February 17, 2017
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Archives for February 17, 2017

Diversis Acquires ServicePower

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Diversis Capital has acquired publicly-traded ServicePower, a provider of mobile workforce management software.

ServicePower’s products are used to optimize the work schedules and dispatching of employed and contracted workforces by field based businesses with high-value assets or high job volume. Many of the company’s customers are active in the manufacturing, insurance, security, utilities, telecom, facilities management, oil & gas, construction, and government markets. ServicePower is led by CEO Marne Martin and has offices in McLean, VA; Stockport, UK (located southeast of Manchester); and Santa Ana, CA (www.servicepower.com).

“We really want to push the boundaries of what is possible so that our clients can deliver personalized services in the field that are remarkable, that make them stand out from the crowd in the eye of their customers,” said Ms. Martin. “As a private company with the backing of a well-respected investment firm like Diversis, we can move faster and push harder than ever on the rollout of our industry-best artificial intelligence engine for scheduling, leadership in extended workforce management, and focused development for the core markets we serve.  We are in a much better position to deliver on our considerable ambitions with both the financial and business guidance Diversis provides.”

“We are increasingly working in a world where customer service is paramount,” said Ron Nayot, Managing Director at Diversis. “When we looked at where the best potential investment for Diversis would be, ServicePower was the clear choice.  We believe market demand will continue to increase for the company’s mobile workforce solutions and the business transformation it enables.”

Diversis Capital makes control investments in lower and middle market companies that have at least $20 million of revenue and up to $20 million of EBITDA. Transaction types include carve-outs, standalone transactions and special situations. Sectors of interest include technology, telecom, healthcare, industrials, consumer, and government and business services. The firm was founded in 2013 by Managing Directors Ron Nayot and Kevin Ma. Diversis is based in Santa Monica (www.diversiscapital.com).

© 2017 Private Equity Professional | February 17, 2017

One Equity Grows W.W. Williams

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The W.W. Williams Company, a portfolio company of One Equity Partners, has acquired Auto Safety House. One Equity Partners acquired a majority equity interest in W.W. Williams in August of last year, investing alongside the Williams family and the company’s management team.

Auto Safety House (ASH) is a provider of vehicle maintenance service and parts for trucks, pre-owned and new buses, and other vehicles. ASH, which serviced more than 2,500 customers in 2016, also offers mobile services, and serves as a distributor to nearly 30 equipment manufacturers specializing in high-end truck body, parts and equipment that include the Knapheide and Reading brands. ASH is also the Arizona distributor for Thomas Built Buses, a bus manufacturer headquartered in High Point, NC and a subsidiary of Daimler Trucks North America. ASH was founded in 1941 and has three facilities in Arizona – Phoenix (headquarters), Tucson, and Holbrook (www.autosafetyhouse.com).

“ASH provided an excellent opportunity to expand W.W. Williams’ relationships with key OEMs in the Southwest, add expertise in retail parts, and bring traditionally outsourced fleet maintenance and repair work in-house,” said Matt Hughes, Director at One Equity Partners. “The complementary offerings make this a perfect addition.”

The buy of Auto Safety House is the second add-on completed by One Equity Partners for W.W. Williams. In January 2017, the company acquired Desert Fleet-Serv, a Phoenix-based provider of onsite maintenance and repair services for diesel trucks and trailers (www.desertfleet-serv.com).

W.W. Williams provides service and repair, OEM product sales, and supply chain management services to the industrial power products market. The company’s products and services include diesel engines, transmissions, bumper-to-bumper truck repair, transport refrigeration, power generation systems, and supply chain logistics services. Customers include on-highway truck fleets, off-highway equipment users, the US Department of Defense, vehicle and equipment OEMs, commercial facility owners, and marine equipment owners. W.W. Williams was founded in 1912 and is headquartered near Columbus in Grandview Heights, OH (www.wwwilliams.com).

“This transaction significantly expands our market share, geographic presence, sales volume, end-to-end specialty service maintenance and repair offerings; and it enhances our ‘bumper to bumper’ customer relationships,” said John Simmons, Chief Executive Officer of W.W. Williams.

One Equity Partners is a middle-market private equity firm that invests in industrial, healthcare, and technology companies that are based in North America and Europe. Since 2001, the firm has invested in more than 140 transactions worldwide. One Equity, founded in 2001, spun out of JP Morgan in 2015. The firm has offices in New York and Chicago, and an advisory office in Frankfurt, Germany (www.oneequity.com).

© 2017 Private Equity Professional | February 17, 2017

Northlane Invests in PAR Excellence

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Northlane Capital Partners has invested in PAR Excellence Systems, a provider of supply chain management systems for the healthcare industry.

PAR Excellence provides inventory management systems – both equipment and software – that are used by healthcare organizations to automate inventory replenishment activities and generate real-time, system-wide inventory visibility. The company was founded in 1992 by Chief Executive Officer Joe Dattilo and is headquartered in Cincinnati (www.parexcellencesystems.com).

“PAR Excellence provides a technology-enabled solution that helps reduce the cost of healthcare delivery, which fits very well with Northlane’s healthcare investment thesis,” said Justin DuFour, Partner. “We look forward to partnering with the team to continue to grow the business.”

Northlane Capital Partners (NCP) invests in companies that have EBITDA of $5 million to $30 million and are active in the healthcare, outsourced business services, and industrial technology sectors. The firm is based in Bethesda, MD (www.northlanecapital.com). NCP was formed through the January 2017 spinout of American Capital Equity III, LP (ACE III) from American Capital, Ltd. as a result of the acquisition of the company by Ares Capital. As part of the spinout, ACE III limited partners purchased American Capital’s commitments to ACE III and NCP assumed the management contract for the fund. ACE III’s name was also changed to Northlane Capital Partners I, LP.

Tree Line Capital Partners provided a first lien credit facility to support the buyout of PAR Excellence. “We’re excited to be partnering with both PAR Excellence and NCP,” said Tree Line Managing Director Frank Cupido. “Our underwriting process has been designed to support sponsors when they need to rely on a lender to provide certainty of closing. This deal showcased our strengths well and is a great beginning to our relationship with NCP.” Tree Line provides unitranche, first lien, and other junior capital for lower middle market borrowers with at least $2 million of EBITDA. The firm has offices San Francisco, New York, and New Orleans (www.treelinecp.com).

Chicago-based investment bank Livingstone was the financial advisor to PAR Excellence. Jim Moskal and Andrew Isgrig, both Partners at Livingstone, led the transaction (www.livingstonepartners.com).

© 2017 Private Equity Professional | February 17, 2017

New Biz Development Pro at Waud

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Waud Capital Partners has hired Dave Prendergast as Vice President – Business Development. Mr. Prendergast will focus on identifying investment opportunities within the firm’s healthcare services vertical.

“We are excited that Dave has joined Waud Capital.  The Business Development group is critical to our disciplined and process-driven investment approach.  The group works with our investment teams to develop a systematic process to finding attractive lower middle-market opportunities within healthcare services and business and technology services,” said Reeve Waud, Managing Partner of Waud Capital.

Before joining Waud Capital, Mr. Prendergast was a Vice President at Great Point Partners from July 2014 to January 2017. At Great Point he focused on the healthcare sector, and more specifically, outsourced provider services, payor services, dental, healthcare information technology, and distribution businesses.  In 2009 he began his career as an associate at Summit Partners, where he focused primarily on the technology sector, with an emphasis on software, internet, and communications technology companies. Mr. Prendergast has a BS in Applied Economics and Management from Cornell and has an MBA from Harvard.

“Dave’s industry insights and network are very relevant to our target niches in healthcare.  We look forward to his contributions as we seek to make new platform investments and accretive follow-on acquisitions,” said David Neighbours, a Partner at Waud Capital.

Waud Capital makes investments from $50 million to $100 million in middle-market companies with enterprise values from $50 million to $250 million that operate in the healthcare services and business and technology services sectors. Since its founding in 1993, Waud Capital has made more than 195 investments, including platform companies and add-on acquisitions. The firm is headquartered in Chicago (www.waudcapital.com).

© 2017 Private Equity Professional | February 17, 2017

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