M&A Deal Summary

Lone Star Funds Acquires Victra

On January 19, 2016, private equity firm Lone Star Funds acquired retailer Victra from Atlantic Street Capital, PennantPark Investment Advisers and Chatham Capital Partners

Acquisition Highlights
  • This is Lone Star Funds’ 2nd transaction in the Retail sector.
  • This is Lone Star Funds’ 5th transaction in the United States.
  • This is Lone Star Funds’ 1st transaction in North Carolina.

M&A Deal Summary

Date 2016-01-19
Target Victra
Sector Retail
Buyer(s) Lone Star Funds
Sellers(s) Atlantic Street Capital
PennantPark Investment Advisers
Chatham Capital Partners
Deal Type Secondary Buyout
Advisor(s) Morrison Cohen (Legal)

Target

Victra

Raleigh, North Carolina, United States
Victra operates as an exclusive authorized agent for Verizon Wireless. Victra has approximately 1,600 Verizon-branded retail stores across 49 states, offering a comprehensive mix of wireless devices including smartphones, feature phones, tablets, mobile broadband, and wearables; as well as a broad range of accessories and device insurance coverage. Victra was founded in 1996 and is based in Raleigh, North Carolina.

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Buyer(S) 1

Buyer

Lone Star Funds

Dallas, Texas, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1995
PE ASSETS 85.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Lone Star Funds is a global private investment firm focused on investing across several strategies. The Firm's primary investment activity surrounds financial services and real estate. Lone Star generally looks to acquire distressed debt and equity assets including corporate, commercial real estate, single family residential and consumer debt products as well as banks and asset rich operating companies. Lone Star was formed in 1995 and is based in Dallas, Texas with additional offices across Western Europe and Asia.


DEAL STATS #
Overall 12 of 27
Sector (Retail) 2 of 3
Type (Secondary Buyout) 4 of 13
State (North Carolina) 1 of 2
Country (United States) 5 of 13
Year (2016) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-06-22 Home Properties

Rochester, New York, United States

Home Properties is a multifamily real estate investment trust (REIT) with operations primarily along the East Coast of the United States. Home Properties owns, operates, acquires, and upgrades apartment communities. We adhere to a simple and straightforward business plan in our effort to provide investors with dependable financial returns that exceed those of comparable investments.

Buy $7.6B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-01-28 MRH

Epping, United Kingdom

MRH is the second largest independent forecourt operator in the U.K. with 439 stations operating under the BP, Shell, Esso, Texaco, JET and Murco fuel brands. MFG offers the Murco brand through a network of 200 dealers and its retail offerings include Subway and Costa Coffee.

Buy -

Seller(S) 3

SELLER

Atlantic Street Capital

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2006
PE ASSETS 2.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Atlantic Street Capital is an operationally focused private equity firm that partners with entrepreneurs and management teams to create value. Atlantic Street looks to acquire profitable companies where it can invest $15 to $75 million per deal. Target industries include consumer products, services, manufacturing, distribution, retail, restaurant and healthcare. Atlantic Street prefers opportunities located in the US and Canada and will only consider control situations. Atlantic Street Capital was formed in 2006 and is based in Greenwich, Connecticut.


DEAL STATS #
Overall 2 of 10
Sector (Retail) 1 of 1
Type (Secondary Buyout) 2 of 7
State (North Carolina) 1 of 1
Country (United States) 2 of 10
Year (2016) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-01-01 Lombart Instrument

Norfolk, Virginia, United States

Lombart Instrument is the largest independent, value‐added distributor of ophthalmic instruments to ophthalmologist and optometrist practices in the United States. Products offered include chairs, stands, slit lamps, refractors, tonometers, keratometers, eye projectors, perimeters, and replacement bulbs and batteries. Lombart sells these products to ophthalmology and optometry practices and clinics, teaching institutions and hospitals, and government hospitals. Lombart is headquartered in Norfolk, VA.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-09-20 Eze Trucking

Rialto, California, United States

Eze Trucking LLC provides specialty heavy and over-dimensional freight logistics services predominantly to customers in the infrastructure market. Eze Trucking was founded in 1972 and is based in Rialto, California.

Sell -
SELLER

PennantPark Investment Advisers

Investor Investor Investor Investor Investor


Category Lender
Founded 2007
PE ASSETS 6.4B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

PennantPark is a provider of credit solutions to middle-market private equity sponsors. The Firm looks to provide $10 to $100 million of capital and can support a variety of investment structures. PennantPark was formed in 2007 and is headquartered in New York City.


DEAL STATS #
Overall 6 of 17
Sector (Retail) 1 of 1
Type (Secondary Buyout) 5 of 12
State (North Carolina) 1 of 1
Country (United States) 6 of 17
Year (2016) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-01-01 Vestcom

Little Rock, Arkansas, United States

Vestcom is a provider of technology-enabled shelf-edge media solutions to the retail and consumer products industry. The company offers an array of solutions including customized shelf-edge labels, branding and promotional content labels, and shelf-edge strips with product information. Vestcom was founded in 1996 and is based in Little Rock, Arkansas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-09-22 e.l.f. Cosmetics

New York, New York, United States

JA Cosmetics Corp. is a developer and marketer of high quality, "extreme value" priced color cosmetics products sold online and through retailers such as Target, Kmart and Dollar General. JA Cosmetics Corp. was established in 2004 and is based in New York city.

Sell -
SELLER

Chatham Capital Partners

Atlanta, Georgia, United States

Investor Investor


Category Mezzanine Finance Firm
Founded 2001
PE ASSETS 1.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Chatham Capital Partners is a mezzanine finance firm that provides capital to lower middle-market companies. Chatham looks for investments in healthcare, manufacturing, and service companies with revenues of $10 to $50 million. Chatham will consider opportunities across the US with a preference for companies located in the Eastern and South regions of the US. Chatham will not consider early-stage, venture capital or real estate investments. Chatham was formed in 2001 and is based in Atlanta, Georgia.


DEAL STATS #
Overall 15 of 17
Sector (Retail) 3 of 3
Type (Secondary Buyout) 2 of 4
State (North Carolina) 1 of 1
Country (United States) 15 of 17
Year (2016) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-01-14 Empower Software Solutions

Orlando, Florida, United States

Empower Software, headquartered in Orlando, Fla. and founded in 2007, offers time and attendance, scheduling, payroll, HR management, and tax filing software applications and services that help organizations effectively manage their workforces and enhance employee engagement.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-06-17 DG3

Jersey City, New Jersey, United States

DG3 is a graphics communications company, provides technology and print-based communications solutions to corporate, financial services, pharmaceutical, and academic institutions. The company specializes in the production and distribution of time sensitive documents, on demand printing, and marketing collateral. DG3 was established in 1983 and is based in Jersey City.

Sell -