M&A Deal Summary

Leonard Green & Partners, TSG Consumer Partners and Oak Hill Capital Acquire Wrench Group

On April 8, 2019, private equity firms Leonard Green & Partners, TSG Consumer Partners and Oak Hill Capital acquired business services company Wrench Group from Investcorp

Acquisition Highlights
  • This is Leonard Green & Partners’ 6th, TSG Consumer Partners’ 1st and Oak Hill Capital’s 5th transaction in the Business Services sector.
  • This is Leonard Green & Partners’ 73rd, TSG Consumer Partners’ 41st and Oak Hill Capital’s 53rd transaction in the United States.
  • This is Leonard Green & Partners’ 4th, TSG Consumer Partners’ 1st and Oak Hill Capital’s 2nd transaction in Georgia.

M&A Deal Summary
Date 2019-04-08
Target Wrench Group
Sector Business Services
Buyer(s) Leonard Green & Partners
TSG Consumer Partners
Oak Hill Capital
Sellers(s) Investcorp
Deal Type Secondary Buyout
Advisor(s) Jefferies (Financial)

Target

Wrench Group

Marietta, Georgia, United States
Wrench Group is a provider of home repair, replacement, and maintenance services specializing in heating, ventilation and air conditioning (HVAC), plumbing, water, and electrical services. Wrench Group is based in Marietta, Georgia.

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Buyer(S) 3

Buyer

Leonard Green & Partners

Los Angeles, California, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1989
PE ASSETS 75.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Leonard Green & Partners is a mega-sized private equity firm that invests in established companies that are leaders in their respective markets. Leonard Green will consider investments in consumer and business services, consumer products, distribution, media, and retail. Typical transaction values for acquisitions are between $500 million and $2 billion, however, the firm is capable of closing transactions valued up to $5 billion. Types of transactions include public-to-private, recapitalizations of privately held businesses, growth capital, equity capital to facilitate acquisitions, turnarounds/restructurings, and acquisitions of divisions/assets from large corporations. Leonard Green & Partners was formed in 1989 and is based in Los Angeles, California.

DEAL STATS #
Overall 78 of 102
Sector (Business Services) 6 of 9
Type (Secondary Buyout) 31 of 47
State (Georgia) 4 of 6
Country (United States) 73 of 94
Year (2019) 2 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-03-28 Savers

Bellevue, Washington, United States

Savers, Inc. is a global thrift retailer offering clothing and accessories for men, women and children and household goods under the Savers, Value Village, Village des Valeurs, Unique Thrift Store and Valu Thrift Store brands. Founded in 1954, Savers operates nearly 290 locations and has more than 17,000 employees across the United States, Canada and Australia.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-12 TopShop/TopMan

Tel Aviv, Israel

Topshop is a fast-fashion branded apparel retailer based in England with a growing presence in the United States and other international markets.

Sell -
Buyer

TSG Consumer Partners

Stamford, Connecticut, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1987
PE ASSETS 9.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

TSG Consumer Partners (formerly known as The Shansby Group) is a specialist private equity firm focused on acquiring and building mid-sized, branded consumer companies. TSG invests in private and publicly traded companies, and will consider both majority and minority equity positions. Specific sectors of interest include apparel, beauty, e-commerce, personal care, retail, food/beverages, restaurants, health/wellness, household products, and pet care. TSG looks for companies with sales between $20 million and $1.5 billion and can invest commit up to $500 million per transaction. TSG Consumer Partners was formed in 1987 and is based in San Francisco, California.

DEAL STATS #
Overall 45 of 55
Sector (Business Services) 1 of 2
Type (Secondary Buyout) 4 of 10
State (Georgia) 1 of 1
Country (United States) 41 of 50
Year (2019) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-03-12 CorePower Yoga

Denver, Colorado, United States

CorePower Yoga is a provider of challenging yoga practice that allows its students to see benefits in all areas of their lives. CorePower Yoga’s unique style of heated power yoga is physically challenging and combines energy, music, movement and community to create a differentiated yoga experience. CorePower Yoga was founded in 2002 and is based in Denver, Colorado.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-08-22 JHCC

Montgomery, Alabama, United States

Joe Hudson's Collision Center provides auto body collision repair services. JHCC offers customers free and accurate computerized estimates, along with quality, guaranteed repair work utilizing I-CAR certified technicians. JHCC delivers its services while providing real-time information through its repair tracking system, enabling customers to monitor the status of their repairs. Joe Hudson's Collision Center was founded in 1989 and is based in Montgomery, Alabama.

Buy -
Buyer

Oak Hill Capital

Stamford, Connecticut, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1986
PE ASSETS 9.5B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Oak Hill Capital Partners was originally formed as the private equity investment vehicle for Robert Bass and in 1999, opened up to outside investors and raised its first private equity fund. Oak Hill looks to invest in middle-market companies and focuses its efforts within six industry groups. The six groups include basic industries; business and financial services; consumer, retail, and distribution; healthcare; media and telecom; and technology. Oak Hill targets businesses with defensible business models, strong market positions, and 'best-in-class' management. Oak Hill Capital was formed in 1986 and has offices in Stamford, Connecticut; Menlo Park, California; and New York City.

DEAL STATS #
Overall 60 of 76
Sector (Business Services) 5 of 8
Type (Secondary Buyout) 21 of 25
State (Georgia) 2 of 2
Country (United States) 53 of 69
Year (2019) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-02-25 Kestra Financial

Austin, Texas, United States

Kestra Financial is a provider of independent advisor platforms that empowers sophisticated independent financial professionals, including traditional and hybrid RIAs, to prosper, grow and provide superior client service. Kestra Financial was founded in 1997 and is based in Austin, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-16 AccentCare

Dallas, Texas, United States

AccentCare is a provider of post-acute healthcare, with partnerships and care models covering the full continuum from personal, non-medical care to skilled nursing, rehabilitation, hospice, and care management. AccentCare was founded in 1999 and is headquartered in Dallas, Texas.

Sell -

Seller(S) 1

SELLER

Investcorp

New York, New York, United States

Investor Investor Investor Investor Investor

Category Asset Manager
Founded 1982
PE ASSETS 53.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Investcorp is a global investment group focused on a variety of investment disciplines. Practice areas include private equity in North America and Western Europe, hedge funds, US real estate, technology investments, and Middle Eastern private equity. Within North America/Europe private equity, Investcorp targets market leaders with proven track records. It looks to invest $15 to $50 million in companies with revenues of $10 to $250 million. Investcorp's technology group sponsors growth-oriented control investments in the tech sector. Investcorp's Middle East practice focuses on buyout/build opportunities in North Africa and the Gulf Region. Target sectors include services, infrastructure, manufacturing, and energy. Investcorp was formed in 1982 and is based in Manama, Bahrain.

DEAL STATS #
Overall 91 of 106
Sector (Business Services) 5 of 5
Type (Secondary Buyout) 29 of 36
State (Georgia) 4 of 4
Country (United States) 56 of 62
Year (2019) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-02-11 Revature

Reston, Virginia, United States

Revature is a technology talent development company providing a turn-key talent acquisition solution for corporate and government partners and no-cost coding immersion programs for university graduates. We recruit, develop and deploy enterprise-ready technology talent, enabling our corporate partners to succeed and grow. Revature was founded in 2003 and is based in Reston, Virginia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-07 SecureLink NV

Sliedrecht, Netherlands

SecureLink NV is one of the largest independent cybersecurity services providers in Europe, with on-the-ground presences in Sweden, Belgium, the Netherlands, the UK, Germany, Denmark and Norway. Founded in 2003, SecureLink provides a full range of cybersecurity services to support its clients. Its offering includes specialized security consulting, security maintenance and support with 24/7 service desks (SOCs) as well as advanced managed detection and response capabilities (MDR).

Sell €515M
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