M&A Deal Summary

Novacap Acquires Idaho Pacific Crop.

On May 6, 2011, private equity firm Novacap acquired food company Idaho Pacific Crop. from Otter Tail for 87M USD

Acquisition Highlights
  • This is Novacap’s 1st transaction in the Food sector.
  • This is Novacap’s 2nd largest (disclosed) transaction.
  • This is Novacap’s 4th transaction in the United States.
  • This is Novacap’s 1st transaction in Idaho.
Investment Fate
  • Idaho Pacific Crop. was sold to a consortium of financial buyers in 2016.

M&A Deal Summary
Date 2011-05-06
Target Idaho Pacific Crop.
Sector Food
Buyer(s) Novacap
Sellers(s) Otter Tail
Deal Type Divestiture
Deal Value 87M USD
Advisor(s) Harris Williams & Co. (Financial)

Target

Idaho Pacific Crop.

Rigby, Idaho, United States
website
Idaho Pacific is a processors of dehydrated potato products in North America. With a head office and manufacturing capabilities in Ririe, Idaho and additional manufacturing facilities in Center, Colorado and Souris, Prince Edward Island, IPH is truly a North American player and has access to different crop growing regions. The company supplies products for use in foods such as mashed potatoes, snacks, baked goods and frozen side dishes, and distributes a full product line for the foodservice industry. Idaho Pacific customers include many of the largest domestic and international food manufacturers in the snack food, foodservice and baking industries.

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Buyer(S) 1

Buyer

Novacap

Brossard, Quebec, Canada

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1981
PE ASSETS 8.0B CAD
Size Mega
Type Sector Agnostic
DESCRIPTION

Novacap is a large private equity firm focused on middle-market company acquisitions in Canada. Novacap pursues companies with $30 to $500 million in sales and will consider transactions valued up to $500 million. Target transaction situations include partial or full buyouts, spin-offs, take privates, recapitalizations, and growth capital financings. Novacap will consider opportunities in basic industries as well as high-growth tech sectors. Novacap was formed in 1981 and has offices in Toronto and Montreal.

DEAL STATS #
Overall 12 of 59
Sector (Food) 1 of 3
Type (Divestiture) 1 of 1
State (Idaho) 1 of 1
Country (United States) 4 of 18
Year (2011) 2 of 4
Size (of disclosed) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-01-01 Chemical Computing Group

Montreal, Quebec, Canada

Chemical Computing Group is a provider of molecular design software for the pharmaceutical, chemical and material industries. CCG’s software platform, the Molecular Operating Environment (“MOE”), streamlines drug discovery and chemical engineering processes by allowing researchers to visualize and predict molecular properties and interactions. Chemical Computing Group was founded in 1994 and is based in Montreal, Quebec.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-06-21 iWeb

Montreal, Quebec, Canada

iWeb is a provider of Internet hosting solutions and IT infrastructure, with its shared web hosting as well as its dedicated servers and co-location services. iWeb was formed in 1996 and is based in Montreal, Quebec.

Buy -

Seller(S) 1

SELLER

Otter Tail

Fergus Falls, Minnesota, United States

website

Category Company
Founded 1907
Sector Utilities
Employees2,074
Revenue 1.5B USD (2022)
DESCRIPTION

Otter Tail has interests in diversified operations that include an electric utility and manufacturing businesses. Otter Tail was founded in 1907 and is based in Fergus Falls, Minnesota.

DEAL STATS #
Overall 1 of 4
Sector (Food) 1 of 1
Type (Divestiture) 1 of 4
State (Idaho) 1 of 1
Country (United States) 1 of 4
Year (2011) 1 of 1
Size (of disclosed) 1 of 2
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-03-01 DMS Health Technologies

Fargo, North Dakota, United States

DMS Health Technologies offers a wide range of imaging services including mobile, interim, and fixed-site solutions. DMS Health Technologies was founded in 1972 and is based in Fargo, North Dakota.

Sell -
Mergr

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