Serent Capital has acquired ArbiterSports, a provider of sports management products to the youth sports, K-12 and higher education end markets, from the National Collegiate Athletic Association.
ArbiterSports helps athletic departments and sports leagues simplify the process of managing athletic events, assigning officials, paying event workers, and informing athletes, families and fans. The company’s product suite includes ArbiterSports, ArbiterGame, ArbiterOne, ArbiterPay, ArbiterLive, Arbiter360, ArbiterWorks, and ArbiterMobile. The company’s customers include thousands of schools, sports leagues and associations that make nearly 15 million assignments to more than 500,000 officials every year using the company’s products. ArbiterSports is based in Sandy, UT (www.arbitersports.com).
The Arbiter assigning system was created in 1984 by Advanced Business Technology (ABT), at the request of the Utah High School Activities Association, who hired ABT to build a computerized method of assigning sports officials to matches and managing their assignments. Known as TheArbiter, the software was originally released on the MS-DOS platform, then for Microsoft Windows in 1997. Arbiter was released as a web application in 2003, known as TheArbiter.NET. The NCAA purchased the business in September 2008.
“The NCAA is very pleased to find a partner like Serent Capital to carry the ArbiterSports mission forward,” said Kathleen McNeely, Chief Financial Officer of the NCAA. “Although we are stepping aside as a shareholder, we are committed to continuing our partnership into the future, and we are excited to see the innovation that Serent’s investment will help fuel.” As part of this transaction, the NCAA and Arbiter have signed a multi-year service agreement to extend their partnership.
“I’m delighted to partner with Serent in the next phase of Arbiter’s growth,” said Jeff Triplette, Chief Executive Officer of ArbiterSports. “Serent’s business-building resources, focus on investing in growth businesses like ours, and education market experience will enable us to accelerate Arbiter’s growth trajectory. With Serent’s support, we plan to invest behind our existing offerings and customer support, expand our product portfolio, and broaden our sales and marketing reach in order to deliver even greater value to our customers.”
Serent Capital invests from $10 million to $50 million in service businesses with revenues of $10 million to $100 million and EBITDAs up to $15 million. Transaction types include buyouts, recapitalizations and growth capital. The firm is based in San Francisco (www.serentcapital.com).
“We feel privileged to partner with Jeff and the ArbiterSports team in supporting the next several chapters of the company’s growth,” said Lance Fenton, Partner at Serent Capital. “ArbiterSports’ strong history, impressive client base, and strong track record in sports management lay a terrific foundation for long-term success. We are excited to work with the team to help accelerate the success they have had within their current offerings and pursue new adjacent growth opportunities.”
Serent’s investment in ArbiterSports is the firm’s fourth investment in the education technology and services space. Prior investments include Digital Architecture (2016), DiamondMind (2014), and C2 Education (2011).
© 2017 Private Equity Professional | August 31, 2017
The Jordan Company has signed an agreement to acquire Odyssey Logistics & Technology from Boston Millennia Partners. This transaction is expected to close by the end of September.
“The Jordan Company targets partnerships with established and profitable companies like Odyssey,” said Brian Higgins, Senior Partner, The Jordan Company. “We are excited to partner with Odyssey’s leadership team and to support their vision for continued growth through investment in services and technologies for their customers.”
The Jordan Company is a middle-market private equity firm with over $6 billion of assets under management. The firm was founded in 1982 and is headquartered in New York with an additional office in Chicago (
Eagle Family Foods Group (Eagle Foods), a portfolio company of Kelso & Company, has acquired Popcorn, Indiana (PI), a maker of ready-to-eat popcorn products.
Eagle Foods is a producer and marketer of condensed milk, evaporated milk, and salty snack products. The company’s ready-to-eat popcorn products are sold under the G.H. Cretors brand name. Kelso & Company formed Eagle Family Foods Group in December 2015 to purchase from J.M. Smucker its Eagle Brand and private label condensed and evaporated milk business. Eagle Foods is headquartered in Richfield, OH (
Kelso is one of the oldest and most established firms specializing in private equity investing. Since 1980, Kelso has made investments in over 120 companies in a range of industry sectors. The firm is currently investing out of its ninth fund, Kelso Investment Associates IX, which closed in 2016 with $2.6 billion of capital. Kelso was founded in 1971 by Louis Kelso and is based in New York (
ProAct Services, a portfolio company of Hammond, Kennedy, Whitney & Company (HKW) since October 2014, has acquired ThermTech.
“The combination of Thermtech with the existing ProAct platform creates additional momentum within the degassing space. This is our second add-on this year in the sector and we look forward to continued growth in our tank degassing business,” said Mike Foisy, HKW’s Lead Operations Partner.
Hammond, Kennedy, Whitney & Company invests in companies with revenues between $20 million and $200 million and EBITDAs between $2 million and $20 million. Since 1982, HKW has completed 53 platform management buyouts of small middle-market companies throughout North America as well as 61 add-on acquisitions. The firm was founded in 1903 and is headquartered in Indianapolis with an additional office in New York (
May River Capital has completed the acquisition of BJM Pumps, a maker of submersible pumps used in demanding and harsh conditions.
“BJM’s strong brand name, selling channels and pumping technologies portfolio are ideal attributes for our new platform,” said Mr. Sterner. “We have developed a commercial and operational playbook for the industrial pump platform that will deliver above market organic growth and margin expansion that will require ongoing investment in people, process and production capacity to enable and sustain that growth rate.”
“We see tremendous opportunities to expand BJM’s position in the pump market by building on its extensive distributor network, as well as investing in accelerated new product development,” said Dan Barlow, a Partner at May River that leads the industrial pump platform. “The company is well-regarded for its durable, dependable pump technology, proven in a wide variety of industrial applications. The investments we’ll bring to the company will enable BJM to accelerate its growth and position itself to become the premier provider in its chosen categories.”
Chicago-based May River invests from $15 million to $40 million of equity in companies with enterprise values of $15 million to $75 million, revenues of at least $10 million, and EBITDA of at least $3 million. Sectors of interest include high-value manufacturing, engineered products, industrial services, and value-added industrial distribution businesses. May River was founded in February 2012 and closed its inaugural fund, May River Fund I, in March 2017 with total limited partner commitments of $165 million. The new fund was raised in just six months and closed above target (
PumpMan Holdings, a platform of Soundcore Capital Partners, has acquired W.C. Weil Company and Bartley Pump in separate transactions that both closed on August 25, 2017. PumpMan Holdings was formed by Soundcore in September 2016 as part of the acquisition of PumpMan Inc.
WC Weil is a provider of water and waste water equipment and services (start-up, inspection, troubleshooting and repair) to municipal water and waste water treatment pumping systems in the Pittsburgh metropolitan area. The company was founded in 1978 by William Weil and was sold to its current CEO, Greg Madia, in 2002. WC Weil is headquartered north of Pittsburgh in Allison Park, PA (
Bartley Pump services and repairs well pumps, motors, pressure tanks, filters, valves, and controls for commercial, agricultural, and municipal customers throughout the Bay and Napa regions of Northern California. The company, led by President Don Kaminski, was founded in 1967 and is headquartered in Santa Rosa, CA (
“We are thrilled to join forces with the teams of both WC Weil and Bartley to build upon the strong success they have achieved thus far under the management of Greg Madia and Don Kaminski,” said Jarrett Turner, a Managing Partner of Soundcore. “The partnership exemplifies our intense focus of pursuing very healthy investments in highly-fragmented, niche markets. Working closely with Don and the PumpMan team to integrate best practices, our goal is to ultimately grow these family owned and operated businesses to scale through an aggressive buy-and-build approach.”
“The recent acquisitions of WC Weil and Bartley are important milestones that further increase PumpMan’s market penetration in two additional MSAs. Soundcore looks forward to continuing to support PumpMan’s growth and success,” said Feliks Zarotsky, a Managing Partner of Soundcore.
Soundcore Capital Partners invests from $4 million to $30 million of control equity in lower middle market companies that are headquartered in the US or Canada. Typical targets will have from $3 million to $15 million in EBITDA. Sectors of interest include automotive, building products, business services, chemicals, consumer products, distribution, energy services & products, food & beverage, general manufacturing, healthcare services, industrial machinery & services, packaging, plastics, and transportation. Soundcore was founded in 2015 and is based in New York (
CCMP Capital Advisors has entered into an agreement to acquire Eating Recovery Center (ERC), a provider of specialized treatment for individuals with eating disorders, from Lee Equity Partners which acquired the company from Trinity Hunt Partners in December 2012.
ERC’s Founding Partner and Chief Executive Officer, Dr. Ken Weiner, the management team and the clinical team will remain in place under CCMP ownership. “We are excited to partner with Dr. Weiner, a nationally recognized expert in the treatment of eating disorders, and his talented management team, to acquire Eating Recovery Center, which has become a market leader through its compassionate, expert-based care focused on strong clinical outcomes,” said Greg Brenneman, CCMP Executive Chairman and Managing Director.
CCMP makes buyout and growth equity investments of $100 million to $500 million in North America and European companies that have enterprise values of $250 million to $2 billion. Sectors of interest include consumer, industrial and healthcare. CCMP is headquartered in New York with additional offices in Houston and London (
Lee Equity Partners focuses on control buyouts and growth capital financings, typically investing $50 million to $100 million of equity per transaction. Target companies have enterprise values of $100 million to $500 million and are located in the United States. Sectors of interest include financial, healthcare and business services, consumer and media. The firm is based in New York (
Resonetics, a portfolio company of Sverica Capital Management, has acquired Aduro Laser, a manufacturer of laser micro-machined medical grade components used in the medical device industry specifically in the heart, peripheral vascular and minimally invasive surgery markets.
machined metal components used in the medical device and defense industry. “We are excited to continue to build the capabilities of the premier pure-play laser micro-machining company in the medical device manufacturing industry,” said Dave Finley, Managing Director at Sverica. “Resonetics was acquired in 2014 as a single-location, polymer-focused laser processor of components. Less than three years later, we have entered the metals segment of the industry and service customers globally through six locations. Resonetics is a textbook example of what Sverica strives to do in lower-middle-market investing.”
Sverica invests from $10 million to $40 million in US or Canadian-based companies with enterprise values under $100 million. Sectors of interest include information technology & business services, healthcare services and high value industrial products. Sverica was founded in 1993 and has raised over $700 million of capital across four funds. The firm has offices in Boston and San Francisco (
Century Park Capital Partners and Akoya Capital Partners have sold ICM Silicones Group to CHT Group, a specialty chemicals conglomerate headquartered in Germany.
ICM is a formulator and manufacturer of specialty silicone materials. The company’s product catalog includes over 800 proprietary formulations spanning emulsions, elastomers, antifoams, gels and gums. ICM sells its specialty silicone products to over 2,000 customers operating in the automotive, cosmetics, electronics, food processing, industrial, personal care and thermal management end markets. ICM was founded in 1989 and is led by CEO Levi Cottington. The company is headquartered in the southwestern Michigan city of Cassopolis and has additional manufacturing operations in Richmond, VA; Bridgwater, UK; Milan, Italy and Tianjin, China (
combination of organic growth and add-on acquisitions. The first add-on acquisition was the buy of Path Silicones, a manufacturer of a complementary range of silicone polymers. Then in April 2014, ICM acquired the Amber Chemical Company, a UK-based maker of silicone emulsion and elastomer applications. At the time of the acquisition, Amber Chemical had five operating subsidiaries: QSi (Richmond, VA); Siovation (Lawrenceville, GA); Treco (Milan, Italy); ACC Silicones (Bridgwater, UK); and ACC Silicones (Tianjin, China). The buy of Amber Chemical greatly expanded ICM’s geographic and end market reach and bolstered its already strong presence in specialty emulsions. Century Park and Akoya also invested in ICM’s infrastructure and in January 2016 the company opened two new research and development laboratories in Cassopolis and Tianjin.
“ICM has grown into a truly global silicones player that can meet the formulation needs of the industry’s most demanding end customers. We are proud to have helped build one of the largest independent silicone specialty chemical formulators in the world,” said Martin Sarafa, Managing Partner with Century Park.
Century Park invests from $10 million to $40 million in middle-market companies that have revenues of $20 million to $100 million and EBITDA of $3 million to $15 million. Sectors of interest include chemicals, medical products and services, business services, engineered products, and consumer products. The firm is based near Los Angeles in El Segundo, CA (
“Our partnership is delighted that under our ownership we were able to help ICM aggressively transition itself from a single location regional business to a successful multi-site global enterprise. We are convinced that the best days of ICM are ahead of it,” said Don Stanutz, Akoya Managing Director.
Akoya Capital Partners invests in US-based companies with revenues from $20 million to $200 million and EBITDA of at least $3 million. Sectors of interest include specialty chemicals, industrial products and distribution, consumer foods and products, and professional information services. The firm is headquartered in Chicago (
The CHT Group, the buyer of ICM, is a global manufacturer of specialty chemicals. The company has approximately 2,000 employees and operates in more than 120 countries. CHT Group was founded in 1953 and is headquartered near Stuttgart in Tübingen, Germany (
AE Industrial Partners (AEI) has acquired BHI Energy, a provider of specialty services and staffing to the power generation, energy and government sectors, from Harvest Partners which acquired the company in November 2010 from Berkshire Partners and Summit Partners. The buy of BHI is the fifth platform investment for AE Industrial Partners Fund I.
AEI invests in the aerospace, power generation and specialty industrial sectors with a specific focus on technical manufacturing, distribution and supply chain management, MRO (maintenance, repair and overhaul) and industrial service-based businesses. Typical company targets will have from $50 million to $500 million of revenue. The firm is headquartered in Boca Raton (
“With a long history in the nuclear power generation market, growing service offerings in the renewables, transmission and distribution, and oil & gas markets, and a sterling reputation for safety and quality, BHI is truly a premier service provider in the power generation sector,” said Michael Greene, Managing Partner of AEI. “AEI looks forward to partnering with BHI to accelerate its growth in the US power generation and broader infrastructure markets.”
Harvest Partners, the seller of BHI, invests in companies with $20 million to $100 million of EBITDA and total enterprise values of $100 million to $1 billion. The firm invests in four industry verticals: business services and consumer; healthcare services; industrial services; and manufacturing & distribution. Harvest was founded in 1981 and is based in New York (
“We enjoyed working closely with Bob Decensi and the BHI Energy executive team to build a market leading provider of specialty services in the utility and energy sectors,” said Michael DeFlorio, Senior Managing Director of Harvest Partners. “We look forward to watching the company continue to flourish as it enters a new phase of development in partnership with AEI.”
