Recapitalization • Leisure

SBJ Capital and KSL Capital Partners Acquire Under Canvas

On November 28, 2017, private equity firms SBJ Capital and KSL Capital Partners acquired leisure company Under Canvas

Acquisition Context
  • This is SBJ Capital’s 1st and KSL Capital Partners’ 26th transaction in the Leisure sector.
  • This is SBJ Capital’s 6th and KSL Capital Partners’ 23rd transaction in the United States.
  • This is SBJ Capital’s 1st and KSL Capital Partners’ 1st transaction in Montana.

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M&A Deal Summary

Date November 28, 2017
Target Under Canvas
Sector Leisure
Buyer(s) SBJ Capital
KSL Capital Partners
Deal Type Recapitalization

Target Company

Under Canvas

Belgrade, Montana, United States
Under Canvas is an owner and operator of luxurious camping or “glamping” accommodations near America’s most popular national parks. Under Canvas was founded in 2009 and is based in Belgrade, Montana.
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Buyers Overview 2

Buyer

SBJ Capital

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2013
PE ASSETS 600M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Spanos Barber Jesse & Co. (SBJ) is a private investment firm focused on lower middle-market consumer, business services and healthcare services companies. Prospective transaction types include buyouts, recapitalizations, acquisitions, and growth. SBJ looks to invest $10 to $50 million in companies generating sales up to $100 million and EBITDA of $3 to $15 million. Spanos Barber Jesse & Co. was founded in 2013 and is based in Walnut Creek, California.


Deal Context for Buyer #
Overall 6 of 16
Sector: Leisure 1 of 1
Type: Recapitalization 2 of 3
State: Montana 1 of 1
Country: United States 6 of 16
Year: 2017 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-11-16 DENNIS Uniform

Portland, Oregon, United States

DENNIS Uniform is a provider of school uniforms in North America. The company sells and distributes through its website as well as a national network of 37 retail locations operating in 20 states. DENNIS Uniform was established in 1920 and is based in Portland, Oregon.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-02-13 STAT Health

Bay Shore, New York, United States

STAT Health is a Urgent care provider on Long Island with a network of 12 centers headed by board-certified Emergency Medicine physicians, and all with the same, clear mission: Delivering high-quality healthcare on your time and your terms – healthcare as it should be.

Sell -
Buyer

KSL Capital Partners

Denver, Colorado, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2005
PE ASSETS 23.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

KSL Capital Partners is a specialist private equity firm that makes investments in travel and leisure businesses. Areas of interest include hospitality, recreation, clubs, real estate and travel services. KSL is a hands-on investor, with a strong interest in pursuing under-managed or under-capitalized businesses where the firm can unlock hidden value. KSL Capital Partners is the successor investment vehicle to KSL Recreation Corporation, a former portfolio company of KKR. KSL Capital Partners was founded in 2005 and is based at Denver, Colorado with additional offices in New York, New York and London, United Kingdom.


Deal Context for Buyer #
Overall 30 of 55
Sector: Leisure 26 of 49
Type: Recapitalization 1 of 1
State: Montana 1 of 1
Country: United States 23 of 42
Year: 2017 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-04-10 Alterra

Denver, Colorado, United States

Alterra is a mountain resort and adventure company that delivers vacation and travel experiences. Intrawest owns interests in seven four-season mountain resorts geographically diversified across North America’s major ski regions with more than 11,000 skiable acres and over 1,140 acres of land available for real estate development. Intrawest also operates an adventure travel business, a heli-skiing adventure company in North America that provides helicopter accessed skiing, mountaineering, and hiking. Alterra was founded in 1976 and is based in Denver, Colorado.

Buy $1.5B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-01 Amangiri

Canyon Point, Utah, United States

Amangiri is a remote hideaway tucked within the luminous canyons of the American Southwest. Located in a protected valley with sweeping views, the resort offers both adrenaline-fueled adventure and a peaceful retreat. Amangiri features 34 guestrooms and a two‐story, standalone villa, as well as a 25,000 square foot spa including five treatment rooms, a fitness center, a yoga studio, a beauty salon, an outdoor pool built into the surrounding mesa, 1,434 square feet of meeting space, and a full-service restaurant. Amangiri was founded in 2009 and is based in Canyon Point, Utah.

Buy -