Heartwood Partners Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Heartwood Partners has invested in 4 companies.

Heartwood Partners’ most common sectors for investment aremanufacturing (30%) and chemicals (13%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (38%) and growth capital (34%). In total, Heartwood Partners has invested in 15 US states.

In the last 3 years, Heartwood Partners has exited 2 companies. The Firm’s most common exit type is secondary buyout (42%). Heartwood Partners’ largest (disclosed) exit occurred in 2012 when it sold Linen Holdings for $105M.

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M&A Summary

  • M&A Total Activity41
    • M&A Buy Activity24
    • M&A Sell Activity17
  • Total Sectors Invested 14
  • Total Countries Invested 1
  • M&A Buy/Sell Connections 14
  • M&A Advisors 3

Heartwood Partners

301 Merritt 7,
Norwalk, Connecticut 06851
United States
(203) 625-0770
www.heartwoodpartners.com
mryan@heartwoodpartners.com

Heartwood Partners is a private equity firm focused on partnerships with middle-market companies across the US. The Firm prefers to invest in family owned and managed companies where it can leverage strategic resources for long-term growth. Target companies are typically profitable with $5 to $30 million of EBITDA with up to $400 million in revenue. Sectors of interest include agriculture, automotive, consumer products, distribution, food, industrial services, niche manufacturing, packaging, and chemicals. Heartwood Partners was formed in 1982 and is headquartered in Norwalk, Connecticut.


Investment Criteria

Sectors of Interest: Automotive, Business Services, Chemicals, Consumer Products, Consumer Services, Distribution, Engineering, Food, Furniture, Life Science, Manufacturing, Packaging, Plastics

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Growth Capital, Recapitalization, Special Situations/Distressed, Secondary Buyout, Stake Purchase

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

Transaction Criteria Min Max
Target Revenue 30 400
Target EBITDA 5 30
Investment Size - -
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '17 '18 '19 '20 '21 '22 T
Buy (1.6/yr) # 16 4 2 1 - 1 24
Sell (0.6/yr) # 14 1 - - 1 1 17
vol $105M $105M
  41

Most Recent M&A

Company Date Value Type
The Amlon Group 2022-07-22 - Growth Capital
Plano, Texas
Allentown, Inc. 2022-05-11 - Secondary Buyout
Allentown, New Jersey · www.allentowninc.com
Aftermarket Performance Group 2021-04-01 - Secondary Buyout
Salt Lake City, Utah · www.aftermarketperformancegroup.com
MicroCare, LLC 2020-05-28 - Growth Capital
New Britain, Connecticut · www.microcare.com
Allentown, Inc. 2019-10-22 - Growth Capital
Allentown, New Jersey · www.allentowninc.com
Universal Woods 2019-03-15 - Growth Capital
Louisville, Kentucky · www.universalwoods.com
Roll-Rite LLC 2018-11-30 - Add-on Acquisition
Alger, Michigan · www.rollrite.com
Minimizer LLC 2018-09-20 - Growth Capital
Owatonna, Minnesota · www.minimizer.com
Sur-Seal Corp. 2018-06-12 - Growth Capital
Cincinnati, Ohio · www.sur-seal.com
ChromaScape, Inc. 2018-05-02 - Growth Capital
Twinsburg, Ohio · www.chromascape.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
M&Q Packaging LLC 2016-01-14 Outlook Group Corp. 2016-11-07 2
Schuylkill Haven, Pennsylvania · www.mqplastics.com Neenah, Wisconsin · www.outlookgroup.com

M&A by Sector

Sector Current # Value All-time # Value
Manufacturing 3 (27%) - 7 (29%) -
Chemicals 2 (18%) - 3 (13%) -
Automotive 1 (9%) - 2 (8%) -
Consumer Products - - 2 (8%) -
Apparel/Textiles - - 1 (4%) -
Distribution - - 1 (4%) -
Engineering 1 (9%) - 1 (4%) -
Environmental - - 1 (4%) -
Food - - 1 (4%) -
Furniture 1 (9%) - 1 (4%) -
Life Science - - 1 (4%) -
Metals/Mining 1 (9%) - 1 (4%) -
Packaging 1 (9%) - 1 (4%) -
Plastics 1 (9%) - 1 (4%) -
Total 11 - 24 -

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 11 (100%) - 24 (100%) -
  Ohio 2 (18%) - 3 (13%) -
  Pennsylvania 1 (9%) - 3 (13%) -
  New Jersey - - 3 (13%) -
  Connecticut 2 (18%) - 2 (8%) -
  Texas 2 (18%) - 2 (8%) -
  Kentucky 1 (9%) - 2 (8%) -
  South Carolina 1 (9%) - 1 (4%) -
  Minnesota 1 (9%) - 1 (4%) -
  Georgia 1 (9%) - 1 (4%) -
  Colorado - - 1 (4%) -
  Alabama - - 1 (4%) -
  Oklahoma - - 1 (4%) -
  Michigan - - 1 (4%) -
  Massachusetts - - 1 (4%) -
  Illinois - - 1 (4%) -
Total 11 - 24 -

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 4 (36%) - 9 (38%) -
Growth Capital 6 (55%) - 8 (33%) -
Secondary Buyout - - 4 (17%) -
Divestiture - - 1 (4%) -
Recapitalization 1 (9%) - 1 (4%) -
Stake Purchase - - 1 (4%) -
Total 11 - 24 -

Exits by Deal Type

Type Total # Value
Secondary Sale 7 (41%) -
Trade Sale - Public Company 3 (18%) 105M (100%)
Trade Sale 3 (18%) -
Sold to Management 2 (12%) -
Bankruptcy 1 (6%) -
Merger 1 (6%) -
Total 17 $105M

Top M&A Advisors

Financial Deals
Quarton Partners LLC
1
Lincoln International
1
Legal Deals
Finn Dixon & Herling LLP
1

Deal Values

sell # Total
$100M to $1B 1 $105M
TOTAL $105M
Largest Linen Holdings LLC
$105M (2012-06-01)

M&A Connections

Deals
Acquired from
Investor(s)
17%
4 (17%)
Strategic(s)
4%
1 (4%)
Exited to
Investor(s)
41%
7 (41%)
Strategic(s)
41%
7 (41%)

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