M&A Deal Summary

Circle Peak Capital, Onex Falcon, The Carlyle Group and CapitalSource Acquire Shari’s Management

On January 3, 2006, private equity firm Circle Peak Capital, mezzanine finance firm Onex Falcon, private equity firm The Carlyle Group and CapitalSource acquired restaurant Shari’s Management from Fairmont Capital, Nicolet Capital Partners and Windjammer Capital Investors for 80M USD

Acquisition Highlights
  • This is Circle Peak Capital’s 1st, Onex Falcon’s 1st, The Carlyle Group’s 1st and CapitalSource’s 1st transaction in the Restaurants sector.
  • This is Circle Peak Capital’s , Onex Falcon’s 5th, The Carlyle Group’s 119th and CapitalSource’s largest (disclosed) transaction.
  • This is Circle Peak Capital’s 2nd, Onex Falcon’s 16th, The Carlyle Group’s 122nd and CapitalSource’s 2nd transaction in the United States.
  • This is Circle Peak Capital’s 1st, Onex Falcon’s 1st, The Carlyle Group’s 1st and CapitalSource’s 1st transaction in Oregon.

M&A Deal Summary

Date 2006-01-03
Target Shari’s Management
Sector Restaurants
Buyer(s) Circle Peak Capital
Onex Falcon
The Carlyle Group
CapitalSource
Sellers(s) Fairmont Capital
Nicolet Capital Partners
Windjammer Capital Investors
Deal Type Secondary Buyout
Deal Value 80M USD

Target

Shari’s Management

Beaverton, Oregon, United States
website
Shari’s Management Corp. is a 97-unit chain of family-style restaurants. Shari’s Management Corp. offers 24-hour sit-down dining and a broad selection of value-oriented breakfast, lunch and dinner.

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Buyer(S) 4

Buyer

Circle Peak Capital

New York, New York, United States

Investor

website


Category Private Equity Firm
Founded 2002
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Circle Peak Capital is a private investment firm that makes control investments in mid-sized private companies. Circle Peak looks for opportunities in the consumer, industrial, and financial service sectors with low technology risk and high potential for internal growth. The Firm looks to invest alongside others to support management buyouts, acquisition platforms, and recapitalizations involving junior capital commitments. Circle Peak looks to commit up to $100 million in businesses with up to $500 million in revenue. Circle Peak does not invest in biotech, utilities, oil/gas, high technology, drugs, or transportation companies. Circle Peak Capital was formed in 2002 and is based in New York City.


DEAL STATS #
Overall 2 of 6
Sector (Restaurants) 1 of 1
Type (Secondary Buyout) 1 of 2
State (Oregon) 1 of 1
Country (United States) 2 of 6
Year (2006) 1 of 3
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-08-15 Hill & Valley

Rock Island, Illinois, United States

Hill & Valley, Inc. is a baker of sugar free and no-sugar added pies, cookies, and cakes.

Buy $30M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-05-03 Luxury Optical Holdings

Las Vegas, Nevada, United States

Luxury Optical Holdings is a retailer of luxury eyewear with specialty boutiques in key markets across the United States. LOH’s key retail concepts include Robert Marc, Optica, Scene, Morgenthal Frederics, Davante and AuCourant.

Buy -
Buyer

Onex Falcon

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website


Category Mezzanine Finance Firm
Founded 2000
PE ASSETS 4.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Onex Falcon is a mezzanine finance firm that provides junior capital for North American businesses. Falcon looks to provide $30 to $150 million of subordinated debt to companies with EBITDA of at least $10 million. Falcon has no specific industry focus. Investment proceeds are typically used to support LBOs/MBOs, growth and acquisition financings, restructuring, recapitalizations, take privates, and generational ownership transfers. Onex Falcon was formed in 2000 and is based in Boston, Massachusetts.


DEAL STATS #
Overall 16 of 56
Sector (Restaurants) 1 of 1
Type (Secondary Buyout) 3 of 8
State (Oregon) 1 of 1
Country (United States) 16 of 53
Year (2006) 2 of 8
Size (of disclosed) 5 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-01-01 Flatiron Financial Services

Centennial, Colorado, United States

Doing business as Peak5, Flatiron Financial Services is a loan servicing provider located in Centennial, Colorado. The company serves over 200 clients in 48 states using its advanced technology and unsurpassed customer service to fully customize services for each client.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-07-01 Bravo Sports

Santa Fe Springs, California, United States

Bravo Sports is a manufacturer of sporting goods and outdoor categories. Bravo provides branded consumer products such as scooters, skateboards, skates, and canopies to a blue-chip customer base across the mass merchants, sporting goods and big-box retailers. Bravo Sports was founded in 1965 and is based in Santa Fe Springs, California.

Sell -
Buyer

The Carlyle Group

Washington, District of Columbia, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1987
PE ASSETS 376.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.

The Carlyle Group is a global investment firm that pursues private equity, credit, and real estate investments worldwide. Carlyle's private equity practice practice pursues buyouts, strategic minority equity investments, equity private placements, consolidations and buildups, and growth capital financings. With offices in 19 countries, Carlyle can easily target opportunities throughout North America, Europe, Asia, Australia, the Middle East/North Africa and Latin America. Broad sectors of interest include aerospace, defense, automotive and transportation, consumer, retail, energy and power, financial services, healthcare, industrial, infrastructure, technology services, business services, telecommunications and media. The Carlyle Group was formed in 1987 and is based in Washington DC.


DEAL STATS #
Overall 210 of 695
Sector (Restaurants) 1 of 10
Type (Secondary Buyout) 11 of 125
State (Oregon) 1 of 2
Country (United States) 122 of 336
Year (2006) 1 of 52
Size (of disclosed) 119 of 133
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-01-01 Vidéotron Telecom

Montreal, Quebec, Canada

Vidéotron Telecom Ltée was a facilities-based competitive local exchange carrier providing local, long distance, Internet access and data services to businesses in the province of Quebec, Canada.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-01-16 Hispanic Teleservices

Houston, Texas, United States

Hispanic Teleservices Corporation (HTC) is a specialized provider of outsourced contact center services for companies serving the US Hispanic market. HTC helps clients grow their Hispanic market share by offering a solution that integrates scalable inbound bilingual contact center services with specialized professional services.

Buy -
Buyer

CapitalSource

Chevy Chase, Maryland, United States

website


Category Company
Sector Financial Services
DESCRIPTION

CapitalSource, Inc. is a commercial finance company specialized in to the healthcare, re-discount, finance, real estate, and corporate finance sectors. By combining a broad array of financial products, a large and permanent balance sheet, an execution-focused business model and a commitment to rigorous and thoughtful research and analysis, CapitalSource delivers unique and valuable financial solutions to small to mid-size businesses seeking to grow.


DEAL STATS #
Overall 2 of 3
Sector (Restaurants) 1 of 1
Type (Secondary Buyout) 1 of 1
State (Oregon) 1 of 1
Country (United States) 2 of 3
Year (2006) 1 of 2
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-10-21 DTLR Villa

Hanover, Maryland, United States

DTLR Villa is a specialty retailer targeting the young urban male with over 70 stores in six regions: Atlanta, Baltimore, Chicago, North Carolina, Virginia, and Washington, D.C. DTLR Villa values the urban lifestyle and is committed to bringing the hottest urban fashions to the streets. The Company’s products include footwear, apparel, and accessories. DTLR Villa was formed in 1982 and is based in Hanover, Maryland.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-02-01 Citizens of Humanity

Huntington Park, California, United States

Citizens of Humanity is a designer and distributor of premium denim and other apparel. Known for their classic style, vintage look and outstanding quality, Citizens of Humanity is headquartered in Huntington Park, California. The Company's denim line, which comes in a variety of fits, colors and levels of distress, can be found at upscale specialty clothing boutiques and other high-end retail stores.

Buy -

Seller(S) 3

SELLER

Fairmont Capital

Anaheim, California, United States

Investor Investor

website


Category Private Equity Firm
Founded 1986
Size Small
Type Sector Agnostic
DESCRIPTION

Fairmont Capital is a private equity firm that seeks investments in middle-market consumer related businesses. Fairmont targets companies with at least $10 million in annual revenue. Prospective transactions are typically valued between $5 and $300 million. Fairmont will consider investment situations that include leveraged acquisitions and management buyouts, going private restructurings, co-investments with other private equity firms, and recapitalizations. Industry sectors of interest include manufacturing, retail, restaurant chains, distribution, and service. Fairmont will not invest in high technology, financial services, real estate, and start-ups. Fairmont Capital is based in Brea, California.


DEAL STATS #
Overall 3 of 4
Sector (Restaurants) 3 of 3
Type (Secondary Buyout) 3 of 4
State (Oregon) 1 of 1
Country (United States) 3 of 4
Year (2006) 1 of 1
Size (of disclosed) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-10-19 Garden Fresh

San Diego, California, United States

Garden Fresh offers a broad variety of fresh food alternatives in an all-you-care-to-eat format. Each day begins fresh at the more than 100 company-owned restaurants in 11 states. More than 300 million guests since 1978 have helped us be number one in fresh produce and salads, made-from-scratch soups, hot pastas, freshly baked breads and muffins, fresh fruit, desserts, and more. Guests have the freedom to create their own wholesome meal in a one-of-a-kind dining experience in a friendly atmosphere and all at an everyday value.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-03-22 Stampede

Bridgeview, Illinois, United States

Stampede is a provider of value-added beef products for a nationwide blue-chip customer base that includes leading national restaurant chains, quick service restaurants, foodservice distributors, home delivery networks and grocery retailers. Stampede customizes its protein products to specifications which include portion size, tenderizing, seasoning, marinating, breading, cooking, and packaging. Stampede was formed in 1995 and is based in Bridgeview, Illinois.

Buy $127M
SELLER

Nicolet Capital Partners

Evanston, Illinois, United States

website


Category Private Equity Firm
Founded 2005
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Nicolet Capital Partners LLC is a private equity firm that invests in established companies headquartered in the US. Nicolet focuses on companies with distinct and sustainable market positions, revenues between $30 - $300 and EBITDA greater than $7 million. The Firm provides both debt and equity capital. Nicolet will consider minority and majority positions and looks to invest $15 to $50 million per transaction. Specific areas of interest include manufacturing, distribution, business services and consumer products. The Firm will consider a variety of transaction types, including buyouts, growth capital financings, and recapitalizations. Nicolet Capital Partners LLC is formed 2005 and is based in Evanston, Illinois.


DEAL STATS #
Overall 2 of 7
Sector (Restaurants) 1 of 1
Type (Secondary Buyout) 2 of 4
State (Oregon) 1 of 1
Country (United States) 2 of 7
Year (2006) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-12-01 American Fire Protection Group

Edina, Minnesota, United States

American Fire Protection Group, Inc. is a fire protection industry. American Fire Protection Group provides quality of protection for any facility through a wide variety of fire suppression systems, from basic wet pipe sprinkler systems and dry pipe sprinkler systems to complex special hazards systems, such as foam and chemical suppression systems.

Sell $42M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-10-31 Transcendia

Franklin Park, Illinois, United States

Transcendia, Inc. is a converter and distributor of synthetic films in North America. It provides specialized manufacturing and converting services including liquid and extrusion coating, select sheet extrusion, and a wide-range of precision converting including slitting, sheeting, magnetic striping, security and specialty printing.

Buy $100M
SELLER

Windjammer Capital Investors

Newport Beach, California, United States

Investor Investor Investor Investor Investor

website


Category Mezzanine Finance Firm
Founded 1990
PE ASSETS 2.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Windjammer Capital Investors is a private investment firm that invests control equity, minority equity, and/or subordinated debt in growing middle-market businesses. The Firm seeks to invest between $50 and $200 million of equity or subordinated debt in companies that generate at least $8 million of EBITDA. Windjammer focuses on North American-based opportunities and prefers companies with scalable business models, differentiated products/services, and that operate in defensible markets. Broad sectors of interest include manufacturing, business services and value-added distribution. Windjammer does not invest in high technology, real estate, and financial services companies. Windjammer Capital Investors was formed in 1990 and has offices in Waltham, Massachusetts and Newport Beach, California.


DEAL STATS #
Overall 7 of 26
Sector (Restaurants) 1 of 1
Type (Secondary Buyout) 4 of 12
State (Oregon) 1 of 1
Country (United States) 7 of 26
Year (2006) 1 of 3
Size (of disclosed) 8 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-12-01 American Fire Protection Group

Edina, Minnesota, United States

American Fire Protection Group, Inc. is a fire protection industry. American Fire Protection Group provides quality of protection for any facility through a wide variety of fire suppression systems, from basic wet pipe sprinkler systems and dry pipe sprinkler systems to complex special hazards systems, such as foam and chemical suppression systems.

Sell $42M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-03-16 Athena Diagnostics

Marlborough, Massachusetts, United States

Athena Diagnostics, Inc. is a developer and provider of proprietary molecular diagnostic and immunodiagnostic tests and services.

Sell $283M