Mill Road Capital Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Mill Road Capital has invested in 2 companies.

Mill Road Capital’s most common sectors for investment are restaurants (16%) and retail (16%). The Firm’s most common investment types include going private (39%) and buyout (lbo, mbo, mbi) (24%). In total, Mill Road Capital has invested in 6 US states and 2 different countries. Its largest (disclosed) acquisition occurred in 2014 when it acquired R.G. Barry for $215M.

In the last 3 years, Mill Road Capital has exited 3 companies. The Firm’s most common exit type is trade sale (34%). Mill Road Capital’s largest (disclosed) exit occurred in 2012 when it sold Physicians Formula Holdings for $75M.

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M&A Summary

  • M&A Total Activity19
    • M&A Buy Activity13
    • M&A Sell Activity6
  • Total Sectors Invested 11
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 4
  • M&A Advisors 3

Mill Road Capital

382 Greenwich Avenue, Suite One,
Greenwich, Connecticut 06830
United States
(203) 987-3500
www.millroadcapital.com

Mill Road Capital is a private investment firm focused on partnering with publicly traded micro-cap companies in the US and Canada. The Firm pursues a variety of strategies including open market share purchases, block trades, acquisition financing, growth financing, mezzanine financing, as well as sponsoring take privates. Sectors of interest include retail, manufacturing, business services, and consumer products. Mill Road was formed in 2004 by former Blackstone professionals. The Firm is based in Greenwich, Connecticut.


Investment Criteria

Sectors of Interest: Apparel/Textiles, Business Services, Consumer Products, Engineering, Food, Manufacturing, Marketing, Restaurants, Retail

Target Transaction Types: Going Private, Growth Capital, Acquisition Financing, PIPE, Stake Purchase

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

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size - -
Enterprise Value - -

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (1.0/yr) # 8 3 1 1 - - 13
vol $355M $197M $552M
Sell (0.6/yr) # 3 - 1 1 - 1 6
vol $75M $18M $93M
  19

Most Recent M&A

Company Date Value Type
School Specialty, Inc. 2020-09-15 - Recapitalization
Greenville, Wisconsin · www.schoolspecialty.com
PRT Growing Services Ltd. 2018-08-23 - Secondary Buyout
Victoria, British Columbia · www.prt.com
School Specialty, Inc. 2018-06-19 - Stake Purchase
Greenville, Wisconsin · www.schoolspecialty.com
Galaxy Nutritional Foods, Inc. 2017-12-20 18M USD Add-on Acquisition
North Kingstown, Rhode Island · www.galaxyfoods.com
Noodles & Co. 2017-03-14 - Stake Purchase
Broomfield, Colorado · www.noodles.com
Swiss Water Decaffeinated Coffee Co. Inc. 2016-10-11 - Stake Purchase
Burnaby, British Columbia · www.swisswater.com
Skullcandy, Inc. 2016-08-24 197M USD Going Private
Park City, Utah · www.skullcandy.com
Mother's Market & Kitchen, Inc. 2016-02-10 - Buyout (LBO, MBO, MBI)
Costa Mesa, California · www.mothersmarket.com
Vision7 International, Inc. 2014-12-15 - Add-on Acquisition
Quebec City, Quebec · www.vision7international.com
R.G. Barry Corp. 2014-05-05 215M USD Going Private
Pickerington, Ohio · www.rgbarry.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Lignetics, Inc. 2014-03-18 GF Funding LLC 2015-10-01 2
Louisville, Colorado · www.lignetics.com Strong, Maine · www.genevapellets.com
Lignetics, Inc. 2014-03-18 Bear Mountain Forest Products, Inc. 2015-02-24 1
Louisville, Colorado · www.lignetics.com Portland, Oregon · www.bmfp.com

M&A by Sector

Sector Current # Value All-time # Value
Restaurants 2 (29%) 91M (18%) 2 (15%) 91M (16%)
Retail 1 (14%) - 2 (15%) 4M (1%)
Apparel/Textiles 1 (14%) 215M (43%) 1 (8%) 215M (39%)
Electronics 1 (14%) 197M (39%) 1 (8%) 197M (36%)
Manufacturing - - 1 (8%) 46M (8%)
Business Services - - 1 (8%) -
Consumer Products - - 1 (8%) -
E-Commerce - - 1 (8%) -
Food 1 (14%) - 1 (8%) -
Forest Products 1 (14%) - 1 (8%) -
Marketing - - 1 (8%) -
Total 7 $503M 13 $552M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 6 (86%) 503M (100%) 10 (77%) 506M (92%)
  California 2 (29%) 91M (18%) 4 (31%) 91M (16%)
  Colorado 2 (29%) - 2 (15%) -
  Ohio 1 (14%) 215M (43%) 1 (8%) 215M (39%)
  Utah 1 (14%) 197M (39%) 1 (8%) 197M (36%)
  New Jersey - - 1 (8%) 4M (1%)
  Wisconsin - - 1 (8%) -
Canada 1 (14%) - 3 (23%) 46M (8%)
  British Columbia 1 (14%) - 2 (15%) 46M (8%)
  Quebec - - 1 (8%) -
Domestic 6 (86%) 503M (100%) 10 (77%) 506M (92%)
Cross-border 1 (14%) - 3 (23%) 46M (8%)
Total 7 $503M 13 $552M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Going Private 3 (43%) 503M (100%) 5 (38%) 548M (99%)
Buyout (LBO, MBO, MBI) 2 (29%) - 3 (23%) 4M (1%)
Stake Purchase 2 (29%) - 3 (23%) -
PIPE - - 2 (15%) -
Total 7 $503M 13 $552M

Exits by Deal Type

Type Total # Value
1 (17%) 75M (81%)
Trade Sale - Public Company 1 (17%) 18M (19%)
Recapitalization 1 (17%) -
Secondary Sale 1 (17%) -
Trade Sale 1 (17%) -
Unknown 1 (17%) -
Total 6 $93M

Top M&A Advisors

Financial Deals
Financo LLC
1
Legal Deals
Foley Hoag LLP
3
Davies Ward Phillips & Vineberg LLP
1

Deal Values

buy # Total
$100M to $1B 2 $412M
< $100M 3 $140M
TOTAL $552M
Largest R.G. Barry Corp.
$215M (2014-05-05)
sell # Total
< $100M 2 $93M
TOTAL $93M
Largest Physicians Formula Holdings, Inc.
$75M (2012-08-15)

M&A Connections

Deals %
Exited to
PE Firm(s)
50%
3 50%
Strategic(s)
50%
3 50%

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