M&A Deal Summary

New Mountain Capital Acquires Pearce Services

On April 14, 2020, private equity firm New Mountain Capital acquired engineering company Pearce Services from Willcrest Partners and Eagle Private Capital

Acquisition Highlights
  • This is New Mountain Capital’s 2nd transaction in the Engineering sector.
  • This is New Mountain Capital’s 60th transaction in the United States.
  • This is New Mountain Capital’s 5th transaction in California.

M&A Deal Summary

Date 2020-04-14
Target Pearce Services
Sector Engineering
Buyer(s) New Mountain Capital
Sellers(s) Willcrest Partners
Eagle Private Capital
Deal Type Secondary Buyout

Target

Pearce Services

Paso Robles, California, United States
Pearce Services is a provider of engineering, maintenance, and repair services for communications and expansion solutions for the wireline and wireless telecommunications industries. Pearce Services is based in Paso Robles, California.

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Buyer(S) 1

Buyer

New Mountain Capital

New York, New York, United States

Category Private Equity Firm
Founded 2000
PE ASSETS 35.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

New Mountain Capital is a private investment firm focused on investment in public and private companies in a variety of industries. New Mountain generally invests $100 to $500 million per transaction and looks for businesses with strong market positions and high barriers to entry. New Mountain also prefers businesses that succeed in both good and bad economies. Sectors of interest include education, healthcare, business services, federal IT services, media, software, consumer products, logistics, financial services and technologies, and energy. New Mountain Capital was formed in 2000 and is based in New York City.


DEAL STATS #
Overall 64 of 95
Sector (Engineering) 2 of 4
Type (Secondary Buyout) 25 of 38
State (California) 5 of 9
Country (United States) 60 of 90
Year (2020) 3 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-02-03 ILC Dover

Frederica, Delaware, United States

ILC Dover provides high-performance flexible materials for complex government and commercial applications, including bio-pharmaceutical and personal hazmat protection, infrastructure protection, inflatable applications, lighter-than-air airships, and pressurized spacesuits. ILC Dover has manufacturing locations in Delaware, Texas, and Switzerland.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-04-30 Gelest

Morrisville, Pennsylvania, United States

Gelest, Inc. is a manufacturer, and supplier of commercial and research quantities of organosilicon compounds, metal-organic compounds and silicones. Gelest serves advanced technology markets through a materials science-driven approach. The company provides focused technical development and application support for personal care, semiconductors, medical materials, pharmaceutical synthesis, diagnostics and separation science, and specialty polymeric materials: “Gelest – Enabling Your Technology.” Gelest was founded in 1990 and is based in Morrisville, Pennsylvania.

Sell -

Seller(S) 2

SELLER

Willcrest Partners

San Francisco, California, United States

Investor Investor


Category Family Office
Founded 2011
Size Small
Type Sector Agnostic
DESCRIPTION

Willcrest Partners is a family office focused on providing capital to growing companies. Willcrest generally invests in businesses offering differentiated B2B services and products. Specific areas of interest include data management, logistics, SaaS, billing and collections, insurance, specialty lending, banking services, revenue cycle management, back office services, compliance, test and measurement equipment, specialty connectors, electro/mechanical sensors, aerospace components, and medical components. Willcrest targets companies with $3 to $7 million of EBITDA and is an active investor, assisting with recruiting, corporate strategy, and operational improvements. Willcrest Partners is based in San Francisco.


DEAL STATS #
Overall 1 of 1
Sector (Engineering) 1 of 1
Type (Secondary Buyout) 1 of 1
State (California) 1 of 1
Country (United States) 1 of 1
Year (2020) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-24 Precision Aerospace

Phoenix, Arizona, United States

Precision Aerospace is a global supplier of build-to-print,complex machined sheet metal fabrications; including welded and mechanical assemblies supporting the aerospace industry, primarily for engine and exhaust applications. Precision Aerospace is based in Phoenix, Arizona.

Buy -
SELLER

Eagle Private Capital

St. Louis, Missouri, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
PE ASSETS 1.0B USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Eagle Private Capital (EPC) makes private equity and mezzanine investments in middle-market companies. The Firm typically invests $4 to $15 million per investment. EPC looks to partner with management or other private equity investors to provide growth or change of control capital. EPC is based in St. Louis, Missouri.


DEAL STATS #
Overall 34 of 49
Sector (Engineering) 1 of 1
Type (Secondary Buyout) 7 of 10
State (California) 3 of 5
Country (United States) 34 of 49
Year (2020) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-12-31 Practis

Charlotte, North Carolina, United States

Practis provides secure and comprehensive internet marketing solutions that enable medical groups, hospitals, and healthcare companies to exceed their patient engagement and acquisition goals. The company has developed a strong foundation by offering several proprietary software tools which enable it to serve a large client base at low costs. Practis was formed in 1998 and is based in Charlotte, North Carolina.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-07-28 Calspan Aero Systems Engineering

St. Paul, Minnesota, United States

Calspan Aero Systems Engineering is a provider of mission-critical testing and engineering services to manufacturers of jet engines and industrial gas turbines, maintenance, repair, and overhaul (“MRO”) providers, governments, and militaries. Calspan ASE serves the aerospace and energy markets by offering independent testing services at its aerodynamic laboratory; design and build of aerodynamic wind tunnel facilities and equipment across all speed regimes including hypersonic; and design and build of engine test facilities and equipment. Calspan ASE was formed in 1967 and is based in St. Paul, Minnesota.

Sell -