M&A Deal Summary

Kainos Capital Acquires Kettle Cuisine

On August 31, 2015, private equity firm Kainos Capital acquired food company Kettle Cuisine from Maranon Capital and Arlon Group

Acquisition Highlights
  • This is Kainos Capital’s 7th transaction in the Food sector.
  • This is Kainos Capital’s 10th transaction in the United States.
  • This is Kainos Capital’s 1st transaction in Massachusetts.

M&A Deal Summary

Date 2015-08-31
Target Kettle Cuisine
Sector Food
Buyer(s) Kainos Capital
Sellers(s) Maranon Capital
Arlon Group
Deal Type Secondary Buyout

Target

Kettle Cuisine

Chelsea, Massachusetts, United States
website
Kettle Cuisine is an independent, artisan soup maker founded in 1986 and based in Chelsea, MA providing uncompromised soup with a commitment to impeccable ingredients, careful preparation and traditional cooking techniques. The company offers a selection of over 50 varieties of soups, chilis and chowders, and services over 5,000 restaurants, cafes, delicatessens and supermarkets in the United States.

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Buyer(S) 1

Buyer

Kainos Capital

Dallas, Texas, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2011
Size Middle-Market
Type Sector Focused
DESCRIPTION

Kainos Capital is a private equity firm focused on the food and consumer products sector. Kainos targets manufacturers and marketers of food products, as well as other consumer products in the household and personal care industries and over-the-counter health and nutritional products sectors. The Firm's target investment size is $50 to $150 million in a company with an EBITDA of $10 to $80 million. Kainos Capital is based in Dallas, Texas.


DEAL STATS #
Overall 11 of 20
Sector (Food) 7 of 11
Type (Secondary Buyout) 5 of 5
State (Massachusetts) 1 of 1
Country (United States) 10 of 19
Year (2015) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-08-27 Product Quest Manufacturing

Daytona Beach, Florida, United States

Product Quest Manufacturing LLC provides skin and personal care products for the over-the-counter market. Product Quest Manufacturing filed for bankruptcy in 2018.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-06-27 Milk Specialties Global

Eden Prairie, Minnesota, United States

Milk Specialties Global is a human and animal nutrition company. The Human Nutrition Business Unit is a leading manufacturer of whey and milk protein ingredients used primarily in the sports nutrition and functional foods end-markets. Milk Specialties Global was founded in 1949 and is based in Eden Prairie, Minnesota.

Sell -

Seller(S) 2

SELLER

Maranon Capital

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

website


Category Mezzanine Finance Firm
Founded 2007
PE ASSETS 4.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Maranon Capital LP is an investment firm that provides senior financing, mezzanine debt and equity co-investments for private equity backed and non sponsored middle market companies. Maranon seeks investments in financially healthy businesses with stable cash flows, diverse customers, and strong management. Prospective companies are valued between $30 and $150 million and generate $5 to $30 million of EBITDA. Maranon looks to invest $2 to $10 million for equity co-investments, $5 to $30 million for junior capital needs, and $10 to $50 million for senior debt requirements. Areas of interest include business services, healthcare services, distribution, manufacturing and consumer products/services. Funds typically support acquisitions, recapitalizations, refinancings, consolidations, ESOPs and growth capital needs. Maranon Capital LP was formed in 2007 and is based in Chicago. The Firm has additional offices in Birmingham, Michigan and South Bend, Indiana.


DEAL STATS #
Overall 5 of 20
Sector (Food) 1 of 2
Type (Secondary Buyout) 5 of 13
State (Massachusetts) 1 of 2
Country (United States) 5 of 20
Year (2015) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-06-15 OnSolve

Alpharetta, Georgia, United States

OnSolve delivers critical event management capabilities backed by unmatched industry expertise, which keeps our customers safe, informed, assured, and productive during a crisis. As a critical event management provider for enterprises, SMB organizations, and government entities, OnSolve provides a SaaS-based global platform that delivers risk intelligence, critical communications, incident management, and centralized control to help organizations mitigate risk and strengthen organizational resilience. OnSolve is based in Alpharetta, Georgia.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-09-09 Action Fabricators

Grand Rapids, Michigan, United States

Action Fabricators, Inc. is a premier converter of custom designed flexible materials, including custom made tapes, adhesives, non-adhesive backed foams and other specialty materials for numerous end market applications, including automotive, medical, electronics, security, furniture, appliance, and general industrial applications. Action provides its clients with cost-effective, value-added custom solutions to meet their specific application needs.

Buy -
SELLER

Arlon Group

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2007
PE ASSETS 1.5B USD
Size Large
Type Sector Focused
DESCRIPTION

Arlon Group is a private equity group focused on the food sector. The Firm was formed in 2007 and is headquartered in New York City.


DEAL STATS #
Overall 2 of 7
Sector (Food) 2 of 5
Type (Secondary Buyout) 1 of 2
State (Massachusetts) 1 of 1
Country (United States) 2 of 6
Year (2015) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-06-09 Coastal Sunbelt Produce

Laurel, Maryland, United States

Coastal Sunbelt Produce is a provider and processor of fresh produce and dairy products in the Mid-Atlantic region of the United States. Coastal Sunbelt Produce was founded in 1992 and is based in Laurel, Maryland.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-06-24 Handmade Real Foods

Concord, Ontario, Canada

HMR Foods is a manufacturer of refrigerated home meal replacements and other refrigerated and frozen ready-to-eat foods. HMR Foods produces and sells fresh and frozen entrees, side dishes, appetizers, soups, dips, salads, desserts, and holiday meals to many of the premier grocers, club stores, and restaurants in North America. The company operates out of six geographies - California, Georgia, Rhode Island, Texas, Washington, and Ontario, Canada.

Sell -