M&A Deal Summary

Prospect Hill Growth Partners and The Blackstone Group Acquire Walker Edison

On September 27, 2018, private equity firms Prospect Hill Growth Partners and The Blackstone Group acquired furniture company Walker Edison from Caltius Structured Capital

Acquisition Highlights
  • This is Prospect Hill Growth Partners’ 1st and The Blackstone Group’s 2nd transaction in the Furniture sector.
  • This is Prospect Hill Growth Partners’ 28th and The Blackstone Group’s 152nd transaction in the United States.
  • This is Prospect Hill Growth Partners’ 2nd and The Blackstone Group’s 2nd transaction in Utah.

M&A Deal Summary

Date 2018-09-27
Target Walker Edison
Sector Furniture
Buyer(s) Prospect Hill Growth Partners
The Blackstone Group
Sellers(s) Caltius Structured Capital
Deal Type Secondary Buyout
Advisor(s) Lincoln International (Financial)
Strong & Hanni (Legal)

Target

Walker Edison

Salt Lake City, Utah, United States
Walker Edison is a provider of innovative, affordable home furnishings to global e-commerce platforms. global e-commerce platforms to provide innovative home furnishings at affordable prices. Walker Edison was founded in 2006 and is based in Salt Lake City, Utah.

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Buyer(S) 2

Buyer

Prospect Hill Growth Partners

Waltham, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1995
PE ASSETS 2.7B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Prospect Hill Growth Partners is a private equity firm specializing in leveraged buyouts and recapitalizations of middle-market growth companies across the US. Prospect Hill looks for profitable businesses ($5 to $25 million of EBITDA) with annual revenues from $50 to $300 million with strong brands and leading market positions. Target sectors include consumer products, healthcare, specialty retail, and asset management. Prospect Hill Growth Partners was formerly known as J.W. Childs and changed its name in 2019. The Firm was originally formed in 1995 and is headquartered in Waltham, Massachusetts.


DEAL STATS #
Overall 28 of 32
Sector (Furniture) 1 of 2
Type (Secondary Buyout) 14 of 15
State (Utah) 2 of 2
Country (United States) 28 of 32
Year (2018) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-09-04 Urology

New Jersey, United States

Urology is a provider of administrative services to New Jersey Urology. UMA enables NJU to continue to focus on providing world-class urology services while remaining a physician-led organization. UMA plans to partner with additional urology groups to provide administrative practice management services initially in the greater New York metropolitan area with long-term plans to expand nationally. Urology was founded in 2018 and is based in New Jersey.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-19 Simcom

Orlando, Florida, United States

Simcom is a privately-owned, comprehensive learning institution, SIMCOM utilizes realistic simulator-based training to provide advanced aviation training services to professional pilots, owner-operators, Part 135 operators and maintenance personnel operating in general aviation, regional, military, government and cargo operations around the world. Simcom was founded in 1989 and is based in Orlando, Florida.

Sell -
Buyer

The Blackstone Group

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1987
PE ASSETS 131.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

The Blackstone Group is a global alternative investment management firm. The Firm's investment activities span real estate, secondary investments, hedge funds, credit, infrastructure, and private equity. Blackstone's private equity group targets opportunities globally including buyout acquisitions of established companies, development projects, growth equity financings, and industry consolidations. Sectors of interest include automotive, healthcare, chemicals, industrial, commercial property, lodging, communications, media/publishing, consumer & retail, packaging, consumer products, pharmaceuticals, energy, technology, entertainment, telecommunications, financial services, theme parks, food & beverage, and transportation. Blackstone's private equity real estate group looks for opportunities across North/South America, Asia, Australia/New Zealand, and Europe. The real estate group will consider both equity and debt investments. Areas of interest include healthcare, hotel, industrial, office, residential, and retail. The Blackstone Group was formed in 1987 and is based in New York City.


DEAL STATS #
Overall 244 of 335
Sector (Furniture) 2 of 2
Type (Secondary Buyout) 45 of 80
State (Utah) 2 of 3
Country (United States) 152 of 210
Year (2018) 10 of 12
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-09-25 Gianni Versace

Milan, Italy

Gianni Versace S.p.A. is an Italian fashion brand that designs, manufactures, distributes and retails fashion and lifestyle products including haute couture, prèt-à-porter, accessories, jewelry, watches, eyewear, fragrances, and home furnishings all bearing the distinctive Medusa logo. The Versace group distributes its products through a worldwide distribution network which includes over 200 boutiques in some of the world’s most glamourous cities. It was formed in 1978 and is based in Milan.

Sell €1.8B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-15 NEC Group

Birmingham, United Kingdom

NEC Group is a live entertainment business operating exhibitions, conferences, music, sports, family entertainment and hospitality. NEC Group was founded in 1976 and is based in Birmingham, United Kingdom.

Buy -

Seller(S) 1

SELLER

Caltius Structured Capital

Los Angeles, California, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 1997
PE ASSETS 1.4B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Caltius Structured Capital is an investment firm focused on providing junior debt and minority equity to lower middle-market companies throughout North America. The Firm looks to invest between $7 to $50 million in companies with revenues of $15 to $250 million. The Firm pursues a variety of transaction types, including management buyouts, growth financings, and acquisition financings. Sectors of interest include business services, consumer products/services, healthcare services, manufacturing, tech-enabled services, and staffing. Caltius Structured Capital was formed in 1997 and is based in Los Angeles, California.


DEAL STATS #
Overall 29 of 32
Sector (Furniture) 2 of 2
Type (Secondary Buyout) 11 of 13
State (Utah) 1 of 1
Country (United States) 29 of 32
Year (2018) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-12 Bulk Handling Systems

Eugene, Oregon, United States

Bulk Handling Systems is a designer, manufacturer and installer of premium conveying and screening systems for the solid waste and recycling materials processing industry. BHS develops and manufactures materials processing equipment for waste processing facilities. The company's systems sort solid waste and recyclable materials streams into resalable products. BHS' emphasis on reducing costs and improving processing efficiency for its customers has propelled it to the forefront of the materials processing industry and positioned the company as a leading global provider of recycling equipment. Bulk Handling Systems was founded in 1976 and is based in Eugene, Oregon.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-06 Adrenaline

Atlanta, Georgia, United States

Adrenaline is an experience-design agency and consulting firm that creates and implements holistic brand strategies for retail environments throughout the US. The company’s comprehensive services coalesce branding, advertising, technology, culture, and physical environments to convert brand affection and loyalty into action and results. It has a market-leading position in the financial services industry, supporting banks and credit unions with brand strategy, branch network design and digital solutions. Adrenaline is headquartered in Atlanta, Georgia, with significant operations in Portsmouth, New Hampshire.

Buy -