One Equity Partners has agreed to acquire APAC Customer Services (NASDAQ: APAC) for $8.55 per share, a total of $470 million. The purchase price represents a 57% premium. APAC provides outsourced customer care services and solutions. The company is being advised financially by Credit Suisse and legally by Kirkland & Ellis, while Dechert is serving as the buyer's legal advisor. One Equity plans to combine APAC with one of its existing portfolio companies, NCO Group.
Since the beginning of 2010, PE investors have invested in 345 U.S. companies in the Commercial Services industry, according to the PitchBook Platform. In 2011 alone, 101 PE investors have been active in the industry with River Associates Investments and Stone Point Capital being the most active. 106 Commercial Services deals have been completed so far this year, and PE investors appear to be showing an increased interest in Mid-Atlantic Commercial Services companies. 12% of the industry's deals last year involved target companies that were headquartered in the Mid-Atlantic region. This year, deals in the region have accounted for 21% of the activity, making it the U.S. region with the biggest jump in its share of activity as well as the most active region in 2011 to date.