Triangle Capital Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Triangle Capital has acquired 1 company.

Triangle Capital’s most common sectors for investment are food (9%) and healthcare services (8%). 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 3 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 19 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 Activity184
    • M&A Buy Activity117
    • M&A Sell Activity67
  • Total Sectors Invested 38
  • Total Countries Invested 3
  • 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 ≤ '16 '17 '18 '19 '20 '21 T
Buy (0.6/yr) # 114 2 - - - 1 117
vol $184M $184M
Sell (5.2/yr) # 41 7 12 4 3 - 67
vol $975M $603M $500M $2.1B
  184

Most Recent M&A

Company Date Value Type
Bourn Bioscience Ltd. 2021-01-11 - Secondary Buyout
Cambridge, United Kingdom · www.bournhall.co.uk
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
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Food 5 (14%) - 10 (9%) -
Healthcare Services 6 (16%) - 9 (8%) -
Business Services 2 (5%) - 8 (7%) -
Distribution 3 (8%) - 7 (6%) 22M (12%)
Chemicals 4 (11%) - 7 (6%) -
Consumer Products 1 (3%) - 6 (5%) -
Manufacturing 3 (8%) - 6 (5%) -
Automotive 2 (5%) - 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%) -
Construction 1 (3%) - 2 (2%) -
Defense - - 2 (2%) -
Machinery - - 2 (2%) -
Retail 1 (3%) - 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 117 $184M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 36 (97%) 162M (100%) 115 (98%) 184M (100%)
  Florida 3 (8%) - 12 (10%) -
  North Carolina 2 (5%) - 10 (9%) -
  California - - 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%) -
  South Carolina 1 (3%) - 3 (3%) -
  Kentucky 1 (3%) - 3 (3%) -
  Arizona 1 (3%) - 3 (3%) -
  New York - - 3 (3%) -
  Illinois - - 3 (3%) -
  Oklahoma - - 2 (2%) -
  Missouri - - 2 (2%) -
  Colorado - - 2 (2%) -
  Virginia - - 2 (2%) -
  Indiana 1 (3%) 100M (62%) 1 (1%) 100M (54%)
  Connecticut 1 (3%) 62M (38%) 1 (1%) 62M (34%)
  Utah 1 (3%) - 1 (1%) -
  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%) -
  Minnesota - - 1 (1%) -
  Arkansas - - 1 (1%) -
United Kingdom 1 (3%) - 1 (1%) -
Canada - - 1 (1%) -
  Alberta - - 1 (1%) -
Domestic 36 (97%) 162M (100%) 115 (98%) 184M (100%)
Cross-border 1 (3%) - 2 (2%) -
Total 37 $162M 117 $184M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 7 (19%) - 41 (35%) 22M (12%)
Secondary Buyout 7 (19%) - 22 (19%) -
Recapitalization 4 (11%) - 20 (17%) -
Growth Capital 13 (35%) - 18 (15%) -
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 117 $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
Investor(s)
19%
22 (19%)
Strategic(s)
4%
5 (4%)
Exited to
Investor(s)
40%
27 (40%)
Strategic(s)
49%
33 (49%)

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