M&A Deal Summary

MAXIMUS Acquires Acentia

On March 9, 2015, MAXIMUS acquired information technology company Acentia from Five Points Capital, TruArc Partners, AEA Investors and PennantPark Investment Advisers for 300M USD

Acquisition Highlights
  • This is MAXIMUS’s 2nd transaction in the Information Technology sector.
  • This is MAXIMUS’s 5th largest (disclosed) transaction.
  • This is MAXIMUS’s 2nd transaction in the United States.
  • This is MAXIMUS’s 1st transaction in Virginia.

M&A Deal Summary
Date 2015-03-09
Target Acentia
Sector Information Technology
Buyer(s) MAXIMUS
Sellers(s) Five Points Capital
TruArc Partners
AEA Investors
PennantPark Investment Advisers
Deal Type Add-on Acquisition
Deal Value 300M USD
Advisor(s) Houlihan Lokey (Financial)
Holland & Knight (Legal)

Target

Acentia

Falls Church, Virginia, United States
Acentia LLC is an information technology services provider to U.S. government civilian, national security, and intelligence agencies. Acentia provides infrastructure operations, network engineering and architecture, information assurance, specialized relocation and engineering, program management, software development, and strategic planning to its customers with a focus on end-to-end IT solutions and complementary consulting services. Acentia LLC was established in 2001 and is based in Falls Church, Virginia.

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Buyer(S) 1

Buyer

MAXIMUS

McLean, Virginia, United States
Category Company
Founded 1975
Sector Business Services
Employees39,600
Revenue 4.9B USD (2023)
DESCRIPTION
MAXIMUS' corporate headquarters in Reston, Virginia.
MAXIMUS' corporate headquarters in Reston, Virginia.

MAXIMUS is an operator of government health and human services programs in the United States, United Kingdom, Canada, Australia and Saudi Arabia. The Company delivers business process services to improve the cost effectiveness, efficiency and quality of government-sponsored benefit programs, such as the Affordable Care Act, Medicaid, Medicare, Children's Health Insurance Program (CHIP), Health Insurance BC (British Columbia), as well as welfare-to-work and child support programs around the globe. MAXIMUS was formed in 1975 and is based in McLean, Virginia.

DEAL STATS #
Overall 4 of 8
Sector (Information Technology) 2 of 4
Type (Add-on Acquisition) 4 of 6
State (Virginia) 1 of 3
Country (United States) 2 of 6
Year (2015) 1 of 1
Size (of disclosed) 5 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-07-01 Health Management Limited

United Kingdom

Health Management Limited is a provider of occupational health care services.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-03-01 Ascend Management Innovations

Franklin, Tennessee, United States

Ascend Management Innovations is a provider of conflict-free health care assessment services for state government agencies across the U.S. Ascend specializes in long-term care assessments for people with physical disabilities and complex medical conditions, and people with behavioral health, intellectual, and developmental disabilities.

Buy $300M

Seller(S) 4

SELLER

Five Points Capital

Winston-Salem, North Carolina, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1997
PE ASSETS 1.3B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Five Points Capital makes both direct private equity and junior capital investments in US-based middle-market companies. Five Points prefers control based investments and will consider opportunities in a variety of industries. For both equity and mezzanine investments, the Firm looks to commit $5 to $25 million of capital in businesses with at least $10 million in sales and $3 million of EBITDA. Five Points Capital was formerly known as BB&T Capital Partners and re-branded in 2015. The Firm was established in 1997 and is based in Winston-Salem, North Carolina.

DEAL STATS #
Overall 21 of 58
Sector (Information Technology) 1 of 2
Type (Add-on Acquisition) 6 of 24
State (Virginia) 6 of 7
Country (United States) 21 of 58
Year (2015) 2 of 5
Size (of disclosed) 5 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-02-03 Carrus

Lehi, Utah, United States

Carrus is a provider of online competency-driven education courses to students throughout the United States and in several foreign countries. Carrus was established in 1992 and is based in Lehi, Utah.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-03-19 AllOver Media

Minneapolis, Minnesota, United States

AllOver Media is a national provider of out of home (“OOH”) advertising execution and logistics services. The Company works with government agencies, companies and marketing agencies to simplify OOH ad placement, helping them place ads in optimal locations. AllOver Media was founded in 2002 and is based in Minneapolis, Minnesota.

Buy -
SELLER

TruArc Partners

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2005
PE ASSETS 3.3B USD
Size Large
Type Sector Agnostic
DESCRIPTION

TruArc Partners is a private equity firm that invests in small to mid-market companies throughout North America. The Firm seeks to invest $50 to $150 million in companies valued between $100 and $500 million. TruArc Partners will consider a variety of transaction types, including leveraged acquisitions, build-ups, recapitalizations, restructurings and growth equity commitments. TruArc Partners was formerly known as Snow Phipps Group. The Firm was established in 2005 and is based in New York, New York.

DEAL STATS #
Overall 4 of 16
Sector (Information Technology) 1 of 2
Type (Add-on Acquisition) 3 of 7
State (Virginia) 1 of 1
Country (United States) 4 of 16
Year (2015) 1 of 3
Size (of disclosed) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-02-24 Cascade Drilling

Bothell, Washington, United States

Cascade Drilling is a provider of environmental and geotechnical services. Cascade’s services include track and truck-mounted sonic, air and mud rotary, auger, wire-line coring, and direct push drilling. Cascade Drilling was founded in 1991 and is based in Bothell, Washington.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-04-02 Boyd

Modesto, California, United States

Boyd Corp is a designer, manufacturer, marketer, and distributor of extruded, die-cut, and molded flexible rubber and plastic components and sealing systems for industrial applications. The business has a history of design and manufacturing innovation related to sealing systems and applications.

Sell $557M
SELLER

AEA Investors

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1968
PE ASSETS 19.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

AEA Investors is a private investment firm focused on investing in and acquiring businesses headquartered primarily in the US, Europe, and China. AEA looks for companies operating in stable to growing industries with a proven ability to generate positive cash-flow. Broad sectors of interest include value-added industrial products/services, specialty chemicals, consumer products, and services. In addition to its primary middle-market private equity fund, AEA maintains additional funds targeted towards mezzanine financing, senior secured debt, and small business buyouts. AEA Investors was formed in 1968 and is based in New York City.

DEAL STATS #
Overall 36 of 79
Sector (Information Technology) 2 of 2
Type (Add-on Acquisition) 15 of 26
State (Virginia) 1 of 1
Country (United States) 33 of 71
Year (2015) 1 of 6
Size (of disclosed) 13 of 17
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-02-01 Flow Control Group

Charlotte, North Carolina, United States

Flow Control Group is a solutions provider focused on technically oriented products and services for the flow control, fluid handling, and process & industrial automation sectors with locations throughout the U.S. and Canada. As a critical intermediary between over 2,000 suppliers and 10,000 customers, Flow Control Group was founded in 2014 and is based in Charlotte, North Carolina.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-07-31 PLZ Aeroscience

Downers Grove, Illinois, United States

PLZ Aeroscience is a specialty aerosol product manufacturing company. It specializes in the development, manufacturing, packaging, and distribution of a comprehensive line of contract fill, brand, and private label products. PLZ Aeroscience was established in 1939 and is based in Downers Grove, Illinois.

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 2 of 17
Sector (Information Technology) 2 of 2
Type (Add-on Acquisition) 1 of 2
State (Virginia) 1 of 1
Country (United States) 2 of 17
Year (2015) 1 of 3
Size (of disclosed) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-02-24 Cascade Drilling

Bothell, Washington, United States

Cascade Drilling is a provider of environmental and geotechnical services. Cascade’s services include track and truck-mounted sonic, air and mud rotary, auger, wire-line coring, and direct push drilling. Cascade Drilling was founded in 1991 and is based in Bothell, Washington.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-04-02 Boyd

Modesto, California, United States

Boyd Corp is a designer, manufacturer, marketer, and distributor of extruded, die-cut, and molded flexible rubber and plastic components and sealing systems for industrial applications. The business has a history of design and manufacturing innovation related to sealing systems and applications.

Sell $557M
Mergr

Product

Company

Legal