Secondary Buyout • Packaging

Pritzker Private Capital, Ardian, Alvarez & Marsal Capital and Constitution Capital Partners Acquire ProAmpac

On October 17, 2016, family office Pritzker Private Capital, private equity firm Ardian, private equity firm Alvarez & Marsal Capital and private equity firm Constitution Capital Partners acquired packaging company ProAmpac from Wellspring Capital Management and Alvarez & Marsal Capital

Acquisition Context
  • This is Pritzker Private Capital’s 3rd, Ardian’s 6th, Alvarez & Marsal Capital’s 2nd and Constitution Capital Partners’ 1st transaction in the Packaging sector.
  • This is Pritzker Private Capital’s 15th, Ardian’s 37th, Alvarez & Marsal Capital’s 6th and Constitution Capital Partners’ 27th transaction in the United States.
  • This is Pritzker Private Capital’s 2nd, Ardian’s 1st, Alvarez & Marsal Capital’s 2nd and Constitution Capital Partners’ 1st transaction in Ohio.

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M&A Deal Summary

Date October 17, 2016
Target ProAmpac
Sector Packaging
Buyer(s) Pritzker Private Capital
Ardian
Alvarez & Marsal Capital
Constitution Capital Partners
Sellers(s) Wellspring Capital Management
Alvarez & Marsal Capital
Deal Type Secondary Buyout

Target Company

ProAmpac

Cincinnati, Ohio, United States
ProAmpac is a flexible packaging company with a comprehensive product offering. ProAmpac’s approach to sustainability – ProActive Sustainability provides innovative sustainable flexible packaging products to help our customers achieve their sustainability goals. ProAmpac was founded in 2015 and is based in Cincinnati, Ohio.
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Buyers Overview 4

Buyer

Pritzker Private Capital

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Family Office
Founded 1996
Size Large
Type Sector Agnostic
DESCRIPTION

Pritzker Private Capital is a family office and private investment firm focused on leveraged buyouts, acquisitions, and recapitalizations of profitable, middle-market, North American companies across a broad range sectors. Specific industries of interest include consumer products and services, industrial products and services, distribution, telecommunications, IT, healthcare, and business services. Target enterprise values are generally between $200 million and $1.5 billion. Pritzker Private Capital was formed in 1996 and is based in Chicago, Illinois.


Deal Context for Buyer #
Overall 15 of 30
Sector: Packaging 3 of 3
Type: Secondary Buyout 10 of 15
State: Ohio 2 of 4
Country: United States 15 of 30
Year: 2016 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-08-01 PathGroup

Brentwood, Tennessee, United States

PathGroup is a provider of anatomic pathology and clinical lab services throughout U.S. It is a physician-led company currently working with more than 70 hospitals and thousands of group practices across U.S. to deliver quality results with unmatched responsiveness. PathGroup was formed in 1965 and is based in Brentwood, Tennessee.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-02-11 Signicast

Hartford, Wisconsin, United States

Signicast Corp. is an automated and vertically integrated manufacturer of precision investment cast parts.

Sell -
Buyer

Ardian

Paris, France

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1996
PE ASSETS 127.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Ardian is a mega-sized diversified investment group focused on opportunities worldwide. Ardian invests across and manages funds focused on small and mid-sized buyouts, growth capital financings, mezzanine, infrastructure, real estate, and co-investment opportunities. Ardian's small-buyouts group targets controlling interests in French, German, and Italian businesses valued up to €100 million. It's mid-sized buyout group seeks businesses valued up €1.5 billion and does not have any geographic limitations. The Infrastructure team looks for European opportunities and can commit up to €1 billion per transaction. The Mezzanine group supports junior capital commitments of €5 to €80 million. In addition to direct investing, Ardian also manages various private equity fund-of-funds. Ardian was founded in 1996 and is based in Paris.


Deal Context for Buyer #
Overall 285 of 465
Sector: Packaging 6 of 8
Type: Secondary Buyout 91 of 155
State: Ohio 1 of 2
Country: United States 37 of 70
Year: 2016 31 of 34
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-10-14 Allegro

Poznan, Poland

Allegro is an online marketplace that connects consumers with merchants. Allegro offers consumers a vibrant and expansive shopping experience, and merchants excellent commercial opportunities. Allegro was founded in 1999 and is based in Poznan, Poland.

Buy $3.3B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-10-25 BestSecret

Aschheim, Germany

BestSecret sells more than 3,000 designer brands at attractive prices through its website BestSecret.com as well as three stores in Munich and Vienna. Its exclusive membership is based on invitation only which creates both high-desirability and strong customer engagement, driving double-digit annual growth over the past years. BestSecret was founded in 1924 and is based in Aschheim, Germany.

Sell -
Buyer

Alvarez & Marsal Capital

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2011
PE ASSETS 5.9B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Alvarez & Marsal Capital is a private equity investment firm affiliated with financial advisory and due diligence provider. A&M Capital looks to invest $20 to $75 million in North American and Western European companies valued up to $750 million. The Firm looks for control situations where it can leverage its operational expertise. Sectors of interest include general industrial/manufacturing, consumer, retail, healthcare, business services, transportation, and energy. Alvarez & Marsal Capital was founded in 2011 and is based in Greenwich, Connecticut.


Deal Context for Buyer #
Overall 6 of 34
Sector: Packaging 2 of 4
Type: Secondary Buyout 1 of 12
State: Ohio 2 of 4
Country: United States 6 of 25
Year: 2016 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-02-19 Iron Hill Brewery & Restaurant

Wilmington, Delaware, United States

Iron Hill Brewery & Restaurant is a polished casual restaurant and craft brewery chain. The Company focuses on handcrafting their award-winning beer and food from scratch using only fresh, high quality ingredients. Iron Hill Brewery & Restaurant was founded in 1996 and is based in Wilmington, Delaware.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-12-22 Gabe s

Morgantown, West Virginia, United States

Gabe's operates 100+ stores under the Gabe's and Rugged Wearhouse banners across 11 states in the Mid-Atlantic and Southeast. The Company sells apparel, footwear, accessories, and home brands at up to 70% off department and specialty store prices. The Company was founded in 1961 by the Gabriel family and is headquartered in Morgantown, West Virginia.

Sell -
Buyer
DESCRIPTION

Constitution Capital Partners is a private equity and asset management firm focused on opportunities throughout North America. Constitution Capital typically invests in private equity partnerships, however the Firm also makes direct private equity and credit investments. Constitution Capital Partners does not have any sector preferences. Constitution Capital Partners was formed in 2008 and is headquartered in Andover, Massachusetts.


Deal Context for Buyer #
Overall 30 of 89
Sector: Packaging 1 of 2
Type: Secondary Buyout 10 of 40
State: Ohio 1 of 3
Country: United States 27 of 83
Year: 2016 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-10-11 Light Tower Rentals

Odessa, Texas, United States

Light Tower Rentals, Inc. is a diversified specialty equipment rental company focused on oil and gas operations in the prolific Permian Basin, with yards in other leading U.S. basins including the SCOOP/STACK, Eagle Ford, Bakken and Marcellus. LTR’s core equipment rental fleet includes mobile natural gas and diesel driven power generators, light towers, mobile housing units, field heaters and fluid handling products, which are all supported by a best in class service platform.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-10-31 ConvaTec

Reading, United Kingdom

ConvaTec is a global medical products and technologies company that provides advanced wound care, ostomy care, continence, and critical care, and infusion devices. ConvaTec was formed in 1972 and is based in Reading, United Kingdom.

Sell -

Seller Profiles 2

SELLER

Wellspring Capital Management

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1995
PE ASSETS 4.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Wellspring Capital Management is a mega-sized private equity firm that focused on a variety of transaction situations. The Firm will consider buyouts of private companies, acquisitions of divisions or subsidiaries of public companies, shareholder liquidity needs, partnering with entrepreneurs for growth opportunities, and special situations. Wellspring does not have any sector preferences and is capable of pursuing transactions valued up to $1 billion. Wellspring Capital Management was formed in 1995 and is based in New York City.


Deal Context for Seller #
Overall 26 of 37
Sector: Packaging 3 of 3
Type: Secondary Buyout 8 of 16
State: Ohio 3 of 4
Country: United States 22 of 33
Year: 2016 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-08-10 National Seating & Mobility

Franklin, Tennessee, United States

National Seating & Mobility is a provider of complex rehabilitation seating, mobility, and positioning systems. NSM provides personalised solutions to individuals with mobility challenges by bringing together industry-leading expertise, uniquely engineered systems, and breakthrough technologies. National Seating & Mobility was founded in 1992 and is based in Franklin, Tennessee.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-10-19 Hoffmaster Group

Oshkosh, Wisconsin, United States

Hoffmaster Group is a designer, manufacturer and supplier of decorated, premium disposable tableware (including napkins, plates, tablecovers and placemats) sold to major consumer retail and foodservice customers. Hoffmaster Group was founded in 1947 and is based in Oshkosh, Wisconsin.

Buy -
SELLER

Alvarez & Marsal Capital

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2011
PE ASSETS 5.9B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Alvarez & Marsal Capital is a private equity investment firm affiliated with financial advisory and due diligence provider. A&M Capital looks to invest $20 to $75 million in North American and Western European companies valued up to $750 million. The Firm looks for control situations where it can leverage its operational expertise. Sectors of interest include general industrial/manufacturing, consumer, retail, healthcare, business services, transportation, and energy. Alvarez & Marsal Capital was founded in 2011 and is based in Greenwich, Connecticut.


Deal Context for Seller #
Overall 1 of 7
Sector: Packaging 1 of 1
Type: Secondary Buyout 1 of 4
State: Ohio 1 of 1
Country: United States 1 of 7
Year: 2016 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-02-19 Iron Hill Brewery & Restaurant

Wilmington, Delaware, United States

Iron Hill Brewery & Restaurant is a polished casual restaurant and craft brewery chain. The Company focuses on handcrafting their award-winning beer and food from scratch using only fresh, high quality ingredients. Iron Hill Brewery & Restaurant was founded in 1996 and is based in Wilmington, Delaware.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-12-22 Gabe s

Morgantown, West Virginia, United States

Gabe's operates 100+ stores under the Gabe's and Rugged Wearhouse banners across 11 states in the Mid-Atlantic and Southeast. The Company sells apparel, footwear, accessories, and home brands at up to 70% off department and specialty store prices. The Company was founded in 1961 by the Gabriel family and is headquartered in Morgantown, West Virginia.

Sell -