Winona Capital Management Mergers and Acquisitions Summary

Growth Capital Firm Profile

Winona Capital Management’s most common sectors for investment areconsumer products (30%) and apparel/textiles (18%) . The Firm’s most common investment types include growth capital (65%) and buyout (lbo, mbo, mbi) (18%). In total, Winona Capital Management has invested in 11 US states and 4 different countries.

In the last 3 years, Winona Capital Management has exited 1 company. The Firm’s most common exit type is trade sale (67%). Winona Capital Management’s largest (disclosed) exit occurred in 2016 when it sold Petsense for $116M.

Join Mergr to view Winona Capital Management’s full profile and discover more small growth capital firm investors just like it.

M&A Summary

  • M&A Total Activity26
    • M&A Buy Activity17
    • M&A Sell Activity9
  • Total Sectors Invested 7
  • Total Countries Invested 4
  • M&A Buy/Sell Connections 13
  • M&A Advisors 1

Winona Capital Management LLC

980 N. Michigan Avenue, Suite 1950,
Chicago, Illinois 60611
United States
(312) 334-8800
www.winonacapital.com
info@winonacapital.com

Winona Capital Management is a private investment firm that makes direct investments in consumer related middle-market companies. Winona targets growth companies generating sales of $10 to $100 million and EBITDA of at least $1 million. The Firm can commit up to $15 million per transaction. Specific areas of interest include niche consumer goods and services; sports, recreation and leisure; specialty manufacturing and distribution; growth-oriented, multi-unit specialty food and retail; and education services. Winona's investment horizon is five years. Winona Capital Management is based in Chicago, Illinois.


Investment Criteria

Sectors of Interest: Apparel/Textiles, Consumer Products, Consumer Services, Distribution, Education, Food, Leisure, Life Science, Manufacturing, Restaurants, Retail

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

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

Transaction Criteria Min Max
Target Revenue 10 100
Target EBITDA 1 -
Investment Size - -
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '19 '20 '21 '22 '23 '24 T
Buy (0.0/yr) # 17 - - - - - 17
Sell (0.6/yr) # 6 2 - - 1 - 9
vol $116M $25M $141M
  26

Most Recent M&A

Company Date Value Type
Monica Vinader Ltd. 2023-03-10 - Secondary Sale
Norfolk, United Kingdom · www.monicavinader.com
Fat Brain Toys LLC 2020-10-16 - Trade Sale
Elkhorn, Nebraska · www.fatbraintoys.com
The Johnny Rockets Group, Inc. 2020-08-13 25M USD Trade Sale
Lake Forest, California · www.johnnyrockets.com
LK International AG (KJUS) 2019-07-10 - Trade Sale
Hünenberg, Switzerland · www.kjus.com
Fusion Education Group 2017-12-11 - Secondary Sale
Grand Rapids, Michigan · www.fusionacademy.com
Foodberry 2017-01-24 - Growth Capital
Boston, Massachusetts · www.foodberry.co
Ancora Investment Holdings 2017-01-01 - Consolidation
Chicago, Illinois · www.ancoraholdings.com
Petsense, Inc. 2016-09-29 116M USD Trade Sale
Scottsdale, Arizona · www.petsense.us
Monica Vinader Ltd. 2016-02-09 - Secondary Buyout
Norfolk, United Kingdom · www.monicavinader.com
Rodd & Gunn New Zealand Ltd. 2015-11-03 - Growth Capital
Auckland, New Zealand · www.roddandgunn.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Ancora Investment Holdings 2017-01-01 Indie Lee & Co. 2024-07-23 1
Chicago, Illinois · www.ancoraholdings.com South Salem, New York · www.indielee.com

M&A by Sector

Sector Current # Value All-time # Value
Consumer Products 2 (29%) - 5 (29%) -
Apparel/Textiles 1 (14%) - 3 (18%) -
Retail 1 (14%) - 3 (18%) -
Food 2 (29%) - 2 (12%) -
Restaurants - - 2 (12%) -
Business Services 1 (14%) - 1 (6%) -
Education - - 1 (6%) -
Total 7 - 17 -

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 6 (86%) - 14 (82%) -
  Washington 2 (29%) - 2 (12%) -
  Massachusetts 1 (14%) - 2 (12%) -
  California - - 2 (12%) -
  Minnesota 1 (14%) - 1 (6%) -
  Illinois 1 (14%) - 1 (6%) -
  Colorado 1 (14%) - 1 (6%) -
  Arizona - - 1 (6%) -
  North Carolina - - 1 (6%) -
  New York - - 1 (6%) -
  Nebraska - - 1 (6%) -
  Michigan - - 1 (6%) -
New Zealand 1 (14%) - 1 (6%) -
United Kingdom - - 1 (6%) -
Switzerland - - 1 (6%) -
Domestic 6 (86%) - 14 (82%) -
Cross-border 1 (14%) - 3 (18%) -
Total 7 - 17 -

Acquisitions by Deal Type

Type Current # Value All-time # Value
Growth Capital 6 (86%) - 11 (65%) -
Buyout (LBO, MBO, MBI) - - 3 (18%) -
Secondary Buyout - - 2 (12%) -
Consolidation 1 (14%) - 1 (6%) -
Total 7 - 17 -

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 4 (44%) 141M (100%)
Secondary Sale 3 (33%) -
Trade Sale 2 (22%) -
Total 9 $141M

Top M&A Advisors

Financial Deals
Consensus Advisors
 1

Deal Values

sell # Total
$100M to $1B 1 $116M
< $100M 1 $25M
TOTAL $141M
Largest Petsense, Inc.
$116M (2016-09-29)

M&A Connections

Deals
Acquired from
Investor(s)
12%
2 (12%)
Exited to
Investor(s)
33%
3 (33%)
Strategic(s)
67%
6 (67%)

Investor Summary

Investor Type

Growth Capital Firm

Size

Small

PE Assets

125M USD

Established

2006

Specialist/Generalist

Generalist

Leadership

Laird Koldyke

Co-Founder & Managing Director

Luke Reese

Co-Founder & Managing Director

Jack Yates

CFO & CCO

Jason Sowers

Director

FAQ

When was Winona Capital Management LLC founded?

Winona Capital Management LLC was founded in 2006.

What type of investor is Winona Capital Management LLC?

Winona Capital Management LLC is a growth capital firm.

Where is Winona Capital Management LLC headquartered?

Winona Capital Management LLC is headquartered in Chicago, Illinois.

How much capital does Winona Capital Management LLC have under management?

Winona Capital Management LLC has 125M USD under management.

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