M&A Deal Summary

Quad-C Management Acquires Flow Service Partners

On November 21, 2024, private equity firm Quad-C Management acquired business services company Flow Service Partners from RLJ Equity Partners, First Capital and Brookside Capital Partners

Acquisition Highlights
  • This is Quad-C Management’s 9th transaction in the Business Services sector.
  • This is Quad-C Management’s 59th transaction in the United States.
  • This is Quad-C Management’s 3rd transaction in Tennessee.

M&A Deal Summary

Date 2024-11-21
Target Flow Service Partners
Sector Business Services
Buyer(s) Quad-C Management
Sellers(s) RLJ Equity Partners
First Capital
Brookside Capital Partners
Deal Type Secondary Buyout
Advisor(s) Houlihan Lokey (Financial)

Target

Flow Service Partners

Mount Juliet, Tennessee, United States
Flow Service Partners is a provider of essential services including heating, ventilation, air conditioning, and refrigeration ("HVACR") and plumbing services in Florida and Indiana. Flow Service Partners was founded in 2021 and is based in Mount Juliet, Tennessee.

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Buyer(S) 1

Buyer

Quad-C Management

Charlottesville, Virginia, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1989
PE ASSETS 4.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Quad-C Management is a generalist private equity firm that makes control investments in middle-market companies operating in a wide range of industries. Target sector's include building products, business-to-business services, consumer products, distribution/logistics, equipment rental, financial services, healthcare, light manufacturing, packaging, restaurants, security, and specialty chemicals. Quad-C's target investment size is $50 to $150 million in businesses valued between $100 and $500 million and with EBITDA greater than $10 million. Prospective transaction types include recapitalizations/family successions, management buyouts, and industry consolidations. Quad-C Management was founded in 1989 and is headquartered in Charlottesville, Virginia.


DEAL STATS #
Overall 63 of 64
Sector: Business Services M&A 9 of 10
Type: Secondary Buyout M&A Deals 17 of 17
State: Tennessee M&A 3 of 3
Country: United States M&A 59 of 60
Year: 2024 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-12-18 Galleher

Santa Fe Springs, California, United States

Galleher is a floor covering distributor, serving builders, contractors and retailers. Galleher distributes a broad offering of hardwood, resilient, vinyl and laminate flooring as well as carpet and installation accessories to more than 5,000 customers while also providing unique custom hardwood manufacturing capabilities. Galleher was founded in 1937 and is based in Santa Fe Springs, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-04-08 Prism Vision Group

New Providence, New Jersey, United States

Prism Vision Group is a retina and general ophthalmology practice management company. PRISM Vision Group is a physician-led organization that aims to support ophthalmology practices in providing patients with world-class, comprehensive care. Prism Vision Group was founded in 1979 and is based in New Providence, New Jersey.

Sell -

Seller(S) 3

SELLER

RLJ Equity Partners

Bethesda, Maryland, United States

Category Private Equity Firm
Founded 2006
PE ASSETS 850M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

RLJ Equity Partners LLC is a private equity firm focused on long term investments in North American middle-market companies. The Firm looks to invest $10 to $30 million per transaction in companies valued between $25 and $100 million. RLJ targets companies operating in the fields of aerospace/defense, auto/transportation, business services, consumer retail, media, and telecom. Types of transactions include corporate divestitures, buyouts, recapitalizations, growth equity, and add-on acquisitions. RLJ Equity Partners LLC was formed in 2006 and is based in Bethesda, Maryland.


DEAL STATS #
Overall 11 of 11
Sector: Business Services M&A 2 of 2
Type: Secondary Buyout M&A Deals 4 of 4
State: Tennessee M&A 1 of 1
Country: United States M&A 9 of 9
Year: 2024 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-03-01 Immediaship

Farmington, Connecticut, United States

Immediaship is a asset-light third-party logistics freight brokerage business that serves the B2B industrial market. Immediaship was founded in 2016 and is based in Farmington, Connecticut.

Buy -
DESCRIPTION

LP First Capital is a private investment group focused on buy and build situations. The Firm will consider minority or majority positions in profitable platform companies with $3 to $10 million of EBITDA. Target sectors include business services, consumer services, healthcare services, education, and niche manufacturing. LP First Capital was formed in 2018 and is headquartered in Austin, Texas.


DEAL STATS #
Overall 1 of 1
Sector: Business Services M&A 1 of 1
Type: Secondary Buyout M&A Deals 1 of 1
State: Tennessee M&A 1 of 1
Country: United States M&A 1 of 1
Year: 2024 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-09-17 REI Utility Services

Athens, Texas, United States

REI Utility Services is a specialized engineering and technical field service provider offering joint-use management services for electric cooperatives in Texas. REI Utility Services was founded in 2016 and is based in Athens, Texas.

Buy -
SELLER

Brookside Capital Partners

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 2001
PE ASSETS 1.2B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Brookside Capital Partners is an investment management firm focused on stable lower-middle market companies in the US. The Firm typically commits $5 to $30 million per transaction to support buyouts, leveraged recapitalizations, strategic acquisitions and growth. Potential businesses generally have revenue greater than $15 million, and EBITDA of at least $4 million. Industries of interest include business services, consumer, distribution, healthcare, manufacturing, and transportation and logistics. Brookside Capital Partners was established in 2001 and is based in Stamford, Connecticut.


DEAL STATS #
Overall 25 of 26
Sector: Business Services M&A 3 of 3
Type: Secondary Buyout M&A Deals 14 of 14
State: Tennessee M&A 1 of 1
Country: United States M&A 25 of 26
Year: 2024 M&A 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-11-04 Principal Sloan

San Angelo, Texas, United States

Principal Sloan is an electronics component provider to the electrical sign industry in North America. The company manufactures and sells UL-recognized LED sign modules and cabinet products for new and retrofit sign applications, as well as neon and LED power supplies and other sign accessories. Principal Sloan was founded in 2010 and is based in San Angelo, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-04-03 Dart Appraisal

Troy, Michigan, United States

is a nationwide provider of appraisal management services, primarily for mortgage lenders, credit unions, and community banks in the residential and commercial sectors. Dart Appraisal was founded in 1993 and is based in Troy, Michigan.

Buy -