M&A Deal Summary

Waud Capital Partners Acquires HSI

On September 3, 2019, private equity firm Waud Capital Partners acquired education company HSI from The Riverside Company and Maranon Capital

Acquisition Highlights
  • This is Waud Capital Partners’ 1st transaction in the Education sector.
  • This is Waud Capital Partners’ 37th transaction in the United States.
  • This is Waud Capital Partners’ 6th transaction in Texas.

M&A Deal Summary
Date 2019-09-03
Target HSI
Sector Education
Buyer(s) Waud Capital Partners
Sellers(s) The Riverside Company
Maranon Capital
Deal Type Secondary Buyout

Target

HSI

Frisco, Texas, United States
HSI provides a comprehensive set of health and safety solutions to help its customers meet their training and compliance requirements. HSI offers more than 780 training courses for emergency care, workplace safety, health & safety services, and professional responders. HSI also provides hands-on training via 51,300 authorized affiliate instructors and 13,200 third-party training centers in the U.S. and Canada. HSI also offers a proprietary management system platform that tracks customers’ health & safety programs and employee compliance. HSI was founded in 1978 and is based in Frisco, Texas.

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Buyer(S) 1

Buyer

Waud Capital Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1993
PE ASSETS 3.2B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Waud Capital Partners is a private equity firm that pursues investments in mid-sized manufacturing, distribution and service companies. Waud looks for businesses with proven management, operating in well defined markets, and that demonstrate strong growth potential. The Firm typically invests $75 to $200 million. Specific areas of interest include adhesives, air/water treatment, alarm monitoring, auto components, coatings, consumer products, home healthcare services, hospitals, lighting, litigation support, medical distribution, petroleum distribution, pharmaceuticals, publishing, sealants, specialty hospitals, and tax consultants. Prospective transaction situations include buyouts, recapitalizations and industry consolidations. Waud Capital Partners was established in 1993 and is based in Chicago, Illinois.

DEAL STATS #
Overall 38 of 48
Sector (Education) 1 of 2
Type (Secondary Buyout) 3 of 4
State (Texas) 6 of 7
Country (United States) 37 of 47
Year (2019) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-01 Apotheco

New York, New York, United States

Apotheco is a clinically focused network of specialized pharmacies serving the dermatology market. Through its high-touch model, the company benefits prescribers, patients, and payors by providing convenience, cost savings and leading customer service. Apotheco was founded in 2013 and is based in New York City.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-02-11 Compex

Torrance, California, United States

Compex is a tech-enabled provider of outsourced medical records retrieval and litigation support services nationally. Compex has a track record of providing high-quality service, fast turnaround times and proven scalability to a blue-chip customer base including insurance carriers, third-party administrators, and law firms. Compex was founded in and is based in Torrance, California.

Sell -

Seller(S) 2

SELLER

The Riverside Company

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1988
PE ASSETS 5.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

The Riverside Company is a global private equity firm that seeks investments in profitable lower middle-market companies valued under $400 million. Riverside looks to invest in growth businesses headquartered in North America, Europe, and Asia (primarily Japan and South Korea), that have been in operation for at least five years. Riverside targets investments in a wide array of industries including distribution, automotive, healthcare, education, manufacturing, software, consumer services, plastics, publishing, food, communications, marine, and business services. Riverside was formed in 1988 and is based in New York City.

DEAL STATS #
Overall 151 of 191
Sector (Education) 8 of 11
Type (Secondary Buyout) 60 of 77
State (Texas) 9 of 12
Country (United States) 107 of 133
Year (2019) 5 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-08-16 North American Dental Group

Pittsburgh, Pennsylvania, United States

North American Dental Group is a dental services provider. North American Dental Group was created to transform the dental experience for its patients, clinicians, and its support teams and today consists of a network of over 200 dental practices in 11 states and 23 regional markets. North American Dental Group was founded in 2008 and is based in Pittsburgh, Pennsylvania.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-09-06 Toolport

Norderstedt, Germany

Toolport is a European online provider of professional tents and spare parts for the consumer and industrial markets. The company operates an online direct-to-consumer model supported by a specialized and high-quality customer service team.

Buy -
SELLER

Maranon Capital

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 2007
PE ASSETS 4.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Maranon Capital LP is an investment firm that provides senior financing, mezzanine debt and equity co-investments for private equity backed and non sponsored middle market companies. Maranon seeks investments in financially healthy businesses with stable cash flows, diverse customers, and strong management. Prospective companies are valued between $30 and $150 million and generate $5 to $30 million of EBITDA. Maranon looks to invest $2 to $10 million for equity co-investments, $5 to $30 million for junior capital needs, and $10 to $50 million for senior debt requirements. Areas of interest include business services, healthcare services, distribution, manufacturing and consumer products/services. Funds typically support acquisitions, recapitalizations, refinancings, consolidations, ESOPs and growth capital needs. Maranon Capital LP was formed in 2007 and is based in Chicago. The Firm has additional offices in Birmingham, Michigan and South Bend, Indiana.

DEAL STATS #
Overall 14 of 21
Sector (Education) 1 of 1
Type (Secondary Buyout) 9 of 14
State (Texas) 1 of 1
Country (United States) 14 of 21
Year (2019) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-12-01 Hunt Valve

Salem, Ohio, United States

Hunt Valve specializes in severe-duty valves and complementary engineered components and system solutions for applications that include primary metals (steel, aluminum), energy (nuclear, hydro, downstream oil & gas), process (chemical), and U. S. Navy nuclear-powered vessels, including all submarines and carriers in operation as well as the Virginia Class, Ford Class, and Columbia Class. Hunt Valve was founded in 1919 and is based in Salem, Ohio.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-11-07 Triad Technologies

Vandalia, Ohio, United States

Triad Technologies is a full-line distributor of fluid power, fluid connector, hydraulic, pneumatic, and seal products to a diverse customer base throughout Ohio, Kentucky and Michigan.

Buy -
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