M&A Deal Summary

Tailwind and Audax Private Debt Acquire GrayMatter

On May 7, 2024, private equity firm Tailwind and mezzanine finance firm Audax Private Debt acquired information technology company GrayMatter from Hamilton Robinson Capital Partners

Acquisition Highlights
  • This is Tailwind’s 8th and Audax Private Debt’s 9th transaction in the Information Technology sector.
  • This is Tailwind’s 50th and Audax Private Debt’s 109th transaction in the United States.
  • This is Tailwind’s 2nd and Audax Private Debt’s 4th transaction in Pennsylvania.

M&A Deal Summary

Date 2024-05-07
Target GrayMatter
Sector Information Technology
Buyer(s) Tailwind
Audax Private Debt
Sellers(s) Hamilton Robinson Capital Partners
Deal Type Secondary Buyout
Advisor(s) Crowe
William Blair (Financial)
Finn Dixon & Herling (Legal)

Target

GrayMatter

Warrendale, Pennsylvania, United States
Gray Matter is a technology and consulting company, committed to transforming operations and empowering people in critical infrastructure environments. Gray Matter was founded in 1991 and is based in Warrendale, Pennsylvania.

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Buyer(S) 2

Buyer

Tailwind

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2003
PE ASSETS 3.7B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Tailwind is an independent private equity firm focused on making control investments in companies operating in the healthcare, media/communications, and business services sectors. Tailwind looks to invest $25 to $200 million in profitable businesses valued above $500 million. The Firm seeks companies with proven business models and strong opportunities for growth, either organically or through acquisition. Tailwind Capital was formed in 2003 and is based in New York, New York.


DEAL STATS #
Overall 50 of 51
Sector: Information Technology M&A 8 of 9
Type: Secondary Buyout M&A Deals 18 of 18
State: Pennsylvania M&A 2 of 2
Country: United States M&A 50 of 51
Year: 2024 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-02-06 Loenbro

Westminster, Colorado, United States

Loenbro is a provider of specialized services to the energy, industrial, and infrastructure markets. Its range of service offerings includes inspection, industrial maintenance, instrumentation and electrical, industrial insulation and coatings, pipeline construction, and other complementary specialty services. Loenbro was formed in 1998 and is based in Black Eagle, Montana.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-09-15 DMD Systems Recovery

Tempe, Arizona, United States

DMD Systems Recovery is an end-to-end IT asset disposition (ITAD) solutions provider serving enterprises worldwide. The company follows a Reuse First™ approach and holds industry certifications to ensure compliance, sustainability, and maximum customer ROI. DMD Systems Recovery was formed in 1996 and is headquartered in Tempe, Arizona.

Buy -
Buyer

Audax Private Debt

New York, New York, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 2000
PE ASSETS 5.4B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Audax Mezzanine is the mezzanine finance arm of the Audax Group. The Firm focuses on investing in both private and public, US-based middle market companies with a strong history of cash flows and consistent revenue growth. Audax will consider subordinated mezzanine debt commitments, second lien or junior secured debt, preferred stock and common stock. The Firm seeks to invest in companies with EBITDA between $10 and $100 million. Types of transaction include MBOs, LBOs, growth capital financings, acquisition financings, and recapitalizations. Audax Private Debt is based in New York, New York.


DEAL STATS #
Overall 111 of 120
Sector: Information Technology M&A 9 of 9
Type: Secondary Buyout M&A Deals 52 of 58
State: Pennsylvania M&A 4 of 5
Country: United States M&A 109 of 118
Year: 2024 M&A 6 of 12
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-04-02 Resource Innovations

Half Moon Bay, California, United States

Resource Innovations is a provider of demand-side management, energy efficiency, and energy consulting services to utilities and governments. Resource Innovations was founded in 2000 and is based in Half Moon Bay, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-06-24 Kalkomey

Richardson, Texas, United States

Kalkomey provides technology-enabled recreational safety management solutions to outdoor enthusiasts and government agencies. Kalkomey provides software to state agencies to drive recreational participation and civic engagement and grow agency revenue. Kalkomey was founded in 1995 and is based in Richardson, Texas.

Buy -

Seller(S) 1

SELLER

Hamilton Robinson Capital Partners

Stamford, Connecticut, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1984
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Hamilton Robinson (HR) is a private equity firm that targets investments in small to mid-sized companies with revenues between $15 and $200 million headquartered in the US or Canada. Preferred industries include industrial processes and engineered products, energy and utility equipment and services, business and commercial services, and specialty publishing. HR looks for companies needing equity capital for management buyouts, corporate growth, and recapitalizations. HR will not invest in commodity businesses, companies with high customer concentration, real estate, natural resources, or early stage opportunities. HR prefers to lead investments and will consider both majority or minority positions. Hamilton Robinson was formed in 1984 and is based in Stamford, Connecticut.


DEAL STATS #
Overall 20 of 20
Sector: Information Technology M&A 1 of 1
Type: Secondary Buyout M&A Deals 10 of 10
State: Pennsylvania M&A 3 of 3
Country: United States M&A 18 of 18
Year: 2024 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-02-12 PNE

Longview, Washington, United States

PNE is a provider of industrial services including cleaning, electrical maintenance, environmental remediation and emergency response, process automation/control solutions and specialty construction services. PNE was founded in 1989 and is based in Longview, Washington.

Sell -