M&A Deal Summary

RLJ Equity Partners, First Capital and Brookside Capital Partners Acquire Flow Service Partners

On June 30, 2021, private equity firm RLJ Equity Partners, private equity firm First Capital and mezzanine finance firm Brookside Capital Partners acquired consumer services company Flow Service Partners

Acquisition Highlights
  • This is RLJ Equity Partners’ 1st, First Capital’s 1st and Brookside Capital Partners’ 2nd transaction in the Consumer Services sector.
  • This is RLJ Equity Partners’ 14th, First Capital’s 3rd and Brookside Capital Partners’ 47th transaction in the United States.
  • This is RLJ Equity Partners’ 1st, First Capital’s 1st and Brookside Capital Partners’ 1st transaction in Tennessee.
Investment Fate
  • Flow Service Partners was sold to a consortium of financial buyers in 2024.

M&A Deal Summary
Date 2021-06-30
Target Flow Service Partners
Sector Consumer Services
Buyer(s) RLJ Equity Partners
First Capital
Brookside Capital Partners
Deal Type Consolidation

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) 3

Buyer

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 $15 to $40 million per transaction in companies valued between $50 and $250 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 17 of 18
Sector (Consumer Services) 1 of 1
Type (Consolidation) 1 of 1
State (Tennessee) 1 of 1
Country (United States) 14 of 15
Year (2021) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-05-24 GrowersHouse

Phoenix, Arizona, United States

GrowersHouse offers the largest selection of hydroponic equipment for home growers, professionals, and large-scale commercial operations. GrowersHouse was founded in 2011 and is based in Phoenix, Arizona.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-29 J&J Africa

Beira, Mozambique

J&J Africa is a transporter and logistics provider specializing in reliable and efficient international transportation along the Beira Corridor. J&J also offers state of the art warehouse facilities for the handling of bulk and container cargo. J&J Africa was established in 1995 and is based in Beira, Mozambique.

Sell -
Buyer

First Capital

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2018
Size Small
Type Sector Agnostic
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 $1 to $20 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 3 of 9
Sector (Consumer Services) 1 of 2
Type (Consolidation) 3 of 7
State (Tennessee) 1 of 1
Country (United States) 3 of 9
Year (2021) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-01 Ramp Services

Greenville, South Carolina, United States

Ramp Services is a residential services platform focused on micro regional opportunities that could be ramped up to larger companies.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-08 National Cyber Group

Sterling, Virginia, United States

National Cyber Group is a a cybersecurity workforce accelerator equipped to attract, train, and transmit career-seekers into entry-and-mid-level jobs as the nation's 'Elite Cybersecurity Corps.' National Cyber Group combines the forces of America's most-known name in foundational IT certification training, Total Seminars, and the disruptive, hands-on cyber training program, CyberNow Labs.

Buy -
Buyer

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 47 of 65
Sector (Consumer Services) 2 of 2
Type (Consolidation) 3 of 4
State (Tennessee) 1 of 1
Country (United States) 47 of 65
Year (2021) 5 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-17 AAA Distributor

Philadelphia, Pennsylvania, United States

AAA Distributor is a distributor, wholesaler, and retailer of kitchen, bathroom, and flooring home improvement and remodeling products. AAA Distributor was founded in 2003 and is based in Philadelphia, Pennsylvania.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-20 Formulife

Allen, Texas, United States

Formulife is a value-added developer and specialty contract manufacturer of custom-formulated nutritional supplements in powder, capsule, and tablet form for sports nutrition, fitness, and health and wellness brands. Formulife was founded in 2008 and is based in Allen, Texas.

Buy -
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