Wellspring Capital Management Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Wellspring Capital Management has acquired 5 companies.

Wellspring Capital Management’s most common sectors for investment are consumer products (15%) and packaging (10%). The Firm’s most common investment types include secondary buyout (41%) and buyout (lbo, mbo, mbi) (31%). In total, Wellspring Capital Management has invested in 22 US states and 3 different countries. Its largest (disclosed) acquisition occurred in 2008 when it acquired Performance Food Group for $1.4B.

In the last 3 years, Wellspring Capital Management has exited 2 companies. The Firm’s most common exit type is secondary buyout (41%). Wellspring Capital Management’s largest (disclosed) exit occurred in 2008 when it sold Vistar for $1.4B.

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M&A Summary

  • M&A Total Activity69
    • M&A Buy Activity42
    • M&A Sell Activity27
  • Total Sectors Invested 22
  • Total Countries Invested 3
  • M&A Buy/Sell Connections 21
  • M&A Advisors 14

Wellspring Capital Management LLC

390 Park Avenue,
New York, New York 10022
United States
(212) 318-9800
www.wellspringcapital.com
info@wellspringcapital.com

Wellspring Capital Management is a mega-sized private equity firm that focused on a variety of transaction situations. The Firm will consider buyouts of private companies, acquisitions of divisions or subsidiaries of public companies, shareholder liquidity needs, partnering with entrepreneurs for growth opportunities, and special situations. Wellspring does not have any sector preferences and is capable of pursuing transactions valued up to $2 billion. Wellspring Capital Management was formed in 1995 and is based in New York City.


Investment Criteria

Sectors of Interest: Building Materials, Business Services, Consumer Products, Consumer Services, Distribution, Education, Energy Services and Equipment, Food, Forest Products, Franchising, Machinery, Manufacturing, Restaurants, Retail, Safety/Security

Target Transaction Types: Buyout (LBO, MBO, MBI), Consolidation, Going Private, Recapitalization, Special Situations/Distressed

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

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size - -
Enterprise Value 50 2,000
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (1.4/yr) # 35 2 - 1 3 1 42
vol $2.5B $2.5B
Sell (1.2/yr) # 21 4 2 - - - 27
vol $4.1B $152M $4.3B
  69

Most Recent M&A

Company Date Value Type
Steele Solutions, Inc. 2020-05-29 - Secondary Buyout
Milwaukee, Wisconsin · www.steelesolutions.com
Milan Supply Chain Solutions, Inc. 2019-09-30 - Secondary Buyout
Milan, Tennessee · www.milanexpress.com
Lucky Strike Entertainment LLC 2019-04-04 - Buyout (LBO, MBO, MBI)
Sherman Oaks, California · www.bowlluckystrike.com
Paragon Films, Inc. 2019-03-06 - Secondary Buyout
Broken Arrow, Oklahoma · www.paragon-films.com
SupplyOne, Inc. 2018-02-05 - Secondary Buyout
Devon, Pennsylvania · www.supplyone.com
Crosman Corp. 2017-06-05 152M USD Secondary Buyout
Bloomfield, New York · www.crosman.com
Tradesmen International LLC 2017-01-03 - Secondary Buyout
Macedonia, Ohio · www.tradesmeninternational.com
Great Lakes Home Health Services, Inc. 2016-11-29 - Secondary Buyout
Jackson, Michigan · www.greatlakescaring.com
Hoffmaster Group, Inc. 2016-10-19 - Secondary Buyout
Oshkosh, Wisconsin · www.Hoffmaster.com
ProAmpac Intermediate, Inc. 2016-10-17 - Secondary Buyout
Cincinnati, Ohio · www.proampac.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Hoffmaster Group, Inc. 2016-10-19 Aardvark Straws 2018-08-06 1
Oshkosh, Wisconsin · www.Hoffmaster.com Fort Wayne, Indiana · www.aardvarkstraws.com
Help At Home, Inc. 2015-08-25 Excel Companion Care 2017-01-12 1
Avon, Connecticut · www.helpathomect.com Warminster, Pennsylvania · www.excelcompanioncare.com
Airswift Holdings Ltd. 2016-01-29 Air Energi Group Ltd. 2016-01-29 2
Royal Leamington Spa, United Kingdom · www.airswift.com Manchester, United Kingdom · www.airenergi.com
Airswift Holdings Ltd. 2016-01-29 Swift Technical Group Ltd. (Swift Worldwide Resources) 2016-01-29 1
Royal Leamington Spa, United Kingdom · www.airswift.com Enfield, United Kingdom · www.swiftworldwideresources.com

M&A by Sector

Sector Current # Value All-time # Value
Consumer Products 1 (7%) - 6 (14%) -
Packaging 1 (7%) - 4 (10%) -
Distribution 1 (7%) - 3 (7%) 1.4B (57%)
Business Services 1 (7%) - 3 (7%) -
Healthcare Services 2 (14%) - 3 (7%) -
Manufacturing 2 (14%) - 3 (7%) -
Staffing 1 (7%) - 3 (7%) -
Building Materials 1 (7%) 310M (100%) 2 (5%) 310M (13%)
Machinery 1 (7%) - 2 (5%) -
Leisure - - 1 (2%) 375M (15%)
Restaurants - - 1 (2%) 188M (8%)
Energy Services and Equipment - - 1 (2%) 133M (5%)
Franchising - - 1 (2%) 55M (2%)
Automotive 1 (7%) - 1 (2%) -
Consumer Services - - 1 (2%) -
Food - - 1 (2%) -
Forest Products - - 1 (2%) -
Gaming 1 (7%) - 1 (2%) -
Medical Products - - 1 (2%) -
Retail - - 1 (2%) -
Safety/Security - - 1 (2%) -
Transportation 1 (7%) - 1 (2%) -
Total 14 $310M 42 $2.5B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 13 (93%) 310M (100%) 36 (86%) 2.5B (100%)
  Ohio - - 4 (10%) -
  Pennsylvania 2 (14%) - 3 (7%) -
  Michigan 1 (7%) - 3 (7%) -
  South Carolina 2 (14%) 310M (100%) 2 (5%) 310M (13%)
  Wisconsin 2 (14%) - 2 (5%) -
  Tennessee 1 (7%) - 2 (5%) -
  New York 1 (7%) - 2 (5%) -
  Florida - - 2 (5%) 188M (8%)
  Colorado - - 2 (5%) 55M (2%)
  Georgia - - 2 (5%) -
  Oklahoma 1 (7%) - 1 (2%) -
  Delaware 1 (7%) - 1 (2%) -
  Connecticut 1 (7%) - 1 (2%) -
  California 1 (7%) - 1 (2%) -
  Virginia - - 1 (2%) 1.4B (57%)
  Arizona - - 1 (2%) 375M (15%)
  Louisiana - - 1 (2%) 133M (5%)
  Texas - - 1 (2%) -
  New Jersey - - 1 (2%) -
  Massachusetts - - 1 (2%) -
  Illinois - - 1 (2%) -
  Alabama - - 1 (2%) -
United Kingdom 1 (7%) - 3 (7%) -
Canada - - 3 (7%) -
  Quebec - - 2 (5%) -
  British Columbia - - 1 (2%) -
Domestic 13 (93%) 310M (100%) 36 (86%) 2.5B (100%)
Cross-border 1 (7%) - 6 (14%) -
Total 14 $310M 42 $2.5B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 9 (64%) - 17 (40%) -
Buyout (LBO, MBO, MBI) 2 (14%) - 13 (31%) -
Going Private - - 5 (12%) 2.2B (87%)
Divestiture 1 (7%) 310M (100%) 3 (7%) 310M (13%)
Consolidation 1 (7%) - 2 (5%) -
Recapitalization 1 (7%) - 2 (5%) -
Total 14 $310M 42 $2.5B

Exits by Deal Type

Type Total # Value
Secondary Sale 11 (41%) 1.3B (31%)
Trade Sale 6 (22%) 1.4B (33%)
Trade Sale - Public Company 4 (15%) 1.5B (36%)
Merger 3 (11%) -
IPO 2 (7%) -
Bankruptcy 1 (4%) -
Total 27 $4.3B

Top M&A Advisors

Financial Deals
Goldman Sachs Investment Banking Division
2
Credit Suisse Investment Banking
2
Alvarez & Marsal
2
Legal Deals
Paul, Weiss, Rifkind, Wharton & Garrison LLP
14
Simpson Thacher & Bartlett LLP
2
McDermott Will & Emery LLP
2

Deal Values

buy # Total
> $1B 1 $1.4B
$100M to $1B 4 $1.0B
< $100M 1 $55M
TOTAL $2.5B
Largest Performance Food Group, Inc.
$1.4B (2008-01-18)
sell # Total
> $1B 1 $1.4B
$100M to $1B 7 $2.9B
TOTAL $4.3B
Largest Vistar Corp.
$1.4B (2008-05-27)

M&A Connections

Deals %
Acquired from
PE Firm(s)
89%
24 89%
Strategic(s)
11%
3 11%
Exited to
PE Firm(s)
48%
11 48%
Strategic(s)
52%
12 52%

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