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Dan Doran's Blog
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Sep 17
2008

WSJ: PE Heads to Smaller Deals

Posted by Dan Doran in VAR - Value Added Reseller AcquisitionsTransportation AcquisitionsPrintingManufacturingMA NewsHVAC MA

Interesting article in the WSJ deal book this morning - basically confirming what we have been seeing in the market place. In sum: deals are trending downward in size, and the lower-middle market remains surprisingly strong.

The simple reason? Less leverage on deals. Historically these companies have transacted for far lower multiples than their PubCo and much larger cousins. And in an

Sep 16
2008

The Latest with AIG

Posted by Dan Doran in Insurance MAAIG

As an agency owner, the AIG situation likely has been cause for angst today. Keep an eye here as we continue to post analysis on what it means for you.

2 p.m. - It is looking like no capital raise from GS, etc for AIG.
Sep 16
2008

Sparxent’s Growth Strategy

Posted by Dan Doran in VAR - Value Added Reseller Acquisitions

Sparxent, a newly formed VAR and IT business provider with headquarters in Salt Lake City announced in late August the acquisition of both NetworkD Corporation of California and Arbyte Group of Russia. Terms were not disclosed.

With the acquisition, Sparxent will add NetworkD’s 6,000 customers based in both the U.S. and Europe and Arbyte Group’s 10,000 customers based throughout Russia and

Aug 16
2008

Aztec Systems and ProData Consulting Merge

Posted by Dan Doran in VAR - Value Added Reseller Acquisitions

Aztec Systems Inc. a total solutions VAR based out of Carrollton, Texas announced in early August that it plans to merge with ProData Consulting, of Oklahoma City. Terms were not disclosed.

With the merger, Aztec Systems Inc. will add over 300 clients, 30 highly professional employees, and two new locations in Oklahoma City and Tulsa.
Organic Growth Can Only Take You So Far

Over its 17
Jul 10
2008

New Sell Side Field Machining / Power Plant Client

Posted by Dan Doran in Manufacturing

Clear Rock has been retained by a field machining and power plant services company to pursue a sale of their business.  The company's revenues tend to be well insulated from market pressures, as the majority of service is conducted on an emergency basis.  The company is very synergistic with either traditional machine shops, or other speciality trades that service the power plant and utilities
Apr 29
2008

Carrier Acquires Distributor

Posted by Dan Doran in HVAC MA

Carrier announced that it completed the acquisition of E.B. Ward & Company, a well established distributor of Carrier HVAC products.  E.B. Ward had revenues of approximately $150 million. 

Deal Analysis

Whereas the current trend in the HVAC market is

Apr 29
2008

ARS Acquires 24/7 Service Corp

Posted by Dan Doran in HVAC MA

American Residential Service, LLC, a nationwide HVAC services company, recently acquired 24/7 Service Corp. 24/7 is a Las Vegas based HVAC , plumbing and sheet metal company that serviced the Las Vegas and Phoenix markets.

ARS now has a solid service footprint throughout the southwest U.S.

Deal Analysis

This deal falls squarely in the roll-up strategy backed by Clear Rock.

Apr 07
2008

How Has the (Threatened) Owner/Operator Strike Affected You?

Posted by Dan Doran in Transportation AcquisitionsPrinting

Here at Clear Rock - we find ourselves at an interesting intersection in re: the psuedo-strike being staged by the Owner / Operators.  Not only do we have a segment focus in transportation and logistics, but we keep hearing from the print industry (another segment we focus on) how slowdowns are affecting their operations as well. 
Mar 11
2008

The Buyout Industry and All That Debt: What it Means

Posted by Dan Doran in Untagged 

There is a great article in today's New York Times discussing the titans of the buyout world and the current circumstances that they find themselves in.  Whereas most of the brouhaha over the past quarter has centered around either the sub-prime fiasco or the inability to place debt for PEG's "mega deals," this article discusses the current state of the deals that got done. 

Here are some of the great takeaways... 

Feb 27
2008

RR Donnelley in Pro Line Acquisition

Posted by Dan Doran in PrintingGraphics

RR Donnelley announced yesterday that it was acquiring Pro Line Printing, Inc. for $122m.  The companies entered into a definitive purchase agreement, which is subject to a number of closing conditions.

Why Buy Pro-line?

This is another very traditional acquisition: RRD is looking to expand geographically in a specific vertical - in this case newspaper inserts.  Pro Line is a multi-facility