Private Equity Investment Firm

Focused on partnering with experienced operators to acquire businesses in the middle and lower-middle markets

 

 

Firm Overview

Expedition Capital Partners (“ECP”) is a private equity investment firm focused on partnering with experienced operators to acquire and grow businesses in the middle and lower middle markets.  ECP seeks to acquire or invest in private businesses that have demonstrated a history of positive cash flow where it can employ its operating partners in senior management roles to implement a specific growth thesis tailored to each situation.  Since inception, ECP has acquired 34 companies across five core platform investments.

The firm's primary goals are to:

  • Partner with successful business owners and managers to create long-term business relationships

  • Fortify, grow and improve profitability of portfolio businesses to increase value

  • Generate substantial returns for all stakeholders in ECP investments (employees, shareholders, customers, suppliers and the community)

ECP's core values are:

  • Integrity

  • Fairness

  • Passion

  • Humility

  • Hard work

  • Perseverance

ECP's transactions are financed by its proprietary network of debt and equity investors.

Investment Criteria

COMPANY

 

  • Primary operations in U.S. or Canada

  • Demonstrated history of positive cash flow and profitability

  • Sustainable competitive advantage

  • Identifiable growth and / or margin improvement opportunities

MANAGEMENT / OWNERSHIP

  • Opportunities where management or owners are seeking to exit the business and transactions can be pursued in conjunction with ECP industry executives

  • Management-led buyout opportunities

  • Willingness to partner with ECP principals during ownership and / or transition period

FINANCIAL

 

  • Minimum EBITDA of $2 million

  • Strong history of profitability and positive cash flow

INVESTMENT HORIZON

 

  • General holding period of three to seven years

  • Willing to hold and build positions in attractive companies indefinitely

INDUSTRY / SECTOR

 

  • ECP is generally industry-agnostic and open to investments across a wide array of sectors

  • Specific areas of interest include:

    • Business services​

    • Consumer products and services

    • Distribution / logistics

    • Education and training

    • Healthcare

    • Infrastructure

    • Manufacturing

    • Waste and recycling

TRANSACTION PARAMETERS

 

​ECP seeks to structure deals that meet the objectives of all stakeholders involved.  We are receptive to deals that include compensation in the form of cash, earnout, seller note and profit sharing.  Our transaction structures aim to minimize taxes and align the incentives of all stakeholders including owners, managers and employees.

  • Situations of interest:

    • Partial / full liquidity for entrepreneurs, family members, estates or passive investors​

    • Management buyouts

    • Corporate divestitures or or subsidiaries, divisions and product lines

    • Industry consolidations

    • Recapitalizations

  • Investment structures:

    • Preferred / common equity​

    • Asset purchases, stock purchases, or recapitalizations

    • Board control preferred

    • Open to co-investments with other private equity firms

 

Partnering with ECP

ECP prefers to work actively at the board level to support strong management teams whose incentives are aligned with our own to help build the long-term value of a business. The four primary areas in which we expect to help management teams are:

Strategic Direction and Operational Guidance:

  • Partner with management to proactively set company priorities and direction

  • Develop operating budgets in-coordination with management

  • Act as a sounding board for management

  • Facilitate discussions and provide advice as a board participant

  • Leverage ECP's network of industry and operational experts

Access to Capital:

  • Expand relationships with lending institutions

  • Arrange equity investments from ECP’s investor base

  • Diversify equity sources through co-investments with ECP’s private equity partners

Transactional Expertise:

  • Work with management to identify, diligence, structure, negotiate and finance key company transactions including mergers, add-on acquisitions, restructurings, divestitures, licenses, etc.

  • Counsel management regarding post-transaction integration

Access to Talent:

  • Assist with recruiting needs (management and board members) and employee retention

  • Make introductions to ECP’s extensive network of industry and financial consultants, mentors and advisors

 

Portfolio Companies

Portfolio Companies

Current

Cox Transportation Services, LLC

ECP partnered with Tecum Capital, Ironwood Capital and CEO Jay Smith in a majority recapitalization of a leading provider of freight hauling and brokerage services. The three groups joined to back CEO Jay Smith in support of the company’s continued growth. 

 

Established in 1982, Cox provides freight hauling and brokerage services to customers in a diversified group of industries across the U.S.  The Company specializes in transporting time-sensitive full truckload freight on a local, regional and national basis.  Cox also operates a brokerage division that serves carriers and freight customers with logistics optimization services.  The Company is based in Ashland, VA.  ECP intends to work with Jay Smith and Cox to continue its organic growth as well as to pursue attractive add-on acquisitions with complementary routes and customer bases.

www.truckingforamerica.com

United Tactical Systems, LLC

United Tactical Systems designs, manufactures, and markets high quality irritant-filled projectiles and associated air launchers under the industry-leading PepperBall brand. PepperBall’s solutions provide military and law-enforcement personnel a safe, effective tool for use in crowd control and one-on-one scenarios. PepperBall products are widely adopted across US and international law enforcement and military agencies. Along with its launchers and projectiles, the company
offers comprehensive training services.  

ECP completed the consolidation of five separate, interrelated entities to form United Tactical Systems in August 2014 in partnership with Clearlight Partners and CEO George Eurick.

www.pepperball.com

Exited

Waste Harmonics, LLC

Waste Harmonics is a leading provider of outsourced waste management services based in Victor, NY.  The company's programs, customized for businesses in a wide range of industries, are designed to cost-effectively consolidate all components of their waste management needs, including pick-up, hauling, recycling and sustainability.  Waste Harmonics operates as a single point of contact, managing all invoicing and reporting, even providing analytical tools that measure waste volume, equipment usage and waste service frequency needs.  Since customers have many locations, the ability to understand efficiency for each one can result in significant annual savings. Waste Harmonics also provides rental waste equipment, such as containers and compactors, as well as equipment installation and repair services and temporary containers for construction waste.

ECP partnered with CEO Mike Hess and Prospect Partners to lead the recapitalization of Waste Harmonics, with the intent to execute an aggressive growth strategy both organically and via acquisition.  Subsequent to the recapitalization, Waste Harmonics completed three add-on acquisitions before successfully exiting to Arcapita Investment Management in December 2019.

www.wasteharmonics.com

Wild Sales, LLC

Wild Sales, LLC (dba Wild Sports) is a leading manufacturer and provider of licensed and branded tailgating, homegating and outdoor games.

 

The company’s Wild Sports brand has achieved category leadership at big-box retailers and continues its significant expansion with leading on-line retailers as well. The Company is an exclusive licensee for the NFL, MLB and NHL products at retail and maintains a dominant share among colleges with over 500 licenses.  The company’s products include well known games such as Cornhole, Tailgate Toss and Stackers, in addition to other tailgating accessories such as team branded tables and chairs.  
 

ECP partnered with co-founders Todd Hines and Gregg Browne to recapitalize the business for growth alongside Centerfield Capital Partners and Cardinal Equity Partners.  In July 2019, Wild Sports merged with EastPoint Sports, a portfolio company of Mason Wells. 

www.wildsports.com
www.shopprolinetailgating.com

United American Security, LLC

United American Security is an unarmed security guard business focused on serving a variety of manufacturing, distribution, retail, government, residential and commercial office clients.  The company employs over 4,000 security professionals across 21 offices throughout the central and eastern United States.

ECP completed 25 acquisitions on the platform in its hold period, building United American Security into the tenth largest security guard firm in the United States before a successful exit to GardaWorld in March 2018. 

www.unitedamericansecurity.com

 

TEAM

MICHAEL HENDRIE
Founder and Managing Director

Office: (773) 857-0210

Mobile: (404) 966-2909

mike@expedition-partners.com

Mike has over 18 years of operational, transactional and private equity expertise. Prior to launching ECP in 2009, he was a Vice President at Code Hennessy & Simmons (CHS) in Chicago focused on leveraged buyouts in the manufacturing and infrastructure sectors. Prior to CHS, Mike spent three years as an Associate in the Investment Banking Division at Goldman Sachs in New York as a member of the Industrials Group.  Mike began his career as a management consultant at Manhattan Associates. 

Mike received his MBA from the Ross School of Business at the University of Michigan and earned a BSE in Chemical Engineering, also from the University of Michigan.

 
 

Media

Recent News:

May 4, 2020 - Pepperball: Best Non-Lethal Personal Defense Products for 2020

January 13, 2020 - Expedition Capital Partners and Prospect Partners Announce the Sale of Waste Harmonics to Arcapita

September 8, 2018 - Wild Sports Featured on Fox & Friends

September 4, 2018 - Pepperball's LifeLite Featured on Good Morning America

August 25, 2018 - Wild Sports, Proline Tailgating, and KanJam Announce Partnership with Gameday Hospitality

March 28, 2018 - Expedition Capital Partners and LaSalle Capital Group Announce the Sale of United American Security to Garda World

March 6, 2018 - Wild Sports Announces its Acquisition of KanJam, LLC

October 31, 2017 - Expedition Capital Partners, Centerfield Capital Partners and Cardinal Equity Partners Announce the Acquisition of Wild Sports

October 25, 2017 - Waste Harmonics Ranks in Chamber Top 100 List for Third Consecutive Year

April 20, 2017 - Waste Harmonics Purchases Assets of Eco2Go Recycling Solutions, LLC

April 20, 2017 - Waste Harmonics Acquires Assets of SetWest Leasing and Rental Corp.

May 19, 2016 - Expedition Capital Partners and Prospect Partners Announce the Acquisition of Waste Harmonics and Subsequent Acquisition of Consolidated Waste Management

August 2015 - Expedition Capital Partners and ClearLight Partners Announce the Acquisition of United Tactical Systems

May 4, 2010 - Expedition Capital Partners and LaSalle Capital Group Announce the Formation of United American Security

EMAIL
PHONE

(773) 857-0210

ADDRESS

3333 North Hamilton Avenue

Chicago, IL 60618

 

CONTACT

EXPEDITION CAPITAL PARTNERS

© 2018 by Expedition Capital Partners LLC.