M&A Deal Summary

Sentinel Capital Partners, CI Capital Partners and Northstar Capital Acquire Ovation Brands

On June 6, 2000, private equity firm Sentinel Capital Partners, private equity firm CI Capital Partners and mezzanine finance firm Northstar Capital acquired restaurant Ovation Brands for 665M USD

Acquisition Highlights
  • This is Sentinel Capital Partners’ 3rd, CI Capital Partners’ 1st and Northstar Capital’s 1st transaction in the Restaurants sector.
  • This is Sentinel Capital Partners’ 2nd, CI Capital Partners’ and Northstar Capital’s largest (disclosed) transaction.
  • This is Sentinel Capital Partners’ 13th, CI Capital Partners’ 3rd and Northstar Capital’s 4th transaction in the United States.
  • This is Sentinel Capital Partners’ 1st, CI Capital Partners’ 1st and Northstar Capital’s 2nd transaction in Minnesota.
Investment Fate
  • Ovation Brands went bankrupt in 2008.

M&A Deal Summary

Date 2000-06-06
Target Ovation Brands
Sector Restaurants
Buyer(s) Sentinel Capital Partners
CI Capital Partners
Northstar Capital
Deal Type Buyout (LBO, MBO, MBI)
Deal Value 665M USD

Target

Ovation Brands

Eagan, Minnesota, United States
website
Ovation Brands, Inc. (formerly Buffets, Inc.) is a operates a restaurants in the U.S. with 410 restaurants operating under the HomeTown Buffet or Old Country Buffet brand names in 38 states.

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Buyer(S) 3

Buyer

Sentinel Capital Partners

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1995
PE ASSETS 11.2B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Sentinel Capital Partners is a private equity firm that targets investments in middle-market companies with strong management and 'attractive growth prospects'. Sentinel looks to invest up to $400 million of equity in companies generating EBITDA of up to $65 million. Sectors of interest include business services/outsourcing, consumer products and services, food and restaurants, franchising, and manufacturing. Prospective transaction situations include management buyouts, recapitalizations, corporate divestitures, take-privates, and growth capital financings. Sentinel Capital Partners was formed in 1995 and is based in New York, New York.


DEAL STATS #
Overall 14 of 95
Sector (Restaurants) 3 of 11
Type (Buyout (LBO, MBO, MBI)) 8 of 29
State (Minnesota) 1 of 5
Country (United States) 13 of 88
Year (2000) 1 of 1
Size (of disclosed) 2 of 16
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2000-01-03 Border Foods

Mount Prospect, Illinois, United States

Border Foods, Inc. is a provider of ingredients and packaged food products to the Mexican food industry.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2002-06-14 Alemite

St. Louis, Missouri, United States

Alemite LLC is a designer, manufacturer and marketer of industrial lubrication equipment and components.

Buy $39M
Buyer

CI Capital Partners

New York, New York, United States

Investor Investor

website


Category Private Equity Firm
Founded 1993
Size Large
Type Sector Agnostic
DESCRIPTION

CI Capital Partners is a private equity investment firm specializing in leveraged buyouts of middle-market companies. CI Capital primarily targets investments in North America and looks to invest between $10 and $150 million of equity capital per transaction. The Firm concentrates on acquiring companies in stable industries with consolidation potential. CI has a particular interest in business services, consumer services, distribution, transportation, and healthcare Services. CI Capital Partners was founded in 1993 and is based in New York City.


DEAL STATS #
Overall 5 of 30
Sector (Restaurants) 1 of 1
Type (Buyout (LBO, MBO, MBI)) 5 of 22
State (Minnesota) 1 of 2
Country (United States) 3 of 26
Year (2000) 1 of 1
Size (of disclosed) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1998-08-01 Glass s Information Services

Weybridge, United Kingdom

Glass's looking to buy or sell, when trying to uncover genuine and reliable car prices, you could soon be overwhelmed by guesswork and uninformed opinions. Instead, do what 9 out of 10 car dealers do and use Glass’s car valuation guide to discover what that car is really worth. We’re your one-stop car price guide, helping you to buy or sell with confidence using whichever method is most convenient for you.

Sell $206M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2001-09-01 Leisure Link

Glasgow, United Kingdom

Leisure Link Solutions was the leading amusement machine owner and manager.

Sell -
Buyer

Northstar Capital

Minneapolis, Minnesota, United States

Investor Investor Investor Investor Investor

website


Category Mezzanine Finance Firm
Founded 1993
PE ASSETS 1.7B USD
Size Large
Type Sector Agnostic
DESCRIPTION

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.


DEAL STATS #
Overall 4 of 109
Sector (Restaurants) 1 of 1
Type (Buyout (LBO, MBO, MBI)) 4 of 43
State (Minnesota) 2 of 11
Country (United States) 4 of 104
Year (2000) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1999-09-01 The ADS Group

Plymouth, Minnesota, United States

The ADS Group is a provider of outsourced CD-ROM manufacturing, diskette duplication and related fulfillment services. These services include, CD mastering, replication, pre-press design, printing, packaging, distribution and fulfillment services; and diskette duplication and fulfillment services. ADS specializes in servicing software professionals who require short lead times and maximum flexibility from their service providers. CD-ROM disks are used for data, software, games and promotional applications. The ADS Group was founded in 1989 and is based in Plymouth, Minnesota.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2000-08-31 Imperial Plastics

Lakeville, Minnesota, United States

Imperial Plastics is a contract injection molder specializing in the production of highly engineered plastic components. Imperial Plastics was founded in 1968 and is based in Lakeville. Minnesota.

Sell -