M&A Deal Summary

MidOcean Partners Acquires Smith System

On November 7, 2023, private equity firm MidOcean Partners acquired education company Smith System from Levine Leichtman Capital Partners

Acquisition Highlights
  • This is MidOcean Partners’ 3rd transaction in the Education sector.
  • This is MidOcean Partners’ 51st transaction in the United States.
  • This is MidOcean Partners’ 3rd transaction in Texas.

M&A Deal Summary
Date 2023-11-07
Target Smith System
Sector Education
Buyer(s) MidOcean Partners
Sellers(s) Levine Leichtman Capital Partners
Deal Type Secondary Buyout

Target

Smith System

Arlington, Texas, United States
Smith System is a provider of accident avoidance driver training for vehicle fleets. Smith’s customers, many of whom are Fortune 500 companies, represent diverse end markets from logistics to pharmaceuticals. Smith System was formed in 1952 and is based in Arlington, Texas.

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Buyer(S) 1

Buyer

MidOcean Partners

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2003
PE ASSETS 10.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

MidOcean Partners is a private equity firm focused on acquiring controlling interests in middle-market companies throughout North America. The Firm has a preference for consumer and business services sectors including automotive, food/beverage, retail, consumer products, information services, infrastructure services, training and more. MidOcean seeks opportunities valued between $150 and $750 million where it can commit $75 to $300 million. In addition to investing equity, MidOcean also looks to provide flexible credit solutions as well. MidOcean Partners was formed in 2003 and is based in New York, New York.

DEAL STATS #
Overall 56 of 60
Sector (Education) 3 of 3
Type (Secondary Buyout) 23 of 25
State (Texas) 3 of 3
Country (United States) 51 of 55
Year (2023) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-06-07 QualiTech

Chaska, Minnesota, United States

QualiTech is a family-owned global manufacturer of plant nutrition, animal nutrition and food ingredient products and services. QualiTech was founded in 1967 and is based in Chaska, Minnesota.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-01-13 MPearlRock

Palm Beach Gardens, Florida, United States

MPearlRock provides emerging consumer brands with significant resources and value-add opportunities across distribution, marketing, product development, manufacturing, supply chain, data analytics and talent acquisition functions. MPearlRock is based in Palm Beach Gardens, Florida.

Buy -

Seller(S) 1

SELLER

Levine Leichtman Capital Partners

Beverly Hills, California, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 1984
PE ASSETS 12.9B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Levine Leichtman Capital Partners (LLCP) is a West Coast US based private investment firm that targets mezzanine and other structured equity investments in middle-market companies. The Firm has several funds, each with different strategies. LLCP's larger fund targets subordinated debt, preferred equity, and/or common equity investments in companies with $100 to $750 million of revenue. The Firm's smaller fund invests $5 to $15 million in emerging companies with less than $25 million in revenue. LLCP also invests in financially distressed businesses. LLCP was formed in 1984 and has offices in Beverly Hills, California; Chicago, Illinois; Dallas, Texas; New York City; and London.

DEAL STATS #
Overall 55 of 57
Sector (Education) 2 of 3
Type (Secondary Buyout) 29 of 30
State (Texas) 9 of 9
Country (United States) 49 of 51
Year (2023) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-07-20 SK AeroSafety Group

Wokingham, United Kingdom

SK AeroSafety Group specializes in the inspection, testing, maintenance and repair of critical passenger safety equipment found on all commercial and private aircraft worldwide. Examples of equipment serviced by the Company include life vests, fire extinguishers, oxygen masks, oxygen cylinders, evacuation slides, and life rafts. SK AeroSafety supports a diversified and global customer base of over 700 airlines, component service providers, maintenance and repair organizations (MRO) and OEMs, and has locations in The Netherlands, United Kingdom, United States, Malaysia, and Dubai. SK AeroSafety Group was founded in 2011 and is based in Wokingham, United Kingdom.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-11-20 Therapeutic Research Center

Stockton, California, United States

Therapeutic Research Center is a provider of digital medication learning that updates, informs, and educates healthcare providers across the continuum of care. Therapeutic Research Center was founded in 1985 and is based in Stockton, California.

Sell -
Mergr

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