Wellspring Capital Management Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Wellspring Capital Management has acquired 9 companies.

Wellspring Capital Management’s most common sectors for investment are consumer products (13%) and healthcare services (11%). The Firm’s most common investment types include secondary buyout (41%) and buyout (lbo, mbo, mbi) (28%). In total, Wellspring Capital Management has invested in 24 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 4 companies. The Firm’s most common exit type is secondary buyout (40%). 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 Activity80
    • M&A Buy Activity47
    • M&A Sell Activity33
  • Total Sectors Invested 21
  • Total Countries Invested 3
  • M&A Buy/Sell Connections 21
  • M&A Advisors 14

Wellspring Capital Management

605 Third Avenue – 44 Floor,
New York, New York 10158
United States
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 ≤ '16 '17 '18 '19 '20 '21 T
Buy (1.8/yr) # 38 - 2 3 2 2 47
vol $2.6B $2.6B
Sell (1.2/yr) # 27 2 - 3 1 - 33
vol $4.5B $152M $4.6B
  80

Most Recent M&A

Company Date Value Type
Rohrer Corp. 2021-03-17 - Secondary Buyout
Wadsworth, Ohio · www.rohrer.com
HealthPRO Heritage 2021-03-15 - Recapitalization
Hunt Valley, Maryland · www.healthpro-heritage.com
Help At Home LLC 2020-10-30 - Secondary Buyout
Chicago, Illinois · www.helpathome.com
Cadence Petroleum Group 2020-10-08 - Secondary Buyout
Asheboro, North Carolina · www.cadencepetroleum.com
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
United Sporting Companies, Inc. 2019-06-11 - Bankruptcy
Chapin, South Carolina
Bellwether Behavioral Health 2019-05-25 - Shut Down
Bear, Delaware
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
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
SupplyOne, Inc. 2018-02-05 Riverside Paper Co., Inc. 2020-10-23 1
Devon, Pennsylvania · www.supplyone.com Miami, Florida · www.rpconline.com
Hoffmaster Group, Inc. 2016-10-19 Aardvark Straws 2018-08-06 1
Oshkosh, Wisconsin · www.Hoffmaster.com Fort Wayne, Indiana · www.aardvarkstraws.com
Airswift Holdings Ltd. 2016-01-29 Air Energi Group Ltd. 2016-01-29 2
Houston, Texas · 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
Houston, Texas · www.airswift.com Enfield, United Kingdom · www.swiftworldwideresources.com

M&A by Sector

Sector Current # Value All-time # Value
Consumer Products 1 (8%) - 6 (13%) -
Healthcare Services 2 (15%) - 5 (11%) -
Packaging 2 (15%) - 5 (11%) -
Distribution 1 (8%) - 4 (9%) 1.4B (54%)
Building Materials 1 (8%) - 4 (9%) 435M (17%)
Manufacturing 2 (15%) - 3 (6%) -
Staffing 1 (8%) - 3 (6%) -
Leisure 1 (8%) - 2 (4%) 375M (15%)
Business Services - - 2 (4%) -
Machinery - - 2 (4%) -
Restaurants - - 1 (2%) 188M (7%)
Energy Services and Equipment - - 1 (2%) 133M (5%)
Franchising - - 1 (2%) 55M (2%)
Automotive 1 (8%) - 1 (2%) -
Consumer Services - - 1 (2%) -
Food - - 1 (2%) -
Forest Products - - 1 (2%) -
Medical Products - - 1 (2%) -
Retail - - 1 (2%) -
Safety/Security - - 1 (2%) -
Transportation 1 (8%) - 1 (2%) -
Total 13 - 47 $2.6B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 13 (100%) - 42 (89%) 2.6B (100%)
  Ohio 1 (8%) - 5 (11%) -
  Pennsylvania 2 (15%) - 3 (6%) -
  Michigan 1 (8%) - 3 (6%) -
  South Carolina - - 3 (6%) 435M (17%)
  Wisconsin 2 (15%) - 2 (4%) -
  Texas 1 (8%) - 2 (4%) -
  Tennessee 1 (8%) - 2 (4%) -
  Florida - - 2 (4%) 188M (7%)
  Colorado - - 2 (4%) 55M (2%)
  New York - - 2 (4%) -
  Illinois - - 2 (4%) -
  Georgia - - 2 (4%) -
  Oklahoma 1 (8%) - 1 (2%) -
  North Carolina 1 (8%) - 1 (2%) -
  Minnesota 1 (8%) - 1 (2%) -
  Maryland 1 (8%) - 1 (2%) -
  California 1 (8%) - 1 (2%) -
  Virginia - - 1 (2%) 1.4B (54%)
  Arizona - - 1 (2%) 375M (15%)
  Louisiana - - 1 (2%) 133M (5%)
  New Jersey - - 1 (2%) -
  Massachusetts - - 1 (2%) -
  Delaware - - 1 (2%) -
  Alabama - - 1 (2%) -
Canada - - 3 (6%) -
  Quebec - - 2 (4%) -
  British Columbia - - 1 (2%) -
United Kingdom - - 2 (4%) -
Domestic 13 (100%) - 42 (89%) 2.6B (100%)
Cross-border - - 5 (11%) -
Total 13 - 47 $2.6B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 9 (69%) - 19 (40%) -
Buyout (LBO, MBO, MBI) 1 (8%) - 13 (28%) -
Going Private - - 5 (11%) 2.2B (83%)
Divestiture 1 (8%) - 5 (11%) 435M (17%)
Recapitalization 1 (8%) - 3 (6%) -
Consolidation 1 (8%) - 2 (4%) -
Total 13 - 47 $2.6B

Exits by Deal Type

Type Total # Value
Secondary Sale 13 (39%) 1.3B (29%)
Trade Sale 7 (21%) 1.8B (38%)
Trade Sale - Public Company 4 (12%) 1.5B (33%)
Merger 3 (9%) -
Bankruptcy 2 (6%) -
IPO 2 (6%) -
Recapitalization 1 (3%) -
Shut Down 1 (3%) -
Total 33 $4.6B

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
McDermott Will & Emery LLP
 5
Simpson Thacher & Bartlett LLP
 2

Deal Values

buy # Total
> $1B 1 $1.4B
$100M to $1B 5 $1.1B
< $100M 1 $55M
TOTAL $2.6B
Largest Performance Food Group, Inc.
$1.4B (2008-01-18)
sell # Total
> $1B 1 $1.4B
$100M to $1B 8 $3.2B
TOTAL $4.6B
Largest Vistar Corp.
$1.4B (2008-05-27)

M&A Connections

Deals
Acquired from
Investor(s)
43%
20 (43%)
Strategic(s)
9%
4 (9%)
Exited to
Investor(s)
39%
13 (39%)
Strategic(s)
42%
14 (42%)

Investor Summary

Size

Large

PE Assets

4.0B USD

Established

1995

Specialist/Generalist

Generalist

Leadership

Greg Feldman

Co-Founder & Executive Chairman

William Dawson

CEO

Alexander Carles

Managing Partner

John Morningstar

Managing Partner

Marlene Reihard

CAO

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