M&A Deal Summary

TJC, Cobepa SA and North Branch Capital Acquire Heartland Home Services

On December 15, 2020, private equity firms TJC, Cobepa SA and North Branch Capital acquired business services company Heartland Home Services from North Branch Capital

Acquisition Highlights
  • This is TJC’s 2nd, Cobepa SA’s 5th and North Branch Capital’s 3rd transaction in the Business Services sector.
  • This is TJC’s 66th, Cobepa SA’s 3rd and North Branch Capital’s 7th transaction in the United States.
  • This is TJC’s 3rd, Cobepa SA’s 1st and North Branch Capital’s 3rd transaction in Michigan.

M&A Deal Summary

Date 2020-12-15
Target Heartland Home Services
Sector Business Services
Buyer(s) TJC
Cobepa SA
North Branch Capital
Sellers(s) North Branch Capital
Deal Type Secondary Buyout
Advisor(s) Cowen Group, Inc. (Financial)
Katten Muchin Rosenman (Legal)

Target

Heartland Home Services

Grand Rapids, Michigan, United States
Heartland Home Services is a provider of non-discretionary, residential HVAC replacement and maintenance, plumbing, and electrical services. The company has over 350 employees and services homeowners in Michigan, Indiana, and Kentucky. Heartland Home Services is based in Grand Rapids, Michigan.

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Buyer(S) 3

Buyer

TJC

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1982
PE ASSETS 14.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

TJC is a private investment firm that specializes in acquiring North American middle-market businesses operating in basic industries. TJC specifically looks to provide liquidity for shareholders, raise capital for corporate growth and 'create significant equity opportunities for key management'. TJC will consider opportunities valued from $100 million to $2 billion in a wide variety of industries. Sectors of interest include aerospace/defense, automotive, building products, chemicals, consumer products, distribution, energy, financial services, healthcare, industrial products, insurance, metals, packaging, retail, transportation/logistics, and telecom. TJC was formerly known as The Jordan Company. The Firm was formed in 1982 and is based in New York City.


DEAL STATS #
Overall 68 of 93
Sector (Business Services) 2 of 2
Type (Secondary Buyout) 23 of 34
State (Michigan) 3 of 4
Country (United States) 66 of 89
Year (2020) 5 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-15 Spectrio

Tampa, Florida, United States

Spectrio is a provider of technology-enabled, customer engagement, and content management solutions, including digital signage, interactive kiosks, on-hold marketing, on-premise messaging & music, and Wi-Fi marketing. Spectrio's subscription-based model is underpinned by a large, proprietary content library including 10,000+ templates and 100,000+ pieces of customized, vertical-specific content delivered through a proprietary, cloud-based content management software platform that enables scalable, efficient deployment of brand-compliant content for its large, diverse, and location-based clients. Spectrio was founded in 1986 and is based in Tampa, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-21 Specialty Building Products

Duluth, Georgia, United States

Specialty Building Products is a distributor of specialty residential building products and provider of critical logistics solutions for the complex building products supply chain. SBP has entrenched market positions across high-growth product categories including exterior siding and trim, composite decking and railing, moulding and millwork, interior finish and engineered wood. Specialty Building Products is based in Duluth, Georgia.

Buy -
Buyer

Cobepa SA

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1957
PE ASSETS 2.5B EUR
Size Large
Type Sector Agnostic
DESCRIPTION

Cobepa S.A. is a global investment group focused on growth capital investments (acquiring significant minority stakes) and leveraged buyout transactions. Cobepa invests in established companies with business models, sustainable market positions, and strong management teams. Sectors of interest include transportation, industrial, retail, financial services, and business services. The Firm generally pursues opportunities throughout Europe and North America, however Cobepa also targets opportunities in Asia and South America. Cobepa was originally established in 1957 and is headquartered in Brussels, Belgium


DEAL STATS #
Overall 31 of 38
Sector (Business Services) 5 of 6
Type (Secondary Buyout) 12 of 16
State (Michigan) 1 of 1
Country (United States) 3 of 5
Year (2020) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-29 Gerflor

Lyon, France

Gerflor designs, manufactures and markets innovative, decorative, eco-responsible and complete solutions for resilient floors, wall coverings and accessibility, from installation to finish for professionals and individuals. Gerflor was founded in 1937 and is based in Lyon, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-20 Corsearch

London, United Kingdom

Corsearch is a player in the brand risk and performance market, serving over 5,000 clients across multiple industries. Corsearch Brand Risk and Performance solutions are revolutionizing how companies commercialize and protect their growth. Corsearch delivers data, analytics, and services that support brands to market their assets and reduce commercial risks. From IP clearance to brand protection and anti-piracy, Corsearch provides a comprehensive program that Press Release 2/2 enables businesses to secure brand value and thrive commercially. Corsearch was founded in 1949 and is based in London, United Kingdom.

Buy -
DESCRIPTION

North Branch Capital is a Midwest-US-based private equity firm focused on lower middle-market companies. The Firm seeks value-added distribution, niche manufacturing, and select business services companies operating in large markets with growth potential. Prospective companies typically have at least $10 million in revenue and $2 million of EBITDA. North Branch Capital was formed in 2014 and is based in Illinois.


DEAL STATS #
Overall 7 of 11
Sector (Business Services) 3 of 3
Type (Secondary Buyout) 2 of 3
State (Michigan) 3 of 3
Country (United States) 7 of 11
Year (2020) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-09 Diversified Fall Protection

Cleveland, Ohio, United States

Diversified Fall Protection is a designer and manufacturer of engineered fall protection systems for regulatory-driven, mission-critical safety applications and a value-added distributor of metal framings, fittings, and hardware for safety and industrial applications. Diversified Fall Protection was founded in 1994 and is based in Cleveland, Ohio.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-01 Infinity Home Services

New Berlin, Wisconsin, United States

Infinity Home Services is a provider of residential roofing, siding, window, and gutter replacement in primarily the non-insurance, retail market. Infinity Home Services was founded in 1997 and is based in New Berlin, Wisconsin.

Buy -

Seller(S) 1

DESCRIPTION

North Branch Capital is a Midwest-US-based private equity firm focused on lower middle-market companies. The Firm seeks value-added distribution, niche manufacturing, and select business services companies operating in large markets with growth potential. Prospective companies typically have at least $10 million in revenue and $2 million of EBITDA. North Branch Capital was formed in 2014 and is based in Illinois.


DEAL STATS #
Overall 2 of 4
Sector (Business Services) 1 of 1
Type (Secondary Buyout) 2 of 4
State (Michigan) 1 of 1
Country (United States) 2 of 4
Year (2020) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-09 Diversified Fall Protection

Cleveland, Ohio, United States

Diversified Fall Protection is a designer and manufacturer of engineered fall protection systems for regulatory-driven, mission-critical safety applications and a value-added distributor of metal framings, fittings, and hardware for safety and industrial applications. Diversified Fall Protection was founded in 1994 and is based in Cleveland, Ohio.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-01 Infinity Home Services

New Berlin, Wisconsin, United States

Infinity Home Services is a provider of residential roofing, siding, window, and gutter replacement in primarily the non-insurance, retail market. Infinity Home Services was founded in 1997 and is based in New Berlin, Wisconsin.

Buy -