Northstar Capital Mergers and Acquisitions Summary

Mezzanine Finance Firm Profile

In the last 3 years, Northstar Capital has acquired 12 companies. It has also invested in 2 others.

Northstar Capital’s most common sectors for investment aremanufacturing (14%) and business services (12%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (40%) and growth capital (21%). In total, Northstar Capital has invested in 32 US states and 5 different countries. Its largest (disclosed) acquisition occurred in 2000 when it acquired Ovation Brands for $665M.

In the last 3 years, Northstar Capital has exited 21 companies. The Firm’s most common exit type is trade sale (36%). Northstar Capital’s largest (disclosed) exit occurred in 2020 when it sold Windy City Wire Cable & Technology Products for $550M.

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M&A Summary

  • M&A Total Activity169
    • M&A Buy Activity102
    • M&A Sell Activity67
  • Total Sectors Invested 30
  • Total Countries Invested 5
  • M&A Buy/Sell Connections 87
  • M&A Advisors 2

Northstar Capital LLC

2310 Plaza VII, 45 South Seventh Street,
Minneapolis, Minnesota 55402
United States
(612) 371-5700
www.northstarcapital.com

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.


Investment Criteria

Sectors of Interest: Aerospace, Agriculture, Automotive, Building Materials, Business Services, Chemicals, Communications, Consumer Products, Consumer Services, Distribution, Education, Electrical Equipment, Electronics, Engineering, Environmental, Financial Services, Healthcare Services, Insurance, Life Science, Machinery, Manufacturing, Marine, Marketing, Medical Products, Packaging, Plastics, Restaurants, Test/Measurement Equipment, Transportation

Target Transaction Types: Buyout (LBO, MBO, MBI), Consolidation, Divestiture

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

Transaction Criteria Min Max
Target Revenue 20 200
Target EBITDA 3 -
Investment Size 5 30
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '17 '18 '19 '20 '21 '22 T
Buy (3.6/yr) # 84 5 2 5 6 - 102
vol $900M $900M
Sell (4.8/yr) # 43 3 6 3 9 3 67
vol $445M $705M $310M $1.5B
  169

Most Recent M&A

Company Date Value Type
Aergo Solutions LLC 2022-05-25 - Add-on Acquisition
Iselin, New Jersey · www.aergo.com
Infinity Behavioral Health Services, Inc. 2022-01-25 - Add-on Acquisition
Lauderdale Lakes, Florida · www.infinitybehavioral.com
Alpaca Audiology LLC 2022-01-13 310M USD Add-on Acquisition
Springfield, Missouri · www.alpacaaudiology.com
Rustic Bakery Cafe 2021-12-21 - Buyout (LBO, MBO, MBI)
Novato, California · www.rusticbakery.com
Monroe Engineering Holdings LLC 2021-12-1 - Secondary Sale
Rochester Hills, Michigan · www.monroeengineering.com
Black Diamond Networks, Inc. 2021-12-07 - Growth Capital
Andover, Massachusetts · www.blackdiamondnet.com
The Channel Company LLC 2021-11-09 - Secondary Buyout
Westborough, Massachusetts · www.thechannelco.com
Drake Waterfowl Systems 2021-09-20 - Buyout (LBO, MBO, MBI)
Olive Branch, Mississippi · www.drakewaterfowl.com
Consolidated Equipment Group, LLC 2021-08-16 - Secondary Buyout
Alexandria, Minnesota · www.quickattach.com
Infinity Worlds, Inc. 2021-07-15 - Recapitalization
Rogers, Arizona · www.infinityworlds.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Revenue Management Solutions LLC 2017-01-09 Orbograph, Inc. 2022-08-15 2
Oklahoma City, Oklahoma · www.revmansolutions.com Yavne, Israel · www.orbograph.com
Infinity Worlds, Inc. 2021-07-15 Portu Sunberg LLC 2022-02-09 1
Rogers, Arizona · www.infinityworlds.com Minneapolis, Minnesota · www.portusunberg.com
Advanced Material Processing 2019-09-04 Kason Corp. 2019-09-04 1
Chicago, Illinois · www.amprocessing.com Millburn, New Jersey · www.kason.com
Integrated Cable Assembly Holdings, Inc. 2014-05-01 Midwest Harness & Cable Corp. 2016-01-01 4
Nogales, Mexico · www.icaholdings.com Naperville, Illinois · www.midwestharness.com
The ADS Group 1999-09-01 Digital Excellence LLC 2006-11-01 2
Plymouth, Minnesota · www.theadsgroup.com Minneapolis, Minnesota · www.digx.com

M&A by Sector

Sector Current # Value All-time # Value
Manufacturing 8 (20%) 235M (100%) 14 (13%) 235M (26%)
Business Services 4 (10%) - 12 (12%) -
Consumer Products 5 (13%) - 10 (10%) -
Machinery 5 (13%) - 8 (8%) -
Distribution 1 (3%) - 7 (7%) -
Food 1 (3%) - 5 (5%) -
Electrical Equipment 1 (3%) - 4 (4%) -
Healthcare Services 1 (3%) - 4 (4%) -
Automotive 1 (3%) - 3 (3%) -
Building Materials 1 (3%) - 3 (3%) -
Information Technology 2 (5%) - 3 (3%) -
Life Science 2 (5%) - 3 (3%) -
Medical Products - - 3 (3%) -
Packaging 2 (5%) - 3 (3%) -
Chemicals - - 2 (2%) -
Consumer Services 1 (3%) - 2 (2%) -
Electronics - - 2 (2%) -
Marketing - - 2 (2%) -
Software 2 (5%) - 2 (2%) -
Test/Measurement Equipment - - 2 (2%) -
Restaurants - - 1 (1%) 665M (74%)
Aerospace 1 (3%) - 1 (1%) -
Communications - - 1 (1%) -
Environmental - - 1 (1%) -
Furniture - - 1 (1%) -
Marine - - 1 (1%) -
Plastics - - 1 (1%) -
Safety/Security - - 1 (1%) -
Staffing 1 (3%) - 1 (1%) -
Technology Hardware 1 (3%) - 1 (1%) -
Total 40 $235M 104 $900M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 35 (88%) - 98 (94%) 665M (74%)
  Minnesota 3 (8%) - 10 (10%) 665M (74%)
  Wisconsin 6 (15%) - 9 (9%) -
  Illinois 2 (5%) - 9 (9%) -
  Texas 2 (5%) - 5 (5%) -
  Tennessee 2 (5%) - 5 (5%) -
  California 2 (5%) - 5 (5%) -
  Pennsylvania - - 5 (5%) -
  New Jersey 2 (5%) - 4 (4%) -
  Ohio 1 (3%) - 4 (4%) -
  Indiana 1 (3%) - 3 (3%) -
  Washington - - 3 (3%) -
  Missouri - - 3 (3%) -
  Michigan - - 3 (3%) -
  Georgia - - 3 (3%) -
  Oklahoma 2 (5%) - 2 (2%) -
  Arizona 1 (3%) - 2 (2%) -
  South Carolina 1 (3%) - 2 (2%) -
  North Carolina 1 (3%) - 2 (2%) -
  New York 1 (3%) - 2 (2%) -
  Nevada 1 (3%) - 2 (2%) -
  Massachusetts 1 (3%) - 2 (2%) -
  Louisiana 1 (3%) - 2 (2%) -
  Florida 1 (3%) - 2 (2%) -
  Nebraska 1 (3%) - 1 (1%) -
  Mississippi 1 (3%) - 1 (1%) -
  Maine 1 (3%) - 1 (1%) -
  Connecticut 1 (3%) - 1 (1%) -
  Alabama - - 1 (1%) -
  Virginia - - 1 (1%) -
  Utah - - 1 (1%) -
  Montana - - 1 (1%) -
  Colorado - - 1 (1%) -
Canada 2 (5%) - 3 (3%) -
  Quebec 1 (3%) - 1 (1%) -
  Alberta 1 (3%) - 1 (1%) -
  Ontario - - 1 (1%) -
Singapore 1 (3%) 235M (100%) 1 (1%) 235M (26%)
United Kingdom 1 (3%) - 1 (1%) -
Mexico 1 (3%) - 1 (1%) -
Domestic 35 (88%) - 98 (94%) 665M (74%)
Cross-border 5 (13%) 235M (100%) 6 (6%) 235M (26%)
Total 40 $235M 104 $900M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 15 (38%) - 41 (39%) 665M (74%)
Growth Capital 9 (23%) - 21 (20%) -
Secondary Buyout 7 (18%) - 19 (18%) -
Recapitalization 6 (15%) - 16 (15%) -
Consolidation 1 (3%) - 3 (3%) -
Divestiture 1 (3%) - 2 (2%) -
Going Private 1 (3%) 235M (100%) 1 (1%) 235M (26%)
Stake Purchase - - 1 (1%) -
Total 40 $235M 104 $900M

Exits by Deal Type

Type Total # Value
Secondary Sale 26 (39%) 5M (< 1%)
Trade Sale 16 (24%) -
Trade Sale - Public Company 11 (16%) 1.5B (100%)
Merger 4 (6%) -
Unknown 4 (6%) -
2 (3%) -
Bankruptcy 2 (3%) -
Recapitalization 1 (1%) -
Shut Down 1 (1%) -
Total 67 $1.5B

Top M&A Advisors

Financial Deals
Stout Risius Ross LLC
1
Legal Deals
Allen & Gledhill LLP
1

Deal Values

buy # Total
$100M to $1B 2 $900M
TOTAL $900M
Largest Ovation Brands, Inc.
$665M (2000-06-06)
sell # Total
$100M to $1B 5 $1.3B
< $100M 3 $182M
TOTAL $1.5B
Largest Windy City Wire Cable & Technology Products LLC
$550M (2020-09-22)

M&A Connections

Deals
Acquired from
Investor(s)
21%
22 (21%)
Strategic(s)
2%
2 (2%)
Exited to
Investor(s)
42%
28 (42%)
Strategic(s)
42%
28 (42%)

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