M&A Deal Summary

ORIX Capital Partners Acquires National Underground Group

On February 6, 2017, private equity firm ORIX Capital Partners acquired business services company National Underground Group from Sterling Partners Private Equity

Acquisition Highlights
  • This is ORIX Capital Partners’ 1st transaction in the Business Services sector.
  • This is ORIX Capital Partners’ 2nd transaction in the United States.
  • This is ORIX Capital Partners’ 1st transaction in California.

M&A Deal Summary

Date 2017-02-06
Target National Underground Group
Sector Business Services
Buyer(s) ORIX Capital Partners
Sellers(s) Sterling Partners Private Equity
Deal Type Secondary Buyout

Target

National Underground Group

Irvine, California, United States
National Underground Group is a technology-enabled underground infrastructure service provider to municipal, utility and engineering customers across the U.S. NUG’s primary services include pipeline inspection, repair & cleaning, utility locating, and trenchless pipeline sewer and storm drain rehabilitation. National Underground Group was formed in 1947 and is based in Irvine, California.

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Buyer(S) 1

DESCRIPTION

ORIX Capital Partners is a wholly owned subsidiary of ORIX Corporation USA and is an affiliate of Mariner Investment Group LLC. ORIX Capital Partners seeks direct equity investments in established middle-market companies throughout North America. The Firm looks to commit $100 to $250 million of capital in profitable businesses with $20 to $50 million of EBITDA. Sectors of interest include business services, infrastructure services, and industrials. ORIX Capital Partners is based in New York City.


DEAL STATS #
Overall 2 of 7
Sector: Business Services M&A 1 of 1
Type: Secondary Buyout M&A Deals 2 of 4
State: California M&A 1 of 3
Country: United States M&A 2 of 7
Year: 2017 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-02-01 RoadSafe Traffic Systems

Chicago, Illinois, United States

RoadSafe Traffic Systems is a provider of temporary traffic control devices on a rental basis, pavement marking and sign installation services. Roadsafe's customers consist of contractors, state and local departments of transportation and other agencies and railroad and utility companies engaged in highway and street construction and maintenance. Roadsafe also operates a studio equipment rental business engaged in the rental of aerial lift and other high-reach equipment for feature film, episodic television, commercials and video production in the greater Los Angeles area and in Albuquerque, New Mexico. RoadSafe Traffic Systems is based in Chicago, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-06-29 Peak Utility Services Group

Arvada, Colorado, United States

Peak Utility Services Group is a utility services provider serving the natural gas, telecom and electric utility markets in the Pacific Northwest and Intermountain West regions of the United States. Peak Utility Services was formed in 2018 and is based in Arvada, Colorado.

Buy -

Seller(S) 1

SELLER
DESCRIPTION

Sterling Partners Private Equity is the private equity arm of asset management firm Sterling Partners. Sterling Partners Private Equityis focused on investing in small to medium-sized companies positioned for growth, either organically or through acquisitions. Sterling has a strong interest in businesses with differentiated products, defensible competitive positions, recurring revenues, and diversified customers. The Firm's target equity commitment size is $35 to $150 million. Broad sectors of interest include direct marketing, education, specialty distribution, specialty manufacturing, healthcare, technology, and business services. Sterling Partners was formed in 1983 and is based in Chicago, Illinois.


DEAL STATS #
Overall 34 of 51
Sector: Business Services M&A 6 of 8
Type: Secondary Buyout M&A Deals 6 of 9
State: California M&A 4 of 7
Country: United States M&A 33 of 49
Year: 2017 M&A 3 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-02-02 Prospect Mortgage

Sherman Oaks, California, United States

Prospect Mortgage is an independent residential retail mortgage lender. The company was formed during a challenging market, so they know what it takes to survive and meet customer needs during tough times. Prospect offers a variety of home loan solutions including first-time homebuyer programs with down-payment assistance, FHA and VA, conventional, jumbo and super jumbo products. Prospect Mortgage was formed in 2007 and is based in Sherman Oaks, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-02-23 Grand Rapids Ophthalmology

Grand Rapids, Michigan, United States

Grand Rapids Ophthalmology is a fully-integrated eye care medical group in West Michigan. It offers a full suite of eye care services including optometry, retail optical, oculoplastics, cataract surgery, and retinal subspecialties. GRO’s eye care services are supported by experienced professionals, a fully-integrated back office, and technologically advanced capabilities. Grand Rapids Ophthalmology was founded in 1982 and is based in Grand Rapids, Michigan.

Buy -