M&A Deal Summary

TPG Acquires Denali

On January 23, 2020, private equity firm TPG acquired environmental company Denali from The Firmament Group and Ironwood Capital

Acquisition Highlights
  • This is TPG’s 2nd transaction in the Environmental sector.
  • This is TPG’s 236th transaction in the United States.
  • This is TPG’s 2nd transaction in Arkansas.

M&A Deal Summary

Date 2020-01-23
Target Denali
Sector Environmental
Buyer(s) TPG
Sellers(s) The Firmament Group
Ironwood Capital
Deal Type Secondary Buyout

Target

Denali

Russellville, Arkansas, United States
Denali is a provider of specialty waste and environmental recycling and disposal services in the United States, performing mission-critical daily organic waste collection, processing, recycling, and disposal for municipal, industrial food processing and downstream industrial customers. Denali is based in Russellville, Arkansas.

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Buyer(S) 1

Buyer

TPG

Fort Worth, Texas, United States

Investor Investor Investor Investor


Category Private Equity Firm
Founded 1992
PE ASSETS 137.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

TPG Capital is a global, mega-sized private investment firm that manages a family of funds focused on private equity, real estate, venture capital, public equity and debt investing. TPG invests in opportunities across a broad range of industries and geographies. TPG generally seeks to invest in established businesses that can benefit from the Firm's operational experience and connections. Industries of interest include consumer, retail, healthcare, industrials, digital media, natural resources, energy, real estate, technology, and software. TPG was formerly known as Texas Pacific Group and was originally established in 1992 by David Bonderman, James Coulter and William Price. The Firm is based in Forth Worth, Texas with additional offices in Europe, Asia, and Australia.


DEAL STATS #
Overall 365 of 421
Sector (Environmental) 2 of 4
Type (Secondary Buyout) 55 of 72
State (Arkansas) 2 of 2
Country (United States) 236 of 276
Year (2020) 4 of 16
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-01 Frank Group

Newcastle Upon Tyne, United Kingdom

Frank Group is a global niche IT recruitment business that focuses exclusively on the enterprise software market. Frank Group was founded in 2007 and is based in Newcastle Upon Tyne, United Kingdom.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-27 Fender

Los Angeles, California, United States

Fender is a musical instrument manufacturer, marketer, and distributor. Fender whose portfolio of brands includes Fender®, Squier®, Gretsch® guitars, Jackson®, EVH®, and Charvel®–follows a player-centric approach to crafting the highest quality instruments and digital experiences across genres. Fender was founded in 1946 and is based in Los Angeles, California.

Sell -

Seller(S) 2

DESCRIPTION

The Firmament Group is a family backed investment firm focused on providing equity and debt capital to small and medium-sized companies. Funds are generally used to finance leveraged buyouts, complete recapitalizations or restructurings, provide liquidity for organic growth, or finance add-on acquisitions. The Firmament Group was established in 2012 and is headquartered in New York City.


DEAL STATS #
Overall 2 of 6
Sector (Environmental) 1 of 1
Type (Secondary Buyout) 2 of 4
State (Arkansas) 1 of 1
Country (United States) 2 of 6
Year (2020) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-28 Destination Pet

Highlands Ranch, Colorado, United States

Destination Pet is a provider of broad array of pet care services. Destination Pet is focused on the acquisition and buildout of top-quality pet facilities to provide pet owners with superior care by utilizing a one-stop location that includes boarding, daycare, grooming, training, and veterinary services. Destination Pet was founded in 2016 and is based in Highlands Ranch, Colorado.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-05-19 Citrus Extracts

Fort Pierce, Florida, United States

Citrus Extracts LLC takes non-organic and organic food waste from citrus peels (oranges, lemons, and grapefruits), and using a proprietary drying process, dehydrates the peel, which is then sold to commercial customers to be used as flavoring in beer, spice and tea products.

Buy -
SELLER

Ironwood Capital

Avon, Connecticut, United States

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 1986
PE ASSETS 1.0B USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Ironwood Capital is a private investment firm that makes equity and subordinated debt investments in lower middle-market companies. Investment proceeds are generally used to support leveraged buyouts, growth financings, and recapitalizations. Investments typically range from $5 to $20 million in companies generating $20 to $200 million in annual sales. Target sectors include healthcare products/services, value-added manufacturing, business services, consumer products, specialty distribution, and education. Ironwood prefers opportunities East of the Mississippi, but will selectively consider investments in the Western US. The Firm's investment horizon is three to five years. Ironwood Capital was formed in 2002 and is based in Avon, Connecticut.


DEAL STATS #
Overall 36 of 52
Sector (Environmental) 6 of 12
Type (Secondary Buyout) 8 of 12
State (Arkansas) 1 of 1
Country (United States) 36 of 52
Year (2020) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-14 Bush Industries

Jamestown, New York, United States

Bush Industries, Inc. is a manufacturer and distributor of high quality, affordably priced “ready to assemble” and fully assembled commercial and household office furniture. Bush Industries, Inc. has over 300 employees and is headquartered in Jamestown, New York with additional distribution facilities in Erie, Pennsylvania and Reno, Nevada.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-03-05 Flow Dry Technology

Brookville, Ohio, United States

Flow Dry Technology is a designer and manufacturer of highly innovative, integrated solutions for the automotive, industrial, and healthcare industries. Flow Dry’s products include desiccant bags, value-added assemblies, and other sealant solutions to protect valuable systems from costly moisture damage. Flow Dry Technology was founded in 1946 and is based in Brookville, Ohio.

Sell -