H.I.G. Capital has acquired Town & Country Holdings, the parent company of Town & Country Living. This new investment by H.I.G. will serve as a platform for a build-up in the home textiles and accessories sector.
Town and Country Living (T&C) is a supplier of kitchen textiles, table linens, bath textiles, performance and decorative rugs and mats, and other home products to retailers throughout North America. T&C’s customer base includes Bed Bath & Beyond, Big Lots, Bloomingdales, Costco, Kroger, Macy’s, Marshalls, Meijer, Nordstrom, Walmart and TJ Maxx.
The company’s products are sold through both licensed brands and private label programs. T&C, headquartered in Lakewood, NJ, was founded in 1954 and is a third generation family-owned business (www.tncliving.com).
“David and Jeffrey Beyda have successfully positioned T&C as a true partner to its customers and licensors. We believe T&C’s existing product and service offerings provide a great foundation for growth,” said Todd Ofenloch, Managing Director at H.I.G. “We look forward to working with the Beydas to grow the company.”
H.I.G. specializes in providing capital to small and medium-sized companies and invests in management-led buyouts and recapitalizations of manufacturing and service businesses. H.I.G. has more than $22 billion of capital under management. The firm is based in Miami with additional offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, Atlanta, London, Hamburg, Madrid, Milan, Paris, Bogotá, Mexico City and Rio de Janeiro (www.higcapital.com).
“H.I.G. is the right partner for us. They understand our history, our business today, and the future growth strategy required to take Town and Country to the next level. The H.I.G. team brings to bear tremendous resources that will enable us to execute on our growth strategy more quickly than we could on our own,” said David Beyda, T&C’s Chairman and CEO.
Since its founding in 1993, H.I.G. has invested in and managed more than 300 companies worldwide. The firm’s current portfolio includes more than 100 companies with combined sales in excess of $30 billion.
© 2018 Private Equity Professional | January 31, 2018
Care Advantage, a portfolio company of BelHealth Investment Partners, has acquired Ready Hands.
“When we made our investment in Care Advantage, Northern Virginia was our number one target as a new geography,” said Scott Lee, Managing Director of BelHealth. “This acquisition expands our census and provides access to a population of two million people. Care Advantage has been focused on building its personal care business, and Ready Hands brings new capabilities and geographical presence. We are positioning ourselves for exponential growth with this acquisition.”
BelHealth Investment Partners invests from $20 million to $50 million in companies in three healthcare segments: services, products, and distribution. The firm is currently investing out of its second fund which closed in June 2015 at the hard cap of $350 million. Fund I was raised in 2012 with $150 million of committed capital. BelHealth is headquartered in New York (
APCT, a portfolio company of Saugatuck Capital, has acquired Cartel Electronics and its sister company Cirtech.
Saugatuck invests in leveraged recapitalizations, buyouts, and growth equity investments in the lower middle-market. The firm seeks companies with revenues of $15 million to $100 million and invests in a wide range of niche industries. Saugatuck was founded in 1982 and is based in Wilton, CT (
After just three months in the market, Silversmith Capital Partners has held a first and final closing of its second fund, Silversmith Capital Partners II LP (Fund II) at its target and hard cap of $670 million. The fund was significantly oversubscribed.
“We are grateful for the continued support of our existing limited partners and are excited to add a select group of endowments and foundations,” said Jim Quagliaroli, Managing Partner of Silversmith. “We look forward to continuing our long track record of supporting founder-led growth businesses across our core areas of expertise.”
Wind Point Partners’ portfolio company Gehl Foods has completed the add-on acquisition of California Natural Products.
In March 2015, Wind Point Partners acquired Gehl Foods from the Gehl family which founded the company in 1896. Gehl Foods is a maker and contract manufacturer of ready-to-serve, real dairy products including cheese sauces, puddings, yogurt, and dairy-based beverages. The company uses an advanced aseptic process to eliminate microorganisms that cause dairy foods to spoil and at the same time locks in freshness and taste. Gehl’s products are sold in restaurants and retail stores under the Gehl brands and other brands under the company’s contract manufacturing operations.
“CNP represents an ideal fit with Gehl and an excellent next step toward building out our platform in the growing segments of shelf-stable food and beverage,” said David Stott, a Managing Director with Wind Point Partners. “Our customers are looking for exceptional service across a breadth of packaging formats, coupled with product formulation and supply chain expertise. Together these businesses are poised to deliver on that proposition.”
Wind Point invests from $30 million to $150 million in companies with revenues from $100 million to $500 million and EBITDAs of at least $10 million. Industries of interest include business services, consumer products and industrial products. Wind Point was founded in 1984 and is based in Chicago. In June 2017, Wind Point held a final closing of its eighth fund, Wind Point Partners VIII, with $985 million of capital commitments. The fund exceeded its initial hard cap of $750 million and marks the largest fund closing in Wind Point’s history (
Kinderhook Industries has acquired Gold Medal Services, a provider of municipal, commercial and industrial solid waste collection as well as commercial recycling processing and brokerage.
The buy of Gold Medal by Kinderhook was completed in conjunction with the formation of a new partnership with BioHiTech Global (OTCQB: BHTG), a green technology company based in Chestnut Ridge, NY, that develops and deploys waste management technologies. Gold Medal has entered into a management services agreement with BioHiTech (
“Gold Medal has established itself as a leading independent collection business within the Philadelphia and Southern New Jersey markets,” said Rob Michalik, Managing Director at Kinderhook. “We believe that our capital, resources and industry expertise will help accelerate the company’s significant market potential via both organic and acquisition-driven growth.”
Kinderhook 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. Sectors of interest include healthcare services, environmental/business services, and automotive/light manufacturing. Kinderhook was founded in 2003 and is based in New York (
The Sierra Company, a portfolio company of Tonka Bay Equity Partners since May 2015, has acquired the assets of Burke Industrial Coatings.
The Sierra Company manufactures industrial coatings and specialty concrete treatments, sealants and coatings that are used in commercial construction, residential construction and government infrastructure. The company is headquartered near Minneapolis in Minnetonka, MN (
Tonka Bay invests in manufacturing, value-added distribution and business services companies that have EBITDAs greater than $2 million. The firm is based in the Minneapolis suburb of Minnetonka (
Monroe Capital has established an independent sponsor finance vertical to focus on providing both debt and equity financing for acquisitions, mergers, business combinations and recapitalizations initiated by independent sponsors.
J.F. Lehman & Company has acquired Waste Control Specialists from publicly-traded Valhi. The acquisition of Waste Control Specialists is J.F. Lehman’s fourth platform investment in the environmental and technical services sector.
“WCS maintains an industry-leading reputation and provides an essential solution for the safe disposal of specialized waste streams,” said Alex Harman, a Partner at J.F. Lehman. “We are excited to support the long-term success of the business through continued engagement and partnership with industry stakeholders, including strengthening the partnership with NorthStar to deliver a best-in-class nuclear power plant decommissioning solution.”
“Through its unique technical competencies and industry leadership, WCS exemplifies many of the values and attributes J.F. Lehman emphasizes in its investment strategy,” said Glenn Shor, Managing Director at J.F. Lehman. “Our partnership with WCS will ensure the business has the resources required to support its long-term growth strategy across the government and commercial marketplace.”
J.F. Lehman & Company is a middle-market private equity firm focused primarily on the maritime, defense, and aerospace sectors. The firm was founded in 1992 by Dr. John Lehman, who served six years as Secretary of the United States Navy. To date, J.F. Lehman has acquired 61 operating entities within 25 platform investments with an aggregate transaction value of approximately $3.1 billion. The firm is headquartered in New York with an additional office in Washington, DC (
Mill City Capital has acquired HN Precision, a manufacturer of machined products, from Cerberus Business Finance.
“The Mill City team has a successful history investing in precision machining businesses, making HN Precision a great fit,” said Zander Rutlin, a Managing Director at Mill City Capital. “HN Precision’s management team and long-standing customer relationships across multiple industry verticals evidences a platform with significant upside. The business has a disciplined approach of perfecting manufacturing processes which aides and supports new business generation. There is a strong foundation at HN Precision that we look forward to growing with Dan Nash and his team.”
Mill City Capital invests from $10 million to $30 million of equity capital in companies with enterprise values of $30 million to $150 million and EBITDA of $5 million to $25 million. Sectors of interest include engineered industrial products; industrial services; transportation & distribution; agribusiness & food ingredients; food; and consumer products & services. Mill City focuses on companies headquartered in the Midwestern United States and western and central Canada, with a particular focus on companies located in Minnesota, Wisconsin, Iowa, North Dakota, and South Dakota. The firm is based in Minneapolis (
Cerberus Business Finance, the seller of HN Precision, is the middle market lending group of Cerberus Capital Management. The group is based in New York (click 
