Secondary Buyout • Media

Novacap Acquires Cadent

On August 9, 2023, private equity firm Novacap acquired media company Cadent from Lee Equity Partners

Acquisition Context
  • This is Novacap’s 2nd transaction in the Media sector.
  • This is Novacap’s 17th transaction in the United States.
  • This is Novacap’s 4th transaction in New York.

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M&A Deal Summary

Date August 9, 2023
Target Cadent
Sector Media
Buyer(s) Novacap
Sellers(s) Lee Equity Partners
Deal Type Secondary Buyout

Target Company

Cadent

New York, New York, United States
Cadent is a media services company that aggregates local cable television advertising inventory for resale to national advertisers. Cadent was founded in 2007 and is based in New York, New York.
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Buyer Overview 1

Buyer

Novacap

Brossard, Quebec, Canada

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1981
PE ASSETS 8.0B CAD
Size Mega
Type Sector Agnostic
DESCRIPTION

Novacap is a large private equity firm focused on middle-market company acquisitions in Canada. Novacap pursues companies with $30 to $500 million in sales and will consider transactions valued up to $500 million. Target transaction situations include partial or full buyouts, spin-offs, take privates, recapitalizations, and growth capital financings. Novacap will consider opportunities in basic industries as well as high-growth tech sectors. Novacap was formed in 1981 and has offices in Toronto and Montreal.


Deal Context for Buyer #
Overall 59 of 67
Sector: Media 2 of 2
Type: Secondary Buyout 8 of 9
State: New York 4 of 5
Country: United States 17 of 22
Year: 2023 2 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-04-04 Static Media

New York, New York, United States

Static Media owns and operates a portfolio of unique and passion-driven digital media brands providing content in food, lifestyle as well as media and entertainment. Static Media was founded in 2012 and is based in New York City.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-10-24 Horizon

Columbus, Ohio, United States

Horizon is a provider of advanced broadband services throughout much of Ohio and into surrounding states. Utilizing its extensive network of fiber optic cable, Horizon delivers advanced high-speed data services, Internet, voice, digital video, security, and monitoring services. Horizon was founded in 1895 and is based in Columbus, Ohio.

Sell $385M

Seller Profile 1

SELLER

Lee Equity Partners

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2006
PE ASSETS 5.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Lee Equity Partners is a private investment firm that looks for buyout and growth capital investments across a range of industries. Lee Equity Partners seeks investments requiring $50 to $150 million of equity capital. Lee Equity Partners was formed in 2006 and is based in New York, New York.


Deal Context for Seller #
Overall 16 of 19
Sector: Media 1 of 1
Type: Secondary Buyout 8 of 9
State: New York 2 of 3
Country: United States 15 of 18
Year: 2023 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-04-12 Tessco Technologies

Hunt Valley, Maryland, United States

Tessco Technologies is a value-added distributor, manufacturer and solutions provider for wireless infrastructure supplying base station equipment, antennas, IoT devices, test and maintenance tools, and other system components mainly to commercial customers. Tessco Technologies was founded in 1982 and is based in Hunt Valley, Maryland.

Buy $161M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-12-04 Carisk Partners

Miami, Florida, United States

Carisk Partners is a provider of claims management services to the workers’ compensation industry, serving carriers, third party administrators and employers. Carisk Partners was founded in 2011 and is based in Miami, Florida.

Buy -