M&A Deal Summary

Summit Park and Stellus Capital Management Acquire Elliott Aviation

On February 3, 2020, private equity firms Summit Park and Stellus Capital Management acquired aerospace company Elliott Aviation

Acquisition Highlights
  • This is Summit Park’s 1st and Stellus Capital Management’s 1st transaction in the Aerospace sector.
  • This is Summit Park’s 15th and Stellus Capital Management’s 8th transaction in the United States.
  • This is Summit Park’s 1st and Stellus Capital Management’s 2nd transaction in Illinois.

M&A Deal Summary
Date 2020-02-03
Target Elliott Aviation
Sector Aerospace
Buyer(s) Summit Park
Stellus Capital Management
Deal Type Recapitalization
Advisor(s) Harris Williams & Co. (Financial)

Target

Elliott Aviation

Moline, Illinois, United States
Elliott Aviation is a provider of maintenance, repair and overhaul (“MRO”), fixed based operations services, and aircraft sales and brokerage services to the business aviation industry. Elliott Aviation is based in Moline, Illinois.

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Buyer(S) 2

Buyer

Summit Park

Charlotte, North Carolina, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2005
PE ASSETS 245M USD
Size Small
Type Sector Agnostic
DESCRIPTION

Summit Park Partners is a private investment firm that acquires lower middle-market companies. Summit Park looks for profitable, established businesses in consumer services, business services, value-added distribution, and light manufacturing. The Firm targets businesses with revenues of $20 to $150 million and EBITDA between $4 and $15 million. Prospective transaction types include recapitalizations, management buyouts, family successions, corporate divestitures, and industry consolidations. Summit's geographic preference is within the Southeast and Mid-Atlantic US. Summit Park was formed in 2005 and is based in Charlotte, North Carolina.

DEAL STATS #
Overall 16 of 24
Sector (Aerospace) 1 of 1
Type (Recapitalization) 10 of 18
State (Illinois) 1 of 1
Country (United States) 15 of 23
Year (2020) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-20 Aspirent

Atlanta, Georgia, United States

Aspirent provides strategic consulting, cloud development, and project execution services related to data and analytics for blue-chip clients in the Atlanta market. Aspirent was founded in 2012 and is based in Atlanta, Georgia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-10-01 Cars Protection Plus

Murrysville, Pennsylvania, United States

Cars Protection Plus, Inc. is a provider of vehicle service contracts (“VSCs”) to independent and franchise dealerships throughout the United States. Cars Protection Plus was founded in 1998 and is based in Murrysville, Pennsylvania.

Sell -
Buyer

Stellus Capital Management

Houston, Texas, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2004
PE ASSETS 1.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Stellus Capital Management is a provider of debt and equity capital to middle-market companies headquartered throughout the US and Canada. For credit commitments, Stellus looks to provide $10 to $50 million of capital to help support buyouts, acquisitions, recapitalization, growth opportunities, rescue financing, distressed situations, as well as bridge loans. Sectors' of interest for Stellus' credit practice includes business services, energy, general industrial, government, healthcare, software and specialty finance. Stellus' equity practice seeks to provide $30 to $50 million to small and mid-sized energy (upstream, oilfield services, midstream) companies. Stellus Capital was originally formed in 2004 as Laminar Direct Capital and operated as the direct investing unit of D.E. Shaw. The Group became independent in 2012. Stellus has offices in Houston, New York City, and Washington DC.

DEAL STATS #
Overall 8 of 23
Sector (Aerospace) 1 of 1
Type (Recapitalization) 2 of 4
State (Illinois) 2 of 2
Country (United States) 8 of 23
Year (2020) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-12 Munch s Supply

Hillside, Illinois, United States

Munch's Supply is an HVAC distributor and third-generation family business focused exclusively on supplying heating and cooling industry contractors with quality products. Munch's Supply was founded in 1956 and is based in Hillside, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-03-10 3Pillar Global

Fairfax, Virginia, United States

3Pillar Global is an outsourced provider of software product development and design services for customer-facing, revenue-generating applications. The Company provides “Product Development as a Service” to industry-leading enterprise logos including Carfax, Fortune, and PBS. 3Pillar Global was founded in 2006 and is based in Fairfax, Virginia.

Buy -
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