M&A Deal Summary

TruArc Partners Acquires Workforce Logiq

On December 1, 2010, private equity firm TruArc Partners acquired information technology company Workforce Logiq from APC Holdings, RockWood Equity Partners and Banyan Investment Partners for 200M USD

Acquisition Highlights
  • This is TruArc Partners’ 2nd transaction in the Information Technology sector.
  • This is TruArc Partners’ 2nd largest (disclosed) transaction.
  • This is TruArc Partners’ 9th transaction in the United States.
  • This is TruArc Partners’ 2nd transaction in Florida.
Investment Fate
  • Workforce Logiq was sold to a consortium of financial buyers in 2017.
  • Workforce Logiq was sold to a strategic buyer in 2021.

M&A Deal Summary

Date 2010-12-01
Target Workforce Logiq
Sector Information Technology
Buyer(s) TruArc Partners
Sellers(s) APC Holdings
RockWood Equity Partners
Banyan Investment Partners
Deal Type Secondary Buyout
Deal Value 200M USD

Target

Workforce Logiq

Orlando, Florida, United States
website
Workforce Logiq is a global provider of software and services to large corporations in the fast-growing, global workforce management space. Workforce Logiq was formed in 1999 and is based in Orlando, Florida.

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Buyer(S) 1

Buyer

TruArc Partners

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2005
PE ASSETS 2.4B USD
Size Large
Type Sector Agnostic
DESCRIPTION

TruArc Partners is a private equity firm that invests in small to mid-market companies throughout North America. The Firm seeks to invest $50 to $150 million in companies valued between $100 and $500 million. TruArc Partners will consider a variety of transaction types, including leveraged acquisitions, build-ups, recapitalizations, restructurings and growth equity commitments. TruArc Partners was formerly known as Snow Phipps Group. The Firm was established in 2005 and is based in New York City.


DEAL STATS #
Overall 9 of 33
Sector (Information Technology) 2 of 3
Type (Secondary Buyout) 3 of 17
State (Florida) 2 of 3
Country (United States) 9 of 32
Year (2010) 1 of 1
Size (of disclosed) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-06-30 Acentia

Falls Church, Virginia, United States

Acentia LLC is an information technology services provider to U.S. government civilian, national security, and intelligence agencies. Acentia provides infrastructure operations, network engineering and architecture, information assurance, specialized relocation and engineering, program management, software development, and strategic planning to its customers with a focus on end-to-end IT solutions and complementary consulting services. Acentia LLC was established in 2001 and is based in Falls Church, Virginia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-04-04 Velvet

Culver City, California, United States

Velvet designs, manufactures and sells upscale women's and men's apparel. Velvet's portfolio covers a wide range from contemporary to designer price points and includes t-shirts, tops, pants, shorts, skirts, dresses and other categories. Products are primarily sold domestically through wholesale (department and specialty stores), online and retail channels and internationally through distributors.

Buy -

Seller(S) 3

DESCRIPTION

APC Holdings is a private investment firm focused on acquiring lower middle-market businesses in the financial services, energy, real estate, and outsourcing sectors. APC looks for businesses with stable cash-flows, high-margins (> 20%), diverse customers, defensible market positions, limited cyclicality, and high barriers to entry. Target EBITDA is typically between $5 and $15 million. APC prefers opportunities located in the Southeast US. APC Holdings was formed in 2003 and is based in Orlando, Florida.


DEAL STATS #
Overall 2 of 3
Sector (Information Technology) 1 of 1
Type (Secondary Buyout) 1 of 1
State (Florida) 1 of 2
Country (United States) 1 of 2
Year (2010) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-12-14 1001 listes SA

Paris, France

1001 listes SA is a provider of online wedding list services.

Sell €20M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-07-27 New Futuro

Chicago, Illinois, United States

New Futuro is a one-stop resource for bilingual, culturally relevant information about education and career development for Latinos. It provides Fortune 1000 clients with the nation’s most compelling social and digital media center for reaching Latino consumers. New Futuro was formed in 2008 and is based in Chicago, Illinois.

Buy -
SELLER

RockWood Equity Partners

Shaker Heights, Ohio, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1999
Size Small
Type Sector Agnostic
DESCRIPTION

RockWood Equity Partners is a private equity firm looking to acquire profitable lower-middle market North American companies generating sales of $10 to $75 million and EBITDA of $2 to $7 million. Target transaction types include management buyouts, recapitalizations, growth equity financings, and divestitures. Sectors of interest include aerospace, defense, healthcare, industrials/industrial technology, and business services. RockWood Equity Partners was formed in 1999 and is based in Cleveland, Ohio.


DEAL STATS #
Overall 5 of 21
Sector (Information Technology) 1 of 1
Type (Secondary Buyout) 2 of 4
State (Florida) 1 of 2
Country (United States) 5 of 19
Year (2010) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-05-24 Minco Technology Labs

Austin, Texas, United States

Minco is a fab-less manufacturer, processor and value-added distributor of semiconductors and components used in military, aerospace, medical, energy and other high-reliability applications.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-07-12 AMACS

Houston, Texas, United States

AMACS provides solutions for a wide range of separation applications, including mist eliminators, mass transfer products, and wedge wire screen products. AMACS has a diverse, global customer base across a variety of growing end markets, including chemicals, oil, and gas, wastewater, and power generation, among others. AMACS was founded in 1991 and is based in Houston, Texas.

Buy -
SELLER

Banyan Investment Partners

Miami, Florida, United States

Investor

website


Category Mezzanine Finance Firm
Founded 2002
PE ASSETS 550M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Banyan is a specialty finance firm that provides mezzanine capital to smaller middle-market companies headquartered primarily in the Southeast US. Banyan looks to invest $5 to $25 million of junior capital in profitable companies. The Firm does not have any industry preferences, however, Banyan will not invest in real estate development, oil and gas exploration, direct lenders, start-ups or turn-around situations. Banyan Mezzanine was formed in 2002 and is based in Miami, Florida.


DEAL STATS #
Overall 5 of 22
Sector (Information Technology) 1 of 3
Type (Secondary Buyout) 4 of 7
State (Florida) 2 of 7
Country (United States) 5 of 22
Year (2010) 1 of 1
Size (of disclosed) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-11-01 ScooterBug

Orlando, Florida, United States

ScooterBug, Inc. is the company focused exclusively on providing fleet management solutions for mobility products to theme and amusement parks, zoos, aquariums, casinos and other destination locations.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-12-21 The Supply Source

Jacksonville, Florida, United States

The Supply Source (TSS) specializes in supply chain management and distribution, providing its customers operational efficiencies through a single-source supply offering. The “one-stop shop” distributes packaging and shipping products, labels, janitorial supplies, and other non-resale operational items used by a growing base of top-tier customers across the retail, food manufacturing, and healthcare sectors.

Buy -