M&A Deal Summary

Thompson Street Capital Partners and Northstar Capital Acquire PKWARE

On May 13, 2020, private equity firm Thompson Street Capital Partners and mezzanine finance firm Northstar Capital acquired software company PKWARE from Maranon Capital and Novacap

Acquisition Highlights
  • This is Thompson Street Capital Partners’ 9th and Northstar Capital’s 2nd transaction in the Software sector.
  • This is Thompson Street Capital Partners’ 59th and Northstar Capital’s 90th transaction in the United States.
  • This is Thompson Street Capital Partners’ 2nd and Northstar Capital’s 8th transaction in Wisconsin.

M&A Deal Summary
Date 2020-05-13
Target PKWARE
Sector Software
Buyer(s) Thompson Street Capital Partners
Northstar Capital
Sellers(s) Maranon Capital
Novacap
Deal Type Secondary Buyout
Advisor(s) AGC Partners (Financial)

Target

PKWARE

Milwaukee, Wisconsin, United States
PKWAR is a provider of encryption and compression software, offering data security solutions incorporating data discovery, classification, and protection in automated, policy-driven workflows. PKWARE was founded in 1986 and is based in Milwaukee, Wisconsin.

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Buyer(S) 2

Buyer

Thompson Street Capital Partners

St. Louis, Missouri, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2001
PE ASSETS 2.6B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Thompson Street Capital Partners is a private equity firm that targets control stakes in profitable, mid-sized North American companies with $5 to $20 million of EBITDA. Thompson Street looks for family businesses, private companies seeking liquidity, corporate divestitures, and public companies going private. Areas of interest include healthcare services, business services, electronics, information technology, and engineered products companies. Thompson Street will not consider investments in start-ups, early stage companies, or real estate. Thompson Street Capital was founded in 2000 and is based in St. Louis, Missouri.

DEAL STATS #
Overall 59 of 73
Sector (Software) 9 of 11
Type (Secondary Buyout) 15 of 18
State (Wisconsin) 2 of 2
Country (United States) 59 of 72
Year (2020) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-02-24 Green Mountain

Memphis, Tennessee, United States

Green Mountain provides technology-enabled parcel spend management solutions to help mega-volume parcel shippers optimize their shipping strategies. The company’s highly engaged, strategic delivery model, unique network modeling and re-rating technology position GMT to deliver unparalleled value. Green Mountain was founded in 1999 and is based in Memphis, Tennessee.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-07-27 Analytical Lab Group

Eagan, Minnesota, United States

Analytical Lab Group is an independent provider of materials and product qualification testing, inspection and certification services to the global Aerospace; Transportation & Industrials; Energy; and Fire & Building Products sectors. Analytical Lab Group was formed in 2006 and is based in Eagan, Minnesota.

Sell -
Buyer

Northstar Capital

Minneapolis, Minnesota, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 1993
PE ASSETS 1.7B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Northstar Capital is a mezzanine finance firm that provides junior capital to middle-market companies operating in the value-added distribution, light manufacturing, business services, financial services, education, and specialty healthcare sectors. Northstar's typical investment size is $5 to $30 million in businesses generating sales of $20 to $300 million with an EBITDA of at least $3 million. Prospective companies have stable cash flows and sustainable margins. Investments typically have maturities of five to eight years. Northstar does not invest in start-ups, real estate development, natural resource exploration, or high technology companies. Northstar Capital was formed in 1993 and is based in Minneapolis, Minnesota.

DEAL STATS #
Overall 94 of 109
Sector (Software) 2 of 2
Type (Secondary Buyout) 17 of 19
State (Wisconsin) 8 of 9
Country (United States) 90 of 104
Year (2020) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-03-03 Vectorply

Phenix City, Alabama, United States

Vectorply is a developer and manufacturer of high-performance reinforcement fabrics used in composite materials. Vectorply produces a broad range of non-crimp fabrics for use in wind power, industrial, marine, sports/recreation and transportation applications. Approximately 83% of the Company’s sales are derived from fabrics made of glass fibers, with the remainder divided between carbon and aramid fibers. Vectorply’s products provide superior materials solutions when compared to traditional materials (such as steel, wood and concrete) and to earlier generations of woven composite reinforcement fabrics.

Sell $155M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-07-22 Online Labels

Sanford, Florida, United States

Online Labels provides a full suite of custom printed pressure sensitive, shrink sleeve, flexible packaging, and blank labels on sheets and rolls to small businesses, consumers, and middle-market brands via enterprise relationships and a direct-to-consumer e-commerce platform. Online Labels provides labeling solutions for consumer products such as food, health and beauty, and nutritional supplements, as well as numerous other products requiring primarily pressure sensitive labels. Online Labels was founded in 1980 and is based in Sanford, Florida.

Buy -

Seller(S) 2

SELLER

Maranon Capital

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 2007
PE ASSETS 4.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Maranon Capital LP is an investment firm that provides senior financing, mezzanine debt and equity co-investments for private equity backed and non sponsored middle market companies. Maranon seeks investments in financially healthy businesses with stable cash flows, diverse customers, and strong management. Prospective companies are valued between $30 and $150 million and generate $5 to $30 million of EBITDA. Maranon looks to invest $2 to $10 million for equity co-investments, $5 to $30 million for junior capital needs, and $10 to $50 million for senior debt requirements. Areas of interest include business services, healthcare services, distribution, manufacturing and consumer products/services. Funds typically support acquisitions, recapitalizations, refinancings, consolidations, ESOPs and growth capital needs. Maranon Capital LP was formed in 2007 and is based in Chicago. The Firm has additional offices in Birmingham, Michigan and South Bend, Indiana.

DEAL STATS #
Overall 18 of 21
Sector (Software) 2 of 2
Type (Secondary Buyout) 12 of 14
State (Wisconsin) 2 of 2
Country (United States) 18 of 21
Year (2020) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-02-12 Kronos Foods

Glendale Heights, Illinois, United States

Kronos Foods is a manufacturer of gyros meat, pita bread, baklava, and other Mediterranean foods and a specialty foodservice distributor to local retail outlets as well as to restaurants, hospitals, businesses, schools, and universities. Kronos Foods was founded in 1975 and is based in Glendale Heights, Illinois.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-06-29 GPRS

Toledo, Ohio, United States

GPRS is a provider of private utility locating and concrete scanning services to utilities, contractors, engineering firms, and environmental consultants in every major market in the United States. GPRS was founded in 2001 and is based in Toledo, Ohio.

Buy -
SELLER

Novacap

Brossard, Quebec, Canada

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1981
PE ASSETS 8.0B CAD
Size Mega
Type Sector Agnostic
DESCRIPTION

Novacap is a large private equity firm focused on middle-market company acquisitions in Canada. Novacap pursues companies with $30 to $500 million in sales and will consider transactions valued up to $500 million. Target transaction situations include partial or full buyouts, spin-offs, take privates, recapitalizations, and growth capital financings. Novacap will consider opportunities in basic industries as well as high-growth tech sectors. Novacap was formed in 1981 and has offices in Toronto and Montreal.

DEAL STATS #
Overall 19 of 30
Sector (Software) 3 of 3
Type (Secondary Buyout) 8 of 12
State (Wisconsin) 1 of 1
Country (United States) 7 of 10
Year (2020) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-02-05 Previan

Quebec, Quebec, Canada

Previan is an operator of a private industrial technology group focused on advanced diagnostic technologies to monitor the world’s infrastructure health. The Group serves asset owners, large engineering firms, and service companies globally in markets such as Aerospace, Civil Infrastructure, Energy, Mining, Power Generation, and Rail. Previan was founded in 2009 and is based in Quebec City.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-08-06 FortNine

Montreal, Quebec, Canada

FortNine is an e-commerce platform for motorcycle, dirt bike, ATV, snowmobile and other powersports gear, accessories and parts. FortNine was founded in 2009 and is based in Montreal, Quebec.

Buy -
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