Insights

21 October 2019

CID Capital Exits Team Drive-Away

O Indianapolis-based private equity firm CID Capital (“CID”) announced today that it has completed the sale of Olathe, Kansas-based Team Drive-Away (“TDA”) to United Road Services, a portfolio company of global investment firm The Carlyle Group (NASDAQ: CG).  TDA, a leading third-party commercial vehicle logistics provider specializing in Class 8 truck drive-away delivery, serves a diverse range of customers including dealers, fleets, OEMs, leasing and brokerage companies. Terms of the deal were not disclosed.

“CID has had a great run with TDA. During our partnership, management executed a strategic acquisition and acqui-hire, grew market share every year and developed the leading technology platform for drivers and customers in the drive-away sector,” said CID Managing Director, Eric Bruun. “We’re proud to have helped TDA grow over the last four years and continue its phenomenal success. CID has always believed that the team makes the difference, and we have greatly enjoyed working with everyone at TDA.” 

CID originally partnered with the founder of TDA, Jim Marmon, in 2015. The partnership allowed TDA to evolve into the leading commercial vehicle logistics provider serving the drive-away industry. To help facilitate that growth, the firm embedded an experienced, growth-focused management team at TDA, including Chief Executive Officer, Stephen L. Wambold. As TDA flourished under Mr. Wambold’s leadership, CID invested in the technology, sales, recruiting, and marketing capabilities fundamental to accommodating rapid scale and which were supportive of TDA’s long-term success.   

“CID’s leadership and insight have been vital to our continued growth and development. Their partnership was very important to the TDA team” said Wambold.  “Because of their hard work and good counsel, we’re positioned to excel in our next chapter, and we wish the CID team the best of luck as they turn their attentions to their next successes.” 

Jefferies Investment Banking and BB&T Investment Banking served as transaction advisors and Ice Miller acted as legal advisor to CID in this transaction.  

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10 September 2019

CID Capital Exits ABC Industries

CID Capital is pleased to announce the recent sale of ABC Industries. ABC Industries is a Winona Lake, Indiana-based company that focuses on developing industrial ventilation and technical fabrics that support the aviation, construction and mining sectors.

John Aplin, Managing Director stated, “Working with Steve Fleagle, the ABC Industries’ management team and all of ABC’s employees has been an extremely rewarding experience. During CID’s ownership, the Company performed exceptionally well executing its plan to diversify into alternative end markets.  ABC Industries has built a strong foundation for growth, and the future is bright for ABC Industries thanks to the dedication and commitment of everyone in the Company.”
ABC Industries was an ideal CID investment for a variety of reasons: privately owned business; excellent market reputation; strong, consistent historical performance; stable cash flow generation and diversified growth potential. 
Steve Fleagle, CEO of ABC stated, “CID was the perfect transition from privately-held to private equity for ABC Industries and the management team. The CID team consistently and patiently worked beside management. The Midwestern values they exhibited at the onset remained in the relationship through the exit. We are very pleased with the relationship we had with CID and look forward to exciting new things ahead for ABC.”CID Capital and ABC Industries partnered with BMO Financial Group and Barings LLC during the investment. Capstone Headwaters provided advisory services to ABC Industries. 

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01 July 2019

CID parters with Seaga Manufacturing

CID Capital is proud to announce that is has partnered with Seaga Manufacturing. Headquartered in Freeport, Illinois, Seaga is a leading manufacturer of intelligent food/beverage and industrial vending equipment sold across multiple end markets.

CID Capital is proud to announce that it has partnered with Seaga Manufacturing. Headquartered in Freeport, Illinois, Seaga is a leading manufacturer of intelligent food/beverage and industrial vending equipment sold across multiple end markets.

CID worked closely with Seaga’s founder, Steve Chesney, to achieve his goals. Steve commented, “CID’s unique approach coupled with its high quality resources in its offering tipped the scale in my selection of a strategic partner to facilitate Seaga’s many growth opportunities within our industry.” 

Steve will continue to lead Seaga and is excited about the Company’s future. 

“Seaga’s approach to engineering and customer service combined with a broad product mix and an excellent reputation made this an ideal investment for CID,” stated Eric Bruun, Managing Director at CID Capital. “We are enthusiastic about our newly formed partnership with Steve Chesney and the entire Seaga team.” In support of the recapitalization, Stifel Bank & Trust provided the senior financing and ORIX provided the subordinated debt financing. Dinan Capital Advisors served as the exclusive financial adviser to Seaga. Colorful

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