Avante Mezzanine Partners provided a unitranche debt and an equity co-investment to support the acquisition of Spring USA Corporation by ShoreView Industries. ShoreView acquired Spring USA in a corporate carve-out from Fiskars Corporation in September 2016.
Spring USA is a designer and provider of foodservice equipment used in the hospitality sector. Spring’s products – sold through major institutional foodservice distributors – include buffet systems, induction cooking systems, mobile cooking stations, tableware, and cookware. Spring USA is headquartered in the Chicago suburb of Naperville (www.springusa.com).
“We are excited to partner with Avante in this transaction,” said Adam Reeves, Principal of ShoreView. “We were impressed with their team and with Avante’s ability to provide a flexible capital solution that will foster growth. We look forward to working with them on Spring USA and future transactions.”
Avante Mezzanine provides unitranche/one-stop debt, mezzanine, and minority equity investments of $5 million to $25 million to sponsored and non-sponsored companies with EBITDAs from $3 million to $15 million. Sectors of interest include aerospace and defense; business services; consumer products; distribution; education; healthcare and life sciences; industrial manufacturing; security products and services; software and IT services; and specialty chemicals and coatings. Avante has offices in Los Angeles and Boston (www.avantemezzanine.com).
“We are excited to support Spring USA,” said Jeri Harman, Managing Partner and CEO of Avante. “The company is a market leader in foodservice equipment with a long history of innovation and strong commitment to customer service. We are also pleased to complete our first transaction with ShoreView, a firm with an experienced team and strong track record in industrial and industrial-related businesses.”
ShoreView Industries makes control and minority investments in US-based middle market companies that have revenues from $20 million to $300 million and operating profits from $5 million to $40 million. Sectors of interest include manufacturing, distribution and service providers. The firm currently has $900 million of capital under management and is based in Minneapolis (www.shoreviewindustries.com).
© 2016 Private Equity Professional • 11-3-16
