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Themiddlemarket.Com G JUNE 2018 BUYER’S Referrals Fund administration I Recruiting Online services Valuation services D Virtual data rooms Non-traditional due diligence Back office technology Networking groups E Data providers 001_MAJ060118_001 1 TheMiddleMarket.com PUBLISHED IN PARTNERSHIP WITH 5/1/2018 3:43:47 PM 0C2_MAJ0618 2 4/30/2018 11:27:19 AM Contents June 2018 | VOL. 53 | NO. 6 Cover Story 16 Buyer’s Guide The M&A industry is going strong, with no signs of slowing down. In today’s fast-paced market, M&A pros are looking for a leg up on the competition and seeking ways to maximize investment returns. 16 30 32 Watercooler Columns Q&As 6 13 28 Why PE fims like physician practices Private equity perspective New kid on the block Welsh, Carson, Anderson, & Stowe form radi- LLR Partners has pioneered a digital strategy, “Greatest generational transder of wealth ology company through new venture. including website content and social media ever seen” benefits Brightstar’s debut fund. channels, to amplify its brand. 7 32 Dyal takes minority stake in Vector 14 Smaller stakes For mid-market PE firms, selling stakes in their The buyside Huron Capital’s Flex Fund courts owners who firms allows them to raise capital for growth. Nike and other specialty apparel makers are want growth while keeping control. embracing new technology trends. 8 Americans love snacks 30 People Moves Consumers are eating on-the-go snacks more Demad for specialization than ever and that is driving deals. Business services drive robust interest from 38 PE buyers. Norwest expands consumer group; Brogam taps Shell M&A exec. 34 Branding tips for PE Running paid campaigns and having a social media presence can help raise awareness. TheMiddleMarket.com June 2018 Mergers & Acquisitions 1 001_MAJ060118 1 5/1/2018 5:08:11 PM Inside Word June 2018 | VOL. 53 | NO. 06 TheMiddleMarket.com 1 STATE STREET PLAZA, 27TH FLOOR NEW YORK, NY 100041505 ­212 8038200 EDITORINCHIEF Mary Kathleen Flynn ASSISTANT MANAGING EDITOR Demitri Diakantonis CONTRIBUTING EDITORS Enjoy our new look and Keith Button, Danielle Fugazy GROUP EDITORIAL DIRECTOR, BANKING AND CAPITAL MARKETS meet the team Richard Melville VP, RESEARCH Dana Jackson Check out the M&A daily wrap, video interviews with VP, CONTENT OPERATIONS AND CREATIVE SERVICES top dealmakers and vivid slideshows, plus updated Paul Vogel DIRECTOR OF CREATIVE OPERATIONS designs in the magazine and on the website. Michael Chu ART DIRECTOR Nikhil Mali DIRECTOR OF CONTENT OPERATIONS Mergers & Acquisitions attracts more than 50,000 Theresa Hambel M&A community members across our print and VICE PRESIDENT, CAPITAL MARKETS Harry Nikpour (212) 803-8638 digital platforms. To serve your informational needs SENIOR SALES MANAGER better, we have refreshed the look of the magazine Richard Grant (212) 803-8634 ASSOCIATE MARKETING MANAGER and website and expanded our content offerings. Leatha Jones Recently, we launched an online column, called “M&A daily wrap,” in which we share a wide array of middle-market news and developments, including deal announcements, fundraises, Q&As with leading CHIEF EXECUTIVE OFFICER ...........................Gemma Postlethwaite dealmakers, reports, new hires and promotions. Think of it as your daily one- CHIEF FINANCIAL OFFICER..........................................Robert Dennen EVP & CHIEF CONTENT OFFICER .........................David Longobardi stop-shop for all things middle-market related. CHIEF MARKETING OFFICER ....................................... Matthew Yorke Slideshows have proved very popular, and we’ve been producing them CHIEF SUBSCRIPTION OFFICER....................................Allison Adams SVP, CONFERENCES & EVENTS ...................................John DelMauro frequently. Recent slideshows have featured golf deals, timed to the Mas- SVP, HUMAN RESOURCES .....................................................Ying Wong ters Tournament; middle-market companies based in the hometowns of the March Madness Final Four college basketball teams; and car deals, just in REPRINTS AND LICENSING CONTENT time for summer road trips. For more information about reprints and licensing content from Mergers & Acquisitions, please visit sourcemediareprints. Video is a key component of our content. Earlier in my career, I served as a com or contact pars international at (212) 221-9595. broadcast TV reporter. Since I joined CUSTOMER SERVICE the brand in 2011, we have produced [email protected] or (212) 803-8500 hundreds of video interviews with top Mergers & Acquisitions Vol. 53/No. 6 (ISSN 0026-0010) is published monthly with combined issues in July/August dealmakers. Look for our team at and November/December by SourceMedia, One State Street Plaza, 27th Floor, New York, NY 10004-1505. Yearly events throughout the middle market. subscription is $1,995; $2035 for one year in all other And visit TheMiddleMarket.com and countries. Periodical postage paid at New York, NY and U.S. additional mailing offices. POSTMASTER: Send address follow us on LinkedIn, Facebook and changes to Mergers & Acquisitions / Source Media, One State Street Plaza, New York, NY 10004. For subscriptions, Twitter @themiddlemarket. renewals, address changes and delivery service issues contact our Customer Service department at (212) 803- —Mary Kathleen Flynn 8500 or email: [email protected]. This publication is WENWYST JEANMARY WENWYST designed to provide accurate and authoritative information The M&A team: Leatha Jones, Nikhil Mali, Demitri Diakantonis, regarding the subject matter covered. It is sold with Mary Kathleen Flynn, Harry Nikpour, Richard Grant the understanding that the publisher is not engaged in rendering financial, legal, accounting, tax, or other professional service. Mergers & Acquisitions is a registered trademark used herein under license. © 2018 Mergers & Acquisitions and SourceMedia, Inc. All rights reserved. 2 Mergers & Acquisitions June 2018 002_MAJ060118 2 5/1/2018 5:39:37 PM WILMINGTON TRUST RENOWNED EXPERIENCE | MERGERS AND ACQUISITIONS NICK ADAMS BRANDON HORAK STEPHEN MCPHERSON ANDREW WASSING [email protected] [email protected] [email protected] [email protected] 302-636-6103 612-217-5643 972-383-3161 612-217-5665 Our experience is your advantage for M&A escrow and paying agent services. If you’re involved in an M&A deal, you need an experienced M&A escrow and paying agent to expedite your transaction. Look to the professionals at Wilmington Trust, N.A., and take advantage of our strong operational platform, global presence, and complete range of solutions. When serving as your escrow and paying agent, we are focused on understanding your transaction and administering its ecient execution. For more insight on how we’ve successfully supported clients on mergers and acquisitions, or to view a demo of our Wilmington Trust FASTTRACKTM paying agent portal, please contact one of our experienced professionals or visit us at wilmingtontrust.com/MandA. M&A ESCROW AND PAYING AGENT | TENDER AND EXCHANGE AGENT | DISBURSING AGENT Wilmington Trust is a registered service mark. Wilmington Trust Corporation is a wholly owned subsidiary of M&T Bank Corporation. Wilmington Trust Company, operating in Delaware only, Wilmington Trust, N.A., M&T Bank and certain other aliates, provide various fiduciary and non-fiduciary services, including trustee, custodial, agency, investment management and other services. International corporate and institutional services are o­ered through Wilmington Trust Corporation’s international aliates. Loans, credit cards, retail and business deposits, and other business and personal banking services and products are o­ered by M&T Bank, member FDIC. ©2018 Wilmington Trust Corporation and its aliates. All rights reserved. 003_MAJ0618CS15774B MA GCM 3 FT 2018 Ad_7.875x10.5_MA FINAL.indd 1 5/1/20181/29/2018 2:05:4811:01:42 PM AM What’s going on @ TheMiddleMarket.com www.themiddlemarket.com Slideshow M&A daily wrap BlackRock snags TCP The rise of private debt Private debt funds raised a record-breaking $115.4 billion in 2017 Capital raised $120B $100B $80B $60B $40B $20B $0 2014 2015 2016 2017 2018 YTD Source: Preqin 6 specialties driving deals Auto parts attract PE buyers Private debt appeals to buyers The healthcare industry remains a Stellex Capital has acquired Fenix BlackRock is acquiring Tennenbaum hot place for investment. According Parts, a recycler and reseller of OEM Capital Partners, a firm focused on to Morgan Stanley, the sector began parts that were recovered from dam- direct lending and special situations 2018 with the strongest start in over a aged or low-valued cars. As Ameri- for mid-market companies. BlackRock decade. Many of the companies that cans begin to plan road trips and says its clients are increasingly drawn are garnering attention from strategic other summer vacations, car deals are to private credit as a higher-yielding acquirers and private equity firms. thriving. alternative to traditional fixed income. 4 Mergers & Acquisitions June 2018 004_MAJ060118 4 5/1/2018 5:07:51 PM 005_MAJ0618 5 4/30/2018 11:22:41 AM Watercooler venture with Atrium Health, formerly Carolinas HealthCare System, operat- ing five outpatient imaging centers and two mobile MRI units. Charlotte Radiology interprets or performs more than 1.5 million imagings and imaging- guided procedures each year. New York-based Welsh, Carson, Anderson & Stowe, or WCAS, invests in technology and healthcare industries. WCAS describes its investment strategy as buying growth businesses, partner- ing with
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