M&A Deal Summary

Audax Private Equity and Yukon Partners Acquire Stonewall Kitchen

On August 1, 2019, private equity firm Audax Private Equity and mezzanine finance firm Yukon Partners acquired food company Stonewall Kitchen from Centre Partners Management and First New England Capital

Acquisition Highlights
  • This is Audax Private Equity’s 1st and Yukon Partners’ 2nd transaction in the Food sector.
  • This is Audax Private Equity’s 119th and Yukon Partners’ 40th transaction in the United States.
  • This is Audax Private Equity’s 1st and Yukon Partners’ 1st transaction in Maine.
Investment Fate
  • Stonewall Kitchen was sold to a consortium of financial buyers in 2022.

M&A Deal Summary
Date 2019-08-01
Target Stonewall Kitchen
Sector Food
Buyer(s) Audax Private Equity
Yukon Partners
Sellers(s) Centre Partners Management
First New England Capital
Deal Type Secondary Buyout
Advisor(s) BKD LLP (Financial)
GreenbergTraurig (Legal)

Target

Stonewall Kitchen

York, Maine, United States
website
Stonewall Kitchen is a specialty food and home goods producer selling jams and jellies at local farmers' markets with a flavorful line of distinctive and high-quality products. Stonewall expanded the brand to include sauces, condiments, crackers, and baking mixes, always focusing on innovative product development, beautiful packaging, and exceptional guest service. Stonewall Kitchen was founded in 1991 and is based in York, Maine.

Search 192,723 Deals Now

SEARCH BY

  • Buyer Type (PE or Strategic)
  • Deal Size ($10M to $10B+)
  • Sector (60 Sectors)
  • Deal Type
  • Geography
  • & More

Try For Free 7-Day Free Trial

Buyer(S) 2

Buyer

Audax Private Equity

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1999
PE ASSETS 16.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Audax Private Equity is a private equity firm focused on acquiring control positions in a variety of mid to large North American headquartered companies. The Firm segments its activities into lower middle-market and larger scale investing. Within its larger group, Audax targets profitable businesses valued up to $800 million and within its lower middle-market group, the Firm seeks companies valued up to $125 million. Sectors of interest include business services, consumer products/services, financial services, healthcare services, industrial services, software, and technology. Audax has a special interest in businesses that can benefit from a buy and build investment strategy for growth. Audax Private Equity was formed in 1999 and is based in Boston, Massachusetts.

DEAL STATS #
Overall 124 of 153
Sector (Food) 1 of 1
Type (Secondary Buyout) 55 of 71
State (Maine) 1 of 1
Country (United States) 119 of 145
Year (2019) 7 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-10 Aspen Surgical

Caledonia, Michigan, United States

Aspen Surgical is a manufacturer and marketer of both OEM and branded disposable medical products for surgical and general healthcare applications. Aspen Surgical Product's major products included surgical needles, surgical skin markers, disposable light handles, instrument guards, anti-fog solutions, and surgical accessories. Aspen Surgical was founded in 1999 and is based in Caledonia, Michigan.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-08-15 CORE Institute

Phoenix, Arizona, United States

CORE Institute is a provider of healthcare solutions, care redesign, and service line management for musculoskeletal medical practices. The company was founded to fulfill a vision of excellence in patient care encompassing the entire spectrum of orthopedic and neurosciences care. CORE Institute was founded in 2005 and is based in Phoenix, Arizona.

Buy -
Buyer

Yukon Partners

Minneapolis, Minnesota, United States

Investor Investor Investor Investor Investor

website

Category Mezzanine Finance Firm
Founded 2008
PE ASSETS 640M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Yukon Partners is a mezzanine finance firm that works with private equity sponsors to fund a variety of investment situations. Yukon looks to invest $10 to $40 million to support buyouts, recapitalizations, take privates, and refinancings. Sectors of interest include automotive, building products, business services, consumer products, food/beverages, healthcare products/services, industrial manufacturing, niche manufacturing, and transportation/logistics. Prospective companies generally have revenues of $30 to $500 million and are profitable with EBITDA of $5 to $50 million. Yukon Partners was formed in 2008 and is based in Minneapolis, Minnesota.

DEAL STATS #
Overall 41 of 52
Sector (Food) 2 of 2
Type (Secondary Buyout) 14 of 17
State (Maine) 1 of 1
Country (United States) 40 of 51
Year (2019) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-20 Practice Insight

Houston, Texas, United States

Practice Insight LLC is a provider of SaaS-based revenue cycle management solutions to healthcare providers. PI's solutions automate a physician practice reimbursement workflow which assists them in reducing bad debt, shortens the collection cycle and streamlines the administrative staff needed to manage the RCM function.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-09-03 GCM Holding

Union, California, United States

GCM Holding is a manufacturer of low-to-medium volume, mission-critical precision machined components and assemblies. Based near Chicago’s O’Hare airport, the Company serves large, market customers in the energy, medical equipment, scientific laboratory, and industrial end markets. GCM Holding was founded in 1978 and is based in Union, California.

Sell -

Seller(S) 2

SELLER

Centre Partners Management

New York, New York, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1986
PE ASSETS 2.6B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Centre Partners is a private equity firm focused on investments in North American middle-market companies 'with strong growth prospects, predictable cash flows, and defensible competitive positions'. Prospective transactions include investments in privately owned companies, growth capital financings, management buyouts/buy-ins, divestitures, and take privates. The Firm's typical investment size is $10 to $50 million. Areas of interest include consumer products and services, cable/media, business services, energy, financial services, healthcare, industrial, and retail. Centre Partners was formed in 1986 and has offices in New York, New York and Los Angeles, California.

DEAL STATS #
Overall 29 of 31
Sector (Food) 4 of 4
Type (Secondary Buyout) 11 of 13
State (Maine) 1 of 1
Country (United States) 28 of 30
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-03-29 One World Fitness

Windham, New Hampshire, United States

One World Fitness is an owner and operator of fitness clubs under the Planet Fitness banner. One World Fitness manages 18 Planet Fitness facilities and has a proven track record of new club development, having opened three de novo facilities in each of the past three years. One World Fitness was founded in 2006 and is based in Windham, New Hampshire.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-21 Sabrosura Foods

Bloomington, Minnesota, United States

Sabrosura Foods is a manufacturer of Hispanic foods, including cheeses, desserts, and meats. Sabrosura has several authentic Hispanic brands including El Viajero, La Morenita, Reynaldo’s and Bio Salud! alongside broad private label capabilities. Sabrosura maintains a national footprint with multiple best-in-class facilities that serve a wide range of end markets. Sabrosura Foods was founded in 1985 and is based in Bloomington, Minnesota.

Buy -
SELLER

First New England Capital

West Hartford, Connecticut, United States

website

Category Private Equity Firm
Founded 1988
PE ASSETS 50M USD
Size Small
Type Sector Agnostic
DESCRIPTION

First New England Capital is a private investment firm that provides equity and mezzanine capital to later-stage, small and middle-market companies operating in the Northeast US. First New England typically invests $2 to $5 million in companies generating $10 to $150 million in annual revenue. First New England can act as the lead investor or participate alongside others. The Firm will consider opportunities across many different sectors. First New England Capital was formed in 1988 and is based in Hartford, Connecticut.

DEAL STATS #
Overall 6 of 7
Sector (Food) 1 of 1
Type (Secondary Buyout) 3 of 4
State (Maine) 1 of 1
Country (United States) 6 of 7
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-12-01 Claris Vision

Warwick, Rhode Island, United States

Koch Eye Associates, Inc. is a provider of eye care and surgical practices, with twenty doctors treating patients at eight office locations, three laser vision centers, and a surgery center. Koch Eye Associates was founded in 1981 and is based in Warwick, Rhode Island.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-07 Awareness Technologies

Westport, Connecticut, United States

Awareness Technologies provides endpoint security solutions for both home and business. ATI both develops and acquires market-leading solutions trusted by millions of parents and thousands of businesses. Awareness Technologies was founded in 2002 and is based in Westport, Connecticut.

Sell -
Mergr

Product

Company

Legal