M&A Deal Summary

Webster Equity Partners, Gemini Investors and Midwest Mezzanine Funds Acquire Jan-pro

On September 1, 2008, private equity firm Webster Equity Partners, private equity firm Gemini Investors and mezzanine finance firm Midwest Mezzanine Funds acquired franchising company Jan-pro from Starboard Capital Partners and JHW Greentree Capital

Acquisition Highlights
  • This is Webster Equity Partners’ 2nd, Gemini Investors’ 1st and Midwest Mezzanine Funds’ 1st transaction in the Franchising sector.
  • This is Webster Equity Partners’ 7th, Gemini Investors’ 23rd and Midwest Mezzanine Funds’ 30th transaction in the United States.
  • This is Webster Equity Partners’ 1st, Gemini Investors’ 2nd and Midwest Mezzanine Funds’ 1st transaction in Georgia.
Investment Fate
  • Jan-pro was sold to a strategic buyer in 2016.

M&A Deal Summary

Date 2008-09-01
Target Jan-pro
Sector Franchising
Buyer(s) Webster Equity Partners
Gemini Investors
Midwest Mezzanine Funds
Sellers(s) Starboard Capital Partners
JHW Greentree Capital
Deal Type Recapitalization
Advisor(s) Edgeview Partners LP (Financial)

Target

Jan-pro

Alpharetta, Georgia, United States
Jan-pro operates its business in the commercial cleaning franchising industry and licenses its master franchise owners and unit franchisees under the trademark 'JAN-PRO. Jan-pro was founded in 2005 and is based in Alpharetta, Georgia.

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Buyer(S) 3

Buyer

Webster Equity Partners

Waltham, Massachusetts, United States

Investor Investor Investor Investor


Category Private Equity Firm
Founded 2003
PE ASSETS 6.8B USD
Size Mega
Type Sector Focused
DESCRIPTION

Webster Capital is a private equity firm that targets growth capital and buyout investments in profitable, middle-market healthcare and consumer companies. Prospective business characteristics of interest include differentiated products or services, distinctive brands, and loyal/repeat customers. Webster looks for companies generating sales of $20 to $200 million, EBITDA of $5 to $20 million, and valued up to $200 million. Webster Capital was formed in 2003 and is based in Waltham, Massachusetts.


DEAL STATS #
Overall 7 of 48
Sector (Franchising) 2 of 3
Type (Recapitalization) 1 of 3
State (Georgia) 1 of 3
Country (United States) 7 of 46
Year (2008) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-09-01 Erie Plastics

Erie, Pennsylvania, United States

Erie Plastics is a custom injection molder of high quality, thin-wall plastic packaging for Fortune 500 customers emphasizing innovation at competitive prices.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-01-01 Freedom Eldercare

Hackensack, New Jersey, United States

Freedom Eldercare is a provider of non-medical in-home healthcare services to the geriatric population as well as geriatric care management and professional education services.

Buy $200M
Buyer

Gemini Investors

Wellesley, Massachusetts, United States


Category Private Equity Firm
Founded 1993
PE ASSETS 700M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Gemini Investors is a middle-market private equity firm that targets investments in growing and established businesses. Areas of interest include technology, business services, consumer services, healthcare, education, manufacturing and distribution. Gemini looks for companies with $5 to $50 million in annual revenue and typically makes investments of $3 to $8 million in the form of preferred stock and/or subordinated debt. Prospective transaction types include growth capital, recapitalization and buyout situations. Gemini Investors was formed in 1993 and is based in Wellesley, Massachusetts.


DEAL STATS #
Overall 23 of 96
Sector (Franchising) 1 of 3
Type (Recapitalization) 3 of 21
State (Georgia) 2 of 4
Country (United States) 23 of 96
Year (2008) 4 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-02-08 Center Rock

Berlin, Pennsylvania, United States

Center Rock is an integrated drilling solutions company that manufactures a complete line of pneumatically-driven downhole drilling products (bits & hammers), distributes capital equipment in the form of high-pressure air and booster compressors that power its manufactured drilling components, and offers 24/7 support services. Center Rock was founded in 1998 and is based in Berlin, Pennsylvania.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-11-01 Vision Government Solutions

Hudson, Massachusetts, United States

Vision Government Solutions develops appraisal software and provides appraisal services to towns and municipalities. Vision provides unparalleled software products, unrivaled service and unmatched appraisal expertise to help municipalities value properties, distribute and collect property taxes. Vision Government Solutions was founded in 1975 and is based in Hudson, Massachusetts.

Buy -
Buyer

Midwest Mezzanine Funds

Chicago, Illinois, United States


Category Mezzanine Finance Firm
Founded 1992
PE ASSETS 1.0B USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Midwest Mezzanine Funds (MMF) is a provider of junior capital to lower middle-market, US and Canadian companies. MMF looks to invest $4 to $15 million to support buyouts, acquisition financings, recapitalizations, and growth capital needs. Prospective companies generally have consistent profits ($3 million of EBITDA), low capital intensity, and sustainable competitive advantages. Broad areas of interest include manufacturing, value-added distribution, and services. MMF will not invest in high technology, energy, or real estate. Midwest Mezzanine was formed in 1992 and has offices in Chicago and Monroe, Michigan.


DEAL STATS #
Overall 30 of 81
Sector (Franchising) 1 of 1
Type (Recapitalization) 5 of 13
State (Georgia) 1 of 2
Country (United States) 30 of 81
Year (2008) 5 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-05-16 EB Brands

Yonkers, New York, United States

EB Brands is a designer and merchandiser of branded products for the handheld exercise, personal fitness monitoring, travel accessory, and gift markets. EB Brands was founded in 1980 and is based in Yonkers, New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-10-13 Evriholder

Anaheim, California, United States

Evriholder designs, develops and distributes innovative, daily use housewares products sold through retailers. Its product categories include kitchen, bath, cleaning, barware and storage & organization. Evriholder was founded in 1995 and is based in Anaheim, California.

Buy -

Seller(S) 2

SELLER

Starboard Capital Partners

Southport, Connecticut, United States

Investor Investor Investor


Category Private Equity Firm
Founded 2004
PE ASSETS 700M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Starboard Capital Partners LLC is an unsponsored investment group that works with private equity investors and management in acquiring mid-sized businesses valued between $25 and $100 million. In addition to investing, Starboard earns equity for initiating transactions and for ongoing advisory services. Sectors of interest include automotive, consumer products, building materials, construction, distribution, e-commerce, franchising, manufacturing, healthcare, and real estate. Starboard Capital was formed in 2004 and is based in Southport, Connecticut.


DEAL STATS #
Overall 1 of 11
Sector (Franchising) 1 of 1
Type (Recapitalization) 1 of 2
State (Georgia) 1 of 2
Country (United States) 1 of 11
Year (2008) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-05-01 The Roberts Company

Winterville, North Carolina, United States

The Roberts Company, Inc. is an industrial construction, fabricator, and plant maintenance contractor. TRC's field services division specializes in providing plant maintenance, plant retrofits and expansion services largely in the Mid-Atlantic region, while its fabrication division manufactures ASME code pressure vessels, heat exchangers, reactors, columns, conveyors, skids/ducts/piping, high purity equipment and storage tanks for customers in the United States and abroad.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-08-03 WHI Solutions

Rye Brook, New York, United States

WHI Solutions is a provider of e-commerce tools for the automotive aftermarket. The company facilitates the sale of millions of brand name auto and truck parts, accessories, performance products, and consumer items.

Buy -
SELLER

JHW Greentree Capital

New Canaan, Connecticut, United States

Category Private Equity Firm
Founded 1946
Size Small
Type Sector Agnostic
DESCRIPTION

JHW Greentree Capital is the small business investment arm of investment firm JH Whitney. JHW Greentree is focused on buyouts, turnarounds, acquisitions, and recapitalizations of lower middle-market companies operating in a variety of industries. The Firm looks to commit up to $15 million of equity per transaction in businesses with $10 to $100 million of revenues. Broad sectors of interest include, consumer products specialty retail, healthcare services, specialty manufacturing and business services. Parent JH Whitney was originally established in 1946 and is headquartered in New Canaan, Connecticut.


DEAL STATS #
Overall 1 of 8
Sector (Franchising) 1 of 1
Type (Recapitalization) 1 of 1
State (Georgia) 1 of 1
Country (United States) 1 of 8
Year (2008) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-09-29 Advanced Metrology Systems

Billerica, Massachusetts, United States

Advanced Metrology Systems LLC manufactures high-throughput, non-contact measurement devices for in-line monitoring in semiconductor manufacturing.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-09-27 New Horizons Plastics Recycling

Greenville, South Carolina, United States

New Horizons is a leading manufacturer of recycled plastics primarily for PET bottles and containers. The company is one of the only fully-integrated, environmentally-sound "bottle-to-bottle" recyclers, helping to support its customers in their global effort to minimize waste and utilize recycled content.

Buy -