Investment Summary

York Street Capital Partners, Vision Capital and aPriori Capital Partners Exit Service Companies

On July 18, 2018, private equity firm Gridiron Capital and mezzanine finance firm Twin Brook Capital Partners invested in business services company Service Companies from York Street Capital Partners, Vision Capital and aPriori Capital Partners

Investment Highlights
  • This is Gridiron Capital’s 5th and Twin Brook Capital Partners’ 1st transaction in the Business Services sector.
  • This is Gridiron Capital’s 24th and Twin Brook Capital Partners’ 8th transaction in the United States.
  • This is Gridiron Capital’s 2nd and Twin Brook Capital Partners’ 1st transaction in Florida.

Investment Summary

Date 2018-07-18
Target Service Companies
Sector Business Services
Investor(s) Gridiron Capital
Twin Brook Capital Partners
Sellers(s) York Street Capital Partners
Vision Capital
aPriori Capital Partners
Deal Type Secondary Buyout

Target

Service Companies

Miami, Florida, United States
Service Companies is a provider of managed services, food and beverage staffing, and specialty cleaning services for the hospitality and gaming industries. Service Companies operates nationally, providing services ranging from turn-key housekeeping and stewarding services to EVS cleaning of public areas, kitchens, windows, and chandeliers to fully trained staffing services. Service Companies was founded in 1987 and is based in Miami, Florida.

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Investor(S) 2

Investor

Gridiron Capital

New Canaan, Connecticut, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2004
PE ASSETS 8.6B USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Gridiron Capital is a private equity firm focused on acquiring mid-sized North American manufacturing, service and specialty consumer companies. Gridiron looks to commit companies with EBITDA up to $60 million. The Firm prefers controlling interests when considering transactions. Situations of interest include companies operating in sectors undergoing change, closely held companies owned by founding family or management for ownership transition, and corporate divestitures of orphaned or non-strategic business units. Gridiron Capital was formed in 2004 and is based in New Canaan, Connecticut.


DEAL STATS #
Overall 24 of 43
Sector: Business Services M&A 5 of 10
Type: Secondary Buyout M&A Deals 6 of 15
State: Florida M&A 2 of 3
Country: United States M&A 24 of 43
Year: 2018 M&A 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-07-17 Giant Creative Strategy

San Francisco, California, United States

Giant Creative Strategy LLC is a full-service healthcare communications agency specializing in positioning and branding, and strategic and creative development for many pharmaceutical, biotech, consumer health, medical device, and diagnostics companies. Giant Creative Strategy LLC was founded in 2002 and is based in was founded in and is based in San Francisco, California.

Sell $97M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-23 Dealer Tire

Cleveland, Ohio, United States

Dealer Tire is a value-added distributor that equips and assists automobile dealers in the sale of replacement tires and other automotive parts to end consumers. It serves more than 10,000 automotive dealerships from nearly 40 distribution centers. Dealer Tire was founded in 1999 and is based in Cleveland, Ohio.

Buy -
Investor
DESCRIPTION

Twin Brook Capital Partners is a provider of senior financing to small and mid-sized profitable companies. The Firm looks to offer a variety of credit and equity solutions including revolvers, senior loans, unitranche loans, mezzanine financing, and equity co-investment to US-based companies with $3 to $50 million in EBITDA. Target sectors include industrial, manufacturing, business services, financial services, insurance, aerospace/defense, distribution, healthcare, and software/tech enabled services. Twin Brook Capital Partners is based in Chicago, Illinois.


DEAL STATS #
Overall 8 of 26
Sector: Business Services M&A 1 of 2
Type: Secondary Buyout M&A Deals 3 of 10
State: Florida M&A 1 of 3
Country: United States M&A 8 of 25
Year: 2018 M&A 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-16 Window Nation

Fulton, Maryland, United States

Window Nation is a DTC provider of windows and related products for the residential repair and replacement market in the United States. Window Nation was founded in 2006 and is based in Fulton, Maryland.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-10 Rotating Machinery Services

Bethlehem, Pennsylvania, United States

Rotating Machinery Services is a provider of specialty aftermarket repair, maintenance, and overhaul services for large, highly engineered rotating machinery. RMS’s solutions improve performance and extend the useful life of complex machinery used in customers’ critical industrial processes. Rotating Machinery Services was founded in 1997 and is based in Bethlehem, Pennsylvania.

Buy -

Seller(S) 3

SELLER

York Street Capital Partners

Bedminster, New Jersey, United States

Investor


Category Mezzanine Finance Firm
Founded 2002
PE ASSETS 559M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

York Street Capital Partners is an investment firm focused on providing mezzanine and equity capital to private equity sponsors. York Street looks to fund acquisitions, buyouts, growth capital, and recapitalizations of middle-market companies. Target sectors include consumer products and services, business services, manufacturing and industrial, aerospace, retail, restaurants, healthcare, transportation and logistics, food, and agriculture. York Street Capital Partners was formed in 2002 and is based in Bedminster, New Jersey.


DEAL STATS #
Overall 17 of 17
Sector: Business Services M&A 2 of 2
Type: Secondary Buyout M&A Deals 8 of 8
State: Florida M&A 1 of 1
Country: United States M&A 15 of 15
Year: 2018 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-11-15 Motorsport Aftermarket Group

Coppell, Texas, United States

Motorsport Aftermarket Group is a distributor and manufacturer of branded aftermarket products for the powersports industry in North America. MAG provides dealers, e-commerce sites and their enthusiast end-users with parts, accessories and apparel for motorcycles, ATVs and UTVs. The Company’s brands include Vance & Hines, Kuryakyn, Performance Machine, QuadBoss, DragonFire and ProTaper. Motorsport Aftermarket Group was formed in 2000 and is based in Coppell, Texas.

Sell $300M
SELLER

Vision Capital

London, United Kingdom

Investor Investor Investor


Category Private Equity Firm
Founded 1997
PE ASSETS 2.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Vision Capital is a large private equity firm focused on control investments in companies located in Europe and the US. Vision targets equity and debt investments in profitable businesses valued from €50 million to €1 billion. Specific areas of interest include financial services, real estate, industrial, manufacturing, consumer and business services. Target transaction types include buyouts and corporate divestitures/spinoffs. In addition to its principal investment activity, Vision Capital's Principal Finance group provides financing to other investors or company owners to support growth initiatives, debt repayment, acquisitions, or investor liquidity. Vision Capital was formed in 1997 and is based in London.


DEAL STATS #
Overall 28 of 31
Sector: Business Services M&A 3 of 4
Type: Secondary Buyout M&A Deals 9 of 10
State: Florida M&A 1 of 1
Country: United States M&A 5 of 6
Year: 2018 M&A 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-12-05 VelociTel

Arlington, Virginia, United States

VelociTel LLC is a provider of an outsourced professional infrastructure services to the wireless communications industry, including tower owners, wireless carriers and the public safety market. VelociTel provides a suite of turnkey services focused on wireless towers and rooftop sites, including radio frequency engineering and network optimization, site acquisition and development; architecture and engineering, construction management, maintenance, and site health and safety solutions.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-12-01 Education of America

Birmingham, Alabama, United States

Education Corporation of America, Inc. is an operator of post-secondary schools. Education Corporation of America is the holding company of Virginia College is a for-profit, nationally accredited post-secondary education provider to approximately 18,000 students. Virginia College has a presence in 25 markets and the Internet.

Sell -
SELLER

aPriori Capital Partners

Investor Investor Investor


Category Private Equity Firm
Founded 1985
PE ASSETS 2.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

aPriori Capital Partners (formerly DLJ Merchant Banking Partners) is a middle-market private equity firm focused on middle-market buyouts in the US and Europe. Sectors of interest include healthcare, retail, consumer, energy, business services, and industrial. aPriori was originally established in 1985 and has offices in New York and Los Angeles.


DEAL STATS #
Overall 50 of 51
Sector: Business Services M&A 2 of 2
Type: Secondary Buyout M&A Deals 13 of 13
State: Florida M&A 3 of 3
Country: United States M&A 38 of 38
Year: 2018 M&A 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-02-26 NIBC

The Hague, Netherlands

NIBC is a merchant bank that offers integrated solutions to mid-cap clients in the Benelux region and in Germany. NIBC operates through corporate client offering, retail client offering, and treasury and group functions segments. NIBC was founded in 1945 and is based in The Hague, Netherlands.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-08-06 Guala Closures

Alessandria, Italy

Guala Closures is a manufacturer of spirits and wine closures through operating in 5 continents with 27 production sites and has a commercial presence in over 100 countries; about 90% of the group's turnover is generated outside of Italy. Guala Closures was founded in 1954 and is based in Alessandria, Italy.

Sell -