Midwest Mezzanine Funds Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Midwest Mezzanine Funds has acquired 9 companies. It has also invested in 11 others.

Midwest Mezzanine Funds’ most common sectors for investment are business services (13%) and consumer products (9%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (38%) and growth capital (19%). In total, Midwest Mezzanine Funds has invested in 28 US states. Its largest (disclosed) acquisition occurred in 2004 when it acquired Culligan International for $610M.

In the last 3 years, Midwest Mezzanine Funds has exited 4 companies. The Firm’s most common exit type is secondary buyout (49%). Midwest Mezzanine Funds’ largest (disclosed) exit occurred in 2004 when it sold Castle Dental Centers for $56M.

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M&A Summary

  • M&A Total Activity122
    • M&A Buy Activity79
    • M&A Sell Activity43
  • Total Sectors Invested 29
  • Total Countries Invested 1
  • M&A Buy/Sell Connections 81
  • M&A Advisors 1

Midwest Mezzanine Funds

55 West Monroe Street, Suite 3650,
Chicago, Illinois 60603
United States
(312) 291-7300
www.mmfcapital.com
info@mmfcapital.com

Midwest Mezzanine Funds (MMF) is a provider of junior capital to lower middle-market, US and Canadian companies. MMF looks to invest $4 to $15 million to support buyouts, acquisition financings, recapitalizations, and growth capital needs. Prospective companies generally have consistent profits ($3 million of EBITDA), low capital intensity, and sustainable competitive advantages. Broad areas of interest include manufacturing, value-added distribution, and services. MMF will not invest in high technology, energy, or real estate. Midwest Mezzanine was formed in 1992 and has offices in Chicago and Monroe, Michigan.


Investment Criteria

Sectors of Interest: Automotive, Beverages, Building Materials, Business Services, Consumer Products, Consumer Services, Distribution, Education, Electrical Equipment, Electronics, Engineering, Environmental, Financial Services, Food, Franchising, Life Science, Machinery, Manufacturing, Marketing, Media, Medical Products, Metals/Mining, Packaging, Plastics, Publishing, Safety/Security, Technology Hardware, Transportation

Target Transaction Types: Buyout (LBO, MBO, MBI), Growth Capital, Recapitalization, Acquisition Financing, Stake Purchase

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

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA 3 -
Investment Size 4 15
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '16 '17 '18 '19 '20 '21 T
Buy (4.6/yr) # 56 3 5 9 3 3 79
vol $676M $676M
Sell (1.6/yr) # 35 4 1 - 3 - 43
vol $179M $179M
  122

Most Recent M&A

Company Date Value Type
Truesdell Corp. 2021-04-15 - Secondary Buyout
Tempe, Arizona · www.truesdellcorp.com
BD Restoration LLC 2021-03-29 - Growth Capital
Garner, North Carolina · www.blairduron.com
Paramount Mechanical Corp. 2021-03-11 - Recapitalization
Manassas, Virginia · www.paramount-mech.com
Vessco, Inc. 2020-11-16 - Secondary Buyout
Chanhassen, Minnesota · www.vessco.com
Blind & Sons LLC 2020-08-01 - Growth Capital
Barberton, Ohio · www.blindandsons.com
Affordable Water Heaters and Plumbing, Inc. 2020-07-17 - Buyout (LBO, MBO, MBI)
Valencia, California · www.awhap.com
DCM Services LLC 2020-02-25 - Recapitalization
Minneapolis, Minnesota · www.dcmservices.com
RW Specialties, Inc. 2020-01-31 - Growth Capital
Henderson, Colorado · www.rwspecialties.com
Skyline Displays, Inc. 2020-01-15 - Secondary Buyout
St. Paul, Minnesota · www.skyline.com
CALco Pallet Co. 2019-12-20 - Growth Capital
Richmond, Illinois · www.usacalco.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Astar Heating & Air LLC 2019-08-01 Sila Heating & Air Conditioning 2021-05-26 1
Middletown, New York · www.astarheating.com King of Prussia, Pennsylvania · www.sila.com
All Island Media, Inc. 2010-11-04 Pennysaver, Inc. 2018-01-23 1
Hicksville, New York · www.allislandmedia.com Hanover, Maryland · www.mdpennysaver.com
Capsa Solutions LLC 2000-12-01 Newell Rubbermaid Inc.’s Healthcare Division 2015-08-01 3
Portland, Oregon · www.capsasolutions.com Atlanta, Georgia
Vapor Power International LLC 2014-04-24 Precision Boilers LLC 2015-04-22 1
Franklin Park, Illinois · www.vaporpower.com Morristown, Tennessee · www.precisionboilers.com
Capsa Solutions LLC 2000-12-01 Kirby Lester LLC 2014-07-01 2
Portland, Oregon · www.capsasolutions.com Lake Forest, Illinois · www.kirbylester.com
Capsa Solutions LLC 2000-12-01 Artromick International, Inc. 2009-11-30 1
Portland, Oregon · www.capsasolutions.com Columbus, Ohio · www.artromick.com

M&A by Sector

Sector Current # Value All-time # Value
Business Services 6 (15%) - 10 (13%) -
Consumer Products 3 (8%) - 7 (9%) -
Distribution 2 (5%) - 6 (8%) -
Electrical Equipment 3 (8%) - 5 (6%) -
Manufacturing 2 (5%) - 5 (6%) -
Automotive 2 (5%) - 4 (5%) -
Safety/Security 2 (5%) - 4 (5%) -
Building Materials - - 3 (4%) -
Construction 3 (8%) - 3 (4%) -
Marketing 1 (3%) - 3 (4%) -
Medical Products 3 (8%) - 3 (4%) -
Packaging 2 (5%) - 3 (4%) -
Healthcare Services - - 2 (3%) 66M (10%)
Apparel/Textiles 1 (3%) - 2 (3%) -
Environmental 2 (5%) - 2 (3%) -
Information Technology 1 (3%) - 2 (3%) -
Software - - 2 (3%) -
Technology Hardware 1 (3%) - 2 (3%) -
Machinery - - 1 (1%) 610M (90%)
Education - - 1 (1%) -
Electronics 1 (3%) - 1 (1%) -
Food - - 1 (1%) -
Forest Products 1 (3%) - 1 (1%) -
Franchising - - 1 (1%) -
Furniture - - 1 (1%) -
Internet Software and Services 1 (3%) - 1 (1%) -
Media - - 1 (1%) -
Staffing 1 (3%) - 1 (1%) -
Test/Measurement Equipment 1 (3%) - 1 (1%) -
Total 39 - 79 $676M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 39 (100%) - 79 (100%) 676M (100%)
  California 5 (13%) - 10 (13%) -
  Illinois 3 (8%) - 8 (10%) 610M (90%)
  Michigan 3 (8%) - 7 (9%) -
  Texas 2 (5%) - 6 (8%) 66M (10%)
  Minnesota 1 (3%) - 5 (6%) -
  Wisconsin 1 (3%) - 5 (6%) -
  New York 4 (10%) - 4 (5%) -
  Indiana 3 (8%) - 4 (5%) -
  North Carolina 2 (5%) - 3 (4%) -
  Arizona 2 (5%) - 2 (3%) -
  Washington 2 (5%) - 2 (3%) -
  Virginia 2 (5%) - 2 (3%) -
  Pennsylvania 1 (3%) - 2 (3%) -
  Oregon 1 (3%) - 2 (3%) -
  New Jersey 1 (3%) - 2 (3%) -
  Missouri - - 2 (3%) -
  Maryland - - 2 (3%) -
  Colorado 1 (3%) - 1 (1%) -
  Tennessee 1 (3%) - 1 (1%) -
  Rhode Island 1 (3%) - 1 (1%) -
  Ohio 1 (3%) - 1 (1%) -
  New Mexico 1 (3%) - 1 (1%) -
  New Hampshire 1 (3%) - 1 (1%) -
  Iowa - - 1 (1%) -
  Georgia - - 1 (1%) -
  Florida - - 1 (1%) -
  Alabama - - 1 (1%) -
  Vermont - - 1 (1%) -
Total 39 - 79 $676M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 11 (28%) - 30 (38%) -
Growth Capital 12 (31%) - 15 (19%) -
Recapitalization 5 (13%) - 12 (15%) 66M (10%)
Secondary Buyout 9 (23%) - 11 (14%) -
Stake Purchase - - 6 (8%) -
Divestiture 2 (5%) - 4 (5%) 610M (90%)
Venture - - 1 (1%) -
Total 39 - 79 $676M

Exits by Deal Type

Type Total # Value
Secondary Sale 22 (51%) -
Trade Sale 13 (30%) 56M (31%)
Trade Sale - Public Company 4 (9%) 123M (69%)
Recapitalization 2 (5%) -
Merger 1 (2%) -
Unknown 1 (2%) -
Total 43 $179M

Top M&A Advisors

Financial Deals
BMO Capital Markets
1

Deal Values

buy # Total
$100M to $1B 1 $610M
< $100M 1 $66M
TOTAL $676M
Largest Culligan International Co.
$610M (2004-09-30)
sell # Total
< $100M 4 $179M
TOTAL $179M
Largest Castle Dental Centers, Inc.
$56M (2004-06-17)

M&A Connections

Deals
Acquired from
Investor(s)
15%
12 (15%)
Strategic(s)
4%
3 (4%)
Exited to
Investor(s)
51%
22 (51%)
Strategic(s)
42%
18 (42%)

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