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  6. NewSpring Capital, Graycliff Partners and Caymus Equity Partners Acquire Alpha Imaging

M&A Deal Summary

NewSpring Capital, Graycliff Partners and Caymus Equity Partners Acquire Alpha Imaging

On November 6, 2015, private equity firms NewSpring Capital, Graycliff Partners and Caymus Equity Partners acquired distribution company Alpha Imaging from Centerfield Capital Partners

Acquisition Highlights
  • This is NewSpring Capital’s 1st, Graycliff Partners’ 3rd and Caymus Equity Partners’ 2nd transaction in the Distribution sector.
  • This is NewSpring Capital’s 92nd, Graycliff Partners’ 26th and Caymus Equity Partners’ 6th transaction in the United States.
  • This is NewSpring Capital’s 2nd, Graycliff Partners’ 2nd and Caymus Equity Partners’ 1st transaction in Ohio.
Investment Fate
  • Alpha Imaging was sold to management in 2020.
  • Alpha Imaging was sold to a strategic buyer in 2024.

M&A Deal Summary
Date 2015-11-06
Target Alpha Imaging
Sector Distribution
Buyer(s) NewSpring Capital
Graycliff Partners
Caymus Equity Partners
Sellers(s) Centerfield Capital Partners
Deal Type Recapitalization

Target

Alpha Imaging

Willoughby, Ohio, United States
Alpha Imaging is a distributor and service partner for major OEMs, delivering value-added sale processing, distribution, installation, and service support to over 1,100 healthcare facilities throughout the Midwest, Mid-Atlantic, and Southeast. Alpha Imaging was formed in 1986 and is based in Willoughby, Ohio.

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Buyer(S) 3

Buyer

NewSpring Capital

Radnor, Pennsylvania, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1999
PE ASSETS 3.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

NewSpring Capital is a private investment firm focused on growth companies in the Mid-Atlantic US. The Firm can provide both growth equity and junior capital to prospective companies. NewSpring's target investment size for both mezzanine and equity financing is $2 to $5 million, although for new ventures, the Firm can commit up to $10 million. Sectors of interest include specialty manufacturing, technology, business services, information technology, life science, healthcare services, and medical devices. NewSpring Capital was formed in 1999 and is based in Radnor, Pennsylvania with an additional office in Short Hills, New Jersey.

DEAL STATS #
Overall 93 of 201
Sector (Distribution) 1 of 2
Type (Recapitalization) 4 of 9
State (Ohio) 2 of 4
Country (United States) 92 of 197
Year (2015) 8 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-10-22 AUC Group

Houston, Texas, United States

AUC Group LP is a provider of a wastewater treatment and water reuse solutions primarily to property developers and municipal customers, including utility districts, in the United States. AUC Group was founded in 1970 and is based in Houston, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-12-02 Brandmuscle

Chicago, Illinois, United States

Brandmuscle is a local marketing software company that enables brands to own the local decision point by empowering their network of local distributors, dealers, franchisees and salespeople with everything they need to deliver brand-approved marketing tactics customized to local needs, tastes and other relevant differences that can affect the sale. Brandmuscle was founded in 2000 and based in Chicago, Illinois.

Sell -
Buyer

Graycliff Partners

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1991
PE ASSETS 1.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Graycliff Partners is a private equity firm focused on private equity and mezzanine investments in middle-market companies throughout the US. The Firm's mezzanine practice does not have any sector preferences and looks to invest $10 to $50 million in profitable companies with at least $10 million in revenue. Funds are used to support buyouts, growth needs, divestitures, or consolidations. Graycliff's private equity group looks to acquire middle-market companies in the manufacturing, service, and distribution sectors. The Firm looks for businesses with $10 to $200 million of revenue. Graycliff Partners was established in 1991 and is based in New York City.

DEAL STATS #
Overall 31 of 75
Sector (Distribution) 3 of 5
Type (Recapitalization) 4 of 10
State (Ohio) 2 of 3
Country (United States) 26 of 70
Year (2015) 5 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-09-30 Super Color Digital

Irvine, California, United States

Super Color Digital produces wide and grand-format promotional digital printing products. The Company has the capability to print products on a variety of substrates up to 16’ by 150’. Super Color Digital’s promotional printed products include outdoor banners, building wrap, fleet graphics and trade show graphics. Super Color Digital was founded in 1981 and is based in Irvine, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-03-17 Williams AV

Eden Prairie, Minnesota, United States

Williams AV is a designer, manufacturer, and marketer of professional wireless communication systems that are used to deliver sound and improve the hearing and communication ability of individuals in a variety of group or gathering situations. The company’s products are designed for those with hearing impairment in public assembly spaces as well as for all listeners in language interpretation and tours. Williams AV was founded in 1976 and is based in Eden Prairie, Minnesota.

Buy -
Buyer

Caymus Equity Partners

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2001
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Caymus Equity Partners LLC is a private equity firm that looks to partner with management to acquire and grow profitable, lower middle-market companies valued between $10 and $100 million. The Firm looks for situations where companies lack the resources, capital, and strategic guidance needed to realize their full potential. Sectors of interest include business services, healthcare services, consumer products/services, and industrials. Caymus Equity Partners was formed in 2001 and is based in Atlanta, Georgia.

DEAL STATS #
Overall 6 of 16
Sector (Distribution) 2 of 2
Type (Recapitalization) 3 of 8
State (Ohio) 1 of 1
Country (United States) 6 of 16
Year (2015) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-06-30 C3i

Morristown, New Jersey, United States

C3i, Inc. is a provider of technical support services for life sciences companies worldwide. Its fully-integrated global operations centers provide consulting, implementation, training, technical site assessment and provisioning, asset management, and multi-lingual support. Its single technology infrastructure and consistent processes across the globe allow customers to tailor their services based on today’s needs, yet quickly adapt and scale to meet changing demand.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-11-01 Excel Physical Therapy

Hackensack, New Jersey, United States

Excel Physical Therapy is a provider of sports and orthopedic physical therapy and rehabilitation services in northern New Jersey. Excel has specialized in comprehensive physical therapy to individuals following joint replacement, arthroscopic and reconstructive surgeries, as well as spine surgeries. In addition to post-surgical therapy, Excel also provides treatment of patients with non-surgical orthopedic, sports, and spinal-related injuries. Excel Physical Therapy was founded in 1990 and is based in Hackensack, New Jersey.

Buy -

Seller(S) 1

SELLER

Centerfield Capital Partners

Indianapolis, Indiana, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 2001
PE ASSETS 1.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Centerfield Capital Partners is a private investment firm that provides subordinated debt and equity capital to mid-market companies. Prospective transactions include acquisition financings, management buyouts, shareholder liquidity needs, recapitalizations, corporate divestitures, ESOP financings, and sponsored/unsponsored transactions. Centerfield generally invests in companies with sales of $15 to $100 million and EBITDA of $3 to $15 million. Target sectors include manufacturing, business services, healthcare services, and transportation/distribution. Centerfield will not invest in early stage businesses, turnaround situations, retail, real estate, and finance companies. Centerfield Capital Partners was founded in 2001 and is based in Indianapolis, Indiana.

DEAL STATS #
Overall 23 of 44
Sector (Distribution) 1 of 4
Type (Recapitalization) 1 of 1
State (Ohio) 3 of 3
Country (United States) 23 of 44
Year (2015) 6 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-11-02 Standard Locknut

Westfield, Indiana, United States

Standard Locknut is a manufacturer of specialized bearing accessories and also provides contract machining services. Standard Locknut was founded in 1948 and is based in Westfield, Indiana.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-12-01 Beacon Communications

Littleton, Colorado, United States

Beacon Communications is a provider of communications, security, and A/V systems to healthcare, government, and construction markets. Beacon Communications was founded in 1998 is based in Littleton, Colorado.

Buy -
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