M&A Deal Summary

MAXIMUS Acquires Policy Studies

On April 12, 2012, MAXIMUS acquired business services company Policy Studies from Endeavour Capital for 67M USD

Acquisition Highlights
  • This is MAXIMUS’s 1st transaction in the Business Services sector.
  • This is MAXIMUS’s 6th largest (disclosed) transaction.
  • This is MAXIMUS’s 1st transaction in the United States.
  • This is MAXIMUS’s 1st transaction in Colorado.

M&A Deal Summary

Date 2012-04-12
Target Policy Studies
Sector Business Services
Buyer(s) MAXIMUS
Sellers(s) Endeavour Capital
Deal Type Add-on Acquisition
Deal Value 67M USD

Target

Policy Studies

Denver, Colorado, United States
Policy Studies is a national provider of outsourcing, technology, and consulting services related to child support enforcement, workforce development, and government health services.

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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 2 of 8
Sector (Business Services) 1 of 2
Type (Add-on Acquisition) 2 of 6
State (Colorado) 1 of 1
Country (United States) 1 of 6
Year (2012) 1 of 1
Size (of disclosed) 6 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-02-12 DeltaWare Systems

Charlottetown, Prince Edward Island, Canada

DeltaWare Systems, Inc. is a developer of health administration management systems for the government health care market.

Buy -
FOLLOWING 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 -

Seller(S) 1

SELLER

Endeavour Capital

Portland, Oregon, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1991
PE ASSETS 925M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Endeavour Capital LLC is a private equity firm that targets service and manufacturing companies headquartered in the Western United States. Endeavour looks to invest with and an enterprise value of $25 -$250 million with an EBITDA of $5-$50 million. Prospective companies are generally profitable with at least $5 million of EBITDA. Supported investment situations include growth capital financings, industry consolidations, management acquisitions, recapitalizations, and ownership transfers. The firm invests in the range of $25-$150 million per transaction. Areas Endeavour will not invest include real estate and emerging technology. Endeavour Capital was formed in 1991 and is based in Portland, Oregon with additional offices in Seattle, Washington, and Los Angeles, California.


DEAL STATS #
Overall 12 of 32
Sector (Business Services) 2 of 2
Type (Add-on Acquisition) 6 of 15
State (Colorado) 4 of 5
Country (United States) 12 of 31
Year (2012) 1 of 4
Size (of disclosed) 8 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-01-01 Metropolitan Market

Seattle, Washington, United States

Founded in 1971, Metropolitan Market is an upscale grocery chain with six stores located in the greater Seattle-Tacoma metropolitan area. In addition to its local produce and foreign and domestic grocery products, Metropolitan Market seeks to differentiate itself with an extensive selection of prepared foods and gourmet products. Each store has a full deli where chefs prepare new creations daily, an artisan bakery, a culinary kiosk, full service butcher shop, a kitchen shop, expansive offering of premium wines, fresh produce and aisles of specialty and conventional groceries.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-07-30 Network Global Logistics

Broomfield, Colorado, United States

Network Global Logistics LLC is a full service, expedited delivery, and logistics company. Network Global Logistics was founded in 1971 and is based in Broomfield, Colorado.

Sell -