Buyout Case Study: Advantage Waypoint

Buyout Case Study: Advantage Waypoint

Opportunity / Theme

National roll-up of outsourced sales and marketing companies focused on the foodservice industry

Creation of the industry’s first national provider with over 70 offices in all 50 states

Significant growth opportunities in both revenue (organic growth, market share, etc.) and profitability (scale, operational synergies, etc.)

The Transaction

Combined the assets of nine platform businesses to create Advantage Waypoint at the end of 2011

Apax Partners contributed in excess of $100 million in equity to take an initial position in the new entity and negotiated an agreement to purchase the remaining minority positions within a four-year period

Executed 16 subsequent add-on acquisitions

Osceola Value-Add

Utilized scale to provide a value proposition to clients that didn’t exist in the industry

  • Segmented specialists, data driven, and seamless service

Established corporate culture of accountability, collaboration and results

Serving as CFO, Ben Moe negotiated all acquisitions, and was heavily involved in every aspect of operations

Exit Strategy / Current Status

In December 2013, Apax Partners bought the remaining minority interests in the Company and combined its assets with Advantage Solutions, another portfolio company

In 2Q14, Apax Partners sold its position in the newly combined business to Leonard Green and CVC

It is estimated that Apax made a 4x return on its investment in Advantage Waypoint