The Edgewater Funds Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, The Edgewater Funds has acquired 2 companies.

The Edgewater Funds’ most common sectors for investment areinformation technology (16%) and medical products (8%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (58%) and growth capital (14%). In total, The Edgewater Funds has invested in 20 US states and 3 different countries. Its largest (disclosed) acquisition occurred in 2004 when it acquired AMF Bowling Worldwide for $670M.

In the last 3 years, The Edgewater Funds has exited 4 companies. The Firm’s most common exit type is trade sale (44%). The Edgewater Funds’ largest (disclosed) exit occurred in 2008 when it sold Helicon Re Holdings for $150M.

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M&A Summary

  • M&A Total Activity88
    • M&A Buy Activity49
    • M&A Sell Activity39
  • Total Sectors Invested 24
  • Total Countries Invested 3
  • M&A Buy/Sell Connections 34
  • M&A Advisors 2

The Edgewater Funds

900 N. Michigan Avenue, Suite 1800,
Chicago, Illinois 60611
United States
(312) 649-5666
www.edgewaterfunds.com

The Edgewater Funds is a private equity firm that targets investments in profitable, middle-market growth companies. Target companies typically have revenues of $20 to $500 million in revenue and EBITDA of $5 to $30 million. The Firm will consider minority and control investments in the form of growth capital financings and traditional buyouts. Edgewater looks for North American businesses operating in a variety of industries. Sectors of interest include business services; financial and government services; consumer products and services; healthcare; IT services and software; and industrial/manufacturing. Edgewater was formed in 1991 and is based in Chicago, Illinois.


Investment Criteria

Sectors of Interest: Aerospace, Automotive, Beverages, Business Services, Communications, Construction, Consumer Products, Consumer Services, Defense, Distribution, Engineering, Environmental, Financial Services, Healthcare Services, Information Technology, Insurance, Leisure, Machinery, Manufacturing, Marine, Medical Products, Software, Technology Hardware, Test/Measurement Equipment, Transportation

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

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

Transaction Criteria Min Max
Target Revenue 20 500
Target EBITDA 5 30
Investment Size - -
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '20 '21 '22 '23 '24 '25 T
Buy (0.6/yr) # 46 1 2 - - - 49
vol $882M $882M
Sell (1.0/yr) # 34 1 4 - - - 39
vol $524M $524M
  88

Most Recent M&A

Company Date Value Type
Industrial Service Solutions 2022-12-19 - Secondary Buyout
Houston, Texas · www.iss-na.com
Rensa Filtration 2022-08-15 - Secondary Buyout
St. Charles, Illinois · www.rensafiltration.com
Flexible Packaging Specialties, Inc. 2022-08-04 - Buyout (LBO, MBO, MBI)
Loveland, Ohio · www.flex-pack.com
Technical Safety Services, Inc. 2022-06-23 - Secondary Buyout
Berkeley, California · www.techsafety.com
Solgen Enterprises LLC 2022-05-01 - Consolidation
Pasco, Washington
Flow Control Holdings 2022-03-15 - Secondary Buyout
Chicago, Illinois · www.flowcontrolholdings.com
Vertical Bridge Holdings LLC 2021-08-10 - Secondary Buyout
Boca Raton, Florida · www.verticalbridge.com
Deerfield Agency 2021-03-08 - Growth Capital
Wayne, Pennsylvania · www.deerfieldagency.com
Orizon Aerostructures 2020-12-28 - Growth Capital
Kansas City, Missouri · www.orizonaero.com
Apex Parks Group LLC 2020-04-09 - Bankruptcy
Aliso Viejo, California · www.apexparksgroup.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Unitech Holdings, Inc. 2012-05-24 North Coast Composites, Inc. 2022-04-06 1
Hayden, Idaho · www.theunitechgroup.com Cleveland, Ohio · www.northcoastcomposites.com
Steel & O'Brien Mfg. Inc. 2018-11-21 Top Line Process Equipment Co. 2020-08-11 1
Arcade, New York · www.steelobrien.com Bradford, Pennsylvania · www.toplineonline.com
Unitech Holdings, Inc. 2012-05-24 Unitech Composites and Structures, Inc. 2012-05-24 4
Hayden, Idaho · www.theunitechgroup.com Hayden, Idaho

M&A by Sector

Sector Current # Value All-time # Value
Information Technology 2 (20%) - 8 (16%) 12M (1%)
Medical Products - - 4 (8%) -
Leisure - - 3 (6%) 670M (76%)
Machinery - - 3 (6%) -
Manufacturing 1 (10%) - 3 (6%) -
Financial Services - - 2 (4%) 200M (23%)
Aerospace 2 (20%) - 2 (4%) -
Business Services - - 2 (4%) -
Communications - - 2 (4%) -
Environmental - - 2 (4%) -
Healthcare Services - - 2 (4%) -
Insurance - - 2 (4%) -
Packaging 2 (20%) - 2 (4%) -
Software 1 (10%) - 2 (4%) -
Test/Measurement Equipment - - 2 (4%) -
Beverages - - 1 (2%) -
Consumer Services - - 1 (2%) -
Defense - - 1 (2%) -
Distribution - - 1 (2%) -
Infrastructure - - 1 (2%) -
Marketing 1 (10%) - 1 (2%) -
Renewable Energy 1 (10%) - 1 (2%) -
Technology Hardware - - 1 (2%) -
Transportation - - 1 (2%) -
Total 10 - 50 $882M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 10 (100%) - 48 (96%) 882M (100%)
  Illinois 2 (20%) - 9 (18%) 200M (23%)
  Texas 1 (10%) - 5 (10%) -
  Missouri 1 (10%) - 4 (8%) 12M (1%)
  Virginia - - 4 (8%) 670M (76%)
  Florida - - 4 (8%) -
  New York 2 (20%) - 3 (6%) -
  Michigan - - 3 (6%) -
  Pennsylvania 1 (10%) - 2 (4%) -
  Ohio 1 (10%) - 2 (4%) -
  California - - 2 (4%) -
  Washington 1 (10%) - 1 (2%) -
  Idaho 1 (10%) - 1 (2%) -
  Oregon - - 1 (2%) -
  North Carolina - - 1 (2%) -
  New Jersey - - 1 (2%) -
  Massachusetts - - 1 (2%) -
  Kentucky - - 1 (2%) -
  Iowa - - 1 (2%) -
  Indiana - - 1 (2%) -
  Georgia - - 1 (2%) -
United Kingdom - - 1 (2%) -
  Texas - - 1 (2%) -
Bermuda - - 1 (2%) -
Domestic 10 (100%) - 48 (96%) 882M (100%)
Cross-border - - 2 (4%) -
Total 10 - 50 $882M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 2 (20%) - 29 (58%) 682M (77%)
Growth Capital 3 (30%) - 7 (14%) -
Consolidation 2 (20%) - 5 (10%) -
Recapitalization 2 (20%) - 3 (6%) -
Divestiture 1 (10%) - 2 (4%) -
Secondary Buyout - - 2 (4%) -
PIPE - - 1 (2%) 200M (23%)
Stake Purchase - - 1 (2%) -
Total 10 - 50 $882M

Exits by Deal Type

Type Total # Value
Secondary Sale 15 (38%) -
Trade Sale 9 (23%) 130M (35%)
Trade Sale - Public Company 8 (21%) 244M (65%)
Bankruptcy 3 (8%) -
IPO 2 (5%) -
Merger 1 (3%) -
Recapitalization 1 (3%) -
Total 39 $374M

Top M&A Advisors

Financial Deals
Allegiance Capital Corp.
 1
Legal Deals
Kirkland & Ellis
 1

Deal Values

buy # Total
$100M to $1B 2 $870M
< $100M 1 $12M
TOTAL $882M
Largest AMF Bowling Worldwide, Inc.
$670M (2004-02-27)
sell # Total
$100M to $1B 3 $430M
< $100M 1 $94M
TOTAL $524M
Largest Helicon Re Holdings Ltd.
$150M (2008-02-26)

M&A Connections

Deals
Acquired from
Investor(s)
4%
2 (4%)
Strategic(s)
4%
2 (4%)
Exited to
Investor(s)
41%
16 (41%)
Strategic(s)
46%
18 (46%)

Investor Summary

Investor Type

Private Equity Firm

Size

Large

PE Assets

2.8B USD

Established

1991

Specialist/Generalist

Generalist

Leadership

James Gordon

Founder & Managing Partner

David Tolmie

Senior Partner

Gregory Jones

Senior Partner

Scott Brown

Senior Partner

Matt Norris

CFO & COO

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