M&A Deal Summary

Aryzta Acquires Otis Spunkmeyer

On November 6, 2006, Aryzta acquired food company Otis Spunkmeyer from Arrowhead Investment Management, CHS Capital and First Atlantic Capital

Acquisition Highlights
  • This is Aryzta’s 1st transaction in the Food sector.
  • This is Aryzta’s 1st transaction in the United States.
  • This is Aryzta’s 1st transaction in California.

M&A Deal Summary

Date 2006-11-06
Target Otis Spunkmeyer
Sector Food
Buyer(s) Aryzta
Sellers(s) Arrowhead Investment Management
CHS Capital
First Atlantic Capital
Deal Type Add-on Acquisition

Target

Otis Spunkmeyer

San Leandro, California, United States
Otis Spunkmeyer, Inc is a manufacturer and distributor of frozen cookie dough, pre-baked muffins and other hand-held sweet baked goods for foodservice and retail customers.

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Buyer(S) 1

Buyer

Aryzta

Schlieren, Switzerland

Category Company
Founded 1897
Sector Food
Employees7,654
Revenue 2.2B EUR (2024)
DESCRIPTION

Aryzta provides a range of baked sweet and savory goods comprising breads, buns and rolls, muffins, frozen cookie dough, laminated dough, donuts, continental pastries, sweet and savory reception goods, and various savory pizzas and tarts, as well as a range of specialty bakery products. Aryzta was founded in 1897 and is headquartered in Schlieren, Switzerland.


DEAL STATS #
Overall 1 of 8
Sector: Food M&A 1 of 7
Type: Add-on Acquisition M&A Deals 1 of 8
State: California M&A 1 of 2
Country: United States M&A 1 of 4
Year: 2006 M&A 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-07-14 Great Kitchens

Romeoville, Illinois, United States

Great Kitchens is a manufacturer of private label and branded take-and-bake and frozen pizza, flatbreads, and calzones. Great Kitchens was founded in 1976 and is based in Romeoville, Illinois.

Buy -

Seller(S) 3

SELLER

Arrowhead Investment Management

Greenwich, Connecticut, United States

Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 1996
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Arrowhead Investment Management is a provider of subordinated debt, preferred stock and non-control common equity to mid-sized businesses. Arrowhead invests alongside private equity sponsors in acquisitions, buyouts, recapitalizations and growth capital transactions. Arrowhead is a generalist investor, however the Firm tends to focus on healthcare, packaging, chemicals, consumer products, industrial manufacturing, value-added distribution and business services. Arrowhead looks to commit $10 to $100 million in transactions valued up to $500 million. Arrowhead Investment Management was formed in 1996 and is based in Greenwich, Connecticut.


DEAL STATS #
Overall 10 of 24
Sector: Food M&A 2 of 2
Type: Add-on Acquisition M&A Deals 3 of 5
State: California M&A 3 of 3
Country: United States M&A 10 of 24
Year: 2006 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-11-01 MW Components

Charlotte, North Carolina, United States

MW Components is a manufacturer of products that make machines, engines, and complex sub-assemblies work harder, better, longer, and faster. Its full line of industrial springs, fasteners, machined parts, and flat-stamped spring-related products are engineered for peak performance and made from the world's best materials. MW Components is based in Charlotte, North Carolina.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-01-09 TIDI

Neenah, Wisconsin, United States

TIDI is a manufacturer, marketer, and distributor of a diversified portfolio of medical products focused on supporting caregivers and protecting patients. Based in Neenah, WI, the Company's broad product set is designed to help customers prevent "Never Events" (medical errors that should never occur), reduce costs, increase efficiencies, and drive better patient outcomes. TIDI Products was founded in 1969 and is based in Neenah, Wisconsin.

Buy -
SELLER

CHS Capital

Chicago, Illinois, United States

Category Private Equity Firm
Founded 1988
PE ASSETS 2.9B USD
Size Large
Type Sector Agnostic
DESCRIPTION

CHS Capital is a large private equity firm that targets US-based company investments in a variety of sectors. CHS will consider both control and non-control positions in businesses with proven management and strong growth potential. Broad sectors of interest include business services, consumer services, consumer products, distribution, industrial products and infrastructure. The Firm looks for businesses valued from $75 to $300 million. CHS will not invest in venture opportunities or turnaround situations. CHS was formed in 1988 and is based in Chicago, Illinois.


DEAL STATS #
Overall 19 of 46
Sector: Food M&A 1 of 1
Type: Add-on Acquisition M&A Deals 5 of 9
State: California M&A 3 of 4
Country: United States M&A 19 of 46
Year: 2006 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-07-31 Suture Express

Lenexa, Kansas, United States

Suture Express is a distributor of sutures and other wound closure products for acute care hospitals and surgery centers across the United States. Suture Express offers over 1,600 acute care hospitals, ambulatory surgery centers, and other customers a comprehensive assortment of more than 6,000 wound closure SKUs with no minimum order size, no required frequency of order and guaranteed next-day delivery for most orders. Suture Express was formed in 1998 and is based in Lenexa, Kansas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-02-07 Mainline Supply Co.

Dayton, Ohio, United States

Mainline Supply Company is the leading wholesale distributors of underground infrastructure products in the Southeast. The company's customer base includes municiaplities, developers and utility contractors involved in residential, commercial and municipal construction projects. Mainline distributes nearly 9,000 SKUs to approximately 1,800 customers through 16 branch locations in seven states in the Southeast and Mid-Atlantic regions. The company is headquartered in Charlotte, North Carolina.

Buy -
SELLER

First Atlantic Capital

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1989
PE ASSETS 1.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

First Atlantic Capital is a private equity firm that seeks investments in medium-sized US-based businesses valued between $100 and $500 million. Sectors of interest include business services, industrial and consumer goods, packaging, plastics, food processing, general manufacturing, and value-added distribution. First Atlantic typically targets control investment situations. The Firm has a particular interest in companies with strong expansion opportunities, either organic or through acquisitions, or companies with strong business foundations where a few operational improvements can substantially better financial performance. In addition to its private equity investing activity, First Atlantic manages First Atlantic Real Estate, a New York based real estate investment firm wholly owned by First Atlantic Capital. First Atlantic Capital was formed in 1989 and is based in New York City.


DEAL STATS #
Overall 5 of 13
Sector: Food M&A 1 of 3
Type: Add-on Acquisition M&A Deals 2 of 4
State: California M&A 1 of 3
Country: United States M&A 5 of 13
Year: 2006 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-07-25 BHM Technologies

Ionia, Michigan, United States

BHM Technologies is uniquely positioned as a supplier of low- and high-volume complex assemblies with significant expertise in product design and engineering, advanced welded technology, precision metal-forming and large-diameter tube bending.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-04-17 Custom Food Products

Carson, California, United States

Custom Food Products, Inc. currently doing business as Best Western Foods, Inc. formulates, processes, and markets value-added, cooked and pre-cooked meat products including a range of beef, chicken, pork, poultry, and turkey products. The Company sells its products to consumer product companies, packaged food manufacturers, chain restaurants, and national foodservice chains. It has production facilities in Los Angeles and Carson, California; and Owingsville, Kentucky. The Company was founded in 1946 and is based in Carson, California.

Sell -