M&A Deal Summary

Nuance Solutions Acquires Equitrac

On June 15, 2011, Nuance Solutions acquired business services company Equitrac from New Canaan Funding, Brookside Equity Partners, Cornerstone Equity Investors and HSBC Capital for 161M USD

Acquisition Highlights
  • This is Nuance Solutions’ 2nd transaction in the Business Services sector.
  • This is Nuance Solutions’ 4th largest (disclosed) transaction.
  • This is Nuance Solutions’ 8th transaction in the United States.
  • This is Nuance Solutions’ 1st transaction in Florida.

M&A Deal Summary
Date 2011-06-15
Target Equitrac
Sector Business Services
Buyer(s) Nuance Solutions
Sellers(s) New Canaan Funding
Brookside Equity Partners
Cornerstone Equity Investors
HSBC Capital
Deal Type Add-on Acquisition
Deal Value 161M USD

Target

Equitrac

Plantation, Florida, United States
Equitrac Corp. is a provider of intelligent print management and cost recovery software solutions. The Company provides products that enable customers to manage, allocate, and recover printing costs, reduce print-related waste and cost, and enhance document security. With over 25,000 customer installations worldwide, the Company’s solutions are used by a broad customer base across many industry verticals, including commercial, legal and professional, education, financial services, healthcare, and government agencies. Equitrac has strategic partnerships with world-leading OEMs, including Xerox, Ricoh and Canon, and over 300 independent VARs providing the Company with a powerful distribution channel with extensive global reach.

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Buyer(S) 1

Buyer

Nuance Solutions

Burlington, Massachusetts, United States
Category Company
Founded 1992
Sector Software
Employees7,100
Revenue 1.5B USD (2020)
DESCRIPTION
Nuance's corporate headquarters in Burlington, Massachusetts.
Nuance's corporate headquarters in Burlington, Massachusetts.

Nuance Solutions is a provider of speech and imaging solutions for businesses and consumers around the world. Nuance technologies, applications and services enable users calling directory assistance, getting account information, dictating patient records, telling a navigation system their destination, or digitally reproducing documents that can be shared and searched. Nuance Solutions was formed in 1992 and is based in Burlington, Massachusetts.

DEAL STATS #
Overall 9 of 26
Sector (Business Services) 2 of 4
Type (Add-on Acquisition) 8 of 25
State (Florida) 1 of 1
Country (United States) 8 of 22
Year (2011) 1 of 6
Size (of disclosed) 4 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-12-12 PerSay

New York City, New York, United States

PerSay, Inc. provides biometric speaker verification products.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-06-21 Svox AG

Zurich, Switzerland

SVOX is a global provider of integrated voice recognition, speech synthesis and speech dialog solutions for the automotive and mobile device industries. SVOX sells its own automatic speech recognition (ASR), Speech (TTS), and full range of IVR solutions.

Buy -

Seller(S) 4

SELLER

New Canaan Funding

New Canaan, Connecticut, United States
Category Mezzanine Finance Firm
Founded 1995
PE ASSETS 238M USD
Size Small
Type Sector Agnostic
DESCRIPTION

New Canaan Funding is a middle-market mezzanine finance firm. New Canaan looks to provide subordinated debt to help fund acquisitions, recapitalizations and growth financings. New Canaan invests $3 to $20 million per transaction with an EBITDA of $3 million. New Canaan Funding was formed in 1995 and has offices in New Canaan, Connecticut and Wheaton, Illinois.

DEAL STATS #
Overall 14 of 36
Sector (Business Services) 2 of 2
Type (Add-on Acquisition) 7 of 13
State (Florida) 1 of 3
Country (United States) 14 of 35
Year (2011) 2 of 3
Size (of disclosed) 4 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-05-11 LSO

Austin, Texas, United States

LSO is a provider of parcel delivery services throughout the Southern United States. LSO offers its clients overnight, expedited ground, same-day, and last-mile logistics solutions. LSO was founded in 1991 and is based in Austin, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-11-09 MSI

Plain City, Ohio, United States

MSI is a proponent of quality literature and the parent company of three different businesses each focused on promoting and selling juvenile books, The Junior Library Guild, Darby Creek Publishing and The Reading Circle. MSI is based in Plain City, Ohio.

Buy -
SELLER

Brookside Equity Partners

Stamford, Connecticut, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1977
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Brookside Equity Partners (BEP) focuses on private equity investments, including direct control investments, majority or minority co-investments alongside other investment firms, and, on a selective basis, investments in private funds or special situations. BEP targets North American middle-market companies with revenues greater than $15 million and at least $5 million of EBITDA. Sectors of interest include manufacturing, chemicals, financial services, environmental, food, and distribution. Brookside Equity Partners was formed in 1977 and is based in Stamford, Connecticut.

DEAL STATS #
Overall 9 of 28
Sector (Business Services) 1 of 7
Type (Add-on Acquisition) 4 of 8
State (Florida) 1 of 2
Country (United States) 9 of 28
Year (2011) 2 of 3
Size (of disclosed) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-04-08 M.H. Zeigler & Sons

Lansdale, Pennsylvania, United States

M.H. Zeigler & Sons is a manufacturer and distributor of refrigerated apple cider and cider blends.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-12-16 Driven Brands

Charlotte, North Carolina, United States

Driven Brands is a parent company of automotive aftermarket brands across four distinct verticals: Repair & Maintenance, housing Meineke Car Care Centers; Paint & Collision, housing Maaco, CARSTAR, and ABRA; Distribution, housing 1-800-Radiator & A/C and Spire Supply; and Quick Lube, housing Take 5 Oil Change. Driven Brands was incorporated in 1972 and is based in Charlotte, North Carolina.

Sell -
SELLER

Cornerstone Equity Investors

Stamford, Connecticut, United States
Category Private Equity Firm
Founded 1996
PE ASSETS 1.2B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Cornerstone Equity Investors is private equity firm focused on investing in and acquiring middle-market leveraged buyouts of corporate divisions, closely held private companies and small capitalization public companies. The Firm targets businesses with at least $5 million of EBITDA and valued between $50 and $350 million. Cornerstone can invest up to $100 million per transaction. Broad industries of interest include business services, healthcare, and specialty manufacturing. Cornerstone originated as Prudential Equity Investors in 1984 and became independent in 1996. Cornerstone Equity is based in New York City.

DEAL STATS #
Overall 12 of 15
Sector (Business Services) 1 of 1
Type (Add-on Acquisition) 4 of 6
State (Florida) 2 of 2
Country (United States) 12 of 15
Year (2011) 1 of 1
Size (of disclosed) 3 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-04-19 Vestcom

Little Rock, Arkansas, United States

Vestcom is a provider of technology-enabled shelf-edge media solutions to the retail and consumer products industry. The company offers an array of solutions including customized shelf-edge labels, branding and promotional content labels, and shelf-edge strips with product information. Vestcom was founded in 1996 and is based in Little Rock, Arkansas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-06-27 Neptco

Pawtucket, Rhode Island, United States

NEPTCO engineers and manufactures materials for the production of copper cable and electronic packaging products used in a wide variety of commercial, industrial and military applications.

Sell $67M
SELLER

HSBC Capital

New York, New York, United States
Category Private Equity Firm
Founded 1991
PE ASSETS 1.6B USD
Size Large
Type Sector Agnostic
DESCRIPTION

HSBC Capital (North America) the US and Canada principal investments arm of HSBC. HSBC Capital consists of HSBC Capital Canada and HSBC Capital USA. The Group focuses on making private equity and mezzanine investments in profitable, mid-market companies and select real estate transactions. The Group will consider both control and minority positions. Investment proceeds are generally used to support buyouts, expansion financings, recapitalizations, and real estate acquisitions. In addition to targeting US based opportunities, the Group will also consider investments in Latin America. Broad sectors of interest include manufacturing, service, and distribution. HSBC Capital was formed in 1991 and is based in New York City, HSBC Capital has become Graycliff partners on Dec 2011.

DEAL STATS #
Overall 7 of 17
Sector (Business Services) 1 of 1
Type (Add-on Acquisition) 4 of 7
State (Florida) 1 of 1
Country (United States) 7 of 17
Year (2011) 2 of 7
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-06-01 Living Earth

Dallas, Texas, United States

Living Earth is a manufacturer and provider of mulch, compost, and other landscaping materials in the State of Texas. The Company operates thirteen locations, primarily in the metropolitan areas of Dallas and Houston, selling to commercial contractors and nurseries. Living Earth was founded in 1985 and is based in Dallas, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-12-05 Globe Food Equipment

Dayton, Ohio, United States

Globe Food Equipment Co. is a designer and manufacturer of food preparation equipment specializing in slicers mixers, vegetable cutters, and meat choppers. Globe Food Equipment is based in Dayton, Ohio.

Sell -
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