M&A Deal Summary

Lowe Capital Management, NewSpring Capital, Parkway Capital and Midwest Growth Partners Acquire Incorp

On November 19, 2020, private equity firm Lowe Capital Management, private equity firm NewSpring Capital, mezzanine finance firm Parkway Capital and private equity firm Midwest Growth Partners acquired construction company Incorp

Acquisition Highlights
  • This is Lowe Capital Management’s 1st, NewSpring Capital’s 3rd, Parkway Capital’s 1st and Midwest Growth Partners’ 2nd transaction in the Construction sector.
  • This is Lowe Capital Management’s 1st, NewSpring Capital’s 148th, Parkway Capital’s 13th and Midwest Growth Partners’ 7th transaction in the United States.
  • This is Lowe Capital Management’s 1st, NewSpring Capital’s 2nd, Parkway Capital’s 1st and Midwest Growth Partners’ 2nd transaction in Indiana.

M&A Deal Summary

Date 2020-11-19
Target Incorp
Sector Construction
Buyer(s) Lowe Capital Management
NewSpring Capital
Parkway Capital
Midwest Growth Partners
Deal Type Buyout (LBO, MBO, MBI)
Advisor(s) Brown Gibbons Lang & Co. (Financial)

Target

Incorp

Evansville, Indiana, United States
Incorp is a provider of insulation, scaffolding, and other multi-craft services in electric generation, agricultural, water and water treatment, and pulp and paper facilities. Incorp was founded in 1996 and is headquartered in Evansville, Indiana.

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Buyer(S) 4

DESCRIPTION

Lowe Capital Management is a private investment firm focused on acquiring lower middle-market US-based companies with at least $10 million in sales and $2 million of EBITDA. The Firm has a preference for growth-oriented companies with strong management in place and operating in fragmented industries. Sectors of interest include business services, industrial services, value-added distribution, and consumer products/services. Lowe Capital Management is based in Chicago, Illinois.


DEAL STATS #
Overall 1 of 1
Sector (Construction) 1 of 1
Type (Buyout (LBO, MBO, MBI)) 1 of 1
State (Indiana) 1 of 1
Country (United States) 1 of 1
Year (2020) 1 of 1
Buyer

NewSpring Capital

Radnor, Pennsylvania, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1999
PE ASSETS 3.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

NewSpring Capital is a private investment firm focused on growth companies in the Mid-Atlantic US. The Firm can provide both growth equity and junior capital to prospective companies. NewSpring's target investment size for both mezzanine and equity financing is $2 to $5 million, although for new ventures, the Firm can commit up to $10 million. Sectors of interest include specialty manufacturing, technology, business services, information technology, life science, healthcare services, and medical devices. NewSpring Capital was formed in 1999 and is based in Radnor, Pennsylvania with an additional office in Short Hills, New Jersey.


DEAL STATS #
Overall 150 of 200
Sector (Construction) 3 of 7
Type (Buyout (LBO, MBO, MBI)) 32 of 44
State (Indiana) 2 of 2
Country (United States) 148 of 196
Year (2020) 15 of 16
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-16 Atlantic Metro Communications

Parsippany, New Jersey, United States

Atlantic Metro Communications, Inc. is an infrastructure service provider delivering innovative IT solutions to businesses nationwide. Atlantic Metro combines cloud hosting, colocation services, and network connectivity solutions with round-the-clock managed services so you can improve operational efficiency and scale your business as needed. Atlantic Metro Communications was founded in 2007 and is based in Parsippany, New Jersey.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-08 Lor-Mar Mechanical Services

Pennsauken, New Jersey, United States

Lor-Mar Mechanical Services is an HVAC mechanical contractor for commercial and industrial customers. Lor-Mar has two divisions: Construction and Service. Construction provides HVAC, Plumbing and Sheet Metal Design and Installation. Service provides HVAC and Plumbing Maintenance, Repair, and Installation. Lor-Mar Mechanical Services was founded in 1997 and is based in Pennsauken, New Jersey.

Buy -
Buyer
DESCRIPTION

Parkway Capital is the mezzanine finance unit of Calvert Street Partners. Parkway's investments typically take the form of subordinated debt, which can be combined with a junior secured loan or preferred stock. If an opportunity calls for common equity, Parkway can also co-invest with other shareholders. Parkway looks to commit $3 to $12 million of capital per transaction in companies with at least $10 million in revenue and EBITDA in excess of $2 million. Funds are generally used to support business expansions, corporate acquisitions, leverage buyouts, recapitalization, ownership transfers, and 'wealth diversification'. Parkway Capital was formed in 2000 and became a unit of Calvert Street in 2019.


DEAL STATS #
Overall 14 of 25
Sector (Construction) 1 of 1
Type (Buyout (LBO, MBO, MBI)) 10 of 11
State (Indiana) 1 of 2
Country (United States) 13 of 24
Year (2020) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-12-20 Potter Electric

St. Louis, Missouri, United States

Potter Electric is a designer and manufacturer of mission-critical specialty electronic and electromechanical products for the fire safety industry. Potter Electric Signal was founded in 1898 and is based in St. Louis, Missouri.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-02-16 Pools on the Gulf

Mobile, Alabama, United States

Pools on the Gulf designs, installs, and services in-ground swimming pools in several markets along the gulf coast of Alabama and the Florida Panhandle. Pools on the Gulf is the largest franchisee within the Blue Haven Pools franchisor network. Pools on the Gulf was founded in 2000 and is based in Mobile, Alabama.

Buy -
Buyer
DESCRIPTION

Midwest Growth Partners is a private equity firm focused on investing in established, growing businesses throughout rural areas across the country. The Firm targets businesses operating in the food, agriculture, manufacturing, and distribution sectors with $4 to $100 million in revenue. Midwest Growth Partners provides a variety of debt and equity capital and seeks to commit $500k to $10 million per investment. Midwest Growth Partners was formed in 2013 and is headquartered in Des Moines, Iowa.


DEAL STATS #
Overall 7 of 15
Sector (Construction) 2 of 3
Type (Buyout (LBO, MBO, MBI)) 3 of 3
State (Indiana) 2 of 2
Country (United States) 7 of 15
Year (2020) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-02 FAST

Windom, Minnesota, United States

FAST is a manufacturer of innovative liquid fertilizer applicators, sprayers, specialty trailers, tanks, and related agricultural equipment. FAST was founded in 1990 and is based in Windom, Minnesota.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-23 Parallel Ag

Chickasha, Oklahoma, United States

Parallel Ag is a distributor of agricultural equipment, parts, service and support for farmers. Parallel Ag also services fertilizer dealers, custom applicators and the construction industry. Parallel Ag is based in Chickasha, Oklahoma.

Buy -