Crystal Capital Mergers and Acquisitions Summary

Profile

Crystal Capital’s most common sectors for investment areretail (13%) and business services (13%) . The Firm’s most common investment types include recapitalization (25%) and growth capital (19%). In total, Crystal Capital has invested in 16 US states and 3 different countries.

In the last 3 years, Crystal Capital has exited 1 company. The Firm’s most common exit type is bankruptcy (32%). Crystal Capital’s largest (disclosed) exit occurred in 2013 when it sold Vertis Holdings for $170M.

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M&A Summary

  • M&A Total Activity51
    • M&A Buy Activity32
    • M&A Sell Activity19
  • Total Sectors Invested 19
  • Total Countries Invested 3
  • M&A Buy/Sell Connections 25
  • M&A Advisors 1

Crystal Capital

Two International Place, 17th Floor,
Boston, Massachusetts 02110
United States
(617) 428-8700
www.crystalcapital.com
crystal@crystalcapital.com

Crystal Capital is an affiliate of Crystal Financial Corporation, Crystal Capital is a private investment firm that provides debt and equity capital to middle-market companies. Crystal Capital does not have an industry preference in evaluating opportunities, but looks to provide a minimum of $1 million in equity (co-investment) or $10 million in junior capital per transaction. Target companies typically generate sales of at least $150 million and EBITDA of $15 million. Crystal Capital was formed in 2006 and is based in Boston, Massachusetts with additional offices in Los Angeles, California; Stamford, Connecticut; and Chicago, Illinois.


Investment Criteria

Sectors of Interest: Automotive, Business Services, Communications, Consumer Products, Environmental, Financial Services, Food, Furniture, Gaming, Healthcare Services, Leisure, Machinery, Manufacturing, Marketing, Media, Packaging, Real Estate, Restaurants, Retail, Software, Transportation, Utilities

Target Transaction Types: Buyout (LBO, MBO, MBI), Growth Capital, Recapitalization, Acquisition Financing

Geographic Preferences: East US, Midwest US, South US, West US, Canada

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size - -
Enterprise Value - -

M&A Summary

Buy vs Sell

Year ≤ '20 '21 '22 '23 '24 '25 T
Buy (0.0/yr) # 32 - - - - - 32
Sell (0.2/yr) # 18 - 1 - - - 19
vol $284M $284M
  51

Most Recent M&A

Company Date Value Type
Trulite Glass & Aluminum Solutions LLC 2022-11-01 - Secondary Buyout
Peachtree City, Georgia · www.trulite.com
Frontier Spinning Mills, Inc. 2019-05-02 - Secondary Buyout
Sanford, North Carolina · www.frontierspinning.com
Dakine, Inc. 2018-12-05 - Add-on Acquisition
Hood River, Oregon · www.dakine.com
Bell and Howell LLC 2018-12-03 - Recapitalization
Durham, North Carolina · www.bellhowell.net
LANDesk Software, Inc. 2017-01-03 - Merger
South Jordan, Utah · www.landesk.com
C3/CustomerContactChannels, Inc. 2016-10-06 - Secondary Buyout
Plantation, Florida · www.c3connect.com
Bob's Stores LLC 2016-04-19 - Bankruptcy
Meriden, Connecticut · www.bobstores.com
Freedom Communications, Inc. 2015-11-01 - Bankruptcy
Santa Ana, California · www.freedom.com
American Apparel, Inc. 2015-10-05 - Bankruptcy
Los Angeles, California · www.americanapparel.com
Javlin Capital LLC 2015-04-18 - Growth Capital
Omaha, Nebraska · www.javlincapital.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
GateHouse Media, Inc. 2014-03-20 W-Systems Corp. 2020-11-05 1
Fairport, New York · www.gatehousemedia.com Cupertino, California · www.w-systems.com
GateHouse Media, Inc. 2014-03-20 American Consolidated Media LP 2014-07-01 1
Fairport, New York · www.gatehousemedia.com Dallas, Texas · www.amconmedia.com

M&A by Sector

Sector Current # Value All-time # Value
Business Services 3 (25%) - 4 (13%) -
Retail 2 (17%) - 4 (13%) -
Apparel/Textiles - - 3 (9%) -
Financial Services 3 (25%) - 3 (9%) -
Consumer Products - - 2 (6%) -
Manufacturing 1 (8%) - 2 (6%) -
Media 2 (17%) - 2 (6%) -
Airlines - - 1 (3%) -
Building Materials - - 1 (3%) -
Chemicals - - 1 (3%) -
Communications - - 1 (3%) -
Electrical Equipment - - 1 (3%) -
Energy Services and Equipment - - 1 (3%) -
Information Technology - - 1 (3%) -
Internet Software and Services - - 1 (3%) -
Marketing - - 1 (3%) -
Publishing - - 1 (3%) -
Software - - 1 (3%) -
Transportation 1 (8%) - 1 (3%) -
Total 12 - 32 -

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 9 (75%) - 27 (84%) -
  California 1 (8%) - 5 (16%) -
  Florida 2 (17%) - 4 (13%) -
  New York 1 (8%) - 3 (9%) -
  Maryland 1 (8%) - 2 (6%) -
  North Carolina - - 2 (6%) -
  Kentucky 1 (8%) - 1 (3%) -
  New Hampshire 1 (8%) - 1 (3%) -
  Nebraska 1 (8%) - 1 (3%) -
  Minnesota 1 (8%) - 1 (3%) -
  Illinois - - 1 (3%) -
  Georgia - - 1 (3%) -
  Connecticut - - 1 (3%) -
  Utah - - 1 (3%) -
  Texas - - 1 (3%) -
  Oregon - - 1 (3%) -
  Michigan - - 1 (3%) -
Canada 2 (17%) - 4 (13%) -
  Ontario 2 (17%) - 2 (6%) -
  Quebec - - 1 (3%) -
  Alberta - - 1 (3%) -
United Kingdom 1 (8%) - 1 (3%) -
Domestic 9 (75%) - 27 (84%) -
Cross-border 3 (25%) - 5 (16%) -
Total 12 - 32 -

Acquisitions by Deal Type

Type Current # Value All-time # Value
Recapitalization 1 (8%) - 8 (25%) -
Growth Capital 5 (42%) - 6 (19%) -
Special Situations/Distressed 1 (8%) - 4 (13%) -
Buyout (LBO, MBO, MBI) 1 (8%) - 3 (9%) -
Divestiture 1 (8%) - 3 (9%) -
PIPE - - 2 (6%) -
Secondary Buyout - - 2 (6%) -
Stake Purchase 2 (17%) - 2 (6%) -
Acquisition Financing 1 (8%) - 1 (3%) -
Venture - - 1 (3%) -
Total 12 - 32 -

Exits by Deal Type

Type Total # Value
Bankruptcy 6 (32%) -
Secondary Sale 5 (26%) 57M (20%)
Trade Sale - Public Company 3 (16%) 227M (80%)
Merger 3 (16%) -
Recapitalization 1 (5%) -
Trade Sale 1 (5%) -
Total 19 $284M

Top M&A Advisors

Legal Deals
Dechert LLP
 1

Deal Values

sell # Total
$100M to $1B 1 $170M
< $100M 2 $114M
TOTAL $284M
Largest Vertis Holdings, Inc.
$170M (2013-01-16)

M&A Connections

Deals
Acquired from
Investor(s)
13%
4 (13%)
Strategic(s)
6%
2 (6%)
Exited to
Investor(s)
32%
6 (32%)
Strategic(s)
26%
5 (26%)

Investor Summary

Size

Middle-Market

Established

2006

Specialist/Generalist

Generalist

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