M&A · Industrials · General Bldg Contractors - Residential Bldgs
Sun Capital Partners, Inc. to acquire Select Interior Concepts, Inc.
Announced Aug 9, 2021 · Closed Oct 21, 2021
Deal value$411MEV $489M
Premium32.0%To unaffected price
EV / Adj. EBITDA12.2x1.2x EV / Revenue
ConsiderationAll cash$14.50 per share
Transaction
- Acquirer
- Sun Capital Partners, Inc.
- Target
- Select Interior Concepts, Inc.
- Buyer type
- Private equity
- Offer price per share
- $14.50
- Enterprise value
- $489M
- Status
- Closed Oct 21, 2021
Deal protections
- Break fee (target pays)
- $15.4M · 3.7%
- Reverse fee (buyer pays)
- $30.8M · 7.5%
- Go-shop
- No-shop
- Financing
- Conditioned on financing
Advisors
- To the acquirer
- Raymond James
- To the target
- RBC Capital Markets, Truist Securities
- RBC Capital Markets fee
- $5.5M
Sector context · Industrials
- Comparable deals
- 36 in the prior 24 months
- Premium
- 32.0% vs. 34.5% sector median
- EV / Adj. EBITDA
- 12.2x vs. 11.8x sector median
- Break fee
- 3.7% vs. 2.8% sector median
Timeline
- AnnouncedAug 9, 2021
- Proxy filedSep 2, 2021
- Definitive proxySep 15, 2021
- Shareholder voteOct 19, 2021
- ClosedOct 21, 2021
Valuation · fairness opinions
Trading comparablesRBC Capital Markets$8.53$13.23
Trading comparablesRBC Capital Markets$9.80$14.65
Trading comparablesRBC Capital Markets$10.76$12.82
Discounted cash flowRBC Capital Markets$9.86$12.06
Analyst price targetsRBC Capital Markets$11.07$12.78
Trading comparablesTruist Securities$9.29$10.84
Trading comparablesTruist Securities$9.82$11.58
Trading comparablesTruist Securities$10.58$12.65
Discounted cash flowTruist Securities$11.31$14.48
Offer $14.50
Implied value per Select Interior Concepts, Inc. share by analysis, from RBC Capital Markets and Truist Securities.