Add-on Acquisition • Business Services

Oy Halton Group Acquires Nelbud

On August 17, 2021, Oy Halton Group acquired business services company Nelbud from Source Capital, Merion Investment Partners and Monroe Capital

Acquisition Context
  • This is Oy Halton Group’s 1st transaction in the Business Services sector.
  • This is Oy Halton Group’s 2nd transaction in the United States.
  • This is Oy Halton Group’s 1st transaction in Indiana.

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M&A Deal Summary

Date August 17, 2021
Target Nelbud
Sector Business Services
Buyer(s) Oy Halton Group
Sellers(s) Source Capital
Merion Investment Partners
Monroe Capital
Deal Type Add-on Acquisition

Target Company

Nelbud

Indianapolis, Indiana, United States
Nelbud is a provider of commercial kitchen fire prevention and related maintenance services, including exhaust and ventilation system cleaning and inspection. Nelbud was founded in 1981 and is based in Indianapolis, Indiana.
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Buyer Overview 1

Buyer

Oy Halton Group

Helsinki, Finland

Category Company
Founded 1969
Sector Manufacturing
Revenue 189M EUR (2014)
DESCRIPTION

Halton Group specializes in indoor climate and indoor environmental products, services and solutions.


Deal Context for Buyer #
Overall 2 of 2
Sector: Business Services 1 of 1
Type: Add-on Acquisition 2 of 2
State: Indiana 1 of 1
Country: United States 2 of 2
Year: 2021 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-08-08 LCSystems

Dublin, Ohio, United States

LCSystems, Inc. is a manufacturer and supplier of an exhaust air equipment for professional kitchens. LCSystems is based in Dublin, Ohio.

Buy -

Seller Profiles 3

SELLER

Source Capital

Atlanta, Georgia, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2002
Size Small
Type Sector Agnostic
DESCRIPTION

Source Capital is a private equity firm that invests in mature, smaller companies in a variety of sectors. The Firm generally looks to support management-backed leveraged acquisitions, recapitalizations, growth financings, and various turnaround situations. Source Capital's broad industry focus includes business services, consumer, distribution/supply, healthcare, and light manufacturing. The Firm prefers control investments, but will selectively review minority situations. Target companies are typically profitable with at least $2 million in EBITDA. Source Capital will not invest in venture deals, high tech, or real estate. Source Capital was formed in 2002 and is based in Atlanta, Georgia.


Deal Context for Seller #
Overall 16 of 19
Sector: Business Services 1 of 1
Type: Add-on Acquisition 6 of 8
State: Indiana 2 of 2
Country: United States 16 of 19
Year: 2021 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-03 Sparus

Peachtree Corners, Georgia, United States

Sparus is a provider of outsourced utility field services and project management outsourcing services through its wholly-owned subsidiaries, Southern Cross Corporation and The Spear Group. Sparus was founded in 1946 and is based in Peachtree Corners, Georgia.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-23 Nexus Cognitive Solutions

Addison, Texas, United States

Nexus Cognitive Solutions is an AI, data analytics, and software-development services firm focused on digital-maturity. Nexus Cognitive Solutions is based in Addison, Texas.

Buy -
SELLER
DESCRIPTION

Merion Investment Partners is a mezzanine finance firm that provides subordinated debt to middle-market growth Companies generating at least $10 million in sales and at least $2 million in EBITDA. Merion focuses on opportunities in business services, specialty manufacturing, and healthcare services and products. Merion's invests in the range of $4 and $20 million per transaction. Merion Investment Partners was formed in 2003 and is based in King of Prussia, Pennsylvania.


Deal Context for Seller #
Overall 22 of 26
Sector: Business Services 4 of 4
Type: Add-on Acquisition 7 of 9
State: Indiana 2 of 2
Country: United States 22 of 26
Year: 2021 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-09 CRU

Vancouver, Washington, United States

CRU is a provider of data security, data transport/mobility, encryption, and digital investigation devices. The company’s flagship DataPort and Data Express removable drives are the de facto standard for physical data security in government, education, audio/video production, digital cinema, and business markets. The WiebeTech products are used by digital forensics investigators around the world, while the CRU RTX, RAX, and ToughTech external hard drive enclosures are used by small and medium businesses for data backup. CRU products are available through major distributors, PC manufacturers, specialty system builders, and resellers globally, as well as from CRU. CRU was founded in 1986 and is based in Vancouver, Washington.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-20 SRE Environmental

Phoenix, Arizona, United States

SRE Environmental is a provider of turnkey transportation services for the management of all types of liquid waste, solid waste, and specialty freight. SRE Environmental was founded in 2005 and is based in Phoenix, Arizona.

Buy -
SELLER

Monroe Capital

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Lender
Founded 2004
PE ASSETS 14.1B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Monroe Capital is a provider of senior and junior debt and equity co-investments to middle-market companies in the US and Canada. Investment types include unitranche financings, cash flow and enterprise value based loans, asset based loans, acquisition facilities, mezzanine debt, second lien or last-out loans and equity co-investments. Monroe Capital is a generalist investor and will consider companies in the healthcare, technology, media, retail, consumer sectors. Monroe Capital was formed in 2004 and is based in Chicago, Illinois.


Deal Context for Seller #
Overall 42 of 55
Sector: Business Services 3 of 3
Type: Add-on Acquisition 20 of 29
State: Indiana 1 of 1
Country: United States 42 of 54
Year: 2021 5 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-16 Forbes Media

Jersey City, New Jersey, United States

Forbes Media is an authoritative source of news and information on business, investing, technology, entrepreneurship, leadership and affluent lifestyles. Forbes Media was founded in 2006 and is based in Jersey City, New Jersey.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-25 Liberty Safe

Payson, Utah, United States

Liberty Safe is a provider of full-size residential safes in the U.S. The company offers the broadest line of home, gun, office, and commercial safes available from any one company. The company's products are offered under three popular brands–Liberty, National Security, and Centurion. Liberty Safe was established in 1988 and is based in Payson, Utah.

Buy -