M&A Deal Summary

Ontario Teachers Pension Plan Acquires Doane Pet Care

On August 29, 2005, pension Ontario Teachers Pension Plan acquired consumer products company Doane Pet Care from BRS and The CapStreet Group for 840M USD

Acquisition Highlights
  • This is Ontario Teachers Pension Plan’s 5th transaction in the Consumer Products sector.
  • This is Ontario Teachers Pension Plan’s 19th largest (disclosed) transaction.
  • This is Ontario Teachers Pension Plan’s 9th transaction in the United States.
  • This is Ontario Teachers Pension Plan’s 1st transaction in Tennessee.
Investment Fate
  • Doane Pet Care was sold to a strategic buyer in 2006.

M&A Deal Summary

Date 2005-08-29
Target Doane Pet Care
Sector Consumer Products
Buyer(s) Ontario Teachers Pension Plan
Sellers(s) BRS
The CapStreet Group
Deal Type Secondary Buyout
Deal Value 840M USD

Target

Doane Pet Care

Franklin, Tennessee, United States
website
Doane Pet Care Company is the largest manufacturer of dry pet food in the United States. The Company manufactures products for both retail customers, including WalMart, and national branded pet food companies. Doane also manufactures and sells its own regional branded products. The Company produces a full range of pet food for both dogs and cats including dry, canned, semi-moist, soft treats and dog biscuits.

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Buyer(S) 1

Buyer

Ontario Teachers Pension Plan

Toronto, Ontario, Canada

Investor Investor Investor Investor Investor

website


Category Pension
Founded 1990
PE ASSETS 242.5B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Teachers' Private Capital is the direct investment arm of the Ontario Teachers' Pension Plan. Teachers' Private Capital considers both private equity and venture related investments in North America, Europe, and Asia. Teachers' can support direct private equity investments between $100 million and $3 billion. Target sectors include business services, consumer products, retail, diversified industrials, financial services, technology, media, and communications. Teachers' Private Capital also makes private equity fund investments between $50 million and $750 million. Teachers' Private Capital was formed in 1991 and is based in Toronto, with additional offices in London and New York.


DEAL STATS #
Overall 20 of 175
Sector (Consumer Products) 5 of 10
Type (Secondary Buyout) 2 of 56
State (Tennessee) 1 of 3
Country (United States) 9 of 73
Year (2005) 7 of 9
Size (of disclosed) 19 of 35
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-08-12 AOT Bedding

Itasca, Illinois, United States

AOT Bedding is the largest manufacturer of Serta brand mattresses in North America. Serta is one of the oldest and best known names in the bedding industry. Serta's brands include Perfect Sleeper, Perfect Day, Luxury Response and Vera Wang by Serta.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-10-12 GCAN Insurance

Montreal, Quebec, Canada

GCAN Insurance Co. is a large risks and specialty commercial line property and casualty insurance, offering a range of products including property, liability and auto with a balanced portfolio by line of business and geography.

Buy -

Seller(S) 2

SELLER

BRS

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1995
PE ASSETS 1.2B USD
Size Large
Type Sector Agnostic
DESCRIPTION

BRS is a private equity investment firm that specializes in management buyouts and recapitalizations of middle-market companies with strong market positions and growth potential. Broad areas of interest include consumer products, consumer services, food/nutrition, restaurants, retail, and distribution. BRS looks to commit $10 to $25 million per transaction. BRS was formed in 1995 and is based in New York, New York.


DEAL STATS #
Overall 10 of 34
Sector (Consumer Products) 1 of 4
Type (Secondary Buyout) 3 of 13
State (Tennessee) 1 of 2
Country (United States) 10 of 33
Year (2005) 3 of 3
Size (of disclosed) 1 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-08-03 MWI Animal Health

Meridian, Idaho, United States

MWI Animal Health is a supplier of animal health products to the veterinary profession. MWI distributes pharmaceuticals, biologicals, equipment and supplies to both the food animal and companion animal markets.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-08-31 Airxcel

Wichita, Kansas, United States

Airxcel is a designer, manufacturer, and marketer of climate control systems for a variety of specialty end markets including recreational vehicles, telecommunication enclosures, and commercial/industrial applications. The company employees find opportunities to express creativity and innovation, enhance education and be productive team members in a supportive work environment. It conducts its business with respect and regard for its employees, customers, suppliers, financial partners, and communities in which it operates. Airxcel was formed in 1991 and is based in Wichita, Kansas.

Buy $146M
SELLER

The CapStreet Group

Houston, Texas, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1990
PE ASSETS 650M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

The CapStreet Group is a private equity firm that primarily invests in businesses that were previously owned by entrepreneurs, families or other non-institutional investors. CapStreet typically looks for control investment situations, and has a preference for businesses located in the Southwest US. CapStreet typically invests between $10 million and $25 million of equity in companies valued less than $150 million. The CapStreet Group was formed in 1990 and is based in Houston, Texas.


DEAL STATS #
Overall 4 of 29
Sector (Consumer Products) 1 of 2
Type (Secondary Buyout) 2 of 10
State (Tennessee) 1 of 1
Country (United States) 4 of 29
Year (2005) 1 of 2
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-06-01 Worldwise

Novato, California, United States

Worldwise is a provider of innovative, more environmentally sustainable pet products and accessories. Worldwise was founded in 1991 and is based in Novato, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-12-27 Stripes Holdings

Corpus Christi, Texas, United States

TRIPES HOLDINGS, LLC (formerly known as Susser) is the largest independent convenience store operator and non-refining motor fuel distributor in Texas.

Sell -