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  6. Primus Capital and PNC Erieview Capital Acquire EnableComp

M&A Deal Summary

Primus Capital and PNC Erieview Capital Acquire EnableComp

On August 4, 2017, private equity firm Primus Capital and mezzanine finance firm PNC Erieview Capital acquired business services company EnableComp from SSM Partners

Acquisition Highlights
  • This is Primus Capital’s 5th and PNC Erieview Capital’s 2nd transaction in the Business Services sector.
  • This is Primus Capital’s 40th and PNC Erieview Capital’s 8th transaction in the United States.
  • This is Primus Capital’s 4th and PNC Erieview Capital’s 1st transaction in Tennessee.
Investment Fate
  • EnableComp merged with another company in 2021.

M&A Deal Summary
Date 2017-08-04
Target EnableComp
Sector Business Services
Buyer(s) Primus Capital
PNC Erieview Capital
Sellers(s) SSM Partners
Deal Type Recapitalization
Advisor(s) Brentwood Capital Advisors (Financial)

Target

EnableComp

Franklin, Tennessee, United States
EnableComp is a provider of workers' compensation, Veteran Affairs, and other complex claims processing solutions, facilitated by its proprietary software, Enforcer360. EnableComp was founded in 2000 and is based in Franklin, Tennessee.

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Buyer(S) 2

Buyer

Primus Capital

Cleveland, Ohio, United States

Investor Investor Investor Investor

Category Private Equity Firm
Founded 1983
PE ASSETS 900M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Primus Capital is a private equity firm focused on investing in established companies in the business services, healthcare and education industry sectors. Primus looks for established, high-growth companies with strong management and predictable/recurring revenues. The Firm will consider both control and minority positions and has a target investment size of $15 to $70 million. Prospective transaction types include growth equity financings, recapitalizations, and management-led buyouts. Primus Capital was formed in 1983 and is based in Cleveland, Ohio.

DEAL STATS #
Overall 41 of 60
Sector (Business Services) 5 of 5
Type (Recapitalization) 7 of 8
State (Tennessee) 4 of 7
Country (United States) 40 of 59
Year (2017) 3 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-07-27 G2 Web Services

Bellevue, Washington, United States

G2 Web Services is a provider of merchant compliance monitoring and e-commerce risk management. G2 works globally with acquiring banks, independent sales organizations (ISOs), payment service providers (PSPs) and other acquiring value chain members to identify, mitigate and monitor risk posed by their merchants’ online presences. G2 Web Services was founded in 2004 and is based in Bellevue, Washington.

Sell $112M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-10-04 Healthcare Bluebook

Nashville, Tennessee, United States

Healthcare Bluebook is an independent provider of healthcare price and quality transparency solutions. The company helps people save money on healthcare by showing them pricing and quality differences for common procedures at facilities in their area charges that can vary by 2X to 10X. Healthcare Bluebook was founded in 2007 and is based in Nashville, Tennessee.

Buy -
Buyer

PNC Erieview Capital

Category Mezzanine Finance Firm
Founded 1979
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

PNC Erieview Capital is a provider equity and junior capital to middle-market companies throughout the US and Canada. The Firm looks to support private equity sponsor-led buyouts and recapitalizations, non-sponsored buyouts, family office buyouts, and growth equity needs. PNC Erieview typically works with profitable companies (EBITDA greater than $5 million) valued from $20 to $250 million. Areas of interest include distribution, consumer products, healthcare, manufacturing, and services. The Firm was originally known as National City Equity Partners and was established in 1979. PNC Erieview Capital is based in Cleveland, Ohio.

DEAL STATS #
Overall 8 of 41
Sector (Business Services) 2 of 5
Type (Recapitalization) 2 of 9
State (Tennessee) 1 of 3
Country (United States) 8 of 40
Year (2017) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-01-19 QC Supply

Schuyler, Nebraska, United States

QC Supply is a specialty distributor and solutions provider to swine and poultry markets, as well as to other production and companion animal businesses and professionals. The company offers a broad selection of brand name and proprietary products and “one stop shopping” across three business segments: consumables (items such as rubber gloves and specialty lightbulbs), equipment (systems, such as feeding and climate control, and corresponding replacement parts) and turnkey solutions (design and management of new and retrofit barn construction and the purchase and installation of related equipment). QC Supply was founded in 1982 and is based in Schuyler, Nebraska.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-12-12 OptConnect

Kaysville, Utah, United States

OptConnect is a one-stop-shop provider of wireless connectivity solutions for unattended equipment. Primary Internet of Things (IoT) markets for OptConnect include wireless ATMs, self-service kiosks, micro-markets and digital signage. OptConnect's solution focuses on providing safe, secure, reliable and cost effective IoT connectivity by using a combination of proprietary device configurations, network monitoring and tight integration with wireless internet carriers. OptConnect was founded in 2010 and is based in Kaysville, Utah.

Buy -

Seller(S) 1

SELLER

SSM Partners

Memphis, Tennessee, United States

Investor Investor Investor Investor Investor

Category Growth Capital Firm
Founded 2004
Size Small
Type Sector Agnostic
DESCRIPTION

SSM Partners is a private equity firm that targets investments in smaller, rapidly growing, private companies based in the Southeast US. Areas of interest include business/outsourcing services, healthcare and consumer services. SSM focuses on transactions requiring $5 to $20 million of equity. Prospective transactions include growth financings, acquisitions, management led buyouts, and recapitalizations. SSM will also consider early-stage opportunities. SSM Partners is based in Memphis, Tennessee.

DEAL STATS #
Overall 21 of 28
Sector (Business Services) 2 of 2
Type (Recapitalization) 1 of 1
State (Tennessee) 6 of 7
Country (United States) 21 of 28
Year (2017) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-11-16 OpinionLab

Chicago, Illinois, United States

OpinionLab is a SaaS provider of continuous voice of the customer listening solutions that drive smarter, real-time business action. OpinionLab, Inc. was established in 1999 and is headquartered in Chicago, Illinois.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-08-11 RemitDATA

Memphis, Tennessee, United States

RemitDATA is a healthcare technology company that delivers a comprehensive comparative data and analytics platform. Founded in 2000, with offices in Memphis, TN, Plano, TX and Lexington, KY, RemitDATA strives to bring collaboration and 360-degree data transparency to all entities within the healthcare industry by delivering a range of system agnostic, comparative analytic solutions. Through the use of Application Programming Interfaces (API), benchmarking and peer comparison tools, payers, providers, billing companies and other healthcare companies will gain actionable insights to better understand their business and improve operations so they can focus on what really matters, to them.

Sell -
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