M&A Deal Summary

Roark Capital Group Acquires Massage Envy

On September 30, 2012, private equity firm Roark Capital Group acquired franchising company Massage Envy from Sentinel Capital Partners

Acquisition Highlights
  • This is Roark Capital Group’s 5th transaction in the Franchising sector.
  • This is Roark Capital Group’s 18th transaction in the United States.
  • This is Roark Capital Group’s 1st transaction in Arizona.

M&A Deal Summary
Date 2012-09-30
Target Massage Envy
Sector Franchising
Buyer(s) Roark Capital Group
Sellers(s) Sentinel Capital Partners
Deal Type Secondary Buyout
Advisor(s) William Blair
North Point Advisors LLC (Financial)
Kirkland & Ellis (Legal)

Target

Massage Envy

Scottsdale, Arizona, United States
Massage Envy is a franchisor of therapeutic massage services. Massage Envy offers professional and affordable therapeutic massage services to consumers with busy lifestyles, offering convenience, high quality, and excellent value. Massage Envy was founded in 2002 and is based in Scottsdale, Arizona.

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Buyer(S) 1

Buyer

Roark Capital Group

Atlanta, Georgia, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2001
PE ASSETS 33.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Roark Capital Group is a private equity firm that focuses on middle-market investment opportunities. The Firm targets family-owned business transfers, management/corporate buyouts, recapitalizations, going-private transactions, and corporate divestitures. Roark Capital Group pursues companies with revenues between $20 million and $5 billion, and EBITDA of $10 to $500 million. Roark Capital primarily invests in consumer and business services companies, with a particular interest in the franchise, food and restaurant, specialty retail, direct marketing and financial services sectors. Roark Capital Group was formed in 2001 and is headquartered in Atlanta, Georgia.

DEAL STATS #
Overall 20 of 44
Sector (Franchising) 5 of 12
Type (Secondary Buyout) 11 of 20
State (Arizona) 1 of 1
Country (United States) 18 of 42
Year (2012) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-08-24 Installation Made Easy

Kennesaw, Georgia, United States

Installation Made Easy provides enterprise software for the home improvement industry. This comprehensive software platform enables retailers to offer a wide range of home improvement products and services to their customers on a nationwide basis, with minimal investment or operational responsibility. Installation Made Easy is based in Kennesaw, Georgia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-07-22 Miller s Ale House

Orlando, Florida, United States

Miller's Ale House is a full service restaurant provider of top‐quality food at a great value in a casual neighborhood tavern atmosphere. Miller's Ale House was founded in 1988 and is based in Orlando, Florida.

Buy -

Seller(S) 1

SELLER

Sentinel Capital Partners

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1995
PE ASSETS 11.2B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Sentinel Capital Partners is a private equity firm that targets investments in middle-market companies with strong management and 'attractive growth prospects'. Sentinel looks to invest up to $400 million of equity in companies generating EBITDA of up to $65 million. Sectors of interest include business services/outsourcing, consumer products and services, food and restaurants, franchising, and manufacturing. Prospective transaction situations include management buyouts, recapitalizations, corporate divestitures, take-privates, and growth capital financings. Sentinel Capital Partners was formed in 1995 and is based in New York, New York.

DEAL STATS #
Overall 26 of 69
Sector (Franchising) 2 of 2
Type (Secondary Buyout) 10 of 30
State (Arizona) 2 of 2
Country (United States) 23 of 62
Year (2012) 3 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-07-19 Boyd

Modesto, California, United States

Boyd Corp is a designer, manufacturer, marketer, and distributor of extruded, die-cut, and molded flexible rubber and plastic components and sealing systems for industrial applications. The business has a history of design and manufacturing innovation related to sealing systems and applications.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-10-31 Caring Brands International

Sunrise, Florida, United States

Caring Brands International is a provider of home healthcare services under three global brands: Interim Healthcare (United States), Bluebird Care (United Kingdom & Republic of Ireland) and Just Better Care (Australia). The franchisees offer patients a full continuum of care including skilled home nursing, assistance with daily living activities and end-of-life hospice care. Caring Brands International was founded in 1966 and is based in Sunrise, Florida.

Sell -
Mergr

Product

Company

Legal