M&A Deal Summary

Lincolnshire Management Acquires Whitewater Brands

On December 5, 2022, private equity firm Lincolnshire Management acquired automotive company Whitewater Brands from Peninsula Capital Partners and Rock Gate Partners

Acquisition Highlights
  • This is Lincolnshire Management’s 3rd transaction in the Automotive sector.
  • This is Lincolnshire Management’s 26th transaction in the United States.
  • This is Lincolnshire Management’s 1st transaction in Idaho.

M&A Deal Summary
Date 2022-12-05
Target Whitewater Brands
Sector Automotive
Buyer(s) Lincolnshire Management
Sellers(s) Peninsula Capital Partners
Rock Gate Partners
Deal Type Secondary Buyout
Advisor(s) Brown Gibbons Lang & Co. (Financial)

Target

Whitewater Brands

Caldwell, Idaho, United States
website
Whitewater Brands is a large B2B cataloger and direct marketer (i.e., outbound call center and e-commerce) company serving the automotive body and mechanical repair shop industries, and, to a lesser degree, the veterinary, construction and trucking industries. Whitewater Brands was founded in 1946 and is based in Caldwell, Idaho.

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Buyer(S) 1

Buyer

Lincolnshire Management

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1986
PE ASSETS 1.7B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Lincolnshire Management, Inc. (LMI) is a private equity firm focused on acquiring small and mid-sized companies in partnership with management. LMI typically targets companies with the majority of business conducted within the US. Prospective companies also have cash-flows of $5 to $50 million and significant opportunities for growth, either internally or through acquisitions. Target transaction situations include corporate divestitures, selling shareholders, and owners desiring liquidity. Lincolnshire Management was formed in 1986 and has offices in New York City and Los Angeles.

DEAL STATS #
Overall 29 of 30
Sector (Automotive) 3 of 3
Type (Secondary Buyout) 6 of 6
State (Idaho) 1 of 1
Country (United States) 26 of 27
Year (2022) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-04-20 Schumacher

Fort Worth, Illinois, United States

Schumacher is a provider of power conversion products to the consumer and professional global power supply markets. Schumacher’s products are available through a broad global sales channel from more than 30,000 distribution points, including major big-box retailers, specialty aftermarket outlets, and online e-commerce platforms. Schumacher Electric was founded in 1947 and is based in Fort Worth, Illinois.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-03-14 Banker Wire

Mukwonago, Wisconsin, United States

Banker Wire is a premier manufacturer and supplier of wire mesh products. Banker Wire specialized in fabricating wrought iron and wire products such as fire escapes, tool room partitions, and bank teller cages. Banker Wire was founded in 1896 and is based in Mukwonago, Wisconsin.

Buy -

Seller(S) 2

SELLER

Peninsula Capital Partners

Southfield, Michigan, United States

Investor Investor Investor Investor Investor

website

Category Mezzanine Finance Firm
Founded 1995
PE ASSETS 1.9B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Peninsula Capital Partners is an investment group focused on providing a range of financing solutions to middle-market companies. The Firm is willing to be a minority or control investor and invests across the capital structure. This includes subordinated debt, preferred or common stock. For mezzanine commitments, Peninsula looks to invest $5 to $40 million. For equity transactions, Peninsula looks to invest $2 to $20 million. Peninsula is a generalist investor. Target sectors include manufacturing, industrial service, distribution, consumer products, professional services, retail, applied technology, transportation, food processing and packaging. Peninsula Capital Partners was formed in 1995 and is based in Detroit, Michigan.

DEAL STATS #
Overall 45 of 46
Sector (Automotive) 4 of 4
Type (Secondary Buyout) 13 of 14
State (Idaho) 1 of 1
Country (United States) 42 of 43
Year (2022) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-11-01 Wisconsin s Best

Oregon, Wisconsin, United States

Wisconsin’s Best is a processor and distributor of branded cheese and meat snack products that are sold nationally in convenience stores and truck stops, and direct-to-consumer via eCommerce channels. The products are sold under the “Wisconsin’s Best” and “Wisconsin Cheese Company” brands. Wisconsin’s Best is based in Oregon, Wisconsin.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-05-05 Piranha

Rockford, Illinois, United States

Piranha is a provider of metal fabrication and cutting equipment. Piranha designs, engineers, assembles, and distributes metal fabrication equipment, such as ironworkers, fiber lasers and plasma tables, amongst others, and associated aftermarket parts, accessories, and tooling. Piranha is based in Rockford, Illinois.

Buy -
SELLER

Rock Gate Partners

Chicago, Illinois, United States

Investor Investor Investor

website

Category Private Equity Firm
Founded 2006
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Rock Gate Partners is a private equity firm that targets lower middle-market companies located throughout North America. RGP focuses on acquiring companies that design, engineer, manufacturing/source, market and distribute products in a wide range of commercial, consumer, value-added distribution, energy, industrial, healthcare, medical and transportation sectors. RGP typically invests between $3 and $50 million in companies with revenues of $10 to $125 million. The Firm prefers control positions but will consider select minority investments. Broad areas of interest include aerospace/defense, commercial and specialty vehicle, construction and Infrastructure material, consumer products and services, value-added distribution, electronic components, specialty natural, organic foods, specialty furniture, healthcare, health/fitness, hobby & craft, home improvement, general industrial, medical, laboratory and surgical devices, outsourcing services, renewable energy, safety and security, specialty packaging, recreation, athletic/leisure, and test/measurement. Prospective transaction types include leveraged buyouts, corporate divestitures, recapitalizations, industry consolidations, and later stage growth capital financings. Rock Gate Partners was formed in 2006 and is based in Chicago, Illinois.

DEAL STATS #
Overall 2 of 2
Sector (Automotive) 1 of 1
Type (Secondary Buyout) 1 of 1
State (Idaho) 1 of 1
Country (United States) 2 of 2
Year (2022) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-24 OROS

Portland, Oregon, United States

OROS is an outerwear brand founded on the pursuit of building the best insulation technology on the planet. As comfortable in a research lab as they are on the side of a mountain, they leverage emerging NASA technology to develop advanced thermal materials and high-performance, low impact apparel that equips humans to experience our world unencumbered. OROS was founded in 2015 and is based in Portland, Oregon.

Buy -
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