 21 of 35
State: Illinois 4 of 4
Country: United States 65 of 81
Year: 2019 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-08 Spire Orthopedic Partners

Stamford, Connecticut, United States

Spire Orthopedic Partners is an orthopedic and neurosurgery physician services group offering a wide range of clinical care including orthopedic, sports medicine, joint replacement, neurosurgery, physiatry and ancillary services such as physical therapy and MRI. Spire Orthopedic Partners is based in Stamford, Connecticut.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-31 Franklin Energy

Port Washington, Wisconsin, United States

Franklin Energy offers a seamless customer experience through energy efficiency and demand response program management services, as well as product fulfillment. Franklin Energy has a nationwide footprint and will leverage its 30 years of expertise as it continues delivering integrated customer engagement solutions alongside its implementation services and product solutions. Franklin Energy was founded in 1994 and is based in Port Washington, Wisconsin.

Sell -

Seller Profiles 4

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 $30 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 Context for Seller #
Overall 41 of 49
Sector: Business Services 7 of 10
Type: Secondary Buyout 15 of 20
State: Illinois 6 of 7
Country: United States 41 of 48
Year: 2019 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-14 Specialized Elevator

Santa Fe Springs, California, United States

Specialized Elevator is dedicated to providing courteous, professional elevator services to keep every building’s elevator performing and looking its best. Our end-to-end elevator services include elevator modernization, maintenance, repairs, ADA compliance, and building code upgrades. Specialized Elevator is based in Santa Fe Springs, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-11-01 Yellowstone Landscape

Bunnell, Florida, United States

Yellowstone Landscape is a provider of a variety of landscaping services to commercial, governmental and institutional customers located in the Southeastern United States and Texas. Yellowstone Landscape was founded in 2008 and is based in Bunnell, Florida.

Sell -
SELLER

Apogem Capital

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 2001
PE ASSETS 39.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Apogem Capital is a diversified alternative investment manager and subsidiary of insurance provider, New York Life. Apogem manages a variety of investment strategies including private equity, private credit, and real assets. Within private equity, the Firm looks to make fund, direct, and secondary investments, as well as acquire GP stakes. Within its direct investing activity, Apogem targets mid-sized companies valued up to $250 million and will consider businesses throughout North America and Europe. Apogem Capital formed as the result of New York Life combining PA Capital, Madison Capital Funding, and Goldpoint Partners into one entity. Apogem Capital is based in New York City.


Deal Context for Seller #
Overall 36 of 52
Sector: Business Services 1 of 2
Type: Secondary Buyout 16 of 25
State: Illinois 4 of 5
Country: United States 36 of 52
Year: 2019 3 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-02-05 Actagro

Biola, California, United States

Actagro LLC is a developer, manufacturer, and marketer of environmentally sustainable soil and plant health products and technologies. Actagro’s premier commercial portfolio includes approximately 30 specialty products that have a strong track-record of increasing crop productivity and financial returns for growers.

Sell $340M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-09 Nobles Worldwide

St. Croix Falls, Wisconsin, United States

Nobles Worldwide, Inc. is the largest supplier of ammunition feed systems to all branches of the U.S. military and its allies. Nobles are recognized globally for their superior durability products, cutting-edge designs, and rigorous quality assurance. Nobles Worldwide offer lighter, stronger and more flexible materials used in ammunition chutes, magazines, gun mounts, and weapon stations. Nobles are based in St. Croix Falls, Wisconsin.

Sell -
SELLER

Brookside Equity Partners

Stamford, Connecticut, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1977
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Brookside Equity Partners (BEP) focuses on private equity investments, including direct control investments, majority or minority co-investments alongside other investment firms, and, on a selective basis, investments in private funds or special situations. BEP targets North American middle-market companies with revenues greater than $15 million and at least $5 million of EBITDA. Sectors of interest include manufacturing, chemicals, financial services, environmental, food, and distribution. Brookside Equity Partners was formed in 1977 and is based in Stamford, Connecticut.


Deal Context for Seller #
Overall 27 of 29
Sector: Business Services 7 of 7
Type: Secondary Buyout 13 of 13
State: Illinois 4 of 4
Country: United States 27 of 29
Year: 2019 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-03-08 Engage2Excel

Mooresville, North Carolina, United States

Engage2Excel is a provider of employee engagement and recognition programs. Engage2Excel helps clients measure, manage, and improve performance with the industry's only ROI-based employee recognition solution. Engage2Excel was founded in 1892 and is based in Mooresville, North Carolina.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-05-21 SelectQuote

Overland Park, Kansas, United States

SelectQuote is a term life insurance sales company that offers auto and home insurance. The company offers engagement points for consumers across insurance, Medicare, pharmacy, and value-based care, and now has three core business lines: SelectQuote Senior, SelectQuote Healthcare Services, and SelectQuote Life. SelectQuote Healthcare Services is comprised of the SelectRx Pharmacy, a Patient-Centered Pharmacy Home (PCPH) accredited pharmacy, SelectPatient Management, a provider of chronic care management services, and Healthcare Select which proactively connects consumers with a wide breadth of healthcare services supporting their needs. SelectQuote was founded in 1985 and is based in Overland Park, Kansas.

Sell -
SELLER

General Atlantic

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 1980
PE ASSETS 105.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

General Atlantic is a large private equity firm that invests globally in growth-oriented public and private companies. Broad areas of interest include financial services, media and consumer, healthcare, enterprise solutions, communications and electronics, and energy. General Atlantic looks to invest $40 to $400 million in transactions that support growth, expansions, buy-outs, consolidations and build-ups. General Atlantic seeks to make 8 to 12 investments per year with an investment horizon of five to ten years. The Firm's geographic coverage spans North America; Europe; Asia/Pacific; and India. General Atlantic was formed in 1980 and is based in New York, New York.


Deal Context for Seller #
Overall 106 of 166
Sector: Business Services 15 of 16
Type: Secondary Buyout 19 of 26
State: Illinois 5 of 8
Country: United States 55 of 86
Year: 2019 8 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-12 CitiusTech

Mumbai, India

CitiusTech is a healthcare technology services and solutions provider. CitiusTech offers a wide range of healthcare-related information technology services including software development, software interoperability, meaningful use compliance solutions, analytics, care management and consumer health solutions. CitiusTech was founded in 2005 and is based in Mumbai, Maharashtra.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-08-01 Wish

San Francisco, California, United States

Wish is an online marketplace that makes it convenient for underserved populations to purchase affordable goods. Wish was formed in 2010 and is based in San Francisco, California.

Buy -