Trive Capital has sold Precise Packaging to PLZ Aeroscience, a portfolio company of Pritzker Private Capital since July 2015.
Precise Packaging (PPI) is a manufacturer of aerosol and pump spray products used in the personal care, regulated and over-the-counter, and household end-markets. The company’s products include room sprays, fragrance oils, cosmetic mousses, and deodorants.
PPI’s services range from initial laboratory formulation and material sourcing to production, filling, quality control, and delivery. Precise Packaging, led by CEO Shaun Gaus, was founded in 1988 and has a 120,000 sq. ft. manufacturing facility and headquarters in Fall River, MA (www.precisepackaging.com).
Trive Capital acquired Precise Packaging in December 2012. “Under Trive ownership, Precise has transformed into an end-to-end service provider that is an industry leader in the formulation, design and production of complex personal care products,” said Mr. Gaus. “The partnership with Trive was critical as the business developed and executed an ambitious operational value plan dedicated to offering a more compelling value proposition to our customers. The Precise management team is excited to begin a new partnership with PLZ, who we believe offers additional resources, relationships and capabilities that will continue to support the company’s growth.”
PLZ is a manufacturer of more than 2,500 branded and private-label aerosol products including industrial solvents, lubricants and degreasers, adhesives, sanitary supply disinfectants, insecticides, cleaners, polishes, air fresheners and personal care products. PLZ is based near Chicago in Downers Grove (www.plzaeroscience.com).
“During Trive’s ownership, the company has expanded capacity, added new capabilities and built a world-class management team who collaboratively executed on a shared vision,” said David Stinnett, a partner at Trive. “As a result, the company is well-positioned for continued success, and we believe PLZ is the best partner to continue this momentum via further investment in the business and its people.”
Trive invests from $10 million to $150 million of debt or equity in North America-headquartered companies with revenues of $40 million to $1.5 billion. The firm is industry-agnostic but has specific experience across a wide range of sectors including aerospace and defense, automotive, building products, business services, chemicals, and consumer goods. In September 2017, Trive held a final closing of Trive Capital Fund III LP with $1 billion of capital commitments. The firm was founded in 2012 by Conner Searcy and Chris Zugaro and is based in Dallas (www.trivecapital.com).
Pritzker Private Capital (PPC) acquires North America-based middle-market companies that have enterprise values between $100 million and $750 million and EBITDA in excess of $15 million. Sectors of interest include manufactured products, services and healthcare. The firm is led by Tony Pritzker and the former investment and operating professionals of Pritzker Group Private Capital. In July 2018, PPC held a final closing of PPC Fund II LP at its hard cap of $1.8 billion. The firm has offices in Chicago and Los Angeles (www.PPCPartners.com).
Lazard Middle Market was the financial advisor to Precise Packaging and Trive Capital on this transaction.
© 2019 Private Equity Professional | August 23, 2019
Arlington Capital Partners has agreed to sell Ontario Systems to New Mountain Capital.
Under Arlington Capital’s ownership, the company has achieved record revenues and profitability. “Our relationship with Arlington Capital Partners has been outstanding,” said Ron Fauquher, CEO and co-founder of Ontario Systems. “With Arlington’s assistance, we have successfully expanded our healthcare-market footprint, entered government markets, doubled our revenues, and expanded our reach to include more than 1,200 clients. We are proud of our progress and achievement of the goals we had previously set, and we thank Arlington for their support in helping drive our strategic growth initiatives. As we take the next evolutionary step, we look forward to New Mountain Capital’s support and partnership.”
“Arlington’s investment in Ontario Systems continues our track record of successful partnership with founding management teams to drive transformational growth in healthcare software companies,” said Matt Altman, a managing partner at Arlington Capital. “The investments in technology and people that we have made over the course of our investment have further distinguished Ontario as the leader in revenue cycle management enterprise software across the large and growing healthcare, government, and accounts receivable management markets.”
New Mountain is an industry generalist and seeks to acquire just three or four companies each year, typically in the $100 million to $1 billion enterprise value range, and generally invests $100 million to $500 million per transaction. In September 2017, New Mountain held an oversubscribed final close of its fifth private equity fund, New Mountain Partners V LP. The new fund closed at its hard cap with just over $6.1 billion of capital commitments. The firm was founded in 1999 and is headquartered in New York (
Arlington Capital, the seller of Ontario Systems, was founded in 1999 and has completed over 90 acquisitions since its inception. The Chevy Chase, MD-based firm is currently investing out of Arlington Capital Partners V LP, a $1.7 billion fund which closed in June 2019 (
TSG Consumer Partners has agreed to acquire a majority stake in Joe Hudson’s Collision Centers (JHCC) from Carousel Capital. Post-closing, Carousel Capital and JHCC management will continue as minority investors.
“JHCC’s longstanding reputation for providing customers with exceptional service has enabled it to grow into one of the leading regional players in the collision repair industry,” said Pierre LeComte, managing director at TSG. “We are thrilled to join forces with JHCC CEO Traweek Dickson and the management team as the company looks to capitalize on a number of compelling growth opportunities, including increasing its geographic footprint and expanding in its existing and adjacent markets.”
San Francisco-based TSG invests from $200 million to $800 million of equity in high-growth, branded consumer companies. Sectors of specific interest include beauty, fitness and outdoor, food and beverage, personal care, household, lifestyle, pet, restaurant, and retail. In January 2019, the firm closed its eighth fund with an oversubscribed $4 billion of limited partner capital commitments (
Carousel Capital, the seller of JHCC, invests in business, consumer and healthcare services companies that are headquartered in the Southeastern United States and have enterprise values of up to $200 million and EBITDA of at least $3 million. The firm, based in Charlotte, was founded in 1996 and is led by managing partners Charles Grigg and Jason Schmidly (
EW Healthcare Partners (EWHP) has held a final close of EW Healthcare Partners Fund 2 LP (Fund 2) with $745 million of capital. The new fund closed above its $650 million target.
“We are primarily looking for middle-market companies that have revenues of $20 million to $200 million and the potential to grow at around a 20% annual revenue growth rate for several years,” said Petri Vainio, managing director and chairman of EWHP’s executive committee. “We believe our healthcare expertise and team of experienced operating partners and senior advisors provide us with the platform to attract and add value to the types of healthcare companies that Fund 2 is targeting.”
“Our approach is hands-on, long-term oriented, highly collaborative and focused on value creation,” said Marty Sutter, co-founder and chairman of EWHP’s investment committee. “Our earlier fund successfully invested in several promising healthcare companies, and we look forward to endeavoring to build another portfolio of successful healthcare companies in Fund 2. Our goal is to provide capital that can drive revenue growth by expanding a sales force, expanding the geographic territory or countries where the products are sold, acquiring complementary products or companies, and/or developing and launching new products.”
