M&A Deal Summary

Patriot Capital and Freestone Partners Acquire BodyBilt

On September 30, 2013, private equity firms Patriot Capital and Freestone Partners acquired furniture company BodyBilt from Independent Bankers Capital Fund

Acquisition Highlights
  • This is Patriot Capital’s 1st and Freestone Partners’ 1st transaction in the Furniture sector.
  • This is Patriot Capital’s 48th and Freestone Partners’ 5th transaction in the United States.
  • This is Patriot Capital’s 6th and Freestone Partners’ 5th transaction in Texas.

M&A Deal Summary

Date 2013-09-30
Target BodyBilt
Sector Furniture
Buyer(s) Patriot Capital
Freestone Partners
Sellers(s) Independent Bankers Capital Fund
Deal Type Secondary Buyout
Advisor(s) Quarton Partners LLC (Financial)

Target

BodyBilt

Navasota, Texas, United States
BodyBilt is a manufacturer and marketer of customized ergonomic office chairs. BodyBilt's products are designed to enhance posture, alleviate pain and reduce stress on the musculoskeletal system. BodyBilt is based in Navasota, Texas.

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Buyer(S) 2

Buyer

Patriot Capital

Baltimore, Maryland, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Size Large
Type Sector Agnostic
DESCRIPTION

Patriot Capital is a private investment firm that provides equity and junior capital to support acquisitions, growth capital financings, management buyouts, and recapitalizations of middle-market companies. The Firm looks to invest $5 to $25 million in businesses generating revenues of $10 to $200 million. Areas of interest include business and consumer services, consumer products, niche manufacturing and distribution, education, e-commerce, application software, transportation, and telecom services. Patriot focuses its investment activity with the Mid-Atlantic, Midwest, and Southern areas of the US. Patriot Capital is based in Baltimore, Maryland.


DEAL STATS #
Overall 48 of 108
Sector (Furniture) 1 of 1
Type (Secondary Buyout) 3 of 14
State (Texas) 6 of 14
Country (United States) 48 of 108
Year (2013) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-01-16 ExpertPlan

East Windsor, New Jersey, United States

ExpertPlan provides private-label retirement solutions to the financial services industry. The company's Web-based 401(k) platform enables ExpertPlan's clients in the financial services industry to service small companies in a more cost-effective and user-friendly manner and provide a broader array of product choices.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-11-01 KLMK Group

Richmond, Virginia, United States

KLMK Group is a provider of facility consulting, project advisory and facility activation solutions to the healthcare industry. The company, which is based in Richmond, Virginia, serves healthcare systems throughout the U.S.

Sell -
Buyer

Freestone Partners

Houston, Texas, United States

Investor Investor Investor


Category Private Equity Firm
Founded 2001
Size Small
Type Sector Agnostic
DESCRIPTION

Freestone Partners is a private equity firm that targets growth-oriented companies operating in basic industries. Sectors of interest include manufacturing, distribution, and commercial/industrial services. Freestone prefers platform investments located in the southwestern and southeastern areas of the US. Prospective companies are generally profitable with proven management and generate $10 to $50 million in annual sales. The Firm's target investment size is Freestone $3 to $8 million per transaction. Freestone Partners is based in Houston, Texas.


DEAL STATS #
Overall 5 of 8
Sector (Furniture) 1 of 1
Type (Secondary Buyout) 2 of 2
State (Texas) 5 of 7
Country (United States) 5 of 8
Year (2013) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-11-30 Cyclone Steel Services

Houston, Texas, United States

Cyclone Steel Services is a provider of steel plate processing services primarily to the petrochemical and oil and gas industries. Cyclone specializes in full-service precision cutting and value-added processing of steel plates for a range of critical applications utilizing oxy-fuel, plasma, and high-definition plasma technologies. Cyclone Steel Services was founded in 1979 and is based in Houston, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-05-19 Service Refrigeration

Humble, Texas, United States

Service Refrigeration Company was founded in 1986 by current president W.L. “Butch” Edmonds Jr. The company has grown steadily over the past 26 years and currently has over 180 full- time employees in five service regions across Texas.

Sell -

Seller(S) 1

SELLER

Independent Bankers Capital Fund

Dallas, Texas, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 1998
PE ASSETS 100M USD
Size Small
Type Sector Agnostic
DESCRIPTION

Independent Bankers Capital Fund LP (IBCF) is a private equity partnership that provides equity and junior capital to established lower-middle-market companies primarily in the Southwestern United States. IBC seeks to invest in companies with revenues of $10 to $50 million. Prospective companies are generally profitable with at least $2 million of EBITDA. IBCF targets investments in profitable manufacturing, distribution, or in some cases, service businesses. The Firm looks to invest in the range of $3 to $12 million per transaction. The Group prefers financing change of control, recapitalization and later-stage growth capital needs. IBCF was formed in 1998 and is based in Dallas, Texas.


DEAL STATS #
Overall 4 of 7
Sector (Furniture) 1 of 1
Type (Secondary Buyout) 3 of 4
State (Texas) 3 of 6
Country (United States) 4 of 7
Year (2013) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-12-01 Burrow Global

Houston, Texas, United States

Burrow Global is a full service engineering, procurement, construction, and facility services firm with specialties in process automation, turnaround management, industrial buildings, and plant commissioning and start-up. Burrow Global is based in Houston, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-10-01 Professional Services

DeSoto, Texas, United States

Professional Services is a provider of repairs and installation of Heating, Air Conditioning, Ventilation, and Plumbing Systems. Professional Services is based in DeSoto, Texas.

Buy -