Northstar Capital Mergers and Acquisitions Summary

Mezzanine Finance Firm Profile

In the last 3 years, Northstar Capital has acquired 9 companies. It has also invested in 2 others.

Northstar Capital’s most common sectors for investment aremanufacturing (14%) and business services (12%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (40%) and growth capital (20%). In total, Northstar Capital has invested in 34 US states and 4 different countries. Its largest (disclosed) acquisition occurred in 2000 when it acquired Ovation Brands for $665M.

In the last 3 years, Northstar Capital has exited 25 companies. The Firm’s most common exit type is trade sale (34%). Northstar Capital’s largest (disclosed) exit occurred in 2020 when it sold Windy City Wire Cable & Technology Products for $550M.

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M&A Summary

  • M&A Total Activity187
    • M&A Buy Activity107
    • M&A Sell Activity80
  • Total Sectors Invested 31
  • Total Countries Invested 4
  • M&A Buy/Sell Connections 80
  • M&A Advisors 2

Northstar Capital LLC

2310 Plaza VII, 45 South Seventh Street,
Minneapolis, Minnesota 55402
United States
(612) 371-5700
www.northstarcapital.com

Northstar Capital is a mezzanine finance firm that provides junior capital to middle-market companies operating in the value-added distribution, light manufacturing, business services, financial services, education, and specialty healthcare sectors. Northstar's typical investment size is $5 to $30 million in businesses generating sales of $20 to $300 million with an EBITDA of at least $3 million. Prospective companies have stable cash flows and sustainable margins. Investments typically have maturities of five to eight years. Northstar does not invest in start-ups, real estate development, natural resource exploration, or high technology companies. Northstar Capital was formed in 1993 and is based in Minneapolis, Minnesota.


Investment Criteria

Sectors of Interest: Aerospace, Agriculture, Automotive, Building Materials, Business Services, Chemicals, Communications, Consumer Products, Consumer Services, Distribution, Education, Electrical Equipment, Electronics, Engineering, Environmental, Financial Services, Healthcare Services, Insurance, Life Science, Machinery, Manufacturing, Marine, Marketing, Medical Products, Packaging, Plastics, Restaurants, Test/Measurement Equipment, Transportation

Target Transaction Types: Buyout (LBO, MBO, MBI), Consolidation, Divestiture, Going Private, Growth Capital, Secondary Buyout

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

Transaction Criteria Min Max
Target Revenue 20 200
Target EBITDA 3 -
Investment Size 5 30
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '19 '20 '21 '22 '23 '24 T
Buy (3.0/yr) # 92 5 6 4 - - 107
vol $900M $900M
Sell (5.6/yr) # 52 3 11 10 2 2 80
vol $445M $705M $310M $195M $1.7B
  187

Most Recent M&A

Company Date Value Type
Questco Companies 2024-07-31 - Secondary Sale
The Woodlands, Texas · www.questco.net
Epko Industries, Inc. 2024-04-29 - Secondary Sale
Glendale Heights, Illinois · www.mdcwall.com
Online Labels LLC 2023-12-19 - Recapitalization
Sanford, Florida · www.onlinelabels.com
Avidity Science LLC 2023-09-22 195M USD Trade Sale
Waterford, Wisconsin · www.avidityscience.com
Standard Locknut LLC 2022-11-30 - Divestiture
Westfield, Indiana · www.standard-miether.com
Integrated Cable Assembly Holdings, Inc. 2022-09-01 - Unknown
Nogales, Mexico · www.icaholdings.com
ACI Asphalt & Concrete, Inc. 2022-08-02 - Buyout (LBO, MBO, MBI)
Maple Grove, Minnesota · www.aciasphalt.com
Rollease Acmeda Holdings, Inc. 2022-08-01 - Unknown
Stamford, Connecticut · www.rolleaseacmeda.com
NAC Marketing Co. LLC 2022-07-01 - Unknown
Hauppauge, New York · www.newvitality.com
Aergo Solutions LLC 2022-05-25 - Trade Sale
Iselin, New Jersey · www.aergo.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Civix 2017-12-21 Civix’s Critical Infrastructure 2023-08-30 1
Metairie, Louisiana · www.gocivix.com Metairie, Louisiana
LumiSource LLC 2022-01-13 Grandview Gallery 2022-04-27 1
Elk Grove Village, Illinois · www.lumisource.com Memphis, Tennessee · www.grandviewgallery.com
The Barcode Group, Inc. 2021-07-15 Portu Sunberg LLC 2022-02-09 2
Bentonville, Arkansas · www.thebarcodegroup.com Minneapolis, Minnesota · www.portusunberg.com
Advanced Material Processing 2019-09-04 Kason Corp. 2019-09-04 2
Chicago, Illinois · www.amprocessing.com Millburn, New Jersey · www.kason.com
Advanced Material Processing 2019-09-04 Marion Process Solutions 2019-09-04 1
Chicago, Illinois · www.amprocessing.com Marion, Iowa · www.marionsolutions.com
The ADS Group 1999-09-01 Digital Excellence LLC 2006-11-01 2
Plymouth, Minnesota · www.theadsgroup.com Minneapolis, Minnesota · www.digx.com

M&A by Sector

Sector Current # Value All-time # Value
Manufacturing 7 (24%) 235M (100%) 15 (14%) 235M (26%)
Business Services 3 (10%) - 12 (11%) -
Consumer Products 2 (7%) - 11 (10%) -
Machinery 5 (17%) - 9 (8%) -
Distribution - - 7 (6%) -
Food 1 (3%) - 5 (5%) -
Electrical Equipment - - 4 (4%) -
Healthcare Services - - 4 (4%) -
Automotive 1 (3%) - 3 (3%) -
Building Materials - - 3 (3%) -
Information Technology 1 (3%) - 3 (3%) -
Life Science 1 (3%) - 3 (3%) -
Medical Products - - 3 (3%) -
Packaging 1 (3%) - 3 (3%) -
Chemicals - - 2 (2%) -
Consumer Services - - 2 (2%) -
Electronics - - 2 (2%) -
Furniture 1 (3%) - 2 (2%) -
Marketing - - 2 (2%) -
Software 2 (7%) - 2 (2%) -
Test/Measurement Equipment - - 2 (2%) -
Restaurants - - 1 (1%) 665M (74%)
Aerospace 1 (3%) - 1 (1%) -
Communications - - 1 (1%) -
Construction 1 (3%) - 1 (1%) -
Environmental - - 1 (1%) -
Marine - - 1 (1%) -
Plastics - - 1 (1%) -
Safety/Security - - 1 (1%) -
Staffing 1 (3%) - 1 (1%) -
Technology Hardware 1 (3%) - 1 (1%) -
Total 29 $235M 109 $900M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 27 (93%) - 104 (95%) 665M (74%)
  Minnesota 3 (10%) - 11 (10%) 665M (74%)
  Illinois 3 (10%) - 11 (10%) -
  Wisconsin 3 (10%) - 9 (8%) -
  Tennessee 2 (7%) - 6 (6%) -
  California 2 (7%) - 5 (5%) -
  Texas 1 (3%) - 5 (5%) -
  Pennsylvania - - 5 (5%) -
  Ohio 1 (3%) - 4 (4%) -
  New Jersey 1 (3%) - 4 (4%) -
  Indiana 1 (3%) - 4 (4%) -
  Washington - - 3 (3%) -
  Missouri - - 3 (3%) -
  Michigan - - 3 (3%) -
  Georgia - - 3 (3%) -
  South Carolina 1 (3%) - 2 (2%) -
  Oklahoma 1 (3%) - 2 (2%) -
  North Carolina 1 (3%) - 2 (2%) -
  Nevada 1 (3%) - 2 (2%) -
  Massachusetts 1 (3%) - 2 (2%) -
  Louisiana 1 (3%) - 2 (2%) -
  New York - - 2 (2%) -
  Florida - - 2 (2%) -
  Nebraska 1 (3%) - 1 (1%) -
  Mississippi 1 (3%) - 1 (1%) -
  Maine 1 (3%) - 1 (1%) -
  Arkansas 1 (3%) - 1 (1%) -
  Virginia - - 1 (1%) -
  Utah - - 1 (1%) -
  Montana - - 1 (1%) -
  Kansas - - 1 (1%) -
  Connecticut - - 1 (1%) -
  Colorado - - 1 (1%) -
  Arizona - - 1 (1%) -
  Alabama - - 1 (1%) -
Canada 1 (3%) - 3 (3%) -
  Quebec 1 (3%) - 1 (1%) -
  Ontario - - 1 (1%) -
  Alberta - - 1 (1%) -
Singapore 1 (3%) 235M (100%) 1 (1%) 235M (26%)
Mexico - - 1 (1%) -
Domestic 27 (93%) - 104 (95%) 665M (74%)
Cross-border 2 (7%) 235M (100%) 5 (5%) 235M (26%)
Total 29 $235M 109 $900M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 11 (38%) - 43 (39%) 665M (74%)
Growth Capital 7 (24%) - 21 (19%) -
Secondary Buyout 5 (17%) - 19 (17%) -
Recapitalization 2 (7%) - 17 (16%) -
Consolidation 2 (7%) - 4 (4%) -
Divestiture 1 (3%) - 3 (3%) -
Going Private 1 (3%) 235M (100%) 1 (1%) 235M (26%)
Stake Purchase - - 1 (1%) -
Total 29 $235M 109 $900M

Exits by Deal Type

Type Total # Value
Secondary Sale 29 (36%) 5M (< 1%)
Trade Sale 18 (23%) -
Trade Sale - Public Company 12 (15%) 1.6B (100%)
Unknown 10 (13%) -
Merger 4 (5%) -
2 (3%) -
Bankruptcy 2 (3%) -
Recapitalization 2 (3%) -
Shut Down 1 (1%) -
Total 80 $1.7B

Top M&A Advisors

Financial Deals
Stout Risius Ross LLC
 1
Legal Deals
Allen & Gledhill
 1

Deal Values

buy # Total
$100M to $1B 2 $900M
TOTAL $900M
Largest Ovation Brands, Inc.
$665M (2000-06-06)
sell # Total
$100M to $1B 6 $1.5B
< $100M 3 $182M
TOTAL $1.7B
Largest Windy City Wire Cable & Technology Products LLC
$550M (2020-09-22)

M&A Connections

Deals
Acquired from
Investor(s)
20%
22 (20%)
Strategic(s)
3%
3 (3%)
Exited to
Investor(s)
40%
32 (40%)
Strategic(s)
39%
31 (39%)

Investor Summary

Investor Type

Mezzanine Finance Firm

Size

Large

PE Assets

1.7B USD

Established

1993

Specialist/Generalist

Generalist

Leadership

Douglas Mark

Co-Founder & Managing Partner

Brian Schneider

Managing Partner

Christopher Kocourek

Managing Partner

Daniel Kleineman

Partner

Ethan Eid

Partner

FAQ

When was Northstar Capital LLC founded?

Northstar Capital LLC was founded in 1993.

What type of investor is Northstar Capital LLC?

Northstar Capital LLC is a mezzanine finance firm.

Where is Northstar Capital LLC headquartered?

Northstar Capital LLC is headquartered in Minneapolis, Minnesota.

How much capital does Northstar Capital LLC have under management?

Northstar Capital LLC has 1.7B USD under management.

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