Triangle Capital Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Triangle Capital has acquired 1 company. It has also invested in 1 other.

Triangle Capital’s most common sectors for investment are food (9%) and healthcare services (7%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (36%) and secondary buyout (19%). In total, Triangle Capital has invested in 32 US states and 2 different countries. Its largest (disclosed) acquisition occurred in 2015 when it acquired Baker Hill for $100M.

In the last 3 years, Triangle Capital has exited 26 companies. The Firm’s most common exit type is trade sale (48%). Triangle Capital’s largest (disclosed) exit occurred in 2010 when it sold CyrusOne for $525M.

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M&A Summary

  • M&A Total Activity183
    • M&A Buy Activity116
    • M&A Sell Activity67
  • Total Sectors Invested 38
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 118

Triangle Capital Corp.

3700 Glenwood Avenue, Suite 530,
Raleigh, North Carolina 27612
United States
(919) 719-4770
www.tcap.com


Investment Criteria

Sectors of Interest: Apparel/Textiles, Automotive, Beverages, Building Materials, Business Services, Chemicals, Communications, Construction, Consumer Products, Defense, Distribution, Electrical Equipment, Electronics, Energy Services and Equipment, Environmental, Food, Furniture, Healthcare Services, Information Technology, Infrastructure, Insurance, Internet Software and Services, Life Science, Machinery, Manufacturing, Marine, Plastics, Restaurants, Retail, Safety/Security, Semiconductors, Software, Technology Hardware, Transportation

Target Transaction Types: Buyout (LBO, MBO, MBI), Growth Capital, Recapitalization, Acquisition Financing

Geographic Preferences: East US, Midwest US, South US, West US

Transaction Criteria Min Max
Target Revenue 20 300
Target EBITDA 5 75
Investment Size 5 30
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (0.6/yr) # 113 1 2 - - - 116
vol $184M $184M
Sell (8.0/yr) # 27 14 7 12 4 3 67
vol $555M $420M $603M $500M $2.1B
  183

Most Recent M&A

Company Date Value Type
DataSource, Inc. 2020-06-24 - Merger
Kansas City, Missouri · www.data-source.com
Centerfield Media Holdings LLC 2020-01-21 - Secondary Buyout
Los Angeles, California · www.centerfield.com
The Krystal Co. 2020-01-19 - Bankruptcy
Dunwoody, Georgia · www.krystal.com
Custom Window Systems, Inc. 2019-10-03 - Add-on Acquisition
Ocala, Florida · www.cws.cc
Main Street Gourmet 2019-09-19 - Secondary Buyout
Cuyahoga Falls, Ohio · www.mainstreetgourmet.com
Capital Contractors, Inc. 2019-04-02 - Add-on Acquisition
Melville, New York · www.capitalcontractors.com
AVL Digital Group 2019-03-27 - Add-on Acquisition
Pennsauken, New Jersey · www.avldigital.com
Orchid Underwriters Agency, Inc. 2018-12-20 - Secondary Buyout
Vero Beach, Florida · www.orchidinsurance.com
Frozen Specialties, Inc. 2018-12-03 - Add-on Acquisition
Perrysburg, Ohio · www.frozenspecialties.com
Cafe Enterprises, Inc. 2018-12-01 - Unknown
Taylors, South Carolina · www.cafeent.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Rotolo Consultants, Inc. 2015-09-03 GPL Landscaping LLC 2018-07-09 3
Slidell, Louisiana · www.rotoloconsultants.com Miramar Beach, Florida · www.gpllandscaping.com
Rotolo Consultants, Inc. 2015-09-03 Massengale Grounds Management 2018-01-15 2
Slidell, Louisiana · www.rotoloconsultants.com Baton Rouge, Louisiana · www.mgminc.com
Rotolo Consultants, Inc. 2015-09-03 Greenscape Grounds Management LLC 2017-06-12 1
Slidell, Louisiana · www.rotoloconsultants.com Lafayette, Louisiana
Team Waste LLC 2015-06-25 Advanced Disposal Services Gulf Coast LLC 2015-06-25 1
Biloxi, Mississippi · www.teamwasteusa.com Ponte Vedra, Florida
Halcyon Healthcare 2011-12-30 Community Hospice of Mississippi 2014-10-23 1
Cumming, Georgia · www.halcyonhealthcare.com Tupelo, Mississippi
Technology Crops International 2009-09-30 Premium Crops Ltd. 2014-03-21 1
Winston-Salem, North Carolina · www.techcrops.com Hambledon, United Kingdom · www.premiumcrops.com
Parts Now LLC 2012-09-05 The Bradshaw Group, Inc. 2013-06-24 1
Middleton, Wisconsin · www.partsnow.com Richardson, Texas · www.bradshawgroup.com
Tomich Brothers Seafood 2011-08-16 G. Nazzareno, Inc. 2011-10-07 1
San Pedro, California · www.tomichbros.com , California

M&A by Sector

Sector Current # Value All-time # Value
Food 6 (16%) - 10 (9%) -
Business Services 2 (5%) - 8 (7%) -
Healthcare Services 5 (14%) - 8 (7%) -
Distribution 3 (8%) - 7 (6%) 22M (12%)
Chemicals 4 (11%) - 7 (6%) -
Manufacturing 3 (8%) - 6 (5%) -
Automotive 2 (5%) - 5 (4%) -
Consumer Products 1 (3%) - 5 (4%) -
Energy Services and Equipment - - 5 (4%) -
Building Materials - - 4 (3%) -
Electrical Equipment 1 (3%) - 4 (3%) -
Information Technology - - 4 (3%) -
Restaurants 1 (3%) - 4 (3%) -
Software 1 (3%) 100M (62%) 3 (3%) 100M (54%)
Environmental 1 (3%) - 3 (3%) -
Media 1 (3%) - 3 (3%) -
Retail 1 (3%) - 3 (3%) -
Construction 1 (3%) - 2 (2%) -
Defense - - 2 (2%) -
Machinery - - 2 (2%) -
Safety/Security - - 2 (2%) -
Technology Hardware - - 2 (2%) -
Transportation 1 (3%) - 2 (2%) -
Aerospace 1 (3%) 62M (38%) 1 (1%) 62M (34%)
Apparel/Textiles 1 (3%) - 1 (1%) -
Beverages - - 1 (1%) -
Consumer Services - - 1 (1%) -
Electronics - - 1 (1%) -
Engineering - - 1 (1%) -
Insurance - - 1 (1%) -
Internet Software and Services - - 1 (1%) -
Life Science 1 (3%) - 1 (1%) -
Marine - - 1 (1%) -
Marketing - - 1 (1%) -
Packaging - - 1 (1%) -
Semiconductors - - 1 (1%) -
Test/Measurement Equipment - - 1 (1%) -
Utilities - - 1 (1%) -
Total 37 $162M 116 $184M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 37 (100%) 162M (100%) 115 (99%) 184M (100%)
  Florida 3 (8%) - 12 (10%) -
  North Carolina 2 (5%) - 10 (9%) -
  California 1 (3%) - 10 (9%) -
  Texas 2 (5%) - 8 (7%) -
  Ohio 2 (5%) - 7 (6%) -
  Georgia 2 (5%) - 7 (6%) -
  Michigan 2 (5%) - 6 (5%) -
  Washington 4 (11%) - 4 (3%) -
  Massachusetts 2 (5%) - 4 (3%) -
  New Jersey 1 (3%) - 4 (3%) -
  Pennsylvania - - 4 (3%) 22M (12%)
  Tennessee 2 (5%) - 3 (3%) -
  Kentucky 1 (3%) - 3 (3%) -
  Arizona 1 (3%) - 3 (3%) -
  South Carolina 1 (3%) - 3 (3%) -
  New York - - 3 (3%) -
  Illinois - - 3 (3%) -
  Missouri - - 2 (2%) -
  Colorado - - 2 (2%) -
  Virginia - - 2 (2%) -
  Oklahoma - - 2 (2%) -
  Indiana 1 (3%) 100M (62%) 1 (1%) 100M (54%)
  Connecticut 1 (3%) 62M (38%) 1 (1%) 62M (34%)
  Mississippi 1 (3%) - 1 (1%) -
  Maryland 1 (3%) - 1 (1%) -
  Maine 1 (3%) - 1 (1%) -
  Louisiana 1 (3%) - 1 (1%) -
  Wisconsin 1 (3%) - 1 (1%) -
  Utah 1 (3%) - 1 (1%) -
  Minnesota - - 1 (1%) -
  Arkansas - - 1 (1%) -
Canada - - 1 (1%) -
  Alberta - - 1 (1%) -
Domestic 37 (100%) 162M (100%) 115 (99%) 184M (100%)
Cross-border - - 1 (1%) -
Total 37 $162M 116 $184M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 8 (22%) - 41 (35%) 22M (12%)
Secondary Buyout 6 (16%) - 21 (18%) -
Recapitalization 4 (11%) - 20 (17%) -
Growth Capital 13 (35%) - 18 (16%) -
Divestiture 3 (8%) 162M (100%) 5 (4%) 162M (88%)
Consolidation - - 3 (3%) -
Stake Purchase - - 2 (2%) -
Venture - - 2 (2%) -
Acquisition Financing 1 (3%) - 1 (1%) -
Going Private - - 1 (1%) -
PIPE 1 (3%) - 1 (1%) -
Special Situations/Distressed 1 (3%) - 1 (1%) -
Total 37 $162M 116 $184M

Exits by Deal Type

Type Total # Value
Secondary Sale 27 (40%) -
Trade Sale 20 (30%) -
Trade Sale - Public Company 12 (18%) 2.1B (100%)
Unknown 3 (4%) -
Bankruptcy 2 (3%) -
IPO 1 (1%) -
Merger 1 (1%) -
Sold to Management 1 (1%) -
Total 67 $2.1B

Deal Values

buy # Total
< $100M 3 $184M
TOTAL $184M
Largest Baker Hill Corp.
$100M (2015-09-23)
sell # Total
$100M to $1B 6 $2.0B
< $100M 1 $30M
TOTAL $2.1B
Largest CyrusOne, Inc.
$525M (2010-05-12)

M&A Connections

Deals %
Acquired from
PE Firm(s)
86%
31 86%
Strategic(s)
14%
5 14%
Exited to
PE Firm(s)
48%
30 48%
Strategic(s)
52%
33 52%

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