M&A Deal Summary

Valero Capital Partners, Massachusetts Capital Resources Company and Pine Street Capital Partners Acquire Full Spectrum

On December 31, 2020, private equity firm Valero Capital Partners, mezzanine finance firm Massachusetts Capital Resources Company and mezzanine finance firm Pine Street Capital Partners acquired software company Full Spectrum

Acquisition Highlights
  • This is Valero Capital Partners’ 1st, Massachusetts Capital Resources Company’s 3rd and Pine Street Capital Partners’ 2nd transaction in the Software sector.
  • This is Valero Capital Partners’ 3rd, Massachusetts Capital Resources Company’s 23rd and Pine Street Capital Partners’ 37th transaction in the United States.
  • This is Valero Capital Partners’ 2nd, Massachusetts Capital Resources Company’s 22nd and Pine Street Capital Partners’ 5th transaction in Massachusetts.

M&A Deal Summary

Date 2020-12-31
Target Full Spectrum
Sector Software
Buyer(s) Valero Capital Partners
Massachusetts Capital Resources Company
Pine Street Capital Partners
Deal Type Buyout (LBO, MBO, MBI)

Target

Full Spectrum

Westborough, Massachusetts, United States
Full Spectrum is a provider of software development and testing services specializing exclusively in Medical Devices, Life Sciences, Digital Health, Robotics, IoT, and Artificial Intelligence. The company's expertise is in translating vision and concepts into commercially-viable products. Full Spectrum was founded in 1982 and is based in Westborough, Massachusetts.

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Buyer(S) 3

DESCRIPTION

Valero Capital Partners is a private equity investment firm focused on buyouts, recapitalizations and growth equity investments in small to mid-market industrial technology firms. Specific areas of interest include sensors, devices, and robotics to help with automation. Valero generally targets US-based companies and seeks to invest $1 to $5 million per transaction. Valero Capital is based in Lowell, Massachusetts.


DEAL STATS #
Overall 3 of 3
Sector: Software M&A 1 of 1
Type: Buyout (LBO, MBO, MBI) M&A Deals 3 of 3
State: Massachusetts M&A 2 of 2
Country: United States M&A 3 of 3
Year: 2020 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-02-22 MicroSense

Lowell, Massachusetts, United States

MicroSense LLC is involved in designing and manufacturing capacitive position sensors, metrology modules, and magnetic metrology tools. It provides precision capacitive sensors for high resolution, non-contact position sensing, and vibrating sample magnetometers for magnetic property measurement. MicroSense was founded in 1967 and is based in Lowell, Massachusetts.

Sell -
Buyer

Massachusetts Capital Resources Company

Boston, Massachusetts, United States

Investor Investor Investor


Category Mezzanine Finance Firm
Founded 1977
PE ASSETS 700M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Massachusetts Capital Resource Company (MCRC) is a limited partnership privately owned and funded by Massachusetts-based life insurance companies. MCRC provides mezzanine financing for businesses with $3 to $100 million in revenue seeking capital to fund growth, strengthen balance sheets, or complete acquisitions. MCRC will consider investments in technology and non-technology companies seeking capital of $1 to $5 million. MCRC was formed in 1977 and is based in Boston, Massachusetts.


DEAL STATS #
Overall 23 of 35
Sector: Software M&A 3 of 3
Type: Buyout (LBO, MBO, MBI) M&A Deals 13 of 14
State: Massachusetts M&A 22 of 34
Country: United States M&A 23 of 35
Year: 2020 M&A 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-10-01 NOBULL

Boston, Massachusetts, United States

NOBULL is a direct-to-consumer athletic footwear, apparel, and accessory company focused on training space. NOBULL is based in Boston, Massachusetts.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-01 Saylent Technologies

Boston, Massachusetts, United States

Saylent Technologies provides payment intelligence solutions that enable financial institutions to drive account and card usage and increase non-interest income. Saylent Technologies was established in 2006 and is based in Boston, Massachusetts.

Sell $37M
Buyer

Pine Street Capital Partners

Albany, New York, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 2004
PE ASSETS 425M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Pine Street Capital Partners provides mezzanine capital to small and medium-sized private and public companies. PSCP will consider investments from $3 to $15 million in companies generating at least $10 million of sales. Target sectors include manufacturing, business services, consumer products, healthcare and media. PSCP prefers investments in the Northeast and Mid-Atlantic regions of the US, but will consider opportunities nationwide. Investment funds are typically used to support strategic acquisitions, growth, management and employee buyouts, and leveraged recapitalization. PSCP will not invest in the real estate, biotech and oil & gas industries. Pine Street Capital Partners was formed in 2004 and is based in Albany, New York.


DEAL STATS #
Overall 37 of 49
Sector: Software M&A 2 of 3
Type: Buyout (LBO, MBO, MBI) M&A Deals 15 of 18
State: Massachusetts M&A 5 of 6
Country: United States M&A 37 of 49
Year: 2020 M&A 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-11 Alexis Russell

Buffalo, New York, United States

Alexis Russell is a designer and manufacturer of non-traditional fine jewelry. These products are primarily sold online through the company’s website, which provides customers the ability to customize their purchases. Alexis Russell was founded in 2005 and is based in Buffalo, New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-01 Taylor Stitch

San Francisco, California, United States

Taylor Stitch is a men’s casual apparel brand selling primarily via its branded website. Taylor Stitch was founded in 2008 and is based in San Francisco, California.

Buy -