M&A Deal Summary

Trustar Capital Acquires ScentAir

On February 19, 2020, private equity firm Trustar Capital acquired business services company ScentAir from Parthenon Capital

Acquisition Highlights
  • This is Trustar Capital’s 5th transaction in the Business Services sector.
  • This is Trustar Capital’s 10th transaction in the United States.
  • This is Trustar Capital’s 2nd transaction in North Carolina.

M&A Deal Summary

Date 2020-02-19
Target ScentAir
Sector Business Services
Buyer(s) Trustar Capital
Sellers(s) Parthenon Capital
Deal Type Secondary Buyout

Target

ScentAir

Charlotte, North Carolina, United States
ScentAir is a provider of scent marketing solutions to many brands around the world. ScentAir offers 700+ scents as well as customized fragrances to help customers build brand identity and improve customer experiences. ScentAir was founded in 1994 and is based in Charlotte, North Carolina.

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Buyer(S) 1

Buyer

Trustar Capital

Hong Kong, China

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1978
PE ASSETS 7.7B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Trustar Capital is the private equity arm of financial services/asset manager CITIC Group. Trustar Capital separates its private equity investment activity into three groups; China, Japan, and the US. In general, Trustar looks to invest in companies with 'strong franchises', with established brands and high barriers to entry. For US-based opportunities, the firm looks to leverage its connections in China. Broad areas of interest include niche manufacturing, consumer products, and business services. The Firm does not invest in start-ups or distressed businesses. Trustar Capital is based in Hong Kong.


DEAL STATS #
Overall 42 of 52
Sector (Business Services) 5 of 6
Type (Secondary Buyout) 10 of 11
State (North Carolina) 2 of 2
Country (United States) 10 of 10
Year (2020) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-14 Neon

Singapore, Singapore

Neon is a service agency, Neon specialises in crafting quality customer and brand experiences in the fields of Interior Architecture, Events, Exhibitions, Theme Parks and Intellectual Property Rights from the major studios: Marvel Avengers S.T.A.T.I.O.N. exhibition, Hasbro Transformers Autobots Alliance and Jurassic World: The Exhibition. Neon was founded in 1956 and is based in Singapore.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-03-01 SF Freight

Shenzhen, China

SF Freight is a freight transportation service provider. SF Freight was founded in 2014 and is based in Shenzhen, China.

Buy -

Seller(S) 1

SELLER

Parthenon Capital

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1998
PE ASSETS 5.5B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Parthenon Capital is a private equity firm focused on investing in service-based businesses with recurring revenues, defensible niches and competitive advantages. Parthenon looks for businesses valued between $75 and $750 million operating in sectors that include business services, financial services, manufacturing, technology-enabled services, and distribution/logistics. Prospective transaction types include recapitalizations, management buyouts, acquisitions, privatizations, and growth capital financings. Parthenon Capital was formed in 1998 and has offices in Boston, Massachusetts and San Francisco, California.


DEAL STATS #
Overall 25 of 34
Sector (Business Services) 5 of 7
Type (Secondary Buyout) 7 of 8
State (North Carolina) 2 of 2
Country (United States) 25 of 34
Year (2020) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-30 MRO

Norristown, Pennsylvania, United States

MRO is a provider of release of information (ROI) solutions. In addition to ROI, MRO’s suite of PHI disclosure management solutions is comprised of government and commercial payer audit management and accounting of disclosures services and technologies. MRO’s technology-driven services reduce the risk of improper disclosure of PHI, ensure unmatched accuracy and enhance turnaround times. MRO was founded in 2002 and is based in Norristown, Pennsylvania.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-04-22 Venbrook

Woodland Hills, California, United States

Venbrook is a insurance and brokerage company and provides business and risk management solutions for agents, brokers, professional and trade associations, pools, trusts, and medium to large insureds in the US. Venbrook is based in Woodland Hills, California.

Buy -