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Axial Radar: All Aboard the SPAC Train



Axial Radar

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Happy Friday and welcome to another edition of Axial Radar!

Seems like everyone from Steven Cohen to Shaquille O’Neal is getting in on the recent SPAC boom. There have been over 130 SPAC IPOs this year alone, leading the Wall Street Journal to dub 2020 as The Year of the SPAC. The use of a Special Purpose Acquisition Company is by no means a new financial concept, so what’s behind the sudden surge in activity?

One possible explanation can be found in a recent survey of 1,000 M&A executives conducted by Deloitte. The survey found that 42% of participants had an increased interest in pursuing alternatives to traditional M&A since March of this year – specifically, alliances, partnerships, joint ventures, and yup, you guessed it, SPACs. Head down to this week’s featured Industry Trends section of Radar to read more about how factors like economic and political uncertainty are driving deal professionals to pursue alternative strategies as they look towards the future.

Our featured buy-side members this week include an industrials focused buy-and-build PE firm, a PE firm investing out of its fourth fund, and an LA based private investment firm led by a seasoned investor with over two decades of experience. On the sell-side we’ll introduce you to a 20 year old investment bank, and a human and financial capital consulting firm.

Click here to follow Axial on LinkedIn and stay up to date on the latest trends in the world of Lower Middle Market deal making.


Featured Members

HIG Capital

CGS Management AG
Private Equity Firm

CGS Management is an industrial focused private equity firm investing in highly promising small to medium-sized companies operating in Germany, Austria, and Switzerland. Founded in 1995, CGS pursues a buy & build strategy, and is actively seeking add-on investments in the United States and Canada.
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Kainos Capital

BlueWater Partners, LLC
M&A Advisory Firm

BlueWater Partners is a Grand Rapids based investment banking and M&A advisory firm. BlueWater specializes in senior-level advice on mergers, acquisitions, capital sourcing, performance improvement, turnarounds and merchant banking. The firm was founded in 2001 by middle market veteran, Ron Miller. Prior to founding the firm, Mr. Miller was the President and CEO of several privately held manufacturing and distribution companies with revenues under $100 million.
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Tonka Bay Equity Partners
Private Equity Firm

Tonka Bay Equity Partners is a private equity firm that acquires and invests in small and midsized companies pursuing the next level of success. The firm was founded in 1998 by Cary Musech. Prior to founding Tonka Bay, Mr. Musech was a senior executive at a privately held manufacturing company and worked in corporate finance at U.S. Bank, Wells Fargo, and Ernst & Young. Tonka Bay has raised over $550M across four funds since it’s founding.
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FTI Consulting

Tarsus CFO Services

Tarsus CFO Services delivers human and financial capital to emerging and lower middle market companies that are taking it to the next level. The firm brings deep and applicable financing experience, along with an ever-growing rolodex of relationships with a broad array of capital providers for its clients. Tarsus was co-founded by Paul Bertrand and Paul Burns in 2002.
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FTI Consulting

Dara Knot Capital Partners
Independent Sponsor

Dara Knot is a Los Angeles-based private investment and advisory firm, founded to bring entrepreneurial passion, best in class strategic and operational support, and highly tailored capital solutions to small and lower middle-market services businesses seeking to achieve their next level of growth and profitability. The firm was founded by Cameron Reilly, who has over two decades of principal investment experience, as well as a background in corporate finance, M&A advisory, and operations.
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Not an Axial Member yet?

This week from
Middle Market Review

Building an Unbeatable Culture — A Conversation with the Founder of Star Mountain Capital
​​​​​Read More

Axial’s LMM Deal Digest: September Edition
​​​​Read More

Consolidation in the Private Aviation Industry
Read More

Closed Deal Case Study: Camano Capital & E-Cloth
Read More


Industry Trends

The Future of M&A Deal Trends in a Changing World

Deloitte Survey

Source: Deloitte

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