Sentinel Capital Partners has acquired Nekoosa, a manufacturer of specialty paper and film products used in the graphics and commercial print markets, from Wingate Partners.
Nekoosa’s production capabilities includes coating, converting, and custom plastic extrusion. The company’s products are sold under the Nekoosa Coated Products, RTape, CET Films, and ClingZ brands and includes application and pressure sensitive tapes; specialty synthetic papers; sheeted digital and offset grade carbonless paper; and extruded film. The company’s products are sold through a network of more than 1,000 global distributors to more than 70,000 commercial print and graphics shops in 65 countries. Nekoosa is headquartered in Nekoosa, WI (www.nekoosa.com).
“Wingate has been an exceptional partner. They have brought a wealth of experience and a low-ego, highly approachable style that fits our business culture well and resulted in a very strong partnership,” said Paul Charapata, Nekoosa’s CEO.
Wingate partnered with the Nekoosa management team to acquire the business in October 2012. During the subsequent five years, Nekoosa completed four add-on acquisitions that diversified its product mix. “Prior to our investment, Nekoosa was largely a carbonless paper business with a vital base of commercial print merchant partners,” said Brian Steinbrueck, a Partner at Wingate. “CEO Paul Charapata and his team have transformed the business into a more diversified, higher performing company with a broader merchant base across graphics and commercial print channels. They have created a truly unique business with a differentiated product offering and have a bright future ahead.”
Wingate Partners makes control equity investments in manufacturing, distribution and service businesses, typically with revenues between $50 million and $250 million and EBITDA between $5 million and $25 million. The firm was founded in 1987 and is headquartered in Dallas (www.wingatepartners.com).
Sentinel Capital Partners, the buyer of Nekoosa, invests in management buyouts, recapitalizations, corporate divestitures, and going-private transactions of businesses with EBITDAs up to $65 million. Sentinel targets eight industry sectors: aerospace & defense, business services, consumer, distribution, food & restaurants, franchising, healthcare services, and industrials. The firm is headquartered in New York (www.sentinelpartners.com).
“Nekoosa gives Sentinel an opportunity to partner with a differentiated industry leader that draws on a unique, niche product offering that is considered the ‘gold standard’ in its markets,” said Scott Perry, a Partner at Sentinel. “Nekoosa has enhanced its leadership position through its highly-specialized operational expertise, unparalleled distribution network, and excellent corporate culture committed to developing a first-class employee base. We are thrilled to partner with Nekoosa’s highly talented and committed management team.”
© 2017 Private Equity Professional | November 2, 2017
The Pohlad family has acquired PaR Systems, a maker of robotic automation and material handling equipment, from MML Capital Partners which acquired the company in July 2008 from American Capital.
“We want to invest in companies that make a difference now and in the future,” said Robert Pohlad. “PaR Systems not only fits that criteria but allows us to expand into a new business line that we believe has great long-term potential. And it’s headquartered right here in our own backyard – sharing the same heritage and values.”
MML Capital Partners, the seller of PaR, invests from €10 million and €50 million in private businesses for expansion, acquisitions, recapitalizations and management buyouts. The firm has offices in London, UK; Stamford, CT; and Paris, France (
Morbark, a portfolio company of Stellex Capital Management since March 2016, has acquired Rayco Manufacturing.
Stellex invests from $25 million to $100 million per transaction in companies experiencing some form of financial, operational or industry-driven distress. Target companies will typically have an enterprise value of $50 million to $500 million and will be located in the United States or Europe. Sectors of interest include automotive, aerospace, building products, defense, industrial equipment, metal fabrication and transportation. Stellex Capital Management has offices in New York and London (
Wild Sports, a manufacturer and provider of licensed and branded tailgating, homegating and outdoor games, has been acquired by Expedition Capital Partners, Centerfield Capital Partners and Cardinal Equity Partners. The acquisition was completed in partnership with the company’s founders, Todd Hines and Gregg Browne.
“Wild Sports and specifically, Todd Hines and Gregg Browne, have done a tremendous job in building vital licensing and retail partnerships,” said Michael Hendrie, Managing Director of Expedition Capital Partners. “With this leadership team now equipped with the necessary resources, we’re very excited about the future of Wild Sports.”
Expedition Capital Partners invests in lower middle market companies that have at least $2 million of EBITDA. Sectors of interest include business services; consumer products and services; distribution and logistics; education and training; healthcare; infrastructure; manufacturing; and waste & recycling. The firm is based in Chicago (
“Wild Sports has a strong foundation that provides the stability and launching pad for rapid growth,” said Faraz Abbasi, Senior Partner at Centerfield Capital Partners. “Our investment will provide this exceptional management team the necessary capital they need to realize the substantial growth potential in their strategic plans.”
Centerfield Capital Partners provides from $7 million to $35 million of subordinated debt and equity financing to middle-market companies that have $15 million to $100 million of revenue and $3 million to $15 million of EBITDA. The firm is based in Indianapolis (
“The category continues to grow and remains highly profitable, and Wild Sports is the leader and will remain the leader,” said John Ackerman, a Partner at Cardinal Equity Partners. “We are excited to provide Wild Sports the necessary resources to grow organically and acquire profitable opportunities to add to the portfolio.”
Cardinal Equity Partners invests from $2 million to $7 million of equity in companies that have from $5 million to $50 million of revenues and $1 million to $5 million of EBITDA. Sectors of interest include niche manufacturing, value-added distribution, consumer products, and service companies. The firm was founded in 1993 and is headquartered in Indianapolis (
AE Industrial Partners has acquired FMI, a manufacturer of aerospace structural components and subassemblies.
“FMI is unique in the aerospace industry with vertically integrated and highly efficient operations, producing complex structural components on the platforms they serve,” said Jon Nemo, a Partner of AEI. “We believe the company has significant potential to grow with its current customers as well as expand to new customers throughout the growing aerospace industry. We look forward to partnering with Rick and his team in FMI’s next chapter of growth.”
AEI invests in the aerospace, power generation and specialty industrial sectors with a specific focus on technical manufacturing, distribution and supply chain management, MRO (maintenance, repair and overhaul) and industrial service-based businesses. Typical company targets will have from $50 million to $500 million of revenue. The firm is headquartered in Boca Raton (
“Advanced Animal Hospital Group and Progressive Pet Animal Hospitals are terrific businesses that each have a reputation for providing high-quality care and treatment for pets of all kinds, and that provide highly complementary services,” said Mike Cooper, a Partner at Shore. “Importantly, as pet ownership levels continue to increase, we believe this investment and merger represents a strategic opportunity to take advantage of a fragmented, yet growing market and to consolidate veterinary clinics throughout the Midwest. We are very pleased to partner with Vic, Jeff and their respective teams, and are eager to begin aggressively scaling this new company.”
Shore Capital Partners invests in lower middle market healthcare related companies that have $5 million to $50 million of revenue and $1 million to $5 million of EBITDA. Shore targets equity commitments of $10 million to $15 million per platform. Healthcare sectors of particular interest include behavioral health; healthcare staffing; infusion therapy; laboratory products & distribution; laboratory services; outpatient rehab therapy; urgent care; veterinary services; pharmaceutical services and contract research. Shore was founded in 2009 and is based in Chicago (
Prelude Growth Partners, a new private equity firm that will provide growth capital and operating support to consumer brands, has been launched by Neda Daneshzadeh and Alicia Sontag.
“There has never been a more compelling time to invest in high potential, fast-growing consumer brands,” said Ms. Sontag. “Today, we are seeing new consumer brands scale more rapidly than ever before as a result of a modern generation of consumer demand and changing market dynamics. Across categories, we expect the top 10 brands of tomorrow to be markedly different than the top 10 brands of today.”
“We are excited to launch Prelude and are confident that our complimentary experiences, strong industry relationships and deep operating know-how both at the firm and through our world-class operating advisors will enable us to capitalize on the secular changes in the consumer sector,” said Ms. Daneshzadeh. “Central to Prelude’s investment thesis is our belief that a highly active and value-added investing approach will lead to a structural advantage in sourcing new investments and driving growth at our portfolio companies.” Ms. Daneshzadeh spent the last 12 years at L Catterton where she was a partner and a member of the firm’s investment committee. Earlier in her career, she was with Bed Bath & Beyond, McKinsey & Company and Morgan Stanley.
