M&A Deal Summary

Strength Capital Partners, Midwest Mezzanine Funds and Northcreek Mezzanine Acquire Truesdell

On April 15, 2021, private equity firm Strength Capital Partners, mezzanine finance firm Midwest Mezzanine Funds and Northcreek Mezzanine acquired construction company Truesdell from Woodlawn Partners and Peninsula Capital Partners

Acquisition Highlights
  • This is Strength Capital Partners’ 1st, Midwest Mezzanine Funds’ 2nd and Northcreek Mezzanine’s 1st transaction in the Construction sector.
  • This is Strength Capital Partners’ 17th, Midwest Mezzanine Funds’ 77th and Northcreek Mezzanine’s 25th transaction in the United States.
  • This is Strength Capital Partners’ 1st, Midwest Mezzanine Funds’ 2nd and Northcreek Mezzanine’s 1st transaction in Arizona.

M&A Deal Summary
Date 2021-04-15
Target Truesdell
Sector Construction
Buyer(s) Strength Capital Partners
Midwest Mezzanine Funds
Northcreek Mezzanine
Sellers(s) Woodlawn Partners
Peninsula Capital Partners
Deal Type Secondary Buyout

Target

Truesdell

Tempe, Arizona, United States
Truesdell is a provider of quality repair, restoration, strengthening, protection, and maintenance of concrete structures. Comprehensive services range from assistance with initial diagnosis to final completion. Truesdell has completed more than 7,000 projects on a wide variety of national and international repair projects ranging from high-rise buildings, nuclear power generating plants, airports, residential projects, water treatment facilities, and a sizeable amount of public agency DOT work. Truesdell was founded in 1975 and is based in Tempe, Arizona.

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Buyer(S) 3

Buyer

Strength Capital Partners

Birmingham, Michigan, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2000
PE ASSETS 500M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Strength Capital Partners (SCP) is a private equity firm that specializes in acquiring or providing late stage growth capital to Midwest US based companies. Areas of interest include the manufacturing, distribution, industrial, financial services, infrastructure, and consumer products sectors. The Firm takes a hands-on investment approach, looking to use firm resources and expertise to improve operational performance. SCP will not invest in high technology or internet businesses. Strength Capital Partners has offices in Birmingham, Michigan and Cincinnati, Ohio.

DEAL STATS #
Overall 17 of 21
Sector (Construction) 1 of 2
Type (Secondary Buyout) 2 of 2
State (Arizona) 1 of 1
Country (United States) 17 of 21
Year (2021) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-04-13 Street Smart Rental

Lino Lakes, Minnesota, United States

Street Smart Rental offers short-term and long-term rental options for traffic control companies across the country and Canada. Street Smart Rental was founded in 1999 and is based in Lino Lakes, Minnesota.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-21 Pinnacle Paving & Sealing

Milford, Ohio, United States

Pinnacle Paving & Sealing is a provider of commercial and residential parking lot and driveway paving services to customers throughout the Greater Cincinnati area. Pinnacle Paving & Sealing was founded in 2006 and is based in Milford, Ohio.

Buy -
Buyer

Midwest Mezzanine Funds

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 1992
PE ASSETS 1.0B USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Midwest Mezzanine Funds (MMF) is a provider of junior capital to lower middle-market, US and Canadian companies. MMF looks to invest $4 to $15 million to support buyouts, acquisition financings, recapitalizations, and growth capital needs. Prospective companies generally have consistent profits ($3 million of EBITDA), low capital intensity, and sustainable competitive advantages. Broad areas of interest include manufacturing, value-added distribution, and services. MMF will not invest in high technology, energy, or real estate. Midwest Mezzanine was formed in 1992 and has offices in Chicago and Monroe, Michigan.

DEAL STATS #
Overall 77 of 81
Sector (Construction) 2 of 3
Type (Secondary Buyout) 11 of 11
State (Arizona) 2 of 3
Country (United States) 77 of 81
Year (2021) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-11 Paramount Mechanical

Manassas, Virginia, United States

Paramount Mechanical designs, installs, and services complex Mechanical/HVAC, Electric, and Plumbing systems throughout the Mid-Atlantic and Southeast U.S. markets. Over the years, Paramount has successfully positioned itself as the preferred service and installation provider for owners and facility managers of complex HVAC and mechanical systems. Customers include large industrial and multi-family residential complexes as well as federal, state, and municipal government agencies. Paramount Mechanical was formed in 1989 and is headquartered in Manassas, Virginia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-02 L.W. Allen

Madison, Wisconsin, United States

L.W. Allen manufactures water and wastewater control systems and distributes industrial and heavy-duty pumps to municipal and industrial customers. The company’s electrical control solutions, marketed under the Altronex brand name, provide the hardware, software, and services used by operators to control water and wastewater systems. It also designs, distributes, installs, and services water and wastewater treatment pump systems. L.W. Allen was formed in 1961 and is based in Madison, Wisconsin.

Sell -
Buyer

Northcreek Mezzanine

Category Private Equity Firm
Founded 2010
PE ASSETS 250M USD
Size Small
Type Sector Agnostic
DESCRIPTION

DEAL STATS #
Overall 25 of 29
Sector (Construction) 1 of 2
Type (Secondary Buyout) 5 of 5
State (Arizona) 1 of 1
Country (United States) 25 of 29
Year (2021) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-10-28 Syneo

West Palm Beach, Florida, United States

Syneo is a provider of manufacturing equipment, cutting tools, and services for the medical device and electronics manufacturing industries. Syneo's primary solutions serve catheter, guidewire, and minimally-invasive medical device applications. The company’s comprehensive lines of Accu-branded and Syneo Sharp products are known for delivering an unparalleled level of sharpness and precision, enhancing catheter and surgical device applications through automated handling, cutting, drilling, and precision hole-punching capabilities. Syneo was formed in 2011 and is based in West Palm Beach, Florida.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-10 Alpha Precision Group

Ridgway, Pennsylvania, United States

Alpha Precision Group is a manufacturer of high-precision powder metal components for the automotive, small engine, recreation vehicle, lawn & garden, agricultural equipment and commercial vehicle industries. Alpha Precision Group was founded in 1967 and is based in Ridgway, Pennsylvania.

Sell -

Seller(S) 2

SELLER

Woodlawn Partners

Investor Investor Investor Investor

Category Private Equity Firm
Founded 2008
Size Small
Type Sector Agnostic
DESCRIPTION

Woodlawn Partners, Inc. is a private investment firm focused on acquiring businesses in traditional industries. The Firm targets companies with at least $5 million in revenues and $1 million of EBITDA. Sectors of interest include manufacturing, facility services, information technology, financial services, food/beverages, transportation, and distribution. Woodlawn Partners is based in Chicago, Illinois.

DEAL STATS #
Overall 2 of 2
Sector (Construction) 1 of 1
Type (Secondary Buyout) 2 of 2
State (Arizona) 1 of 1
Country (United States) 2 of 2
Year (2021) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-01 Tighe Logistics Group

Woburn, Massachusetts, United States

Tighe Logistics Group provides third-party logistics services to a diversified client base. The Company offers a full suite of logistics services, including temperature-controlled transportation and warehousing in the New England region. Tighe Logistics Group was founded in 1862 and is based in Woburn, Massachusetts.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-29 New Horizon Foods

Des Moines, Iowa, United States

New Horizon Foods manages foodservice programs for senior housing, education, treatment centers, and county jails. New Horizon Foods was founded in 1987 and is based in Des Moines, Iowa.

Buy -
SELLER

Peninsula Capital Partners

Southfield, Michigan, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 1995
PE ASSETS 1.9B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Peninsula Capital Partners is an investment group focused on providing a range of financing solutions to middle-market companies. The Firm is willing to be a minority or control investor and invests across the capital structure. This includes subordinated debt, preferred or common stock. For mezzanine commitments, Peninsula looks to invest $5 to $40 million. For equity transactions, Peninsula looks to invest $2 to $20 million. Peninsula is a generalist investor. Target sectors include manufacturing, industrial service, distribution, consumer products, professional services, retail, applied technology, transportation, food processing and packaging. Peninsula Capital Partners was formed in 1995 and is based in Detroit, Michigan.

DEAL STATS #
Overall 42 of 47
Sector (Construction) 1 of 1
Type (Secondary Buyout) 12 of 14
State (Arizona) 1 of 1
Country (United States) 39 of 44
Year (2021) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-04 Edge One

Stoughton, Wisconsin, United States

Edge One provides both first-line and second-line maintenance to its vast network, including hardware & software services, transaction processing, compliance management, as well as secure cash replenishment and transport. Edge One was founded in 1995 and is based in Stoughton, Wisconsin.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-01 Escapology

Orlando, Florida, United States

Escapology is an operator/franchisor of escape room venues. An escape room is an entertainment experience in which a team of players discover clues, solve puzzles and complete tasks in order to progress through the room and ultimately “escape”. Each escape room is a highly stylized, themed experience, such as a train car or stately manor, making the game experience more engaging and memorable. The Company operates under a model which combines corporate-owned venues with a global franchise network.

Buy -
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