MERGERS, ACQUISITIONS AND DIVESTITURES
Sand River Capital is a buy-side advisory practice that provides deal sourcing, structuring, diligence, execution and post-transaction consulting services to middle market private companies, private equity firms, management teams and independent sponsors.
FOCUS INDUSTRIES FOR ACQUISITION
(Q3 2020)
INDUSTRIALS
(North America)
Niche manufacturing
Safety equipment and supplies
Modular construction
Value added distribution
Specialty chemicals
Industrial coatings
Maintenance and repair
BUSINESS SERVICES
(Global)
Professional services
Tech-enabled services
Specialty Finance
Environmental Services
Facilities management and services
Transportation and Logistics
OILFIELD SERVICES
(focus on the Permian Basin)
Production chemicals
Oilfield safety equipment and services
Refinery and utility maintenance and repair
Industrial coatings
Skilled labor staffing
Mudlogging
Oilfield housing
Equipment rental
Saltwater disposal and water management services
AUTO SERVICES
(North America)
Car washes
Quick lube / oil change centers
Brake and muffler centers
Tire centers
Convenience stores
Travel centers
Truck stops
REAL ESTATE
(U.S. and Canada)
Qualified opportunity zone development
Sale-leaseback of owned and operated real estate
Build to suit real estate
Oil and gas royalties and mineral rights
INVESTMENT CRITERIA
Enterprise Value:
Between $3 million - $150 million
Revenue: $10 million - $500 million
EBITDA:
No EBITDA requirements (negative EBITDA acceptable for companies of scale)
Form of Investment:
Equity or Structured Debt / Equity
TRANSACTION TYPES
Dispositions by fund managers of platform or bolt-on portfolio company assets
Family succession or monetization of family or founder-owned, closely held companies or assets
Growth capital
Management buyouts (existing management seeking to buy out existing partners)
Management buy-ins (management team seeking to acquire and take an active management role)
Monetization of owned real estate (sale-leaseback)
Corporate divestitures
Consolidation
Turnarounds and special situations
Complex transactions
PREFERRED CHARACTERISTICS
U.S. focused, although open to contemplating strong assets or businesses in other developed markets
Experienced existing or proposed management teams with core expertise and skills in the sector
Proven franchises with leading market position or protected local economics
Recognized leader within a niche or region
High barriers to entry and/or recurring revenue
Historical & projected growth or a clear catalyst for turnaround
Free cash flow or a path toward free cash flow
Opportunity to drive value through enhanced operational excellence
