M&A Deal Summary

Comvest Partners and JW Levin Management Partners Acquire Spinrite

On July 3, 2018, private equity firms Comvest Partners and JW Levin Management Partners acquired consumer products company Spinrite from TorQuest

Acquisition Highlights
  • This is Comvest Partners’ 3rd and JW Levin Management Partners’ 2nd transaction in the Consumer Products sector.
  • This is Comvest Partners’ 1st and JW Levin Management Partners’ 1st transaction in Canada.
  • This is Comvest Partners’ 1st and JW Levin Management Partners’ 1st transaction in Ontario.

M&A Deal Summary

Date 2018-07-03
Target Spinrite
Sector Consumer Products
Buyer(s) Comvest Partners
JW Levin Management Partners
Sellers(s) TorQuest
Deal Type Secondary Buyout
Advisor(s) Houlihan Lokey (Financial)
Torys LLP (Legal)

Target

Spinrite

Listowel, Ontario, Canada
website
Spinrite is a manufacturer and marketer of craft yarn products in North America. Spinrite's Bernat, Patons, Lily Sugar's Cream, and Phentex brands, which are sold through mass merchants, craft stores, and independent specialty stores. Spinrite was founded in 1952 and is based in Listowel, Ontario.

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Buyer(S) 2

Buyer

Comvest Partners

West Palm Beach, Florida, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2000
PE ASSETS 7.7B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
Comvest Partners' headquarters in West Palm Beach, Florida.
Comvest Partners' headquarters in West Palm Beach, Florida.

Comvest Partners is a private investment firm that provides equity and debt capital to middle-market companies across North America. Comvest funds a variety of investment situations, including buyouts, divestitures, recapitalizations, consolidations, take privates, and turnarounds. Sectors of interest include business services, information services, education, financial services, healthcare services, software, IT, and transportation. For equity investments, Comvest prefers control and looks to invest $50 to $150 million per transaction. For debt needs, Comvest seeks to provide $25 to $250 million per transaction. Comvest Partners was formed in 2000 and is based in West Palm Beach, Florida.


DEAL STATS #
Overall 44 of 57
Sector (Consumer Products) 3 of 3
Type (Secondary Buyout) 5 of 10
State (Ontario) 1 of 1
Country (Canada) 1 of 1
Year (2018) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-06-04 MinuteKEY

Boulder, Colorado, United States

Minute Key Holdings, Inc. is a developer of the self-service key duplication machine. MinuteKEY was founded in 2008 and is based in Boulder, Colorado.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-08 Integrated Oncology Network

Nashville, Tennessee, United States

Integrated Oncology Network is an operator of physician management, radiation oncology management and cancer center development company that partners with hospitals and physicians. ION provides expertise including strategic solutions, development, financing and management services including radiation oncology operations, revenue cycle management, compliance, HR, IT and accounting. Integrated Oncology Network was founded in 2008 and is based in Nashville, Tennessee.

Sell -
DESCRIPTION

JW Levin Management Partners LLC is a management and investment firm focused on consumer products, retail, and restaurant companies. JW Levin Management Partners was formed in 2015 and is based in New York City.


DEAL STATS #
Overall 2 of 3
Sector (Consumer Products) 2 of 2
Type (Secondary Buyout) 1 of 1
State (Ontario) 1 of 1
Country (Canada) 1 of 1
Year (2018) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-11-21 Lasko Products

West Chester, Pennsylvania, United States

Lasko Products is a manufacturer of portable fans, heaters, air purifiers, humidifiers, pedestal, blower, and window fans. Lasko Products was founded in 1906 and is based in West Chester, Pennsylvania.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-08-19 Waterloo Sparkling Water

Austin, Texas, United States

Waterloo Sparkling Water is an independent sparkling water brand, focusing on fruit-inspired flavor and aroma and delivering a richer, more authentic taste. Waterloo is made with Non-GMO Project verified and Whole 30 Approved flavors, free of calories, sodium, sugar and artificial sweeteners. For the benefit of its fans and the environment, Waterloo has only ever been produced in aluminum cans made with BPA-free liners. Waterloo Sparkling Water was founded in 2017 and is based in Austin, Texas.

Buy -

Seller(S) 1

SELLER

TorQuest

Toronto, Ontario, Canada

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2002
PE ASSETS 3.0B CAD
Size Large
Type Sector Agnostic
DESCRIPTION

TorQuest Partners is a Canadian mid-market private equity firm. TorQuest invests in established companies that deal in manufacturing, business services, financial services, industrial products, food, consumer products, and chemicals. Prospective transaction situations include family successions, recapitalizations, corporate carve-outs, and buyouts. Torquest targets businesses valued from C$40 to C$250 million where the firm can commit C$20 to C$100 million. TorQuest Partners was formed in 2002 and is based in Toronto.


DEAL STATS #
Overall 18 of 26
Sector (Consumer Products) 2 of 2
Type (Secondary Buyout) 7 of 10
State (Ontario) 9 of 11
Country (Canada) 14 of 20
Year (2018) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-06-29 Envirosystems

Dartmouth, Nova Scotia, Canada

Envirosystems, Inc. is a provider of industrial and environmental services, with a focus on technological innovation. Services include catalyst changeout, chemical cleaning, dredging, high pressure cleaning, hydro-excavation, mobile spent caustic treatment, waste disposal/treatment and vacuum services.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-08 Cando Rail & Terminals

Brandon, Manitoba, Canada

Cando Rail & Terminals Design, build, operate, finance, and maintain rail solutions. Cando Rail & Terminals provides Sophisticated tracking and analytics, inventory management, and scheduled maintenance programs. Cando Rail & Terminals was founded in 1978 and is based in Brandon, Manitoba.

Buy -