M&A Deal Summary

Dixon Ticonderoga Acquires Pacon

On May 8, 2018, Dixon Ticonderoga acquired consumer products company Pacon from PNC Mezzanine Capital and Mason Wells for 340M USD

Acquisition Highlights
  • This is Dixon Ticonderoga’s 1st transaction in the Consumer Products sector.
  • This is Dixon Ticonderoga’s largest (disclosed) transaction.
  • This is Dixon Ticonderoga’s 1st transaction in the United States.
  • This is Dixon Ticonderoga’s 1st transaction in Wisconsin.

M&A Deal Summary
Date 2018-05-08
Target Pacon
Sector Consumer Products
Buyer(s) Dixon Ticonderoga
Sellers(s) PNC Mezzanine Capital
Mason Wells
Deal Type Add-on Acquisition
Deal Value 340M USD

Target

Pacon

Appleton, Wisconsin, United States
website
Pacon Corporation is an manufacturer, converter and supplier of paper products, educational aids and arts & crafts products, and markets its products worldwide. With facilities in Appleton and Neenah, Wis., as well as Barrie, Ontario, Pacon primarily sells its products into two markets: school and art.

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Buyer(S) 1

Buyer

Dixon Ticonderoga

Appleton, Wisconsin, United States

website

Category Company
Founded 1795
Sector Consumer Products
DESCRIPTION

Dixon Ticonderoga is a manufacturer of writing instruments, art supplies, and other tools used for self-expression. The Company produces pencils, art papers, premium art supplies, craft essentials and other products. Dixon Ticonderoga was founded in 1795 and is based in Appleton, Wisconsin.

DEAL STATS #
Overall 1 of 1
Sector (Consumer Products) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (Wisconsin) 1 of 1
Country (United States) 1 of 1
Year (2018) 1 of 1
Size (of disclosed) 1 of 1

Seller(S) 2

SELLER

PNC Mezzanine Capital

Pittsburgh, Pennsylvania, United States

Investor Investor Investor Investor Investor

website

Category Mezzanine Finance Firm
Founded 1989
PE ASSETS 1.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

PNC Mezzanine Capital is the subordinated debt investing arm of PNC Bank. PNC Mezzanine looks to provide $10 to $50 million of junior capital to middle-market companies in a variety of industries. Prospective companies generally have revenues of $20 million and EBITDA greater than $4 million. Broad sectors of interest include niche manufacturing, value-added distribution, and business or consumer services. PNC will not invest in early-stage or technology-driven businesses; real estate, commodity-based or capital-intensive companies; businesses with high customer or vendor concentration; or declining businesses. PNC Mezzanine was formed in 1989 and is based in Pittsburgh, Pennsylvania.

DEAL STATS #
Overall 33 of 48
Sector (Consumer Products) 6 of 6
Type (Add-on Acquisition) 9 of 14
State (Wisconsin) 2 of 2
Country (United States) 32 of 46
Year (2018) 2 of 2
Size (of disclosed) 2 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-01 Metal Spinners

Angola, Indiana, United States

Metal Spinners, Inc.serves the fragmented, high-value added, low-volume market for spun metal products. Metal products are typically spun versus stamped when volumes are too low to justify stamping tooling and production run times.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-07-01 Crunch

New York, New York, United States

Crunch is a gym that believes in making serious exercise fun by fusing fitness and entertainment and pioneering a philosophy of 'No Judgments.' Crunch serves a fitness community for all types of people, with all types of goals, exercising all different ways; working out at the same place together. Crunch was founded in 1989 and is based in New York.

Buy -
SELLER

Mason Wells

Milwaukee, Wisconsin, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1998
PE ASSETS 600M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Mason Wells is a private equity firm focused on middle-market buyout opportunities in the Midwest US. Mason Wells looks to invest in businesses operating in engineered products and services, outsourced business services, and specialty packaging. Target companies typically generate revenue of $25 to $300 million and EBITDA of at least $5 million. The Firm prefers businesses with high barriers to entry, limited customer concentration, and strong market positions. Mason Wells was originally formed 1982 as a subsidiary of Marshall & Ilsley Corporation and became an independent firm in 1998. Mason Wells is based in Milwaukee, Wisconsin.

DEAL STATS #
Overall 30 of 39
Sector (Consumer Products) 3 of 3
Type (Add-on Acquisition) 21 of 24
State (Wisconsin) 19 of 21
Country (United States) 29 of 37
Year (2018) 3 of 4
Size (of disclosed) 2 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-03 The Oilgear

Traverse City, Michigan, United States

The Oilgear Co. is a manufacturer of fluid power components, hydraulic pumps, valves, motors and meters. Oilgear designs, manufactures and installs fluid power systems. Oilgear also provides aftermarket support services. Oilgear is based in Traverse City, Michigan.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-08-31 CE Power Solutions

Cincinnati, Ohio, United States

CE Power Solutions LLC is an independent provider of outsourced power system engineering, project management, testing, and maintenance services that enhance the functionality and reliability of the electric grid. CE Power provides its services to electric utilities and industrial companies, and commercial clients with critical power applications such as hospitals and data centers. CE Power’s services are delivered with the core business values of honesty and safety for employees, customers, and suppliers.

Sell -
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