M&A Deal Summary

Patriot Capital and Halifax Group Acquire XL Associates

On April 16, 2012, private equity firms Patriot Capital and Halifax Group acquired business services company XL Associates

Acquisition Highlights
  • This is Patriot Capital’s 6th and Halifax Group’s 1st transaction in the Business Services sector.
  • This is Patriot Capital’s 42nd and Halifax Group’s 16th transaction in the United States.
  • This is Patriot Capital’s 5th and Halifax Group’s 2nd transaction in Virginia.

M&A Deal Summary

Date 2012-04-16
Target XL Associates
Sector Business Services
Buyer(s) Patriot Capital
Halifax Group
Deal Type Consolidation
Advisor(s) BB&T Capital Markets (Financial)

Target

XL Associates

Vienna, Virginia, United States
XL Associates provides project start-up, acquisition and support, and seasoned professional staff services to agencies, government clients, and commercial customers. XLA was formed in 1989 and is based in Vienna, Virginia.

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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 42 of 108
Sector (Business Services) 6 of 11
Type (Consolidation) 3 of 6
State (Virginia) 5 of 5
Country (United States) 42 of 108
Year (2012) 4 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-04-13 GroupAero

New York, New York, United States

Aerospace Holdings, Inc. is a provider of advanced engineering, design and manufacturing services to space, commercial aerospace and defense markets. Aerospace Holdings is based in New York City.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-09-01 Premium Inspection & Testing

Baton Rouge, Louisiana, United States

Premium Inspection & Testing is a premier provider of non-destructive testing and inspection services to midstream oil and gas companies as well as customers in the nuclear, civil infrastructure, and defense industries. Premium Inspection & Testing is based in Baton Rouge, Louisiana.

Buy -
Buyer

Halifax Group

Washington, District of Columbia, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1999
PE ASSETS 1.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

The Halifax Group is a private equity firm focused on investing in established, profitable, and growing companies. The Firm prefers completing transactions in partnership with management and typically looks to invest $40 to $80 million per acquisition. Prospective companies generally have revenues of at least $20 million and EBITDA greater than $8 million. Sectors of interest include business services, healthcare services, infrastructure services, and 'wellness' products and services. Halifax prefers opportunities located in North America. The Halifax Group was formed in 1999 and is based in Washington, DC, with additional offices in Dallas, Texas and Raleigh, North Carolina.


DEAL STATS #
Overall 18 of 45
Sector (Business Services) 1 of 5
Type (Consolidation) 1 of 1
State (Virginia) 2 of 4
Country (United States) 16 of 40
Year (2012) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-12-05 K2 Industrial Services

Houston, Texas, United States

K2 Industrial Services is a provider of industrial coatings, insulation, fireproofing, industrial cleaning, scaffolding, roofing, refractory, and metal building erection services. K2 Industrial Services, Inc. was founded in 1995 and is based in Houston, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-04-24 Service Champ

Chalfont, Pennsylvania, United States

Service Champ is an distributor of automotive aftermarket maintenance parts and accessories to oil change shops, distributing over 4,500 consumable products, including oil filters, air filters, wiper blades, and chemicals, to locations in the United States and Canada.

Sell -