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Private Equity
arcapita.com

Investments

24

Portfolio Exits

14

Partners & Customers

1

Service Providers

1

About Arcapita

Arcapita is a $200M VC fund with a focus on Healthcare and IT in the Southeast.

Headquarters Location

P.O. Box 1406

Manama,

Bahrain

+973 17 218333

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Latest Arcapita News

Corridor Capital Sells Nationwide Property & Appraisal Services to Arcapita Group Holdings

Dec 14, 2022

Corridor Capital Sells Nationwide Property & Appraisal Services to Arcapita Group Holdings January 31, 2022 | Transactions Los Angeles, CA – Corridor Capital, through its affiliated funds (collectively, “Corridor”), has successfully sold portfolio company Nationwide Property & Appraisal Services (“Nationwide” or the “Company”), a leading technology-enabled real estate appraisal management company (“AMC”), to Arcapita Group Holdings, an alternative asset manager with a total transaction value in excess of $31 billion. With a belief in the future of Nationwide, Corridor and its institutional coinvestors, 747 Capital and Southfield Mezzanine, elected to rollover a minority interest into the transaction. Corridor acquired control of Nationwide in late 2016 and the sale marks the next milestone in its journey, fulfilling the aspirations of Nationwide founders Andy Lazev and Ryan Hernberg. Andy and Ryan had shared with Corridor their dream of working with an engaged operationally-oriented private equity firm to build their $35 million annual revenue business to over $100 million. Corridor applied its transformational partnership methodology, helping Nationwide ultimately achieve more than $140 million in annual revenue and increase pro forma adjusted EBITDA by approximately 5x over the holding period. Corridor teamed with the Nationwide founders to build sustainable scalable infrastructure and pursue both organic and acquisition-based growth. “It has been an honor to work with the Nationwide founders and leadership team to help evolve an already highly competitive business into one of the stand-out leaders in the US AMC market,” noted Corridor CEO Craig Enenstein. “Corridor’s purpose as a firm is to team with the management of small leadership companies to help them achieve their full potential.” Phase 1 – Infrastructure Implementation Collaborating with Andy and Ryan, Corridor focused on enhancing human capital, processes and systems. Human Capital: During the investment, Corridor assisted Andy’s and Ryan’s transitions and hired successor CEO Sri Velamati, a professional real estate and services executive with experience building large successful enterprises. Corridor established the construct for and recruited Nationwide’s first-ever executive leadership team with a Chief Operating Officer, Chief Revenue Officer, Chief Financial Officer and Chief Valuations Officer and other key functional leaders. Corridor partnered with the Company’s senior management to iterate on overall organizational design as well as key employee incentive programs. Processes: Corridor and the new CFO designed and implemented a modern finance function including budgeting, dashboard, reporting and controls functions and migrated the Company to a traditional board meeting cadence, lender management capabilities, and annual audits. Collaborating with the new CRO, Corridor identified and implemented a new approach to selling in the AMC sector by inducting Outside Account Managers (“OAMs”) to augment the sales team, yielding a material improvement in client-level market share capture. In core operations, the CEO, COO and Corridor worked together to perform client and product margin analysis and developed strategies to ensure competitive and appropriate pricing. Systems: Corridor worked with management to ensure a fully tech-enabled platform with automated order intake and order assignment processes that increased accuracy, reduced turn time and optimized organizational performance. The sales function implemented CRM to support growth at scale. Furthermore, Corridor pursued the normalization of systems procedures across the Company to permit easier integration of add-on acquisitions. Phase 2 – Organic and Acquisition-Based Growth Organic Growth: The CRO implemented a coordinated, focused new business development program yielding regional and national new client wins including leading lenders, Rocket Mortgage and United Wholesale Mortgage. The Company achieved significant incremental existing account penetration as a result of the OAM program and the build out of revised sales incentive plans. Acquisition-Based Growth: Corridor facilitated a strategic assessment of the AMC market, with particular focus on geographic and product expansion opportunities, resulting in a prioritized acquisition plan. On behalf of Nationwide, Corridor completed five add-on acquisitions resulting in increased geographic strength in numerous regions, new client pick-up that deconcentrated revenue, valuable human additions, and technology opportunities. The Corridor Operations team facilitated integration of the acquired businesses yielding talent and customer retention. Corridor believes that implementing its two-phase model transformed this founder-driven company into a mainstream enterprise well-positioned for sustainable long-term growth. Baird performed investment banking services and Morgan Lewis & Bockius provided legal services for the transaction. Duff & Phelps and RSM supported the process with accounting services. Lockton Companies provided risk and insurance services. © 2022 Corridor Capital. All Rights Reserved. Wetmore Tool & Engineering ​Wetmore Tool & Engineering is a market leader in specialty cutting tools, drill bits and fasteners, serving customers with needs for high precision solutions in the aerospace, automotive and industrial markets since 1950. Wetmore manufactures both custom and standard cutting tools and related products under the HP Manufacturing, Wetmore Cutting Tools and California Associated Products brands. Wetmore was acquired in 2019 by Dormer Parmet, a division of Sandvik Machining Solutions, a business area of Sandvik AB (SAND:SS). ​ × Managing Partner Craig Enenstein founded Corridor Capital, LLC in September 2005 to pursue control investments in lower middle market buyouts. Leveraging his operating and investment experience, Craig approaches investing as an active partner. Craig developed Corridor Capital to be a strategic and operational partner to the companies in which it invests and to work closely with the management and boards of directors of those companies. Prior to launching Corridor Capital, Craig led transactions for Omninet Capital, Liberty Digital and Knowledge Universe where he completed over two dozen private equity and venture capital investments totaling over $400 million across a wide range of industries. He developed a reputation for working closely with management of the portfolio companies to assist in business strategy, mergers and acquisitions sourcing and execution, capital access and structuring, operations restructuring and business planning. Prior to joining Knowledge Universe, Craig was a strategy consultant with L.E.K. Consulting and Bain & Company. Craig currently serves on the boards of CCT Holdco, LLC, Circuitronics EMS Holdings, LLC, Consolidated Flooring, LLC, IE Food Holdings, LLC, NPAS Holdings, LLC and Specialty Marketing & Communications Holdings, LLC. He also serves on the board of Naspers Limited, Wharton Graduate Executive Board of Directors, Wharton Private Equity and Venture Capital Association and MAKE IT IN LA. He has also served on the board of directors of AirPrime, Inc., Arrowsight, Inc., CDI Holdco, LLC, food.com, Game Show Network, LLC, IOP Holdings, LLC, MIH Holdings, Ltd., NameSafe, LLC, OpenTV, Inc. (Nasdaq: OPTV), Paramount Scaffold, Inc. TIR Systems, Limited (TSX: TIR) and TrashMasters, LLC. He served on the Wharton Alumni Executive Board of Directors for over 10 years (serving as President, Chairman and Chairman Emeritus for 7). Craig is an active member of Young Presidents’ Organization. He holds an M.B.A. from the Wharton School of Business, an M.A. in International Studies from the Lauder Institute at the University of Pennsylvania and a B.A. from the University of California at Berkeley. × SPM Marketing & Communications SPM Marketing & Communications is a La Grange, IL based brand advisory and fully integrated marketing services platform focused on hospitals, healthcare systems and the healthcare industry. SPM’s marketing and advertising services include branding, creative services, content marketing, digital, media planning & buying and consumer insights/research. As a leading healthcare marketing firm, SPM has worked with over 300 healthcare organizations in over 40 states. ​ Nationwide Property & Appraisal Services Nationwide is a Gibbsboro, NJ based appraisal management company (“AMC”), licensed in all applicable states with existing AMC legislation and active in facilitating independent appraisals throughout the entire country. The Company specializes in the management of appraisal and property valuation services for residential and commercial property lenders, including many of the country’s largest mortgage originators and banks. Nationwide’s commitment to maintaining the highest standards of compliance, service and appraiser quality has enabled it to rapidly become the preferred partner for more than 20,000 loan officers, 400 different lending institutions and 7,500 of the most skilled independent appraisers throughout the United States. ​ Circuitronics Circuitronics is an Irving, TX based provider of specialized printed circuit board (“PCB”) assembly and related electronic manufacturing services (“EMS”). The Company offers a broad set of capabilities, including rapid prototype development, complex and ruggedized PCB assembly, system assembly and test, design for manufacturing and design for testing services, and end-of-life supply chain services. The Company serves customers in several demanding industrial and energy end-markets, with a recognized specialization in high-mix, low-volume applications that have exacting quality requirements and/or complex layouts. Circuitronics has established itself as a regional leader by flexible, customized solutions for high quality products with exceptional customer service. ​ SCI Floor Covering ​SCI, headquartered in Southfield, MI, is the leading distributor and installer of floor covering products for the repair, maintenance and restoration of commercial, healthcare, multi-family and insured residential properties in Michigan. Since 1980, the Company has provided customers with superior service, quality and selection at competitive prices, while serving as a valued distribution partner to the country’s leading flooring manufacturers. In 2016, through its holding company Consolidated Flooring, LLC, the company acquired MC Flooring, the market leading distributor and installer of floor covering products for the multi-family segment in Kansas City. In 2018, through its holding company Consolidated Flooring, LLC, the company acquired Eastpointe Interiors, a leading distributor and installer of floor covering products for commercial properties in Western Michigan. ​

Arcapita Investments

24 Investments

Arcapita has made 24 investments. Their latest investment was in NuYu Fitness as part of their Private Equity on October 10, 2018.

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Arcapita Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

10/15/2018

Private Equity

NuYu Fitness

Yes

2

5/20/2013

Series B - II

ConcertoHealth

No

1

5/17/2013

Convertible Note - IV

Aspen Aerogels

$22.5M

No

2

10/21/2012

Series B - II

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$99M

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0

10/11/2012

Convertible Note - III

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$99M

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0

Date

10/15/2018

5/20/2013

5/17/2013

10/21/2012

10/11/2012

Round

Private Equity

Series B - II

Convertible Note - IV

Series B - II

Convertible Note - III

Company

NuYu Fitness

ConcertoHealth

Aspen Aerogels

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Amount

$22.5M

$99M

$99M

New?

Yes

No

No

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Co-Investors

Sources

2

1

2

0

0

Arcapita Portfolio Exits

14 Portfolio Exits

Arcapita has 14 portfolio exits. Their latest portfolio exit was Stratus on July 07, 2021.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

7/7/2021

Acq - Fin - II

$99M

3

2/10/2021

Merger

$99M

2

8/17/2020

Shareholder Liquidity

$99M

2

3/31/2015

Acq - Fin - III

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$99M

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10

12/22/2014

Acq - Fin - II

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$99M

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10

Date

7/7/2021

2/10/2021

8/17/2020

3/31/2015

12/22/2014

Exit

Acq - Fin - II

Merger

Shareholder Liquidity

Acq - Fin - III

Acq - Fin - II

Companies

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Valuation

$99M

$99M

$99M

$99M

$99M

Acquirer

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Sources

3

2

2

10

10

Arcapita Acquisitions

14 Acquisitions

Arcapita acquired 14 companies. Their latest acquisition was Nationwide Property & Appraisal Services on January 31, 2022.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

1/31/2022

Private Equity

$99M

Acq - Fin

2

1/13/2020

Private Equity

$99M

Acq - Fin

1

1/8/2018

$99M

Acq - Fin

2

10/11/2017

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$99M

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10

3/17/2011

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$99M

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10

Date

1/31/2022

1/13/2020

1/8/2018

10/11/2017

3/17/2011

Investment Stage

Private Equity

Private Equity

Companies

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Valuation

$99M

$99M

$99M

$99M

$99M

Total Funding

Note

Acq - Fin

Acq - Fin

Acq - Fin

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Sources

2

1

2

10

10

Arcapita Partners & Customers

1 Partners and customers

Arcapita has 1 strategic partners and customers. Arcapita recently partnered with YPO on April 4, 2019.

Date

Type

Business Partner

Country

News Snippet

Sources

4/15/2019

Partner

United States

Arcapita inks strategic partnership with YPO Mena

Arcapita , a global leader in Shari'ah - compliant alternative investments , has entered a strategic partnership with YPO , one of 14 regions within YPO , a global leadership organization .

3

Date

4/15/2019

Type

Partner

Business Partner

Country

United States

News Snippet

Arcapita inks strategic partnership with YPO Mena

Arcapita , a global leader in Shari'ah - compliant alternative investments , has entered a strategic partnership with YPO , one of 14 regions within YPO , a global leadership organization .

Sources

3

Arcapita Service Providers

1 Service Provider

Arcapita has 1 service provider relationship

Service Provider

Associated Rounds

Provider Type

Service Type

Acquired

Investment Bank

Financial Advisor

Service Provider

Associated Rounds

Acquired

Provider Type

Investment Bank

Service Type

Financial Advisor

Partnership data by VentureSource

Arcapita Team

5 Team Members

Arcapita has 5 team members, including current Chief Executive Officer, President, John Fox.

Name

Work History

Title

Status

John Fox

Chief Executive Officer, President

Current

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Name

John Fox

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Work History

Title

Chief Executive Officer, President

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Status

Current

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