M&A Deal Summary

Plexus Capital, Argosy Private Equity and Triangle Capital Acquire AP Services

On September 15, 2010, private equity firms Plexus Capital, Argosy Private Equity and Triangle Capital acquired distribution company AP Services for 22M USD

Acquisition Highlights
  • This is Plexus Capital’s 3rd, Argosy Private Equity’s 1st and Triangle Capital’s 1st transaction in the Distribution sector.
  • This is Plexus Capital’s , Argosy Private Equity’s 2nd and Triangle Capital’s 3rd largest (disclosed) transaction.
  • This is Plexus Capital’s 30th, Argosy Private Equity’s 32nd and Triangle Capital’s 44th transaction in the United States.
  • This is Plexus Capital’s 3rd, Argosy Private Equity’s 7th and Triangle Capital’s 2nd transaction in Pennsylvania.
Investment Fate
  • AP Services was sold to a publicly-traded strategic buyer in 2012 for 30M USD.

M&A Deal Summary

Date 2010-09-15
Target AP Services
Sector Distribution
Buyer(s) Plexus Capital
Argosy Private Equity
Triangle Capital
Deal Type Buyout (LBO, MBO, MBI)
Deal Value 22M USD

Target

AP Services

Freeport, Pennsylvania, United States
AP Services, Inc. is a supplier of fluid sealing technologies and services to the nuclear and fossil power generation markets, with proven performance in delivering solutions that improve plant reliability and safety, and also reduce operation and maintenance (O&M) costs.

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Buyer(S) 3

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 30 of 97
Sector (Distribution) 3 of 3
Type (Buyout (LBO, MBO, MBI)) 19 of 48
State (Pennsylvania) 3 of 4
Country (United States) 30 of 97
Year (2010) 5 of 8
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-08-18 Infinity Homecare

Sarasota, Florida, United States

Infinity Homecare, Inc. is a home health care and hospice services company delivering personalized home health and hospice care to more than 360,000 patients each year.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-11-01 Global Value Commerce

Raleigh, North Carolina, United States

Global Value Commerce is a technology e-commerce solutions provider, secondary market (“re-commerce”) expert and owner/operator of North America’s leading golf e-platform for pre-owned golf equipment and new golf gear. Global Value Commerce was established in 2001 and is based in Raleigh, North Carolina.

Buy -
Buyer

Argosy Private Equity

Wayne, Pennsylvania, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1990
PE ASSETS 575M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Argosy Private Equity is the private equity arm of Argosy Capital, an asset management firm. Argosy Private Equity provides both debt and equity capital to lower middle-market companies located throughout the US. Argosy focuses on growth companies with experienced management teams and revenues between $15 and $100 million and EBITDA of $3 to $9 million. Argosy looks to invest $5 - $20 million per transaction. Specific areas of interest include manufacturing, business services, franchising and Value added distributions. The Firm will consider a variety of transaction types, including MBO’s, recapitalizations, growth equity and acquisitions. Argosy was formed in 1990 and is based in Wayne, Pennsylvania.


DEAL STATS #
Overall 32 of 86
Sector (Distribution) 1 of 2
Type (Buyout (LBO, MBO, MBI)) 24 of 52
State (Pennsylvania) 7 of 16
Country (United States) 32 of 86
Year (2010) 3 of 3
Size (of disclosed) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-05-18 Southerland

Nashville, Tennessee, United States

Southerland is a mattress manufacturer servicing the Southeast, Southwest and Midwest regions of the United States. Southerland was founded in 1893 and is based in Nashville, Tennessee.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-11-23 Cattron

Warren, Ohio, United States

Cattron is a manufacturer of wireless control solutions for safety and mission-critical applications. Cattron has designed, manufactured, and supplied controls that are well recognized and respected in both the rail and industrial markets. Cattron's product portfolio includes complementary machine and operator controls. Cattron was founded in 1946 and is based in Warren, Ohio.

Sell -
Buyer

Triangle Capital

Raleigh, North Carolina, United States

Category Private Equity Firm
Founded 2007
Size Middle-Market
Type Sector Agnostic
DESCRIPTION


DEAL STATS #
Overall 44 of 114
Sector (Distribution) 1 of 7
Type (Buyout (LBO, MBO, MBI)) 23 of 40
State (Pennsylvania) 2 of 4
Country (United States) 44 of 112
Year (2010) 7 of 10
Size (of disclosed) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-08-10 Carolina Beverage Group

Mooresville, North Carolina, United States

Carolina Beverage Group LLC (CBG) is a manufacturer of a dozen, high-quality, draft beers sold and distributed in five mid-Atlantic states under the Carolina Blonde and Cottonwood Ales brands. Carolina Beverage Group LLC was founded in 1997 and is based in Mooresville, North Carolina.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-10-29 Infrastructure of America

Brentwood, Tennessee, United States

Infrastructure Corporation of America is a provider of solutions for managing and maintaining transportation infrastructure during an era of reduced manpower and ever-shrinking public sector budgets. Their performance-based approach to asset management has proven to help state governments save money on maintenance costs. In 2015, ICA was acquired by HDR, Inc., a global engineering, architecture, environmental and consulting firm. As HDR|ICA Asset Management, the company offered government and transportation agencies a strategic approach to decision making focused on maximizing life-cycle system performance and value.

Buy -