Primus Capital Funds Mergers and Acquisitions Summary

Profile

In the last 3 years, Primus Capital Funds has invested in 2 companies.

Primus Capital Funds’ most common sectors for investment aresoftware (23%) and information technology (16%) . The Firm’s most common investment types include growth capital (45%) and buyout (lbo, mbo, mbi) (23%). In total, Primus Capital Funds has invested in 25 US states and 2 different countries. Its largest (disclosed) acquisition occurred in 2007 when it acquired SPARTA Insurance Holdings for $279M.

In the last 3 years, Primus Capital Funds has exited 3 companies. The Firm’s most common exit type is trade sale (61%). Primus Capital Funds’ largest (disclosed) exit occurred in 2013 when it sold Passport Health Communications for $850M.

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M&A Summary

  • M&A Total Activity99
    • M&A Buy Activity58
    • M&A Sell Activity41
  • Total Sectors Invested 18
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 56
  • M&A Advisors 4

Primus Capital Funds

28601 Chagrin Boulevard Suite 525,
Cleveland, Ohio 44122
United States
(440) 684-7300
www.primuscapital.com
info@primuscapital.com

Primus Capital is a private equity firm focused on investing in established companies in the business services, healthcare and education industry sectors. Primus looks for established, high-growth companies with strong management and predictable/recurring revenues. The Firm will consider both control and minority positions and has a target investment size of $15 to $40 million. Prospective transaction types include growth equity financings, recapitalizations, and management-led buyouts. Primus was formed in 1984 and is based in Cleveland, Ohio.


Investment Criteria

Sectors of Interest: Building Materials, Business Services, Communications, Consumer Services, Education, Environmental, Financial Services, Healthcare Services, Information Technology, Insurance, Life Science, Media, Medical Products, Software, Technology Hardware

Target Transaction Types: Buyout (LBO, MBO, MBI), Growth Capital, Recapitalization, Stake Purchase

Geographic Preferences: East US, Midwest US, South US, West US, Canada, Latin/South America

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size 15 70
Enterprise Value - 250
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '20 '21 '22 '23 '24 '25 T
Buy (1.0/yr) # 53 3 2 - - - 58
vol $668M $668M
Sell (1.0/yr) # 36 2 2 1 - - 41
vol $2.2B $250M $2.4B
  99

Most Recent M&A

Company Date Value Type
S&W Payroll Services LLC 2023-06-07 - Secondary Buyout
Covington, Louisiana · www.netchex.com
Ordergroove, Inc. 2022-11-10 - Growth Capital
New York, New York · www.ordergroove.com
Payspan, Inc. 2022-11-09 - Add-on Acquisition
Jacksonville, Florida · www.payspan.com
SkillSurvey, Inc. 2022-10-26 - Add-on Acquisition
Berwyn, Pennsylvania · www.skillsurvey.com
Corl Technologies LLC 2022-01-05 - Growth Capital
Atlanta, Georgia · www.corltech.com
EnableComp LLC 2021-12-20 - Merger
Franklin, Tennessee · www.enablecomp.com
Ambition LLC 2021-10-07 - Growth Capital
Chattanooga, Tennessee · www.ambition.com
Bloomfire, Inc. 2021-08-16 - Growth Capital
Austin, Texas · www.bloomfire.com
Top of Mind Networks LLC 2021-05-28 250M USD Add-on Acquisition
Atlanta, Georgia · www.topofmind.com
LiquidityBook LLC 2021-04-13 - Growth Capital
New York, New York · www.liquiditybook.com
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Software 6 (35%) - 13 (22%) 137M (21%)
Information Technology 4 (24%) - 9 (16%) -
Business Services 1 (6%) - 6 (10%) -
Internet Software and Services 2 (12%) - 6 (10%) -
Healthcare Services - - 5 (9%) 232M (35%)
Communications - - 3 (5%) 20M (3%)
Education 2 (12%) - 3 (5%) -
Medical Products - - 3 (5%) -
Insurance - - 1 (2%) 279M (42%)
Building Materials - - 1 (2%) -
Consumer Services - - 1 (2%) -
Digital Media 1 (6%) - 1 (2%) -
E-Commerce - - 1 (2%) -
Financial Services - - 1 (2%) -
Information Services 1 (6%) - 1 (2%) -
Life Science - - 1 (2%) -
Media - - 1 (2%) -
Retail - - 1 (2%) -
Total 17 - 58 $668M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 17 (100%) - 57 (98%) 668M (100%)
  Tennessee 3 (18%) - 7 (12%) 232M (35%)
  Georgia 2 (12%) - 5 (9%) -
  Ohio - - 5 (9%) 50M (7%)
  California 1 (6%) - 4 (7%) -
  Pennsylvania 1 (6%) - 4 (7%) -
  Texas 1 (6%) - 3 (5%) -
  New Jersey 1 (6%) - 3 (5%) -
  Florida - - 3 (5%) 80M (12%)
  New York 2 (12%) - 2 (3%) -
  Massachusetts 2 (12%) - 2 (3%) -
  Colorado 1 (6%) - 2 (3%) -
  Virginia - - 2 (3%) 20M (3%)
  North Carolina - - 2 (3%) 7M (1%)
  Washington - - 2 (3%) -
  Oregon 1 (6%) - 1 (2%) -
  Missouri 1 (6%) - 1 (2%) -
  Indiana 1 (6%) - 1 (2%) -
  Connecticut - - 1 (2%) 279M (42%)
  Wisconsin - - 1 (2%) -
  New Mexico - - 1 (2%) -
  Nebraska - - 1 (2%) -
  Minnesota - - 1 (2%) -
  Michigan - - 1 (2%) -
  Louisiana - - 1 (2%) -
  Illinois - - 1 (2%) -
Ireland - - 1 (2%) -
Domestic 17 (100%) - 57 (98%) 668M (100%)
Cross-border - - 1 (2%) -
Total 17 - 58 $668M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Growth Capital 13 (76%) - 26 (45%) -
Buyout (LBO, MBO, MBI) - - 13 (22%) 306M (46%)
Recapitalization 1 (6%) - 8 (14%) 50M (7%)
Secondary Buyout 2 (12%) - 7 (12%) 312M (47%)
Venture 1 (6%) - 3 (5%) -
PIPE - - 1 (2%) -
Total 17 - 58 $668M

Exits by Deal Type

Type Total # Value
Trade Sale 14 (34%) 67M (3%)
Trade Sale - Public Company 13 (32%) 2.4B (97%)
Secondary Sale 5 (12%) -
IPO 4 (10%) -
Merger 2 (5%) -
Recapitalization 2 (5%) -
Shut Down 1 (2%) -
Total 41 $2.4B

Top M&A Advisors

Financial Deals
MTS Health Partners LP
 1
Harris Williams & Co.
 1
Legal Deals
Jones Day
 2
Goodwin Procter
 1

Deal Values

buy # Total
$100M to $1B 2 $511M
< $100M 4 $157M
TOTAL $668M
Largest SPARTA Insurance Holdings, Inc.
$279M (2007-09-14)
sell # Total
$100M to $1B 7 $2.3B
< $100M 2 $167M
TOTAL $2.4B
Largest Passport Health Communications, Inc.
$850M (2013-11-21)

M&A Connections

Deals
Acquired from
Investor(s)
16%
9 (16%)
Exited to
Investor(s)
17%
7 (17%)
Strategic(s)
66%
27 (66%)

Investor Summary

Size

Middle-Market

PE Assets

900M USD

Established

1983

Specialist/Generalist

Generalist

Leadership

Phillip Molner

Managing Partner

Devin Gross

Head of Portfolio Management

Jonathan Dick

Managing Director

Ronald Hess

Managing Director

Dominic Offredo

CFO & COO

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