M&A Deal Summary

LKCM Headwater Investments and Capital Southwest Acquire Relevant

On November 20, 2019, private equity firm LKCM Headwater Investments and business development company Capital Southwest acquired business services company Relevant

Acquisition Highlights
  • This is LKCM Headwater Investments’ 1st and Capital Southwest’s 8th transaction in the Business Services sector.
  • This is LKCM Headwater Investments’ 5th and Capital Southwest’s 39th transaction in the United States.
  • This is LKCM Headwater Investments’ 3rd and Capital Southwest’s 15th transaction in Texas.

M&A Deal Summary
Date 2019-11-20
Target Relevant
Sector Business Services
Buyer(s) LKCM Headwater Investments
Capital Southwest
Deal Type Buyout (LBO, MBO, MBI)

Target

Relevant

Houston, Texas, United States
Relevant is a compressed, oil-free air rental provider to end-users in a refinery, petrochemical, power generation, food and beverage, pharmaceutical, plastics, and other industrial settings. Relevant’s fleet can address a full spectrum of pressure and flow needs for its customers, which often operate in environments in which tailored solutions for oil-free air are required. Relevant was founded in 1984 and is based in Houston, Texas.

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Buyer(S) 2

Buyer

LKCM Headwater Investments

Investor Investor Investor Investor Investor

Category Private Equity Firm
Size Small
Type Sector Agnostic
DESCRIPTION

LKCM Headwater Investments is a private equity firm that seeks to partner with management teams to build successful companies. The Firm takes an operationally-minded approach and provides companies with the tools necessary to build market leaders with sustainable competitive advantages. LKCM generally pursues platform companies with $50 to $500 million and seeks to commit $5 to $80 million per transaction. Sectors of interest include industrial distribution/services, manufacturing, energy, financial services, and healthcare. LKCM Headwater is based in Fort Worth, Texas.

DEAL STATS #
Overall 5 of 11
Sector (Business Services) 1 of 3
Type (Buyout (LBO, MBO, MBI)) 2 of 2
State (Texas) 3 of 7
Country (United States) 5 of 11
Year (2019) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-12-18 Distribution Solutions Group

Chicago, Illinois, United States

Distribution Solutions Group is a specialty distribution company providing high-touch, value-added distribution solutions to the maintenance, repair and operations (MRO), original equipment manufacturer (OEM) and the industrial technologies markets. DSG was formed through the strategic combination of Lawson Products, a leader in MRO and C-parts distribution, Gexpro Services, a global supply chain services provider to the OEM market, and TestEquity, a leader in electronic test and measurement solutions. Distribution Solutions Group was founded in 1952 and is based in Chicago, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-12-03 BC Solutions

Farmers Branch, Texas, United States

BC Solutions is a provider of energy management, building controls, automation and gas detection solutions for the Commercial HVAC community, including distribution of products, in-market value added services. BC Solutions is based in Farmers Branch, Texas.

Buy -
Buyer

Capital Southwest

Investor Investor Investor Investor Investor

Category Business Development Company
Founded 1961
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Capital Southwest Corp. is a credit focused business development company focused on providing financing to profitable, mid-sized companies throughout the US. The Firm doesn't have any sector preferences and will consider a variety of investment structures. Capital Southwest Corp. was originally established in 1961 and is headquartered in Dallas, Texas.

DEAL STATS #
Overall 40 of 50
Sector (Business Services) 8 of 9
Type (Buyout (LBO, MBO, MBI)) 10 of 11
State (Texas) 15 of 18
Country (United States) 39 of 49
Year (2019) 7 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-11-11 GrammaTech

Ithaca, New York, United States

GrammaTech is a provider of cybersecurity solutions for government and commercial clients. GrammaTech’s software enables users to quickly scan code for vulnerabilities that cause breaches, system failures or poor reliability. GrammaTech’s expertise in application security testing has been built by decades of cutting-edge research for the national security community and other US government agencies. GrammaTech was formed in 1988 and is based in Ithaca, New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-12-31 Gexpro

Coppell, Texas, United States

Gexpro is a distributor of electrical parts and components for construction, industrial, and energy solutions markets. Gexpro Services supply a wide range of electrical supplies and productivity solutions for electricians, contractors, and industrial plants. Gexpro carries everything from lighting components, motors, circuit breakers, and tools to electrical wiring, conduit, automation solutions, and solar panels. Gexpro is based in Coppell, Texas.

Buy -
Mergr

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