Pine Tree Equity Partners has sold its portfolio company Bradley-Morris to Thompson Street Capital Partners. Pine Tree acquired Bradley-Morris in June 2013 in partnership with the company’s management team led by Sandy Morris, Founder and Chief Executive Officer.
Bradley-Morris is one of the nation’s largest military-focused recruiting firms. The company hosts hiring conferences and job fairs throughout the country in order to help Fortune 1000 companies hire military personnel – primarily junior officers and technical candidates – for civilian positions. Bradley-Morris was founded in 1991 and is headquartered northwest of Atlanta in Kennesaw, GA. In addition to its headquarters in Kennesaw, the company has three additional locations in Norfolk, VA; Austin, TX; and San Diego, CA (www.bradley-morris.com).
Pine Tree Equity invests in companies that have revenues of $10 million to $50 million and EBITDAs of $2 million to $7 million. Sectors of interest include business, consumer and financial services; consumer products; franchisors and franchisees; and niche manufacturing. Since its founding in January 2007, Pine Tree Equity has completed 30 acquisitions and sold seven portfolio companies generating a 6.7x return on capital and a 69.2% IRR.
“We previously reported in January 2015 that Pine Tree equity had generated 5.6x or a 62.3% IRR on its first five exists. Since then, we have extended those exceptional returns with two additional sales of Community Medical Group and now Bradley Morris,” said Jeff Settembrino, Pine Tree’s Managing Partner.
Miami-based Pine Tree Equity is investing out of its third fund and has committed capital of about $200 million (www.pinetreeequity.com).
Thompson Street Capital Partners, the buyer of Bradley-Morris, makes investments in manufacturing, service and distribution businesses that have annual revenues between $20 million and $200 million and a minimum EBITDA of $5 million. Founded in 2000, the firm has managed more than $800 million in private equity capital and is currently investing its third fund. Thompson Street is based in St. Louis (www.tscp.com).
“Thompson Street is excited to be partnering with the Bradley-Morris’ management team of tenured recruiting industry executives and decorated military veterans,” said Jim Cooper, Senior Managing Partner. “Our core team supporting this investment is, in fact, comprised of three military veterans, providing us with a unique understanding of Bradley-Morris and an appreciation for the important services the company provides. We are certainly looking forward to supporting the accelerated growth of this highly regarded business.”
Farlie Turner, a Fort Lauderdale-based investment banking firm, served as the exclusive financial advisor to Pine Tree and Bradley-Morris. The transaction was led by Mike Turner, Managing Director. Also working on the transaction were Kerensa Jimenez, Daniel Vetrano and Keita Iwabuchi (www.farlieturner.com).
“We are proud to have worked with Bradley-Morris and Pine Tree on this transaction,” said Mr. Turner. “Under Pine Tree’s ownership, the Bradley-Morris executive team built an outstanding veteran-focused recruiting business, achieving significant growth in customers and placements, while adding value-added services and strengthening the company’s IT and operations management infrastructure. We look forward to more great things to come from the Bradley-Morris team.”
© 2015 PEPD • Private Equity’s Leading News Magazine • 7-30-15
