M&A Deal Summary

Candescent Partners, First New England Capital, Bay Capital Investment Partners, Bush O Donnell Capital Partners, Pine Street Capital Partners and Plexus Capital Acquire Claris Vision

On January 30, 2012, private equity firm Candescent Partners, private equity firm First New England Capital, mezzanine finance firm Bay Capital Investment Partners, Bush O Donnell Capital Partners, mezzanine finance firm Pine Street Capital Partners and private equity firm Plexus Capital acquired healthcare services company Claris Vision from Eagle Private Capital

Acquisition Highlights
  • This is Candescent Partners’ 1st, First New England Capital’s 1st, Bay Capital Investment Partners’ 1st, Bush O Donnell Capital Partners’ 5th, Pine Street Capital Partners’ 1st and Plexus Capital’s 4th transaction in the Healthcare Services sector.
  • This is Candescent Partners’ 3rd, First New England Capital’s 5th, Bay Capital Investment Partners’ 1st, Bush O Donnell Capital Partners’ 30th, Pine Street Capital Partners’ 13th and Plexus Capital’s 40th transaction in the United States.
  • This is Candescent Partners’ 1st, First New England Capital’s 1st, Bay Capital Investment Partners’ 1st, Bush O Donnell Capital Partners’ 1st, Pine Street Capital Partners’ 1st and Plexus Capital’s 2nd transaction in Rhode Island.
Investment Fate
  • Claris Vision was sold to a strategic buyer in 2017.

M&A Deal Summary
Date 2012-01-30
Target Claris Vision
Sector Healthcare Services
Buyer(s) Candescent Partners
First New England Capital
Bay Capital Investment Partners
Bush O Donnell Capital Partners
Pine Street Capital Partners
Plexus Capital
Sellers(s) Eagle Private Capital
Deal Type Secondary Buyout
Advisor(s) DWQ Associates Ltd. (Financial)

Target

Claris Vision

Warwick, Rhode Island, United States
Koch Eye Associates, Inc. is a provider of eye care and surgical practices, with twenty doctors treating patients at eight office locations, three laser vision centers, and a surgery center. Koch Eye Associates was founded in 1981 and is based in Warwick, Rhode Island.

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Buyer(S) 6

Buyer

Candescent Partners

Boston, Massachusetts, United States

Investor Investor Investor

Category Private Equity Firm
Founded 2009
Size Small
Type Sector Agnostic
DESCRIPTION

Candescent Partners is an investor in buyouts and recapitalizations of lower middle-market companies. The Firm looks to invest $10 to $30 million in the form of preferred equity, mezzanine, or both to support growth, buyouts, shareholder liquidity needs, acquisitions, or to reduce debt. Target sectors include healthcare technology and services, consumer products/services, business services, and software. Candescent Partners is based in Boston, Massachusetts.

DEAL STATS #
Overall 3 of 8
Sector (Healthcare Services) 1 of 3
Type (Secondary Buyout) 1 of 1
State (Rhode Island) 1 of 1
Country (United States) 3 of 8
Year (2012) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-10-12 SoftBase Systems

Asheville, North Carolina, United States

SoftBase is a leading provider of application testing and tuning solutions for IBM's DB2® database utilizing the OS/390® and z/OS® operating systems.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-08-07 SoftBase Systems

Asheville, North Carolina, United States

SoftBase is a leading provider of application testing and tuning solutions for IBM's DB2® database utilizing the OS/390® and z/OS® operating systems.

Sell -
Buyer

First New England Capital

West Hartford, Connecticut, United States
Category Private Equity Firm
Founded 1988
PE ASSETS 50M USD
Size Small
Type Sector Agnostic
DESCRIPTION

First New England Capital is a private investment firm that provides equity and mezzanine capital to later-stage, small and middle-market companies operating in the Northeast US. First New England typically invests $2 to $5 million in companies generating $10 to $150 million in annual revenue. First New England can act as the lead investor or participate alongside others. The Firm will consider opportunities across many different sectors. First New England Capital was formed in 1988 and is based in Hartford, Connecticut.

DEAL STATS #
Overall 5 of 6
Sector (Healthcare Services) 1 of 1
Type (Secondary Buyout) 1 of 1
State (Rhode Island) 1 of 1
Country (United States) 5 of 6
Year (2012) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-05-17 Awareness Technologies

Westport, Connecticut, United States

Awareness Technologies provides endpoint security solutions for both home and business. ATI both develops and acquires market-leading solutions trusted by millions of parents and thousands of businesses. Awareness Technologies was founded in 2002 and is based in Westport, Connecticut.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-02-01 Ranger International Services Group

Greenville, South Carolina, United States

Ranger International Services Group is an outsourced provider of airfield and logistics services to both the U.S. Armed Forces and commercial companies within the aerospace and defense industry.

Sell -
Buyer

Bay Capital Investment Partners

Category Mezzanine Finance Firm
Founded 2007
Size Small
Type Sector Agnostic
DESCRIPTION

Bay Capital Investment Partners is a private investment group that provides senior debt, subordinated debt, mezzanine capital and equity capital to facilitate acquisitions, management buyouts and recapitalizations and to provide growth capital. The Firm is sector agnostic however generally prefers companies in the Eastern US. Bay Capital Investment Partners was established in 2007 and is headquartered in Providence, Rhode Island.

DEAL STATS #
Overall 1 of 7
Sector (Healthcare Services) 1 of 1
Type (Secondary Buyout) 1 of 2
State (Rhode Island) 1 of 1
Country (United States) 1 of 7
Year (2012) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-02-05 V12 Data

Wesley Chapel, Florida, United States

V12 Data is a provider of Data-as-a-Service (DaaS) and Right Time Marketing, delivering market leading data products, real time technologies, and powerful analytics to power the right connections. V12 Data was founded in 1978 and is based in Wesley Chapel, Florida.

Buy -
Buyer

Bush O Donnell Capital Partners

St. Louis, Missouri, United States
Category Private Equity Firm
PE ASSETS 250M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Bush O'Donnell Capital Partners (BOCP) is the private equity investment arm of Bush O'Donnell & Co., a firm that also provides investment advisory services. BOCP makes equity and mezzanine investments of $2 to $10 million in lower middle-market businesses with $5 to $100 million in sales. Funds are generally used to support growth initiatives, management buyouts, leveraged buyouts, and recapitalizations. Prospective companies typically have experienced management, stable cash-flows, and operate in a defensible market niche. The Firm will not invest in start-ups or turnarounds. BOCP is based in St. Louis, Missouri.

DEAL STATS #
Overall 30 of 32
Sector (Healthcare Services) 5 of 5
Type (Secondary Buyout) 4 of 5
State (Rhode Island) 1 of 1
Country (United States) 30 of 32
Year (2012) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-12-22 FURminator

Fenton, Missouri, United States

FURminator is a innovator, marketer and producer of proprietary, branded pet products.

Sell $140M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-03-27 Copper Conferencing

Broomfield, Colorado, United States

Copper Conferencing focuses on the small to medium-sized business providing a complete web and audio conferencing experience including online account management.

Sell -
Buyer

Pine Street Capital Partners

Albany, New York, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 2004
PE ASSETS 425M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Pine Street Capital Partners (PSCP) provides mezzanine capital to small and medium-sized private and public companies. PSCP will consider investments from $3 to $15 million in companies generating at least $10 million of sales. Target sectors include manufacturing, business services, consumer products, healthcare and media. PSCP prefers investments in the Northeast and Mid-Atlantic regions of the US, but will consider opportunities nationwide. Investment funds are typically used to support strategic acquisitions, growth, management and employee buyouts, and leveraged recapitalization. PSCP will not invest in the real estate, biotech and oil & gas industries. Pine Street Capital Partners was formed in 2004 and is based in Albany, New York.

DEAL STATS #
Overall 13 of 41
Sector (Healthcare Services) 1 of 4
Type (Secondary Buyout) 2 of 6
State (Rhode Island) 1 of 1
Country (United States) 13 of 41
Year (2012) 2 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-01-01 Merrill Industries

Ellington, Connecticut, United States

Merrill Industries is a manufacturer and sells high-quality corrugated and solid fiber packaging products, and resells packing filler materials such as foam and plastic inserts. Merrill Industries is based in Ellington, Connecticut.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-04-05 Double E

West Bridgewater, Massachusetts, United States

Double E is a manufacturer of highly-engineered components for web converting applications. The company's product offering includes critical wear components such as chucks, brakes, shafts, slitters, web guides, core cutters, and roll movers. These products secure, straighten, apply tension, cut, and move rolled raw materials through continuous manufacturing processes. Double E was established in 1972 and is headquartered in West Bridgewater, Massachusetts.

Sell -
Buyer

Plexus Capital

Charlotte, North Carolina, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1995
PE ASSETS 2.2B USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Plexus Capital is a private equity firm that invests in buyouts, acquisitions, recapitalizations and growth financings in the form of junior and/or equity capital. Plexus focuses on lower middle-market businesses located in the Mid-Atlantic and Southeast areas of the US. The Firm looks for businesses companies in the business services, consumer services, manufacturing, value-added distribution, and healthcare sectors with up to $2 to $15 million of cash-flow. Plexus Capital was formed in 1995 and is based in Charlotte, North Carolina.

DEAL STATS #
Overall 40 of 97
Sector (Healthcare Services) 4 of 6
Type (Secondary Buyout) 3 of 8
State (Rhode Island) 2 of 3
Country (United States) 40 of 97
Year (2012) 1 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-12-01 Ingram Medical

Sandy, Utah, United States

Ingram Medical LLC is an online pharmacy which directly distributes diabetes testing products to patients.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-02-01 Ranger International Services Group

Greenville, South Carolina, United States

Ranger International Services Group is an outsourced provider of airfield and logistics services to both the U.S. Armed Forces and commercial companies within the aerospace and defense industry.

Sell -

Seller(S) 1

SELLER

Eagle Private Capital

St. Louis, Missouri, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
PE ASSETS 1.0B USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Eagle Private Capital (EPC) makes private equity and mezzanine investments in middle-market companies. The Firm typically invests $4 to $15 million per investment. EPC looks to partner with management or other private equity investors to provide growth or change of control capital. EPC is based in St. Louis, Missouri.

DEAL STATS #
Overall 12 of 49
Sector (Healthcare Services) 2 of 6
Type (Secondary Buyout) 2 of 10
State (Rhode Island) 1 of 1
Country (United States) 12 of 49
Year (2012) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-12-22 FURminator

Fenton, Missouri, United States

FURminator is a innovator, marketer and producer of proprietary, branded pet products.

Sell $140M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-03-13 Nth Degree

Duluth, Georgia, United States

Nth Degree is a provider of exhibit management and event services. The company provides specialized installation and dismantle services for trade shows and also serves as an experiential marketing and management agency. Nth Degree is based in Duluth, Georgia.

Buy -
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