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Peterson Farms Acquires Blue Point’s Country Pure Foods

December 8, 2025 by John McNulty

Blue Point Capital Partners has completed the sale of Country Pure Foods, a manufacturer of juice and beverage products, to Peterson Farms which is co-owned by the Peterson family and Mubadala Capital.

Country Pure Foods was founded in 1995 by First Atlantic Capital and DN Partners through the merger of Natural Country Farms and Ohio Pure Foods, creating a specialized provider of portioned juices for the institutional market. In 1998, the company acquired Ardmore Farms, a Florida-based maker of frozen, portion-controlled juices, from Quaker Oats. In August 2010, Mistral Equity Partners acquired the business and added on with the April 2012 buy of Cal-Tex Citrus, a Texas-based maker of frozen, portion-controlled juice cups for schools and hospitals. The company temporarily exited private equity ownership in 2015 when it was sold to a Florida-based Silver Springs Citrus, a joint venture between Japanese conglomerates Sapporo International and Toyota Tsusho.

Blue Point returned the platform to private equity ownership in December 2019 when it purchased Silver Springs Citrus with equity from its fourth fund. During Blue Point’s six-year hold period, the company did not close any add-on acquisitions yet was able to triple its EBITDA through a combination of organic growth and operational improvements.

During its partnership with Blue Point, the company expanded its production capacity, optimized equipment utilization, and implemented data-driven pricing analytics.

Inside the high-volume production line at Country Pure Foods, where operational improvements are meeting increased demand in the K-12 and healthcare sectors.

Specifically, to support its growth in the K-12 education sector, the company invested in additional manufacturing capacity for its single-serve juice cups and pouches. Management simultaneously launched a new series of plant-based and aseptic products, secured new private label contracts, overhauled its equipment maintenance schedules to reduce downtime, and utilized cost data to re-price low-margin institutional contracts.

Tony Muscato

“Partnering with Blue Point has been instrumental to our growth journey as a company,” said Tony Muscato, the chief executive officer at Country Pure Foods. “Over the last six years, we’ve built meaningful value across the business while empowering our team and delivering innovative and high-quality products for our customers.”

Peterson Farms is a processor of fruit products, including apples, blueberries, and cherries. The acquisition of Country Pure Foods is part of Peterson Farms’ strategy to expand its footprint in the value-added fruit and beverage processing sector. The company is headquartered near Grand Rapids in Shelby, Michigan.

Akron-headquartered Country Pure Foods processes, packages, and distributes fruit juices, plant-based beverages, and frozen novelties. Company-owned brands include Silver Springs Citrus, Natural Country Farms, Ohio Pure Foods, Ardmore Farms, and Cal-Tex Citrus Juice. Country Pure utilizes a high-volume production model designed to serve institutional requirements in the healthcare and education sectors. For example, dietary directors at hospitals and long-term care facilities utilize the company’s pre-portioned, sealed four-ounce juice cups to ensure sanitary, consistent caloric delivery for patient meal trays.

The sale of Country Pure occurs within a substantial domestic market for beverages. According to Grand View Research, the U.S. fruit and vegetable juice market was valued at approximately $86 billion in 2024. Growth in the sector is being driven by increasing consumer demand for convenient, nutrient-rich beverages and a shift toward plant-based diets, with institutional food service remaining a critical distribution channel for portion-controlled products. This institutional demand is further bolstered by a surge in private label adoption.

Jonathan Pressnell

“From the outset, Country Pure Foods had an impressive foundation with a clear growth vision,” said Jonathan Pressnell, a partner at Blue Point. “Our collaboration unlocked meaningful opportunities, and the progress achieved truly reflects the talent and dedication of the entire team.”

Blue Point invests in companies active in the industrial, business services, consumer, and value-added distribution sectors, with revenues between $30 million and $300 million and EBITDA greater than $7 million. Blue Point is currently investing through its 2022 vintage $700 million fifth fund. The firm was founded in 2000 and has offices in Cleveland, Charlotte, Seattle, and Shanghai.

Mubadala Capital is an active investor with a specific interest in the consumer and food services sectors. The firm has more than $20 billion in assets under management including four flagship private equity funds, three early-stage venture funds, two funds in Brazil focused on special opportunities, an evergreen investment strategy focused on private market opportunities, as well as a series of co-investment and special purpose vehicles, and continuation funds. Mubadala Capital is a subsidiary of Abu Dhabi-headquartered Mubadala Investment Company, a $280 billion sovereign investor. The firm has offices in New York, San Francisco, London, Rio de Janeiro, and Abu Dhabi.

William Blair was the financial advisor to Country Pure Foods and BakerHostetler provided legal services.

Balmoral Exits Resco with Sale to RHI Magnesita

April 3, 2024 by John McNulty

Resco Products, a portfolio company of Balmoral Funds, has agreed to be acquired by RHI Magnesita at an enterprise value of $430 million. Balmoral acquired Resco in March 2022 from Wellspring Capital Management.

Resco Products is a make of refractory products including bricks, monolithics, pre-cast shapes, cartops, clays and minerals that are used in the steel, aluminum, paper, power, cement, and other industrial end markets.

Refractory products are used in high-temperature industrial processes – greater than 1200 °C – to contain materials while they’re burned, melted, blasted, fired, fused, and shaped; and to protect equipment such as furnaces and kilns against thermal, mechanical and chemical stress.

Pittsburgh-headquartered Resco was founded in 1946 as Refractory Specialties Co. and today, led by CEO Mark Essig, operates 11 facilities across North America and the United Kingdom.

Vienna, Austria-headquartered RHI Magnesita (LSE: RHIM) is a supplier of high-grade refractory products and systems that are used in high-temperature processes in a range of industries, including steel, cement, non-ferrous metals and glass.

RHIM manufactures more than 120,000 products that include bricks and lining mixes to flow control products such as slide gates, nozzles and plugs. RHIM products, which can have service lives from a few cycles within a day to as long as 10 years, are made from base materials including magnesite and dolomite.

According to RHIM, which was founded in 1834, the company is a leader in the refractories sector with more than 16,000 employees at 47 production sites, 8 recycling facilities and more than 70 sales offices.

“We are grateful to Mark Essig, Chairman of the Board Dr. Kevin Handerhan and the entire Resco team for their terrific partnership over the past two years,” said Robin Nourmand, a managing director at Balmoral. “Working together, we significantly improved Resco’s operations, ultimately transforming the business and realizing a successful outcome for this investment.”

Los Angeles-headquartered Balmoral invests in corporate carve-outs, restructurings and other special situations. The firm targets equity investments of $20 to $125 million in companies with $30 million to $400 million in revenues.

Jefferies is the financial advisor to Resco on this transaction which is expected to close in the second half of 2024.

Something Great

June 28, 2022 by Andy Greenberg

The last week in May, I had two reasons to think of my stepfather. It was Memorial Day, and I had surgery on my left wrist.

In November 1944, Almarin Phillips was a 19-year-old soldier whose unit was liberating territory in northern France. The vicious and decisive Battle of the Bulge was a month away. A German bullet shattered Al’s left arm.

He lost the arm, came home, and spent a year in an Army hospital doing rehab. Al led a productive, admirable life up to his passing in 2006.

A few days after Memorial Day, I had surgery to clean up my balky wrist. My left hand was immobile for about a week afterward. It would have been within the bounds of the sense of humor Al and I shared for me to have called him to complain that opening a pickle jar with one hand is kind of difficult.

Al had such facility with one arm that it was easy to forget his infirmity day-to-day. I’ll never forget, though, the habits he learned in that Army hospital and practiced for the next 60 years. The way he tied his shoes. How he cut meat by pressing down hard on the knife with his forefinger. His wobbly but determined crawl stroke in the pool.

Al became an economist. He spent most of his career at the University of Pennsylvania. He got his start as a disciple of the German-Austrian economist Joseph Schumpeter and his principle of “creative destruction.” One of the defining ideas of capitalism in the 20th century, creative destruction “refers to the incessant product and process innovation mechanism by which new production units replace outdated ones.”

In other words, government intervention to weaken market leaders or to protect failing business models is almost always unwise. There will always be a better idea. What if government acted in 1950 to protect movie houses against broadcast television? We might not have had cable television. Worried in 1970 that TV would be limit access to movies in the home? Maybe no video cassettes. Blockbuster led to Redbox, which led to Netflix, which led back to cable, which led to multiple streaming services.

This was the talk of our dinner table. I took away a conviction that free market capitalism was not perfect, merely indispensable.

For the past year, my friend Charlie Gifford and I have been doing a podcast called Middle Market Musings. Most of our guests are leaders in private company M&A – principals in private equity funds and investment banks.

We talk about their achievements, but also about the world at large and how our economic system can work better for more people. Invariably, there are stories about how they became connected to a system with a beating heart.

Our most recent guest was Tarrus Richardson, the founder and CEO of IMB Partners in suburban Washington. Tarrus grew up in a family business in Chicago – a bar his parents bought so their children would have an entrepreneurial experience. Tarrus worked in the bar after school. At night, he’d sleep when the music was playing so he could study when the music was off.

Before that, Chris Williams, the co-founder of the Harris Williams investment bank, came in. We asked him what it was like to work with his mentor, the legendary Erskine Bowles. I thought Chris would tell us about a big pitch or defining deal. Instead, he told us about Bowles finding him in the office on a Sunday. Bowles said he knew Chris’s faith was important to him, and that if he had that much work, he needed to speak up. He didn’t want Chris to be missing church to be in the office.

The men and women who fight for this country are defending a lot of things, but I believe that includes this way of life.

The week before Memorial Day, we line our property with small American flags. They stay up through D-Day and Flag Day and now Juneteenth, finally coming down after July 4th.

Every few days a flag gets knocked out of place. We never fix them. Within a day, somebody – a runner, a dog walker – sets the errant flag straight.

I’m happy to share with them the way it feels to be a part of something great.

About the Author
Andy Greenberg is CEO of Greenberg Variations Capital, a mergers & acquisitions advisory firm based in suburban Philadelphia devoted to one-off or targeted transactions. He is also Founder of GF Data© (now an ACG Company) the leading provider of information on private transactions in the $10 million to $500 million value range. For more information, visit www.greenbergvariations.com or www.gfdata.com.

The Whirlaway Market

February 17, 2022 by John McNulty

Like a sprinting racehorse maintaining its stride on the last turn, middle-market M&A kept its pace as 2021 drew to the finish, according to GF Data’s just-released February report. Valuations in the fourth quarter averaged 7.5x, matching the elevated mark for Q3.

GF Data’s 258 active private equity contributors reported on 151 transactions in the quarter meeting our parameters – Total Enterprise Value (TEV) of $10 million to $250 million and TEV/Trailing Twelve Months (TTM) Adjusted EBITDA of 3x to 15x. This outdistanced the 135 transactions reported in Q4 2020 when the market was coming to life after two pandemic-shocked quarters.

“The most notable thing about this market is that there appears to remain some room for pricing to advance,” said Andrew Greenberg, CEO of GF Data. “While valuations held steady in the fourth quarter, average debt loads also increased, dropping average equity shares to about 52 percent. This suggests headroom — particularly on sub-$50-million deals, where the figure is a few points lower.”

“The fourth quarter continued a trend of an unusually high percentage of deals meeting our metrics for “above-average” financial performance,” said B. Graeme Frazier, a co-founder and principal of GF Data. “The selling businesses designated as above-average based on TTM EBITDA margin and revenue growth were valued at a 30 percent premium to others in 2021, continuing an upward trend of the past five years. However, the incidence of deals meeting this standard – almost always 56% to 57% – surged to 66% for the year.”

“The M&A market, in general, continues to be competitive for buyers,” said Justin Hillenbrand, a founding partner and co-CEO of Monomoy Capital Partners. “We look for situations where Monomoy is able to differentiate itself and can add unique value through our operating team’s capabilities. Having recently completed fundraising on Fund IV with over $1.1 billion in commitments, we are thrilled that GF Data has expanded its parameters to include deals with $250 million to $500 million in enterprise value.”

GF Data provides reliable external information for use in valuing and assessing M&A transactions to private equity firms, investors, lenders, and other users. The firm collects and publishes proprietary transaction information from private equity groups on a blind and confidential basis. The pool of active contributors comprises 258 private equity firms, mezzanine groups, and other financial sponsors.

Data contributors and other subscribers receive five products: (1) a quarterly report containing high-level valuation, volume and leverage data; (2) a quarterly supplement offering detailed information on debt and capital structure trends; (3) a semi-annual supplement on indemnification cap, escrow and other details; (4) quarterly industry drilldown reports; and (5) continuous access, through GF Data’s secure website, to detailed valuation data organized by NAICS code.

For information on subscribing or on contributing data as a private equity participant, please contact Bob Wegbreit at [email protected] or 610-616-4607.

Cirque du Soleil Gets Stalking Horse

July 1, 2020 by John McNulty

In response to the disruption and forced show closures as a result of the COVID-19 pandemic, Cirque du Soleil Entertainment Group has filed for protection from creditors in Canada – under the Companies’ Creditors Arrangement Act and will seek protection in the United States under Chapter 15 of the US Bankruptcy Code.

Cirque du Soleil (“Circus of the Sun”) is a Canadian entertainment company and one of the largest theatrical producers in the world. Annual revenues – during normal times – are estimated at more than US$800 million. Cirque was founded in 1984 by two former street performers, Guy Laliberté and Gilles Ste-Croix, and is headquartered in Montreal.

Cirque was acquired by TPG and Fosun, a Chinese investment group, and Caisse de dépôt et placement du Québec (CDPQ), a Canadian manager of public pension plans, in April 2015.

Cirque has entered into a “stalking horse” purchase agreement with TPG, Fosun, and CDPQ, as well as Investissement Québec, a Montreal-headquartered business development organization that provides advisory and capital (loans, loan guarantees and equity investments) to companies looking to initiate or expand their activities in Quebec.

Under the stalking horse agreement, TPG, Fosun, and CDPQ would acquire Cirque for US$300 million through a combination of cash, debt, and equity. As part of the US$300 million, Investissement Québec will provide US$200 million in debt financing to support the proposed acquisition. Cirque’s existing secured creditors will receive US$50 million of unsecured, takeback debt in addition to a 45 percent equity stake in the restructured company.

“For the past 36 years, Cirque du Soleil has been a highly successful and profitable organization. However, with zero revenues since the forced closure of all our shows due to COVID-19, management had to act decisively to protect the company’s future,” said Daniel Lamarre, the president and CEO of Cirque. “The agreement provides a path for Cirque to emerge from bankruptcy protection as a stronger company. I look forward to rebuilding our operations and coming together to once again create the magical spectacle that is Cirque du Soleil for our millions of fans worldwide.”

As a part of its restructuring and plan to restart operations, Cirque will terminate approximately 3,500 employees previously furloughed in March following the halt in revenue caused by COVID-19 government-mandated shutdowns. This action allows employees to maximize compensation that they can obtain from the Canadian Federal Wage Earners Protection Program and other unemployment assistance programs. Certain staff active with Cirque’s Las Vegas and Orlando shows – which will restart sooner than other company’s shows – are not among the terminated employees.

TPG was founded in 1992 and makes investments throughout North America, Europe, Asia, and Australia. Sectors of interest include industrials, retail, consumer, financial services, travel and entertainment, technology, media and communications, and healthcare.

Fosun, publicly traded on the Hong Kong stock exchange, is a Chinese conglomerate with international investments in healthcare, tourism, fashion firms and banks. Fosun was founded in 1992 and is headquartered in Shanghai, China.

Caisse de dépôt et placement du Québec is an institutional investor that manages funds primarily for public and para-public pension and insurance plans. As of December 2019, it held C$340 billion in net assets.

Cirque is being advised by Montreal-based Stikeman Elliott, Chicago-based Kirkland & Ellis, Montreal-based National Bank Financial and New York City-based Greenhill & Co.

Private Equity Professional | July 1, 2020

Sole Source Adds Grocery Box

March 24, 2020 by John McNulty

Sole Source Capital’s portfolio company Worldwide Produce (WWP), a distributor of fresh produce, dairy and specialty foods in California and Nevada, has expanded its product line by creating the Worldwide Grocery Box, an assortment of regionally-sourced produce, dairy, eggs and specialty foods.

The Worldwide Grocery Box product is offered in two versions – a fresh produce box or a fresh produce, dairy and eggs box – and is delivered on-demand by Postmates, a San Francisco-based online delivery service, to customers throughout Los Angeles, enabling shoppers to avoid busy grocery stores and empty shelves.

“WWP is thrilled to extend our seasonal produce, dairy and specialty offerings directly to those in need of fresh food through Postmates’ e-commerce and on-demand delivery app,” said Abbas Ghulam, co-founder and CEO of Worldwide Produce. “WWP is committed to the highest standards of safety in sourcing, handling and storing of all produce, and we are now pleased to provide our customers with a tailored box of fresh foods with the click of a button.”

“The Worldwide Grocery Box provides a creative solution to supplying high-quality, fresh groceries to the elderly, sick and quarantined families during this unprecedented time and is a prime example of how Sole Source looks to help its companies adapt their business models and broaden capabilities in times of crisis,” said David Fredston, managing partner at Sole Source. “We thank our valued employees at WWP for remaining focused on delivering boxes of healthy ingredients to communities across Los Angeles and are pleased to know that we are offering a direct-to-door solution to those who are unable or hesitant to go shopping.”

Sole Source acquired Los Angeles-based WWP in October 2019. The company is one of the largest produce and dairy distributors in Southern California with more than 6,000 SKUs of fresh fruits, vegetables, eggs, dairy, cheese, dry goods, oils, spices, frozen and processed products, flowers and other specialty food products. WWP operates out of two distribution facilities located in Los Angeles (150,000 sq. ft.) and Las Vegas (17,000 sq. ft.) and has a fleet of over 70 delivery vehicles.

Santa Monica-based Sole Source Capital makes control investments in high precision manufacturing, diversified distribution, and industrial service companies that have at least $50 million of revenue and $5 million of EBITDA. Sole Source was founded in 2016 and in November 2018 the firm closed its inaugural funds, SSC Partners I LP and SSC Partners I-A LP, at a combined hard cap of $160 million.

Littlejohn and Resilience Combine Metal Benders

January 6, 2020 by John McNulty

Maysteel Industries, a portfolio company of Littlejohn Capital, and Porter’s Group, a portfolio company of Resilience Capital Partners, have merged. The combined companies will operate under the Maysteel brand name with both Littlejohn and Resilience Capital maintaining equity interests in the company.

Maysteel specializes in designing, engineering and manufacturing custom OEM sheet metal enclosures, electrical cabinets and metal fabricated assemblies. The company’s products are used in the alternative energy, kiosk, gaming, security, medical, utility, industrial drive and automation, and self-serve/vending machine industries.

Maysteel was founded in 1936 and has a 240,000 square-foot manufacturing facility and headquarters in Allenton, Wisconsin (northwest of Milwaukee); a 50,000 square-foot manufacturing facility in La Mirada, California; and a 96,000 square-foot manufacturing facility in Monterrey, Mexico. Littlejohn acquired Maysteel in April 2017 from Revolution Capital Group.

Porter’s Group is a provider of metal fabrication services to companies operating in the security, military, mining, heavy equipment and trucking industries. The company considers itself to be the largest metal fabricator of ATMs in North America. Porter’s, founded in 1964, is headquartered in Bessemer City, North Carolina and has manufacturing facilities in Lynchburg, Virginia; Sumter, South Carolina; and Garland, Texas. Guy Roberts, the CEO of Porter’s Group, now serves as the chief operating officer of Maysteel. Resilience Capital acquired Porter’s in August 2015.

With the merger completed, the combined company has over 1,000 employees with six manufacturing locations covering the US and Mexico. “This merger creates a dynamic company and a much stronger competitor that responds to the needs of our customers and markets we serve,” said Kevin Matkin, CEO of Maysteel who now serves as the CEO of the newly-combined company. “With greater scale, improved market leadership, increased engineering expertise, complementary strengths and geographic reach we have a broader product base to offer our customers from locations where customers need us.”

“As a result of the hard work of Kevin and his team, Maysteel has achieved many milestones, including completing an important acquisition that positioned Maysteel with a significant presence in the growing data center market,” said Angus Littlejohn Jr., founder and chairman of Littlejohn Capital. In December 2017, Maysteel acquired DAMAC Products, a La Mirada, California-based manufacturer of data center equipment including server cabinets, wallmount racks, seismic and thermal management products, power distribution equipment and cable runway systems.

Littlejohn Capital invests from $5 million to $15 million of equity in middle-market companies that have EBITDAs from $2 million to $12.5 million and are valued from $20 million to $75 million. Sectors of interest include manufacturing, fabrication, processing, logistics, materials, and services. Littlejohn Capital, headquartered in Savannah, Georgia, is the family office of Angus Littlejohn Jr., co-founder of Littlejohn & Co., where he currently serves as chairman.

“We look forward to becoming partners with the teams at Littlejohn Capital and Maysteel,” said Bassem Mansour, co-chief executive officer of Resilience Capital. “Both bring tremendous resources and experiences to the combined companies. We are like-minded in our approach and we are confident that the future is bright for Maysteel.”

Resilience Capital Partners invests from $10 million to $40 million in middle-market companies with $25 million to $250 million in revenues and EBITDA typically under $20 million. Sectors of interest include industrial manufacturing, distribution, business services, aviation & aerospace, minerals & mining, consumer goods, transportation logistics, building products, metals, and capital equipment. The firm was founded in 2001 and is based in Cleveland.

Corinthian Completes Second Dividend Recap of Best Lighting

December 18, 2019 by John McNulty

Corinthian Capital Group has closed a second dividend recapitalization of Best Lighting Products, one of the largest designers and manufacturers of private-label emergency and exit lighting products in the United States.

Best Lighting sells its products primarily to manufacturers and OEMs in the commercial, industrial, and institutional lighting industries. Other products sold by the company include emergency ballasts and recessed lighting products; and lighting accessories such as bubble guards, wire guards, remote lamp heads, and retrofit kits.

Best Lighting was founded in 1997 and is led by its CEO Jeffrey Katz with a headquarters east of Columbus in Pataskala, OH. The company also operates a manufacturing facility in Dongguan, China and has recently diversified its supply chain to include manufacturing capabilities in Vietnam, Cambodia, Malaysia, and Indonesia.

Corinthian Capital acquired Best Lighting in August 2015 from Wafra Partners. “The partnership with Corinthian Capital since 2015 has provided us additional expertise and resources to execute on the growth opportunities in the industry. Corinthian Capital has supported our product and facility expansion efforts and we look forward to continuing on our strong growth trajectory,” said Mr. Katz.

“Since our acquisition of Best Lighting, we have worked with management to implement a number of initiatives to accelerate growth, including introducing new products, expanding warehouse capacity, and improving strategic supply chain management. I commend the management team for executing on these initiatives and for doing a phenomenal job growing the business,” said Peter Van Raalte, CEO and president of Corinthian Capital.

Corinthian Capital targets investments in North America-based companies with EBITDA between $5 million and $30 million that are active in the light manufacturing and assembly, distribution, and services sectors. The firm was founded in 2005 and is headquartered in New York with an additional office in Boston.

Financing for this dividend recapitalization transaction was provided by BMO Sponsor Finance.

Kinderhook Merges Portfolio Companies

July 9, 2019 by John McNulty

Kinderhook Industries has merged its portfolio companies Intergulf Corporation and STC Industrial to form CIRCON Environmental, a provider of waste management and product recovery services to the petroleum and petrochemical industries.

Frank Iezzi, the current CEO of STC Industrial has been named Chief Executive Officer of CIRCON Environmental; and Brandon Velek, the CEO of Intergulf, assumes the role of Board Chairman. “These companies are 100 percent complementary,” said Mr. Iezzi. “Merging them into CIRCON Environmental results in synergies for customers in every aspect of our business.”

STC Industrial, acquired by Kinderhook in July 2015, is a provider of waste removal, transportation, and disposal services to domestic refinery companies and corporate waste generators. STC is headquartered in Sumter, SC (www.stcindustrial.com).

Intergulf Corporation, acquired by Kinderhook in December 2017, procures, transports, blends, treats, and processes petroleum and petrochemical waste streams to repurpose those materials as alternative fuel products. Intergulf is headquartered near Houston in LaPorte, TX (www.intergulfcorp.com).

According to Kinderhook, the merger of STC and Intergulf will result in a broader range of services, a greater capacity to apply high-tech and novel processes, a geographic reach into all major US refining centers, and a greater ability to help customers achieve their sustainability goals by repurposing both non-hazardous and hazardous waste as alternate fuel products.

With the merger completed, CIRCON Environmental (www.circonenviro.com) now operates from nine facilities, most in the Gulf Coast petrochemical market, and will be headquartered in LaPorte, TX. The company has almost 400 employees and $170 million in annual revenues. “CIRCON Environmental gives us a chance to align with an expanding market,” added Mr. Iezzi. “We’ll be able to reach more than 90 percent of the 13,500 chemical plants in the US and stay on pace with our petroleum partners whose domestic production has risen by more than 60 percent since 2013.”

“CIRCON Environmental brings together two industry leaders,” said Rob Michalik, a managing director at Kinderhook. “When we looked at the increase in capabilities and capacity coupled with the demands of a rapidly changing market, we realized the potential for growth a merger would create.”

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 (www.kinderhook.com).

According to a source familiar with this transaction, Twin Brook Capital Partners, the middle-market direct lending subsidiary of Angelo Gordon, served as administrative agent on a $76.8 million financing to support the merger. Twin Brook targets senior financing opportunities up to $200 million, with hold sizes across the platform ranging from $25 million up to $150 million. Twin Brook also makes opportunistic investments in second lien, mezzanine, and equity co-investments. Last month, Angelo Gordon closed AG Direct Lending Fund III LP with $2.75 billion in equity commitments. The new fund, which is managed by Twin Brook, closed above its $2 billion target and is the firm’s largest direct lending fund to date.

Big PE Merges Auto Repair Companies

February 6, 2019 by John McNulty

Caliber Collision Centers and Abra Auto Body Repair of America have completed their merger which was announced in December 2018.

With the transaction now closed, Hellman & Friedman – Abra’s majority shareholder since 2014 – is now the majority shareholder of the combined company. Caliber’s two largest shareholders, OMERS – which invested in Caliber in November 2013 – and Leonard Green & Partners – which invested in Caliber in February 2017 – are minority shareholders in the combined company.

Caliber is one of the largest auto collision repair operators with a network of over 650 repair centers across 17 states. The company’s services include body repair and refinishing, mechanical services, auto glass replacement, wheel reconditioning, towing and rental car services. Caliber was founded in 1997 and is headquartered in Dallas (www.calibercollision.com).

Abra is an operator of auto body and glass repair centers with a network of over 350 repair centers across 28 states. The company’s services include body repair and refinishing, auto glass replacement, wheel reconditioning, towing and rental car services. ABRA was founded in 1984 and is headquartered near Minneapolis in Brooklyn Park, MN (www.abraauto.com).

With the completed merger Caliber and Abra now operate more than 1,000 repair centers in 37 States and the District of Columbia. “We plan on maintaining all existing centers from both companies as we embark on our journey to create one company with one operating model and one culture,” said Steve Grimshaw, Caliber’s chief executive officer, who now serves as CEO of the new combined company.”

“We believe this merger represents the next evolution of the collision repair industry. The combination further enhances the companies’ best-in-class performance metrics, proven acquisition integration processes, strong relationships with insurance clients and career opportunities for our teammates,” said Erik Ragatz, a partner at Hellman & Friedman. “The combined company’s expanded suite of one-stop services, together with its culture dedicated to doing the right thing for customers, clients and teammates, represents the future of the collision repair industry.”

Hellman & Friedman invests from $300 million to $1 billion in companies across a range of industries including financial services, business & information services, software, healthcare, internet & media, retail & consumer, and industrials & energy. Founded in 1984, the firm has raised and managed over $50 billion of committed capital. Hellman & Friedman was founded in 1984 and is based in San Francisco with additional offices in London and New York (www.hf.com).

“We look forward to supporting the team as it works to achieve accelerated growth by unlocking new opportunities for customers, insurance clients and teammates in the communities these two great organizations serve,” said Tim Patterson, a managing director at OMERS Private Equity.

OMERS Private Equity manages the private equity activities of OMERS, one of Canada’s largest pension funds with over C$95 billion in total net assets and private equity net assets of C$11 billion. OMERS is headquartered in Toronto with additional offices in London, New York, and Singapore (www.omers.com).

“Steve and the team at Caliber have done an outstanding job building a leading collision repair provider,” said Jonathan Seiffer, a senior partner at Leonard Green. “This merger with Abra will bring together the industry’s two most innovative and customer-focused companies, and we are excited to watch as the combined organization continues to thrive.”

Leonard Green invests in middle-market companies in a variety of situations including traditional buyouts, going-private transactions, recapitalizations, growth equity, and selective public equity and debt positions. The firm’s most recent fund, Green Equity Investors VII LP, closed in 2016 with $9.6 billion of committed capital. Leonard Green was founded in 1989 and is headquartered in Los Angeles (www.leonardgreen.com).

Bank of America Merrill Lynch and Deutsche Bank Securities were the financial advisors to Hellman & Friedman. Jefferies was the financial advisor to both OMERS and Leonard Green.

Southfield Closes Dividend Recap of Vanguard

October 31, 2018 by John McNulty

Southfield Capital has completed a dividend recapitalization of its portfolio company, Vanguard Dealer Services.

Vanguard is an agent and administrator of finance and insurance (F&I) products and services to franchised automobile dealers. Vanguard offers a portfolio of proprietary and third-party auto extended warranty (vehicle service contracts) and ancillary products such as tire protection, key replacement, dent repair and pre-paid maintenance. The company also offers other financial and insurance consulting services to dealers such as training, compensation plan development, reinsurance, incentive management, sales strategy, compliance review, and staffing. Vanguard was founded in 1999 and is headquartered just west of New York City in Fairfield, NJ (www.vanguarddealerservices.com).

Vanguard’s senior management team, led by CEO Jim Polley, along with Ed Reitz and Mike Seergy, invested alongside Southfield Capital to acquire the business in August 2015. “Vanguard has grown due to its relentless pursuit of driving dealer, administrator, and OEM profitability,” said Mr. Polley “We will continue to invest in our systems, processes, and people to ensure that we remain the best-in-class F&I product and training provider in the industry.”

Crescent Capital, an alternative asset manager with over $25 billion of assets under management, provided the financing to support the Vanguard dividend recapitalization transaction. Crescent Capital invests in debt securities at all levels of a company’s capital structure. The firm has more than 160 employees and is headquartered in Los Angeles with offices in New York, Boston, and London (www.crescentcap.com).

“Vanguard has experienced tremendous growth over the last couple of years, more than tripling since the time of our investment three years ago,” said Andy Cook, a Partner at Southfield Capital. “The management team has executed on our initial growth strategy and we are excited to partner with Crescent to capitalize the business for the next stage of growth.”

Southfield Capital makes control investments in companies that have revenues of $20 million to $100 million and EBITDA of $4 million to $12 million. Sectors of interest include outsourced business services, specialty finance, and value-added distribution. In August 2017, the firm held a final close of Southfield Capital II LP with approximately $200 million in capital commitments. The close was at the fund’s hard cap and exceeded its original target of $175 million. Southfield Capital was founded in 2005 and is headquartered in Greenwich, CT (www.southfieldcapital.com).

Blue Wolf Sharpens Portfolio

September 18, 2018 by John McNulty

Blue Wolf Capital Partners has merged two of its portfolio companies – Pearl Technologies and TGW Holdings – to create Edge Industrial Technologies.

Edge Industrial Technologies brings together a century-old, British family owned business and an American engineering and manufacturing company and it immediately becomes a leading provider of aftermarket consumables to the food processing, packaging, converting and extrusion industries worldwide.

The company manufactures machine knives, blades, cutters, punches, perforators, sealers, machine adapters and carriages, air cylinders, assemblies, and ball punches. It also provides bubble guides, chilled bubble cages, collapsing frame guides, slats and gusset boards to enhance the performance of blown film extrusion equipment. In addition to creating custom and specialty blades, Edge designs cutting-edge engineering, sharpening and training services for its products.

Edge Industrial will be headquartered in Wilder, KY (located eight miles south of Cincinnati) with manufacturing facilities and operations in Sheffield, UK; Savannah, NY; and Indore, India.

Blue Wolf acquired TGW, a manufacturer of industrial knives, in May 2018. TGW’s knives are made from a variety of materials including carbon steel, stainless steel, powdered metal, tungsten carbide, and ceramics, and are used in wide range of applications in the packaging, processing, printing and converting industries. Most of the company’s knives are available in stock and can be available for same-day shipping. TGW was founded in Sheffield, England in 1908 by Thomas Gilbert Wolstenholme, a descendent of George Wolstenholme who began a small business manufacturing cutlery in 1745. In 1993, the company established TGW International to expand its business to the North American market and in 2011 it opened a manufacturing facility in India. Today, TGW employs 160 people globally and has offices and facilities in Sheffield, UK; Wilder, KY; and Indore, India (www.tgwglobal.com).

Blue Wolf acquired Pearl Technologies, a manufacturer of consumable parts for converting and extrusion capital equipment, in October 2012. The company is based near Syracuse in Savannah, NY (www.pearltechinc.com).

“The combined scale, broad geographic footprint and strong commitment to customer service and quality products means that the combined company is well positioned for long-term growth,” said Michael Ranson, Partner at Blue Wolf.

“Combining TGW and Pearl is about bringing together two industry powerhouses to fuel topline growth. We have reached this critical milestone as a result of the hard work and dedication of generations of employees selling superior products around the world,” said Rick Tattersfield, the recently appointed Chief Executive Officer of Edge Industrial. An operating partner at Blue Wolf, Mr. Tattersfield previously sat on the boards of Pearl and TGW. “The team at Blue Wolf has expertise in helping to scale businesses, and we look forward to working with them to grow Edge Industrial and enable it to reach its full potential.”

Robert Woodbury, Jr. is joining Edge Industrial as the company’s new Chief Financial Officer. He has over thirty years of experience in financial management with engineering-based multi-national companies. Prior to joining Edge Industrial, Mr. Woodbury served as CFO at QD Vision, GT Solar and Brooks Automation.

In addition to Mr. Tattersfield and Mr. Woodbury, other senior executives from both Pearl and TGW will join the senior management team of Edge Industrial: Laurent Cros, previously CEO of Pearl, has been appointed President of Edge Industrial North America Operations; Steve Corbett, previously Operations Director of TGW, has been appointed President of Edge Industrial European Operations; and Tim White, previously Sales and Marketing Manager of TGW International, has been appointed Vice President of Sales & Marketing and General Manager of Edge Industrial, Wilder facility.

Blue Wolf invests in companies in which management of relationships with complex constituencies – such as government and labor – can change organizations and create value. The firm’s investment criteria are minimum revenues of $25 million; minimum transaction size of $20 million; and a minimum investment size of $10 million. Blue Wolf is headquartered in New York (www.blue-wolf.com).

Court Square and HGGC Merge Survey Data Firms

October 16, 2017 by John McNulty

HGGC and Court Square Capital have signed an agreement to merge Court Square-owned Research Now with HGGC-owned Survey Sampling International. The combined company will continue to be owned by HGGC and Court Square with management having a significant stake in the business. The transaction is expected to close by the end of the year.

Research Now, acquired by Court Square Capital in March 2015, uses online panels – as well as mobile, digital and social media technologies – to assemble data that is used by its clients to assess strategy, competitive intelligence, new product development, brand positioning and digital ad effectiveness. Research Now has more than 3,000 customers and has locations across the Americas, Europe, the Middle East, and Asia-Pacific. The company, led by CEO Gary Laben, is headquartered near Dallas in Plano, TX (www.researchnow.com).

Survey Sampling International (SSI), acquired by HGGC in November 2014, is a provider of data and technologies used in consumer and business-to-business survey research. Customers include market research firms, consulting firms, and end-clients which include corporate end-users, universities and public opinion firms. SSI reaches participants in more than 90 countries via internet, telephone, mobile/wireless, and offline methods. The company operates from 40 offices and has more than 3,500 customers worldwide. SSI, led by President and CEO Chris Fanning, was founded in 1977 and is headquartered near New Haven in Shelton, CT (www.surveysampling.com).

According to HGGC and Court Square, the combined capabilities of Research Now and SSI – including first-party data, technology platforms, and partnerships with major brands, publishers and ad tech providers – will position the combined company to expand its core business and compete in new markets such as audience activation, analytics, path to purchase and measurement. “Together, we can advance the state-of-the-art in automated research, delivery and solutions as well as in research-enriched data integration to give our customers increased competitive advantage,” said Mr. Laben.

“Under our ownership, SSI has extended its reach and product capabilities tremendously, including expanding by 4x its revenues derived from strategic B2B services to clients,” said Steve Young, Co-Founder and Managing Director of HGGC. “This merger is a natural next step to create an organization that can meet the growing demands of global customers of all sizes.”

HGGC (formerly Huntsman Gay Global Capital) makes leveraged buyout, recapitalizations and growth equity investments in middle market companies. The firm invests from $25 million to $100 million of equity per transaction in companies that have revenues of $100 million or more, enterprise values of $100 million to $500 million, and EBITDA of $15 million or more. In December 2016, HGGC closed its third fund, HGGC Fund III, LP, with total capital commitments of $1.8 billion, surpassing the Fund III target of $1.5 billion and reaching the $1.75 billion hard cap, exclusive of the general partner’s capital commitment. HGGC is based in Palo Alto (www.hggc.com).

“The Research Now management team has done an excellent job of positioning the company for the next phase of growth,” said John Civantos, Managing Partner at Court Square. “We look forward to partnering with HGGC and working towards a successful merger of two great companies.”

Court Square invests in middle market companies that are active in the business services, general industrials, healthcare, and technology/telecommunications sectors. Court Square currently manages approximately $4.4 billion of capital and is based in New York (www.courtsquare.com).

Goldman Sachs & Co. advised Court Square on the merger and Harris Williams & Co. advised HGGC.

Audax and Harvest Form APC Automotive

May 11, 2017 by John McNulty

Harvest Partners and Audax Private Equity have completed the combination of AP Emissions Technologies and Centric Parts to form APC Automotive Technologies (APC). As part of the transaction, Harvest provided a new equity investment into the combined business and Audax retained a significant ownership stake in APC.

On a combined basis, APC is a supplier of automotive, light truck and heavy duty replacement parts offering emissions products under the AP, ANSA, Cherry Bomb, TruckEx, Xlerator, and Silverline brands, and brake and chassis components under the Centric, C-Tek, Posi Quiet, Fleet Performance, and StopTech brands. The company sells its products through traditional warehouse distributors, feeders, retailers, performance, and specialty channels (www.APCAutoTech.com). Centric Parts has over one million square feet of warehouse and manufacturing space and is headquartered in Industry, CA (www.centricparts.com). AP Emissions Technologies has over 450,000 sq. ft. of warehouse and manufacturing space and is headquartered in Goldsboro, NC (www.apexhaust.com).

Audax acquired AP Emissions Technologies (AP) in 2014 and Centric Parts in 2008. “We have been privileged to work with both the AP and Centric teams in developing leading aftermarket platforms. Together with Harvest, we look forward to expanding APC through leveraging the strengths of AP and Centric and continuing to acquire leading brands in the undercar aftermarket,” said Young Lee, a Managing Director at Audax.

Hugh Charvat will lead APC as Chief Executive Officer. Mr. Charvat joined AP in March 2016 as CEO. He is the former Chairman, President and CEO of Schrader International, a manufacturer and distributor of pressure-related valve and sensing technologies. Dan Lelchuk, who co-founded Centric Parts in 2000, will remain as the President of Centric Parts.

“We expect our platform to continue to grow through leveraging the combined strengths of both businesses and through future acquisitions in the undercar aftermarket. I am looking forward to working with Dan and the rest of the Centric team to continue delivering exceptional service to our customers and accelerating our growth,” said Mr. Charvat.

Both Harvest and Audax have experience in the automotive aftermarket and will provide their joint resources to support APC. “AP and Centric are leaders in their industry, with longstanding track records of supplying high-quality parts to their customers. We are excited to partner with Audax and the management team and look forward to supporting APC in its next phase of growth,” said Michael DeFlorio, Senior Managing Director at Harvest.

Financing for the transaction was provided by Jefferies, Goldman Sachs, and Crescent Capital Group. Jefferies was the financial advisor to AP and Lazard Middle Market and Angle Advisors advised Centric.

The Audax Group makes control investments of $10 million to $100 million in middle market companies with transaction values of $25 million to $500 million. Sectors of interest include industrial manufacturing; energy; outsourced industrial services; consumer products; healthcare devices and services; non-asset based logistics; technology; aerospace & defense; business services; and direct marketing. The firm was founded in 1999 and has offices in Boston, New York and Menlo Park (www.audaxgroup.com).

Harvest Partners invests in companies with $20 million to $100 million of EBITDA and total enterprise values of $100 million to $1 billion. The firm invests in four industry verticals: business services and consumer; healthcare services; industrial services; and manufacturing & distribution. Harvest was founded in 1981 and is based in New York (www.harvestpartners.com).

PSP Buys Minority Interest in Allflex

June 14, 2016 by John McNulty

The Public Sector Pension Investment Board – one of Canada’s largest pension investment managers – has acquired a significant minority interest in Allflex Group from BC Partners. BC Partners acquired Allflex from London-based Electra Partners for $1.3 billion in May 2013.

Allflex designs, manufactures and sells livestock species and companion animal identification and monitoring products (“animal intelligence products”) such as radio-frequency identification (RFID) and visual ear tags, tissue sampling devices, RFID implants, monitoring devices, and milk meters. Customers of Allflex include farmers, regulatory bodies, livestock industries, aquaculture, and pet owners. Allflex is led by CEO Jacques Martin and has approximately 1,700 employees. The company was founded in 1955 in New Zealand and today is headquartered in Vitré, France (www.allflex-group.com).

“Allflex is a high-quality, fast-growing industry leader with a unique market position. We are delighted to invest in the group, as part of PSP Investments’ increasing presence in the European private equity market,” said Guthrie Stewart, Senior Vice President and Global Head of PSP Private Investments. “We look forward to working with BC Partners and supporting Allflex’s management team as it enhances its global leadership in animal intelligence.” BC Partners remains the controlling shareholder in Allflex.

PSP Investments is one of Canada’s largest pension investment managers with C$112 billion of assets under management. PSP has been investing in private equity since 2004 and has approximately C$10 billion of private equity assets under management. PSP manages pension investments for the Federal Public Service, the Canadian Forces, the Royal Canadian Mounted Police and the Reserve Force. PSP has offices in Ottawa, Montreal, and New York (www.investpsp.ca).

“Allflex has performed extremely well and we are delighted to be supported by PSP Investments in order to continue the company’s fantastic growth story. Demand for animal intelligence products and solutions is increasing worldwide and we are confident that Allflex is ideally positioned to continue to lead the space and expand into new markets,” said Jean-Baptiste Wautier, Managing Partner, BC Partners.

BC Partners has €12 billion of capital under management and invests in companies in a variety of sectors. The firm was founded in 1986 and has offices in London, Paris, Hamburg and New York (www.bcpartners.com).

Riverside Ups Investment in Soothe

March 10, 2016 by John McNulty

The Riverside Company has increased its investment in Soothe, a provider of lead generating services for home massage therapists, by $35 million. The new investment follows a $10.6 equity investment that Riverside made in the company in August 2015.

Soothe connects independent massage therapists looking for incremental lead flow to consumers seeking a means to book an in-home massage with a licensed massage therapist. Consumers can book massages through a smartphone app or through the Soothe website. Soothe’s customers receive a five-star, high-quality massage therapist at their door in as little as 60 minutes. Soothe was founded by CEO Merlin Kauffman and CTO Bradley Herman and is based in Los Angeles (www.soothe.com).

According to Riverside, the company addresses the growing consumer demand for quality on-demand services. At the time of Riverside’s initial investment, Soothe was active in 10 markets. Today, it is available in 21, including two internationally. The company has plans to double its locations over the next year.

“We’re extremely enthusiastic about Soothe,” said Riverside Managing Partner Loren Schlachet. “This new capital will bolster its already impressive growth rate by providing the resources needed to promote this outstanding service, enhance its technology and enter a wide array of new markets.”

The Riverside Company is a global private equity firm focused on investing in and acquiring growing businesses valued at up to $300 million. Since its founding in 1988, Riverside has invested in more than 420 transactions. The firm’s international portfolio includes more than 80 companies. Riverside is headquartered in New York with additional offices in Atlanta, Chicago, Cleveland, Dallas, Los Angeles, San Francisco, and London (www.riversidecompany.com).

“Riverside’s resources and knowledge will help Soothe accelerate its growth,” said Riverside Partner Brian Sauer. “We’re deeply committed to Soothe’s success and confident that it is the best offering of its kind on the market.”

Working with Messrs. Schlachet and Sauer on the transaction for Riverside were Operating Partner Dale Fuller, Vice President John McKernan, Associate Blake Tokheim and Finance Director Mike Rath.

Eureka Completes Dividend Recap at West Academic

March 2, 2016 by John McNulty

Eureka Growth Capital has finished a dividend recapitalization of West Academic Publishing, a provider of learning materials for the law school market. West Academic was created in February 2013 by Eureka Growth to acquire the Thomson Reuters’ law school publishing business.

Today, West Academic Publishing provides legal textbooks, casebooks, study guides and other course-related materials in both print and digital media formats for law school faculty and students in the United States. West Academic Publishing provides its products under the West Academic, Foundation Press and Gilbert imprints. In the three years since being acquired by Eureka Growth, West Academic has grown from 50 to 82 employees largely through an expansion of digital products and other advanced learning materials. The company is headquartered in St. Paul (www.westacademic.com).

“Through this dividend recapitalization, we are pleased to provide a strong return to our investors and management partners as a byproduct of the effort to build on the company’s leadership position in value and innovation in the legal education market,” said Chris Hanssens, Managing Partner of Eureka.

Eureka Growth Capital makes control and non-control investments in companies with $10 million to $75 million in revenue. Initial equity investments range from $4 million to $10 million but larger investments can be made with co-investment from the firm’s limited partners. Eureka Growth prefers investment opportunities in the Mid-Atlantic and Eastern US. The firm was founded in 1999 and is based in Philadelphia (www.eurekagrowth.com).

“Eureka’s commitment to the long-term strategy and success of the business has helped us secure our market leadership position with the launch of innovative products such as CasebookPlus,” said Chris Parton, CEO of West Academic. “We are thrilled with our early success as an independent business and are very excited to continue to work with Eureka to expand our product and service leadership in the law school higher education market.”

Harvest Partners and Cressey Recap VetCor

April 21, 2015 by John McNulty

VetCor Group Holdings, one of the largest operators of veterinary hospitals in the US, has completed a majority recapitalization led by Harvest Partners and Cressey & Company. Cressey & Company first invested in VetCor in February 2010 and maintains an equity ownership in the business.

VetCor owns and operates 137 veterinary hospitals across 19 states that provide general medical and surgical services for pets, as well as pharmacy needs and ancillary services such as boarding and grooming. The company has approximately 450 veterinarians and a total staff of 2,400. VetCor was founded in 1997 and is headquartered south of Boston in Hingham, MA (www.vetcor.com).

VetCor is led by CEO & President Dan Adams. “Given VetCor’s success, Dan Adams and his partners at Cressey had their choice of private equity firms with whom to partner. We are both thrilled and honored that they chose Harvest for VetCor’s next chapter of growth,” said Jay Wilkins, Senior Managing Director at Harvest Partners.

Harvest Partners currently manages approximately $2 billion of equity and structured capital and is investing its sixth private equity fund. Harvest targets investments in companies with $20 million to $75 million of EBITDA and total enterprise values of $100 million to $750 million. Sectors of interest include industrial & energy services; manufacturing & distribution; consumer & business services; and healthcare services. The firm was founded in 1981 and is based in New York with an additional office in Palo Alto (www.harvestpartners.com).

“VetCor is one of the few scale platforms in the highly attractive and fragmented veterinary services space. We are excited to partner with Dan and Cressey to support the company’s consolidation strategy in this stable and growing market,” said Ira Kleinman, Senior Managing Director at Harvest Partners.

Cressey & Company’s generally seeks control-oriented investments in companies with enterprise values at the time of investment of between $50 million and $300 million. Sectors of interest include healthcare and information technology. The firm has offices in Chicago and Nashville (www.cresseyco.com).

“We’ve enjoyed a terrific partnership with Dan and his team over the past five years, having built the business into a quality-focused platform in a consolidating space. Harvest provides great insight and expertise in multi-site businesses, and we are excited to partner with them to support the continued growth of VetCor,” said Merrick Axel, Partner at Cressey.

Jefferies acted as exclusive financial advisor to VetCor and the senior debt was arranged by Golub Capital.