M&A Deal Summary

Windjammer Capital Investors Acquires Compex

On February 11, 2020, mezzanine finance firm Windjammer Capital Investors acquired business services company Compex from Waud Capital Partners

Acquisition Highlights
  • This is Windjammer Capital Investors’ 3rd transaction in the Business Services sector.
  • This is Windjammer Capital Investors’ 44th transaction in the United States.
  • This is Windjammer Capital Investors’ 10th transaction in California.

M&A Deal Summary
Date 2020-02-11
Target Compex
Sector Business Services
Buyer(s) Windjammer Capital Investors
Sellers(s) Waud Capital Partners
Deal Type Secondary Buyout

Target

Compex

Torrance, California, United States
website
Compex is a tech-enabled provider of outsourced medical records retrieval and litigation support services nationally. Compex has a track record of providing high-quality service, fast turnaround times and proven scalability to a blue-chip customer base including insurance carriers, third-party administrators, and law firms. Compex was founded in and is based in Torrance, California.

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Buyer(S) 1

Buyer

Windjammer Capital Investors

Newport Beach, California, United States

Investor Investor Investor Investor Investor

website

Category Mezzanine Finance Firm
Founded 1990
PE ASSETS 2.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Windjammer Capital Investors is a private investment firm that invests control equity, minority equity, and/or subordinated debt in growing middle-market businesses. The Firm seeks to invest between $50 and $200 million of equity or subordinated debt in companies that generate at least $8 million of EBITDA. Windjammer focuses on North American-based opportunities and prefers companies with scalable business models, differentiated products/services, and that operate in defensible markets. Broad sectors of interest include manufacturing, business services and value-added distribution. Windjammer does not invest in high technology, real estate, and financial services companies. Windjammer Capital Investors was formed in 1990 and has offices in Waltham, Massachusetts and Newport Beach, California.

DEAL STATS #
Overall 44 of 48
Sector (Business Services) 3 of 3
Type (Secondary Buyout) 15 of 18
State (California) 10 of 10
Country (United States) 44 of 48
Year (2020) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-09-10 Hilco Vision

Mansfield, Massachusetts, United States

Hilco Vision is a distributor of branded and consumable professional eyecare products and optical accessories throughout the eye healthcare supply chain. Hilco Vision has a highly diverse suite of branded and non-branded optical products and accessories, offering more than 30,000 SKUs and an expansive distribution network, uniquely allowing the Company to serve both optical chains and independent optical locations alike as a "one-stop-shop." Hilco Vision was founded in 1956 and is based in Mansfield, Massachusetts.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-09-28 Advanced Instruments

Norwood, Massachusetts, United States

Advanced Instruments is a designer, manufacturer, and marketer of laboratory test equipment and related consumables for use in clinical, food and dairy, microbiology, pharmaceutical, and biotech markets. With an array of technical competencies, including being the world’s foremost authority on the application of Freezing Point Depression technology for measuring the osmolality of solutions, AI serves thousands of end-users in over 90 countries under the Advanced Instruments, Fiske, and Mart Microbiology brands. Advanced Instruments was founded in 1955 and is based in Norwood, Massachusetts.

Sell $780M

Seller(S) 1

SELLER

Waud Capital Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1993
PE ASSETS 3.2B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Waud Capital Partners is a private equity firm that pursues investments in mid-sized manufacturing, distribution and service companies. Waud looks for businesses with proven management, operating in well defined markets, and that demonstrate strong growth potential. The Firm typically invests $50 to $200 million. Specific areas of interest include adhesives, air/water treatment, alarm monitoring, auto components, coatings, consumer products, home healthcare services, hospitals, lighting, litigation support, medical distribution, petroleum distribution, pharmaceuticals, publishing, sealants, specialty hospitals, and tax consultants. Prospective transaction situations include buyouts, recapitalizations and industry consolidations. Waud Capital Partners was established in 1993 and is based in Chicago, Illinois.

DEAL STATS #
Overall 20 of 26
Sector (Business Services) 2 of 3
Type (Secondary Buyout) 4 of 8
State (California) 1 of 2
Country (United States) 19 of 25
Year (2020) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-09-03 HSI

Eugene, Oregon, United States

HSI provides a comprehensive set of health and safety solutions to help its customers meet their training and compliance requirements. HSI offers more than 780 training courses for emergency care, workplace safety, health & safety services, and professional responders. HSI also provides hands-on training via 51,300 authorized affiliate instructors and 13,200 third-party training centers in the U.S. and Canada. HSI also offers a proprietary management system platform that tracks customers’ health & safety programs and employee compliance. HSI was founded in 1978 and is based in Eugene, Oregon.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-22 The CE Shop

Greenwood Village, Colorado, United States

The CE Shop is an online real estate education company that offers online courses in real estate Pre-Licensing, Post-Licensing, and Continuing Education, and have classes available in all 50 states and D.C. The CE Shop was formed in 2005 and is based in Greenwood Village, Colorado.

Buy -
Mergr

Product

Company

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