January 13, 2017
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Archives for January 13, 2017

Kinderhook Exits San Jamar

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Kinderhook Industries has sold SJ Holdings, the holding company for the firm’s investment in San Jamar, to publicly traded Carlisle Companies (NYSE:CSL).

San Jamar designs and distributes dispensers for paper towels, tissue, soap and air purification systems as well as personal and food safety products for commercial and institutional foodservice customers. According to the company, San Jamar holds leading market positions in several hygienic, food safety and food management product categories. The company had sales in 2016 of approximately $87 million and has 120 employees, San Jamar is led by its President Bill Roehrick and is headquartered 50 miles southwest of Milwaukee in Elkhorn, WI (www.sanjamar.com).

Kinderhook’s portfolio company Dispensing Dynamics (DDI) acquired San Jamar (then known as The Colman Group) in March 2012.  DDI is a provider of plastic injection molded paper towel, tissue, soap, and air care dispensing systems for the away-from home washroom industry. DDI was acquired by Kinderhook in 2007 and remains a portfolio company of the firm. The company is based in City of Industry, CA (www.dispensingdynamics.com).

“We are thankful to have partnered with San Jamar’s first class management team to capitalize on the company’s leading market position and grow earnings over 3x during the course of Kinderhook’s ownership period,” said Paul Cifelli, Managing Director at Kinderhook. “The sale of San Jamar is another successful example of Kinderhook’s investment strategy of partnering with strong management teams and providing them with the capital and resources to drive growth.”

Kinderhook Industries makes control investments in companies with transaction values of $25 million to $150 million in which the firm can achieve financial, operational and growth improvements. The firm makes investments in non-core divisions of public companies, management buyouts of entrepreneurial-owned businesses, troubled situations, and existing small capitalization companies lacking institutional support. Kinderhook was founded in 2003 and is based in New York (www.kinderhook.com).

Carlisle Companies designs, manufactures and markets products that serve a range of niche markets including commercial roofing, energy, agriculture, lawn and garden, mining and construction equipment, aerospace and electronics, dining and food delivery, and healthcare. The company was founded in 1917 and is based in Scottsdale, AZ (www.carlisle.com).

With closing of the transaction, San Jamar will now operate as a separate unit within Carlisle FoodService Products, a provider of professional-grade products used in the restaurant, healthcare and janitorial sectors, including foodservice permanentware, table coverings, cookware, displayware, catering equipment and meal delivery systems. Carlisle’s FoodService Products segment is headquartered in Oklahoma City.

Robert W. Baird & Co. was the financial advisor to San Jamar and Kirkland & Ellis provided legal counsel.

© 2017 Private Equity Professional | January 13, 2017

Thompson Street Buys Law Focused Software Firm

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Thompson Street Capital Partners (TSCP) has acquired Software Technology, a provider of financial and practice management software for small to mid-size law firms, with a particular focus on law firms with fifty or fewer attorneys.

Software Technology’s (STI) flagship software platform, Tabs3, performs billing, time-keeping and financial management functions and automates back-office workflows. PracticeMaster, STI’s practice management software platform, delivers non-financial practice management tools to manage cases, contacts, calendars, and documents. Tabs3 and PracticeMaster are fully integrated and provide users with a single unified interface. STI serves more than 50,000 attorneys at nearly 10,000 law firms. The company is based in Lincoln, NE (www.tabs3.com).

“STI has developed productivity tools for law firms since 1979. We are proud of our history of providing reliable software and trusted service, and with TSCP as a partner, we couldn’t be more optimistic about our future,” said Dan Berlin, President and CEO of STI. “In addition to the resources and expertise that TSCP provides, their long term perspective on growing our business is a wonderful fit for our employees, customers and the consultants who work with us across the country.”

“We are excited to partner with the STI team,” said Jim Cooper, Managing Partner. “We’re looking forward to supporting STI’s continued growth and to helping build upon the company’s well-earned reputation in the legal market for providing dependable and effective software tools and excellent customer service.”

Thompson Street Capital Partners makes investments in companies with annual revenues between $20 million and $200 million and EBITDA between $4 million and $15 million. Since its founding in 2000, Thompson Street has acquired more than 100 companies in the business services, healthcare services and engineered products sectors. The firm held a final close of Thompson Street Capital Partners IV, LP with $640 million of capital commitments in December 2015. Thompson Street is based in St. Louis (www.tscp.com).

Cascadia Capital, a mid-market investment bank based in Seattle (www.cascadiacapital.com), acted as financial advisor for STI.

© 2017 Private Equity Professional | January 13, 2017

New CMO at Seacoast

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Seacoast Capital has hired Phil Curatilo as a Principal and the firm’s new Chief Marketing Officer. He will be based in the Seacoast’s Boston office, but will also spend time in the firm’s Danbury, Connecticut satellite office.

Mr. Curatilo has more than 25 years of private equity, corporate marketing, lending, and consulting experience. In addition to being responsible for running the corporate marketing function for the firm, Mr. Curatilo will also be responsible for business development in the eastern region of the United States.

“Seacoast has known Phil for more than 15 years. Our people have worked with him firsthand on boards of directors, deal sourcing, and seen the result of his creative marketing strategies. Phil is unique in our industry as he brings that rare combination of private equity and corporate marketing knowledge with an experienced hand in investment assessment and execution,” said Seacoast Partner Tom Gorman.

Prior to joining Seacoast in December 2016, Mr. Curatilo was Principal & Chief Marketing Officer for Cyprium Partners (and its predecessor firm, Key Principal Partners) where he was responsible for the development and growth of the firm’s brand in the US and Canada and sourced middle market non-control debt and equity investments. Prior to Cyprium, he was Managing Director for Westham Capital, where he represented undermarketed institutional private equity funds and sourced and evaluated microcap investment opportunities. Prior to Westham, he was a General Partner for Riverside Partners, where he initiated the firm’s first formal marketing effort, managed its network of deal sources, and originated, screened, and analyzed low to mid-tech leveraged buyouts. Mr. Curatilo received his MBA from Wharton and has a BS in Business Administration from Northeastern University.

Seacoast Capital makes non-control subordinated debt and equity investments of $5 million to $25 million in lower middle market companies with revenue of at least $10 million and $2 million or more of EBITDA. Sectors of interest include specialty manufacturing; value-added distribution; health and wellness; logistics and infrastructure services; and commercial and consumer services. Seacoast Capital is currently investing its fourth fund, Seacoast Capital Partners IV, with $239 million of capital commitments.  The firm was founded in 1994 and has offices in Boston and San Francisco (www.seacoastcapital.com).

© 2017 Private Equity Professional | January 13, 2017

JMC Closes Fund II

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JMC Capital Partners has held a final close of JMC Platform Fund II with $206 million in capital commitments.  The new fund closed at the hard cap and was oversubscribed. The firm’s first fund, JMC Platform Fund I, closed in 2013 with $125 million in capital commitments.

Limited partners in the Fund II include the usual mix of foundations, endowments and family offices. “We are appreciative of the support and confidence we have received from both our existing and new investors,” said Michael D’Amelio, JMC’s Managing Partner. “We are firmly committed to aggressively execute on our strategy and serve our investors, management teams, and employees.”

JMC invests in what it calls the “lower lower” middle market industrial product and technology sectors. The firm acquires companies with revenues between $5 million and $35 million and then executes a plan to grow the businesses and build profitability through add-on acquisitions and operational improvements. JMC was founded in 1999 by Mr. D’Amelio, and Lawrence Bero and is based in Boston (www.jmccp.com).

Goodwin Procter provided legal services to JMC for this fundraise.

© 2017 Private Equity Professional | January 13, 2017

Quilvest Exits Hill & Valley

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Quilvest Private Equity has sold Hill & Valley Inc., a maker of sugar-free pies, to publicly-traded J&J Snack Foods.

Hill & Valley is a manufacturer of sugar-free and no sugar added pre-baked cakes, cookies, pies, muffins and other desserts that are sold to retail in-store bakeries. The company also provides private label manufacturing services for a number of retailers nationwide. Hill & Valley, led by President Doug Davidson, has annual sales of over $45 million and is headquartered in Rock Island, IL. The company was founded by George Coin in 1987 as the Rock Island Baking Company (www.Hillandvalley.net).

“The acquisition of Hill & Valley rounds out our in-store bakery offerings by expanding our capabilities and customer base, and provides us a newly constructed facility that has ample capacity for growth and a nimble production process,” said Jerry Law, J&J’s Senior Vice President.

J&J Snack Foods (NASDAQ: JJSF) is a maker of branded niche snack foods and beverages sold to foodservice and retail supermarket outlets. The company’s products include Superpretzel, Bavarian Bakery and other soft pretzels; Icee and Slush Puppie frozen beverages; Luigi’s, Minute Maid frozen juice bars and ices; Whole Fruit sorbet and frozen fruit bars; Mary B’s biscuits and dumplings; Daddy Ray’s fig and fruit bars; Tio Pepe’s, California Churros and Oreo Churros, Patio Burritos and other handheld sandwiches; The Funnel Cake Factory funnel cakes, and several cookie brands within Country Home Bakers. J&J Snack Foods is based in Pennsauken, NJ (www.jjsnack.com).

Quilvest Private Equity is the private equity arm of the Quilvest Group, a wealth manager and private equity investor with a presence in Europe, the Americas, Asia and the Middle East (www.Quilvestprivateequity.com).

BB&T Capital Markets was the financial advisor to Hill & Valley on this transaction.

© 2017 Private Equity Professional | January 13, 2017

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