Vestar Capital Partners has agreed to acquire Woodstream Corporation – a manufacturer and marketer of pest and animal control products – from Brockway Moran and CHS Capital. The transaction is expected to close in the second quarter of 2015.
Woodstream’s product portfolio includes wild bird feeders, organic pest controls, rodent control products, wild animal controls, lawn & garden decor products and animal training and containment products. Brand names include Victor mouse and rat traps; Terro ant traps; Havahart animal cage traps; Safer organic insect controls; Perky-Pet bird feeders; and Mosquito Magnet traps. The company’s products are sold at more than 100,000 retail locations throughout the United States and internationally and to professional pest control providers. The company is headquartered east of Harrisburg in Lititz, PA (www.woodstream.com).
Brockway Moran & Partners first invested in Woodstream in June 2003 and then made an additional investment in August 2007 in partnership with CHS Capital (then Code, Hennessy & Simmons). Since 2003, Woodstream has completed 11 add-on acquisitions that expanded its brands within existing product categories and launched the company into new markets. “During our long history with Woodstream, the company completed 11 strategic add-on acquisitions and expanded significantly in a number of ways,” said Lawrence Shagrin, a partner at Brockway Moran & Partners. “We have enjoyed our collaboration with Woodstream and are confident that Vestar will be an excellent value-added partner given their significant capabilities.”
Vestar specializes in management buyouts and growth capital investments. The firm targets equity investments in the range of $50 million to $150 million in US-based middle-market companies with enterprise values ranging from $250 million to $1 billion. Sectors of interest include consumer; diversified industries; healthcare; and financial services. Since the firm’s founding in 1988, Vestar has completed more than 70 investments in companies with a total value of more than $40 billion. Vestar has offices in New York, Boston, and Denver (www.vestarcapital.com).
“We look forward to partnering with CEO Harry Whaley and Woodstream’s excellent management team,” said Brian O’Connor, managing director of Vestar and co-head of the Consumer Group. “We believe Woodstream will continue to achieve strong growth by investing in its leading brands, particularly Victor and Terro, and by continuing its strategy of pursuing complementary acquisitions.”
“We have strategically assembled a portfolio of leading brands to better serve our retail partners in important niche, destination categories,” said Harry Whaley, president and chief executive officer of Woodstream. “We are very pleased to have partnered with Brockway Moran & Partners and CHS Capital. Going forward, Vestar’s experience in branded consumer products and track record of supporting its portfolio companies in building companies through add-on acquisitions will be critically important to Woodstream.”
The Senior Secured Loan Program – a joint venture of GE Capital and Ares Capital – has provided commitments for the debt financing for this transaction. Investment bank William Blair & Company represented Woodstream in the transaction.
© 2015 PEPD • Private Equity’s Leading News Magazine • 4-27-15
