LNC Partners Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, LNC Partners has invested in 4 companies.

LNC Partners’ most common sectors for investment arebusiness services (10%) and consumer products (8%) . The Firm’s most common investment types include growth capital (46%) and buyout (lbo, mbo, mbi) (20%). In total, LNC Partners has invested in 22 US states. Its largest (disclosed) acquisition occurred in 2004 when it acquired Becker Underwood for $200M.

In the last 3 years, LNC Partners has exited 1 company. The Firm’s most common exit type is secondary buyout (55%). LNC Partners’ largest (disclosed) exit occurred in 2012 when it sold Becker Underwood for $1.2B.

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M&A Summary

  • M&A Total Activity66
    • M&A Buy Activity42
    • M&A Sell Activity24
  • Total Sectors Invested 24
  • Total Countries Invested 1
  • M&A Buy/Sell Connections 38
  • M&A Advisors 1

LNC Partners

LNC Partners

11720 Plaza America Drive Suite 650,
Reston, Virginia 20190
United States
(703) 651-2150
www.lnc-partners.com

LNC Partners is a private investment firm focused on providing $10 to $30 million of equity and junior capital to support a variety of company transactions. As a provider of debt, LNC offers subordinated debt and unitranche securities. As a provider of equity, LNC will invest as a minority or majority partner. Prospective transaction situations include buyouts, refinancings, acquisition financings, growth capital needs, and recapitalizations. Sectors of interest include business and information services, financial services, insurance, healthcare, and niche manufacturing. LNC Partners is based in Reston, Virginia.


Investment Criteria

Sectors of Interest: Aerospace, Automotive, Building Materials, Business Services, Chemicals, Communications, Consumer Products, Electrical Equipment, Energy Services and Equipment, Environmental, Food, Healthcare Services, Information Services, Information Technology, Insurance, Life Science, Machinery, Manufacturing, Restaurants, Staffing, Transportation, Utilities

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Going Private, Growth Capital, Recapitalization, Secondary Buyout, Add-on Acquisition

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

Transaction Criteria Min Max
Target Revenue 5 -
Target EBITDA 2 10
Investment Size 10 30
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '20 '21 '22 '23 '24 '25 T
Buy (1.6/yr) # 34 4 2 2 - - 42
vol $373M $373M
Sell (0.2/yr) # 23 - 1 - - - 24
vol $3.4B $3.4B
  66

Most Recent M&A

Company Date Value Type
Team Air Distributing 2023-06-01 - Growth Capital
Nashville, Tennessee · www.teamairdist.com
Stretch Zone 2023-04-03 - Growth Capital
Fort Lauderdale, Florida · www.stretchzone.com
GCG Advisory Partners, LLC 2022-07-28 - Growth Capital
Charlotte, North Carolina · www.gcgwm.com
IDR Marketing Partners LLC 2022-05-12 - Add-on Acquisition
Berwyn, Pennsylvania · www.brandshare.us
Kemper Sports Management 2022-05-04 - Growth Capital
Northbrook, Illinois · www.kempersports.com
Cantey Tech Consulting 2021-07-12 - Stake Purchase
North Charleston, South Carolina · www.canteytech.com
Commercial Energy Specialists 2021-04-01 - Stake Purchase
Jupiter, Florida · www.ceswaterquality.com
Kaizen Collision Center 2021-02-16 - Growth Capital
Yuma, Arizona · www.kaizencollisioncenter.com
BWG Strategy LLC 2021-01-04 - Growth Capital
Cranford, New Jersey · www.bwgstrategy.com
Sunstar Insurance Group LLC 2020-06-30 - Recapitalization
Memphis, Tennessee · www.sunstarinsurancegroup.com
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Business Services 1 (8%) - 4 (10%) -
Consumer Products - - 3 (7%) -
Food - - 3 (7%) -
Manufacturing - - 2 (5%) 160M (43%)
Machinery - - 2 (5%) 13M (3%)
Automotive 1 (8%) - 2 (5%) -
Distribution 2 (15%) - 2 (5%) -
Environmental - - 2 (5%) -
Healthcare Services 1 (8%) - 2 (5%) -
Information Technology 1 (8%) - 2 (5%) -
Insurance - - 2 (5%) -
Marketing 1 (8%) - 2 (5%) -
Software 2 (15%) - 2 (5%) -
Transportation - - 2 (5%) -
Chemicals - - 1 (2%) 200M (54%)
Aerospace - - 1 (2%) -
Apparel/Textiles 1 (8%) - 1 (2%) -
Building Materials - - 1 (2%) -
Communications - - 1 (2%) -
Electrical Equipment - - 1 (2%) -
Financial Services 1 (8%) - 1 (2%) -
Franchising 1 (8%) - 1 (2%) -
Information Services 1 (8%) - 1 (2%) -
Staffing - - 1 (2%) -
Total 13 - 42 $373M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 13 (100%) - 42 (100%) 373M (100%)
  Pennsylvania - - 6 (14%) -
  Tennessee 2 (15%) - 4 (10%) -
  Florida 3 (23%) - 3 (7%) -
  Illinois 1 (8%) - 3 (7%) -
  Georgia 1 (8%) - 3 (7%) -
  Texas - - 3 (7%) -
  North Carolina 2 (15%) - 2 (5%) -
  Minnesota - - 2 (5%) 160M (43%)
  California - - 2 (5%) 13M (3%)
  New York - - 2 (5%) -
  South Carolina 1 (8%) - 1 (2%) -
  New Jersey 1 (8%) - 1 (2%) -
  Louisiana 1 (8%) - 1 (2%) -
  Arizona 1 (8%) - 1 (2%) -
  Iowa - - 1 (2%) 200M (54%)
  Wisconsin - - 1 (2%) -
  Washington - - 1 (2%) -
  Oregon - - 1 (2%) -
  Michigan - - 1 (2%) -
  Indiana - - 1 (2%) -
  Hawaii - - 1 (2%) -
  Alabama - - 1 (2%) -
Total 13 - 42 $373M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Growth Capital 10 (77%) - 19 (45%) -
Buyout (LBO, MBO, MBI) - - 8 (19%) 13M (3%)
Secondary Buyout - - 6 (14%) 360M (97%)
Stake Purchase 3 (23%) - 3 (7%) -
Acquisition Financing - - 1 (2%) -
Consolidation - - 1 (2%) -
Divestiture - - 1 (2%) -
Going Private - - 1 (2%) -
Recapitalization - - 1 (2%) -
Venture - - 1 (2%) -
Total 13 - 42 $373M

Exits by Deal Type

Type Total # Value
Secondary Sale 13 (54%) -
Trade Sale - Public Company 6 (25%) 3.4B (100%)
Trade Sale 3 (13%) -
Recapitalization 1 (4%) -
Unknown 1 (4%) -
Total 24 $3.4B

Top M&A Advisors

Legal Deals
Winston & Strawn LLP
 1

Deal Values

buy # Total
$100M to $1B 2 $360M
< $100M 1 $13M
TOTAL $373M
Largest Becker Underwood, Inc.
$200M (2004-09-01)
sell # Total
> $1B 2 $2.3B
$100M to $1B 2 $1.1B
TOTAL $3.4B
Largest Becker Underwood, Inc.
$1.2B (2012-11-28)

M&A Connections

Deals
Acquired from
Investor(s)
14%
6 (14%)
Strategic(s)
2%
1 (2%)
Exited to
Investor(s)
58%
14 (58%)
Strategic(s)
38%
9 (38%)

Investor Summary

Investor Type

Private Equity Firm

Size

Middle-Market

PE Assets

700M USD

Established

2010

Specialist/Generalist

Generalist

Leadership

Mark Raterman

Co-Founder & Managing Partner

Matt Kelty

Co-Founder & Managing Partner

Robert Monk

Co-Founder & Managing Partner

Dan Higgins

Managing Director

Kevin Cunningham

Managing Director

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