M&A Deal Summary

Hormel Foods Acquires Century Foods International

On July 31, 2003, Hormel Foods Corp. acquired food company Century Foods International from Peninsula Capital Partners L.L.C. for 115M USD

Acquisition Highlights
  • This is Hormel Foods’ 2nd transaction in the Food sector.
  • This is Hormel Foods’ 8th largest (disclosed) transaction.
  • This is Hormel Foods’ 2nd transaction in the United States.
  • This is Hormel Foods’ 1st transaction in Wisconsin.

M&A Deal Summary

Date 2003-07-31
Target Century Foods International
Sector Food
Buyer(s) Hormel Foods Corp.
Sellers(s) Peninsula Capital Partners L.L.C.
Deal Type Add-on Acquisition
Deal Value 115M USD
Advisor(s) League Park Advisors LLC (Financial)

Target

Century Foods International

Sparta, Wisconsin, United States
website
Century Foods International is a formulator, blender, and marketer of dairy ingredients to the food and nutritional products industries. The Company operates out of five plants located in and around Sparta, Wisconsin. Century’s core business is the formulation (recipe creation) and blending of dry milk ingredients (and flavors, colors, etc.) used by hundreds of food and sport nutrition (whey protein drinks and bars) companies as both raw materials in their production and finished goods packaged by Century for shipment to retailers.

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Buyer(S) 1

Buyer

Hormel Foods Corp.

Austin, Minnesota, United States

website


Category Company
Founded 1891
SectorFood
Employees20,100
Revenue 9.6B USD (2020)
DESCRIPTION
Hormel Foods' corporate headquarters in Austin, Minnesota.
Hormel Foods' corporate headquarters in Austin, Minnesota.

Hormel Foods is a multinational manufacturer and marketer of consumer-branded food and meat products, many of which are among the best known and trusted in the food industry. Hormel Foods was formed in 1891 and is based in Austin, Minnesota.


DEAL STATS #
Overall 2 of 16
Sector (Food) 2 of 16
Type (Add-on Acquisition) 1 of 9
State (Wisconsin) 1 of 2
Country (United States) 2 of 15
Year (2003) 1 of 1
Size (of disclosed) 8 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2002-12-31 Diamond Crystal Brands, Inc.

Savannah, Georgia, United States

Diamond Crystal Brands, Inc. is a manufacturer and distributor of customized foodservice solutions, including sauces,dressings, condiments, drink mixes, salt, pepper, sweeteners and other food and beverage products. DCB has a diverse customer base of blue chip foodservice distributors, national restaurant chains and convenience stores.

Buy $115M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-07-06 Vista International Packaging LLC

Kenosha, Wisconsin, United States

Vista International Packaging LLC is a provider of artificial casings and film packaging products to a variety of specialty and broad-line food customers in the meat processing industry.

Sell -

Seller(S) 1

SELLER

Peninsula Capital Partners L.L.C.

Detroit, Michigan, United States

Investor Investor Investor Investor Investor

website


Category Mezzanine Finance Firm
Founded 1995
PE ASSETS 1.9B USD
SizeLarge
Type Sector Agnostic
DESCRIPTION

Peninsula Capital Partners is an investment group focused on providing a range of financing solutions to middle-market companies. The Firm is willing to be a minority or control investor and invests across the capital structure. This includes subordinated debt, preferred or common stock. For mezzanine commitments, Peninsula looks to invest $5 to $40 million. For equity transactions, Peninsula looks to invest $2 to $20 million. Peninsula is a generalist investor. Target sectors include manufacturing, industrial service, distribution, consumer products, professional services, retail, applied technology, transportation, food processing and packaging. Peninsula Capital Partners was formed in 1995 and is based in Detroit, Michigan.


DEAL STATS #
Overall 5 of 43
Sector (Food) 2 of 3
Type (Add-on Acquisition) 2 of 21
State (Wisconsin) 1 of 3
Country (United States) 5 of 40
Year (2003) 3 of 4
Size (of disclosed) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2003-06-01 Alsay, Inc.

Houston, Texas, United States

Alsay drills and services large diameter water wells for municipal water systems, privately operated municipal utility districts, and a variety of large industrial clients. Alsay constructs highly engineered and specialized wells costing up to $2 million each, and also provides extensive maintenance services on a large base of installed wells. Alsay was formed in 1960 and is based in Houston, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2003-09-30 Kyrus Corp.

Taylors, South Carolina, United States

Kyrus Corp. is a provider of retail point-of sale solutions.

Sell $31M