M&A Deal Summary

Freeman Spogli Acquires Batteries Plus

On July 6, 2016, private equity firm Freeman Spogli acquired retailer Batteries Plus from Roark Capital Group and New Canaan Funding

Acquisition Highlights
  • This is Freeman Spogli’s 15th transaction in the Retail sector.
  • This is Freeman Spogli’s 33rd transaction in the United States.
  • This is Freeman Spogli’s 1st transaction in Wisconsin.

M&A Deal Summary
Date 2016-07-06
Target Batteries Plus
Sector Retail
Buyer(s) Freeman Spogli
Sellers(s) Roark Capital Group
New Canaan Funding
Deal Type Secondary Buyout
Advisor(s) Robert W. Baird & Co., Inc. (Financial)
Paul, Weiss, Rifkind, Wharton & Garrison
DLA Piper (Legal)

Target

Batteries Plus

Hartland, Wisconsin, United States
website
Batteries Plus is a franchisor and omnichannel retailer of batteries, light bulbs, and device repair services for both the direct-to-consumer and commercial channels. Batteries Plus Bulbs' comprehensive product offering serves a wide variety of applications including automotive, marine, power sports, lawn, and garden equipment, consumer electronics, security systems, and connected home applications. This selection is complemented by extensive category expertise and value-added services including diagnostics, installation, and recycling. Batteries Plus was founded in 1988 and is based in Hartland, Wisconsin.

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Buyer(S) 1

Buyer

Freeman Spogli

Los Angeles, California, United States

website

Category Private Equity Firm
Founded 1983
PE ASSETS 7.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Freeman Spogli & Co. is a private equity firm focused on acquiring middle-market retail, direct marketing, and distribution companies. The Firm will consider opportunities throughout North America and prefers partnering with management when pursuing acquisitions. Freeman Spogli looks to invest $75 to $300 million in transactions valued up to $750 million. Freeman Spogli was formed in 1983 and is based in Los Angeles, California with an additional office in New York City.

DEAL STATS #
Overall 33 of 48
Sector (Retail) 15 of 16
Type (Secondary Buyout) 13 of 18
State (Wisconsin) 1 of 2
Country (United States) 33 of 48
Year (2016) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-06-29 City Barbeque

Dublin, Ohio, United States

City Barbeque is a fast-casual restaurant company focused on authentic, "smoker-to-table" barbeque. City Barbeque additionally offering catering services for both corporate and private events. City Barbeque was founded in 1999 and is headquartered in Dublin, Ohio.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-08-18 Smile Brands Group

Irvine, California, United States

Smile Brands Group provides comprehensive business support services, non-clinical personnel, facilities and equipment through long term agreements with affiliated dental groups. Smile Brands Group was formed in 1998 and is headquartered in Irvine, California.

Sell -

Seller(S) 2

SELLER

Roark Capital Group

Atlanta, Georgia, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 2001
PE ASSETS 33.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Roark Capital Group is a private equity firm that focuses on middle-market investment opportunities. The Firm targets family-owned business transfers, management/corporate buyouts, recapitalizations, going-private transactions, and corporate divestitures. Roark Capital Group pursues companies with revenues between $20 million and $5 billion, and EBITDA of $10 to $500 million. Roark Capital primarily invests in consumer and business services companies, with a particular interest in the franchise, food and restaurant, specialty retail, direct marketing and financial services sectors. Roark Capital Group was formed in 2001 and is headquartered in Atlanta, Georgia.

DEAL STATS #
Overall 6 of 17
Sector (Retail) 1 of 3
Type (Secondary Buyout) 3 of 5
State (Wisconsin) 1 of 1
Country (United States) 6 of 16
Year (2016) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-06-27 Drybar Holdings

Irvine, California, United States

Drybar Holdings LLC is an operator of a multi-unit retail brand that provides professional blowouts (hair washing, drying, and styling). Drybar also offers an award-winning branded consumer product line of hair care and styling products. Drybar Holdings was founded in 2009 and is based in Irvine, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-08-31 Quala

Tampa, Florida, United States

Quala is a provider of tank cleaning services to the bulk transportation industry. Quala operates strategically located tank wash facilities across the US. Quala was founded in 1986 and is based in Tampa, Florida.

Sell -
SELLER

New Canaan Funding

New Canaan, Connecticut, United States

website

Category Mezzanine Finance Firm
Founded 1995
PE ASSETS 238M USD
Size Small
Type Sector Agnostic
DESCRIPTION

New Canaan Funding is a middle-market mezzanine finance firm. New Canaan looks to provide subordinated debt to help fund acquisitions, recapitalizations and growth financings. New Canaan invests $3 to $20 million per transaction with an EBITDA of $3 million. New Canaan Funding was formed in 1995 and has offices in New Canaan, Connecticut and Wheaton, Illinois.

DEAL STATS #
Overall 33 of 36
Sector (Retail) 1 of 1
Type (Secondary Buyout) 14 of 16
State (Wisconsin) 4 of 4
Country (United States) 32 of 35
Year (2016) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-06-28 Water-Jel Technologies

Carlstadt, New Jersey, United States

Water-Jel Technologies LLC is a provider of emergency burn care products to the industrial, military, and consumer markets. In addition to burn care products, Water-Jel offers a portfolio of branded and private label products targeted principally for the industrial first-aid cabinet.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-07-10 EnviroVac Holdings

Savannah, Georgia, United States

EnviroVac Holdings LLC is a provider of mission-critical cleaning and maintenance services to blue-chip customers. EnviroVac provides general industrial, chemical cleaning, environmental, digital inspections, fluid treatment and automated cleaning solutions to the power & utilities, pulp & paper, chemical, steel and manufacturing end industries. EnviroVac Holdings LLC was established in 1998 and is headquartered in Savannah, Georgia.

Sell -
Mergr

Product

Company

Legal