M&A Deal Summary

Versa Capital Management and Bluehenge Capital Partners Acquire Alex Evenings

On May 28, 2019, distressed investor Versa Capital Management and private equity firm Bluehenge Capital Partners acquired apparel/textiles company Alex Evenings from Atlantic Street Capital

Acquisition Highlights
  • This is Versa Capital Management’s 3rd and Bluehenge Capital Partners’ 1st transaction in the Apparel/Textiles sector.
  • This is Versa Capital Management’s 26th and Bluehenge Capital Partners’ 2nd transaction in the United States.
  • This is Versa Capital Management’s 2nd and Bluehenge Capital Partners’ 1st transaction in New York.

M&A Deal Summary
Date 2019-05-28
Target Alex Evenings
Sector Apparel/Textiles
Buyer(s) Versa Capital Management
Bluehenge Capital Partners
Sellers(s) Atlantic Street Capital
Deal Type Secondary Buyout

Target

Alex Evenings

New York, New York, United States
Alex Evenings designs, sources and distributes branded ladies eveningwear dresses and separates to the moderate to upper-moderate segments of the women’s apparel industry. Alex Evenings was founded in 1989 and is based in New York, New York.

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Buyer(S) 2

Buyer

Versa Capital Management

Philadelphia, Pennsylvania, United States

Investor Investor Investor Investor Investor

Category Distressed Investor
Founded 2004
PE ASSETS 1.4B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Versa Capital Management is a private equity firm focused on investing in complex or distressed situations. Versa will consider businesses headquartered in North America and valued between $100 million and $1 billion. Prospective investment situations include buyouts, divestitures, recapitalizations, restructurings/turnarounds, take privates, rescue financings, and liquidations. Versa Capital Management is headquartered in Philadelphia, Pennsylvania.

DEAL STATS #
Overall 28 of 28
Sector (Apparel/Textiles) 3 of 3
Type (Secondary Buyout) 2 of 2
State (New York) 2 of 2
Country (United States) 26 of 26
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-12-03 Bell and Howell

Durham, North Carolina, United States

Bell and Howell is a provider of outsourced maintenance services and solutions for highly complex automation equipment across a variety of end markets, including retail, e-commerce, digital print, logistics, robotics, and production mail. Utilizing over 800 highly skilled service engineers, the Company offers customized service plans, innovative technologies, and a robust support infrastructure that enable the technology and automation initiatives of enterprises and original equipment manufacturers across industries. Bell and Howell was founded in 1907 and is based in Durham, North Carolina.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-11 Polartec

Lawrence, Massachusetts, United States

Polartec is a developer, manufacturer, and marketer of Polartec performance fabrics. Polartec products range from lightweight wicking base layers to insulation to extreme weather protection. Polartec was founded in 1906 and is based in Lawrence, Massachusetts.

Sell -
Buyer

Bluehenge Capital Partners

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2015
PE ASSETS 360M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Bluehenge Capital Partners is a private investment firm focused on acquiring and investing in lower middle-market US-based companies with $20 to $250 million in revenue. The Firm can provide a mix of equity/debt and generally seeks situations where it can commit $5 to $25 million per transaction. Industries of interest include industrial services, manufacturing, distribution, healthcare, business services, logistics, technology, and consumer products/services. Bluehenge Capital Partners was formed in 2015 and is based in Baton Rouge, Louisiana.

DEAL STATS #
Overall 2 of 3
Sector (Apparel/Textiles) 1 of 1
Type (Secondary Buyout) 1 of 1
State (New York) 1 of 1
Country (United States) 2 of 3
Year (2019) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-22 Metal Resources Holdings

Hinsdale, Illinois, United States

Metal Resources Holdings is a manufacturer of highly specialized, cold drawn seamless steel tubes used in niche applications which require high tolerances to pressure, heat and corrosive environments. Metal Resources Holdings was founded in 1994 and is based in Hinsdale, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-04-11 Iron Horse Tools

Corpus Christi, Texas, United States

Iron Horse Tools is a provider of automated drilling chokes in the US, with a focus on proprietary solutions that improve efficiency and safety during managed pressure drilling ("MPD") operations. Iron Horse Tools was founded in 2008 and is based in Corpus Christi, Texas.

Sell -

Seller(S) 1

SELLER

Atlantic Street Capital

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2006
PE ASSETS 2.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Atlantic Street Capital is an operationally focused private equity firm that partners with entrepreneurs and management teams to create value. Atlantic Street looks to acquire profitable companies where it can invest $15 to $75 million per deal. Target industries include consumer products, services, manufacturing, distribution, retail, restaurant and healthcare. Atlantic Street prefers opportunities located in the US and Canada and will only consider control situations. Atlantic Street Capital was formed in 2006 and is based in Greenwich, Connecticut.

DEAL STATS #
Overall 5 of 10
Sector (Apparel/Textiles) 1 of 1
Type (Secondary Buyout) 3 of 7
State (New York) 1 of 1
Country (United States) 5 of 10
Year (2019) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-01-10 Lombart Instrument

Norfolk, Virginia, United States

Lombart Instrument is the largest independent, value‐added distributor of ophthalmic instruments to ophthalmologist and optometrist practices in the United States. Products offered include chairs, stands, slit lamps, refractors, tonometers, keratometers, eye projectors, perimeters, and replacement bulbs and batteries. Lombart sells these products to ophthalmology and optometry practices and clinics, teaching institutions and hospitals, and government hospitals. Lombart is headquartered in Norfolk, VA.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-09-10 All Star

Orlando, Florida, United States

All Star is a distributor of replacement alternative lighting products to independent auto body shops and multi-site operators of collision repair centers. All Star has a nationwide distribution network through its seven facilities and sells like-kind-and-quality recycled and refurbished OEM parts and certified aftermarket products, including headlamps, tail lamps, park lamps and fog lamps for foreign and domestic vehicles. All Star was founded in 2004 and is based in Orlando, Florida.

Buy -
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