Freeman Spogli Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Freeman Spogli has acquired 3 companies. It has also invested in 1 other.

Freeman Spogli’s most common sectors for investment are retail (39%) and business services (11%). The Firm’s most common investment types include secondary buyout (42%) and buyout (lbo, mbo, mbi) (36%). In total, Freeman Spogli has invested in 19 US states. Its largest (disclosed) acquisition occurred in 2006 when it acquired Petco Animal Supplies for $1.8B.

In the last 3 years, Freeman Spogli has exited 1 company. The Firm’s most common exit type is ipo (29%). Freeman Spogli’s largest (disclosed) exit occurred in 2015 when it sold Petco Animal Supplies for $4.6B.

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M&A Summary

  • M&A Total Activity59
    • M&A Buy Activity38
    • M&A Sell Activity21
  • Total Sectors Invested 15
  • Total Countries Invested 1
  • M&A Buy/Sell Connections 21
  • M&A Advisors 7

Freeman Spogli & Co.

11100 Santa Monica Blvd., Suite 1900,
Los Angeles, California 90025
United States
(310) 444-1822
www.freemanspogli.com
info@freemanspogli.com

Freeman Spogli & Co. is a private equity firm focused on acquiring middle-market retail, direct marketing, and distribution companies. The Firm will consider opportunities throughout Northh America and prefers partnering with management when pursuing acquisitions. Freeman Spogli looks to invest $50 to $150 million in transactions valued up to $750 million. Freeman Spogli was formed in 1983 and is based in Los Angeles, California with an additional office in New York City.


Investment Criteria

Sectors of Interest: Business Services, Consumer Products, Consumer Services, Distribution, Financial Services, Healthcare Services, Marketing, Medical Products, Publishing, Restaurants, Retail

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Growth Capital

Geographic Preferences: East US, Midwest US, South US, West US, Canada

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA 10 75
Investment Size 50 150
Enterprise Value 100 750
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (2.0/yr) # 28 2 2 1 2 3 38
vol $4.4B $4.4B
Sell (0.6/yr) # 18 2 1 - - - 21
vol $8.0B $8.0B
  59

Most Recent M&A

Company Date Value Type
Galco Industrial Electronics, Inc. 2020-01-29 - Secondary Buyout
Madison Heights, Michigan · www.galco.com
Kamps Pallets, Inc. 2020-01-14 - Buyout (LBO, MBO, MBI)
Grand Rapids, Michigan · www.kampspallets.com
Easy Ice LLC 2020-01-08 - Buyout (LBO, MBO, MBI)
Marquette, Michigan · www.easyice.com
Five Star Food Service, Inc. 2019-03-28 - Secondary Buyout
Chattanooga, Tennessee · www.fivestar-food.com
FASTSIGNS International, Inc. 2019-03-13 - Secondary Buyout
Carrollton, Texas · www.fastsigns.com
CRH Healthcare LLC 2018-12-18 - Recapitalization
Atlanta, Georgia · www.crhhealthcare.com
Planet Fitness, Inc. 2017-09-29 - Stake Purchase
Hampton, New Hampshire · www.planetfitness.com
Cafe Rio, Inc. 2017-09-07 - Secondary Buyout
Salt Lake City, Utah · www.caferio.com
First Watch Restaurants, Inc. 2017-07-27 - Stake Purchase
Bradenton, Florida · www.firstwatch.com
Smile Brands Group, Inc. 2016-08-18 - Secondary Buyout
Irvine, California · www.smilebrands.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
FASTSIGNS International, Inc. 2019-03-13 Sign Me Up Signs & Advertising 2019-12-20 1
Carrollton, Texas · www.fastsigns.com West Babylon, New York · www.signmeupadvertising.com
Plantation Products, Inc. (Seed Holdings, Inc.) 2015-01-07 SUPERthrive 2017-07-19 1
Norton, Massachusetts · www.plantationproducts.com North Hollywood, California · www.superthrive.com
Regent Holding Co. 2015-11-04 Illume, Inc. 2016-04-18 1
, United States · www.regent-holding.com Minneapolis, Minnesota · www.illumecandles.com
MicroStar Keg Management LLC ( MicroStar Logistics ) 2013-01-03 KegCraft 2015-09-01 1
Greenwood Village, Colorado · www.microstarkegs.com Hodgkins, Illinois · www.kegcraft.com
Ross-Simons, Inc. 2000-07-26 Alpha Omega Jewelers 2008-01-10 1
Cranston, Rhode Island · www.ross-simons.com Cambridge, Massachusetts

M&A by Sector

Sector Current # Value All-time # Value
Retail 4 (21%) - 15 (38%) 2.8B (64%)
Business Services 2 (11%) - 4 (10%) 340M (8%)
Distribution 2 (11%) - 4 (10%) -
Restaurants 2 (11%) - 3 (8%) -
Consumer Products 2 (11%) - 2 (5%) -
Consumer Services 1 (5%) - 2 (5%) -
Real Estate - - 1 (3%) 750M (17%)
Apparel/Textiles 1 (5%) 500M (100%) 1 (3%) 500M (11%)
Financial Services - - 1 (3%) -
Furniture 1 (5%) - 1 (3%) -
Healthcare Services 1 (5%) - 1 (3%) -
Machinery 1 (5%) - 1 (3%) -
Media - - 1 (3%) -
Packaging 1 (5%) - 1 (3%) -
Transportation 1 (5%) - 1 (3%) -
Total 19 $500M 39 $4.4B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 19 (100%) 500M (100%) 39 (100%) 4.4B (100%)
  California 1 (5%) - 7 (18%) 2.9B (65%)
  Michigan 3 (16%) - 3 (8%) -
  Tennessee 2 (11%) - 3 (8%) -
  Georgia 2 (11%) - 3 (8%) -
  New York - - 3 (8%) 200M (5%)
  North Carolina - - 3 (8%) -
  Ohio 2 (11%) 500M (100%) 2 (5%) 500M (11%)
  Texas 1 (5%) - 2 (5%) -
  Florida 1 (5%) - 2 (5%) -
  Washington - - 2 (5%) 550M (12%)
  Wisconsin 1 (5%) - 1 (3%) -
  Utah 1 (5%) - 1 (3%) -
  Rhode Island 1 (5%) - 1 (3%) -
  New Hampshire 1 (5%) - 1 (3%) -
  Massachusetts 1 (5%) - 1 (3%) -
  Colorado 1 (5%) - 1 (3%) -
  Minnesota - - 1 (3%) 277M (6%)
  Indiana - - 1 (3%) -
Total 19 $500M 39 $4.4B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 10 (53%) 500M (100%) 16 (41%) 1.7B (38%)
Buyout (LBO, MBO, MBI) 5 (26%) - 14 (36%) 200M (5%)
Recapitalization 2 (11%) - 4 (10%) -
Going Private - - 2 (5%) 2.6B (58%)
Growth Capital 1 (5%) - 2 (5%) -
Stake Purchase 1 (5%) - 1 (3%) -
Total 19 $500M 39 $4.4B

Exits by Deal Type

Type Total # Value
Secondary Sale 6 (29%) 4.6B (58%)
IPO 6 (29%) -
Trade Sale 3 (14%) 915M (11%)
Trade Sale - Public Company 3 (14%) 875M (11%)
Recapitalization 1 (5%) 1.6B (20%)
Bankruptcy 1 (5%) -
Stake Sale 1 (5%) -
Total 21 $8.0B

Top M&A Advisors

Financial Deals
Harris Williams & Co.
 1
Jefferies LLC
 1
William Blair & Co. LLC
 1
Legal Deals
Morgan, Lewis & Bockius LLP
 7
Ropes & Gray LLP
 3
Proskauer Rose LLP
 1

Deal Values

buy # Total
> $1B 1 $1.8B
$100M to $1B 6 $2.6B
TOTAL $4.4B
Largest Petco Animal Supplies, Inc.
$1.8B (2006-07-14)
sell # Total
> $1B 2 $6.2B
$100M to $1B 4 $1.8B
TOTAL $8.0B
Largest Petco Animal Supplies, Inc.
$4.6B (2015-11-23)

M&A Connections

Deals %
Acquired from
PE Firm(s)
100%
26 100%
Exited to
PE Firm(s)
65%
11 65%
Strategic(s)
35%
6 35%

Investor Summary

Size

Large

PE Assets

4.0B USD

Established

1983

Specialist/Generalist

Specialist

Leadership

Bradford Freeman

Co-Founder & Chairman

Ronald Spogli

Co-Founder & CEO

Jon Ralph

President & COO

John Roth

CEO

Todd Halloran

Partner

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