M&A Deal Summary

Lion Capital Acquires Bumble Bee Foods

On December 15, 2010, private equity firm Lion Capital LLP acquired food company Bumble Bee Foods LLC from Carlisle Enterprises LLC, Centre Partners Management LLC, American Capital and Audax Private Debt for 980M USD

Acquisition Highlights
  • This is Lion Capital’s 8th transaction in the Food sector.
  • This is Lion Capital’s 4th largest (disclosed) transaction.
  • This is Lion Capital’s 5th transaction in the United States.
  • This is Lion Capital’s 2nd transaction in California.
Investment Fate
  • Bumble Bee Foods was sold to a publicly-traded strategic buyer in 2014 for 1.5B USD.
  • Bumble Bee Foods went bankrupt in 2019 for 925M USD.

M&A Deal Summary

Date 2010-12-15
Target Bumble Bee Foods LLC
Sector Food
Buyer(s) Lion Capital LLP
Sellers(s) Carlisle Enterprises LLC
Centre Partners Management LLC
American Capital
Audax Private Debt
Deal Type Secondary Buyout
Deal Value 980M USD
Advisor(s) Wells Fargo Securities
Jefferies LLC
J.P. Morgan Securities LLC (Financial)

Target

Bumble Bee Foods LLC

San Diego, California, United States
website
Bumble Bee Foods LLC is a producer and marketer of canned tuna and other seafood and the leader in the premium albacore tuna market. The company sells its broad range of products under the well-known brands Bumble Bee, Clover Leaf and Orleans. Bumble Bee Foods was founded in 1899 and is based in San Diego, California.

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Buyer(S) 1

Buyer

Lion Capital LLP

London, United Kingdom

website


Category Private Equity Firm
Founded 2004
PE ASSETS 4.3B EUR
SizeMega
Type Sector Focused
DESCRIPTION

Lion Capital LLP is a specialist private equity firm focused on consumer-oriented opportunities throughout Europe and North America. Specific areas of interest include apparel, accessories, luxury goods, food, and specialty retail. Lion Capital LLP was formed in 2004 and is based in London. The Firm has an additional office in New York City.


DEAL STATS #
Overall 21 of 39
Sector (Food) 8 of 10
Type (Secondary Buyout) 10 of 19
State (California) 2 of 4
Country (United States) 5 of 12
Year (2010) 3 of 3
Size (of disclosed) 4 of 15
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-08-01 Nidan Juices

Kotelniky, Russia

Nidan produced over 100 varieties of juice products, including 100% juices, nectars and fruit drinks, and covered all segments of the Russian juice market. Its portfolio of branded juice products was led by its flagship brand, Moya Semya, and included the Sokos, Caprice, Caprice Tea, Champion and Da! brands. Its extensive distribution network covered 100% of Russia as well as Ukraine, Kazakhstan, Kirghizia, Belorussia, Mongolia, Uzbekistan, Moldova, Georgia and Armenia.

Sell $276M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-03-25 Wagamama Ltd.

London, United Kingdom

Wagamama Ltd. provides pan-Asian inspired cuisine serving food based on Japanese cuisine with 108 restaurants around the world. Wagamama was formed in 1992 and is based in London.

Sell £215M

Seller(S) 4

SELLER

Carlisle Enterprises LLC

San Diego, California, United States

Investor Investor

website


Category Private Equity Firm
Founded 1990
SizeMiddle-Market
Type Sector Agnostic
DESCRIPTION

Carlisle Enterprises is a private equity firm focused on investing in companies providing products and services to industrial, commercial and consumer markets. Prospective transaction situations include recapitalizations, divestitures, consolidations, minority and growth financings. Carlisle prefers businesses located within the US. The Firm will consider both profitable companies and turnaround situations. Carlisle's target investment range is up to $100 million of equity capital. Carlisle is partnered with and relies on private equity firm Centre Partners to fund acquisitions. Carlisle Enterprises is based in San Diego, California.


DEAL STATS #
Overall 10 of 16
Sector (Food) 1 of 1
Type (Secondary Buyout) 3 of 3
State (California) 2 of 4
Country (United States) 9 of 15
Year (2010) 2 of 3
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-12-01 Gray Energy Services LLC

Houston, Texas, United States

Gray Energy Services LLC is a provider of production enhancement solutions to natural gas and oil production industry.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-12-20 Quickie Manufacturing Corp.

Cinnaminson, New Jersey, United States

Quickie Manufacturing Corp. is a provider of retail household cleaning tools and related products.Quickie Manufacturing Corporation is the largest supplier of retail household cleaning tools and equipment and related products. Quickie sells through the home center, food, drug, mass merchant and hardware channels.

Sell -
SELLER

Centre Partners Management LLC

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1986
PE ASSETS 2.0B USD
SizeLarge
Type Sector Agnostic
DESCRIPTION

Centre Partners is a private equity firm focused on investments in North American middle-market companies 'with strong growth prospects, predictable cash flows, and defensible competitive positions'. Prospective transactions include investments in privately owned companies, growth capital financings, management buyouts/buy-ins, divestitures, and take privates. The Firm's typical investment size is $10 to $50 million. Areas of interest include consumer products and services, cable/media, business services, energy, financial services, healthcare, industrial, and retail. Centre Partners was formed in 1986 and has offices in New York, New York and Los Angeles, California.


DEAL STATS #
Overall 15 of 29
Sector (Food) 2 of 3
Type (Secondary Buyout) 4 of 11
State (California) 4 of 5
Country (United States) 14 of 28
Year (2010) 2 of 4
Size (of disclosed) 2 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-12-01 Gray Energy Services LLC

Houston, Texas, United States

Gray Energy Services LLC is a provider of production enhancement solutions to natural gas and oil production industry.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-12-16 Gray Wireline Service LLC

Fort Worth, Texas, United States

Gray Wireline Service LLC is a independent cased hole wireline company in the U.S. The company commands one of the youngest fleets in the industry with a total of 110 wireline units. Gray operates in 18 district locations providing the Company access to 85% of all active U.S. drilling rigs and generates a balanced revenue stream from liquids and gas.

Sell $158M
SELLER

American Capital

website


Category Private Equity Firm
Founded 1997
PE ASSETS 22.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

American Capital was a publicly traded buyout and mezzanine investment firm. American Capital invested in buyouts, growth capital financings, acquistion financings, and recapitalizations. The Firm looked to finance businesses with at least $4 million in EBITDA and valued between $20 and $500 million. American Capital ws a generalist firm with broad interest in traditional industries such as manufacturing, distribution, and services. American Capital's European investment affiliate is European Capital. European Capital looked to invest $10 to $600 million of equity, mezzanine, and/or senior debt in similar opportunities across Europe. American Capital was formed in 1997 and in January 2017, merged with Ares Capital Management.


DEAL STATS #
Overall 120 of 190
Sector (Food) 8 of 9
Type (Secondary Buyout) 40 of 69
State (California) 21 of 30
Country (United States) 118 of 182
Year (2010) 14 of 14
Size (of disclosed) 3 of 56
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-12-07 Transtar Industries, Inc.

Cleveland, Ohio, United States

Transtar Industries, Inc. is a distributor and remanufacturer of automotive aftermarket transmission repair parts and manufacturers of automotive refinishing products. Transtar Industries was founded in 1975 and is based in Cleveland, Ohio.

Buy $425M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-01-04 Seroyal International, Inc.

Richmond Hill, Ontario, Canada

Seroyal International Inc. and Seroyal USA Inc. (together, 'Seroyal') is a leading marketer and distributor of branded nutritional supplements and homeopathic medicines to healthcare professionals in Canada and the U.S.

Sell -
SELLER

Audax Private Debt

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Mezzanine Finance Firm
Founded 2000
PE ASSETS 5.4B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

Audax Mezzanine is the mezzanine finance arm of the Audax Group. The Firm focuses on investing in both private and public, US-based middle market companies with a strong history of cash flows and consistent revenue growth. Audax will consider subordinated mezzanine debt commitments, second lien or junior secured debt, preferred stock and common stock. The Firm seeks to invest in companies valued between $10 and $60 million. Types of transaction include MBOs, LBOs, growth capital financings, acquisition financings, and recapitalizations.


DEAL STATS #
Overall 13 of 46
Sector (Food) 1 of 4
Type (Secondary Buyout) 5 of 23
State (California) 1 of 2
Country (United States) 13 of 46
Year (2010) 2 of 3
Size (of disclosed) 1 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-12-10 The Simply Good Foods Company

Denver, Colorado, United States

Simply Good Foods is a highly-focused food company with a product portfolio consisting primarily of nutrition bars, ready-to-drink shakes, sweet and salty snacks and confectionery products marketed under the Atkins®, Quest®, and Atkins Endulge® brand names.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-12-29 ReachOut Healthcare America Ltd.

Phoenix, Arizona, United States

ReachOut Healthcare America Ltd. is a provider of mobile dental services to under-served children in schools and foster programs, to the aged and disabled in residential facilities, and to US Army and National Guard units throughout the country. ReachOut provides dental service to nearly 80,000 children and 30,000 armed-services personnel each year. ReachOut offers a complete array of diagnostic, preventative, restorative, prostodontic, and periodontal dental services.

Sell -