M&A Deal Summary

Neosem Acquires Flexstar

On October 29, 2015, Neosem acquired software company Flexstar from Audax Private Equity and Rigel Associates

Acquisition Highlights
  • This is Neosem’s 1st transaction in the Software sector.
  • This is Neosem’s 1st transaction in the United States.
  • This is Neosem’s 1st transaction in California.

M&A Deal Summary

Date 2015-10-29
Target Flexstar
Sector Software
Buyer(s) Neosem
Sellers(s) Audax Private Equity
Rigel Associates
Deal Type Add-on Acquisition
Advisor(s) MHT Partners (Financial)

Target

Flexstar

San Jose, California, United States
Flexstar Technology is a provider of advanced test and related proprietary software solutions for the storage technology market.

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Buyer(S) 1

Buyer

Neosem

Suwon, South Korea

Category Company
Founded 2002
Sector Test/Measurement Equipment
DESCRIPTION

Neosem, Inc. is a manufacturer and marketer of semiconductor memory test equipment.


DEAL STATS #
Overall 1 of 1
Sector: Software M&A 1 of 1
Type: Add-on Acquisition M&A Deals 1 of 1
State: California M&A 1 of 1
Country: United States M&A 1 of 1
Year: 2015 M&A 1 of 1

Seller(S) 2

SELLER

Audax Private Equity

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1999
PE ASSETS 19.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Audax Private Equity is a private equity firm focused on acquiring control positions in a variety of mid to large North American headquartered companies. The Firm segments its activities into lower middle-market and larger scale investing. Within its larger group, Audax targets profitable businesses valued up to $800 million and within its lower middle-market group, the Firm seeks companies valued up to $125 million. Sectors of interest include business services, consumer products/services, financial services, healthcare services, industrial services, software, and technology. Audax has a special interest in businesses that can benefit from a buy and build investment strategy for growth. Audax Private Equity was formed in 1999 and is based in Boston, Massachusetts.


DEAL STATS #
Overall 41 of 110
Sector: Software M&A 3 of 7
Type: Add-on Acquisition M&A Deals 16 of 36
State: California M&A 2 of 8
Country: United States M&A 39 of 104
Year: 2015 M&A 3 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-10-27 California Products

Andover, Massachusetts, United States

California Products Corp. is a provider of branded, premium architectural interior and exterior paints and stains, tennis court and other sports surfaces coatings systems, and specialty abatement products.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-11-16 Justrite

Des Plaines, Illinois, United States

Justrite is a manufacturer of safety products that are designed to help companies prevent catastrophic events caused by fire or spillage of hazardous materials. Justrite was founded in 1906 and is headquartered in Des Plaines, Illinois.

Buy -
SELLER

Rigel Associates

San Mateo, California, United States

Category Private Equity Firm
Size Small
Type Sector Agnostic
DESCRIPTION

Rigel Associates is a private equity group focused on investing in profitable companies with opportunities for growth. Rigel looks to invest up to $20 million in businesses with at least $20 million in sales and $3 million of EBITDA. Prospective investments are typically located in the US and Canada and operate in the technology, health & wellness, business services, and clean technology industries. Target transaction situations include management and leveraged buyouts, industry consolidations, follow-on strategic financings, recapitalizations, going private, divestitures, and turnarounds. Rigel Associates is headquartered in San Mateo, California.


DEAL STATS #
Overall 7 of 7
Sector: Software M&A 4 of 4
Type: Add-on Acquisition M&A Deals 5 of 5
State: California M&A 5 of 5
Country: United States M&A 6 of 6
Year: 2015 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-05-25 AirLink Communications

California, United States

AirLink Communications, Inc. designs and manufactures wireless data solutions that enable connectivity to fixed and mobile assets.

Sell -