M&A Deal Summary

Prospect Capital, Wind Point Partners and Ontario Teachers Pension Plan Acquires Shearer s Foods

On November 2, 2012, business development company Prospect Capital Corporation, private equity firm Wind Point Partners and pension Ontario Teachers Pension Plan acquired food company Shearer's Foods, Inc. from Mistral Equity Partners for 500M USD

Acquisition Highlights
  • This is Prospect Capital’s 3rd, Wind Point Partners’ 7th and Ontario Teachers Pension Plan’s 1st transaction in the Food sector.
  • This is Prospect Capital’s 3rd, Wind Point Partners’ 1st and Ontario Teachers Pension Plan’s 22nd largest (disclosed) transaction.
  • This is Prospect Capital’s 72nd, Wind Point Partners’ 43rd and Ontario Teachers Pension Plan’s 27th transaction in the United States.
  • This is Prospect Capital’s 5th, Wind Point Partners’ 2nd and Ontario Teachers Pension Plan’s 3rd transaction in Ohio.

M&A Deal Summary

Date 2012-11-02
Target Shearer's Foods, Inc.
Sector Food
Buyer(s) Prospect Capital Corporation
Wind Point Partners
Ontario Teachers Pension Plan
Sellers(s) Mistral Equity Partners
Deal Type Secondary Buyout
Deal Value 500M USD

Target

Shearer's Foods, Inc.

Brewster, Ohio, United States
website
Shearer's is a producer of high-quality seasoned snack foods and related products. Shearer's produces kettle chips. Shearer’s was formed in 1974 and is based in Brewster, Ohio.

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Buyer(S) 3

Buyer

Prospect Capital Corporation

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Business Development Company
Founded 1988
SizeMiddle-Market
Type Sector Agnostic
DESCRIPTION

Prospect Capital Corporation is a publicly traded mezzanine debt and private equity firm that primarily provides non-control financing to support growth, recapitalizations, acquisitions, and development. Prospect will selectively consider control acquisitions by providing multiple levels of the capital structure. Prospect was initially formed in 1988 and went public 2004. The Firm is based in New York City.


DEAL STATS #
Overall 74 of 86
Sector (Food) 3 of 3
Type (Secondary Buyout) 16 of 20
State (Ohio) 5 of 6
Country (United States) 72 of 83
Year (2012) 4 of 6
Size (of disclosed) 3 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-10-08 Sage Dental Management LLC

Boca Raton, Florida, United States

Sage Dental Management LLC dental service organization providing comprehensive administrative support services and facilities. Sage Dental Management is based in Boca Raton, Florida.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-12-11 VanDeMark Chemical, Inc.

Lockport, New York, United States

VanDeMark Chemical, Inc. is a provider of specialty and custom chemicals focusing on phosgene production and phosgene-related chemistry. These products are used in pharmaceuticals, agricultural chemicals, polymers, sealants, coatings, and biocides. VanDeMark Chemical was founded in 1951 and is based in Lockport, New York.

Sell -
Buyer

Wind Point Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1984
PE ASSETS 5.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

Wind Point Partners is a private equity firm focused on acquisitions of mid-sized companies operating in the business services, consumer products, healthcare services, and industrial products sectors. Wind Point looks to invest $60 to $130 million in companies valued up to $500 million. Prospective transaction types include leveraged buyouts, recapitalizations, industry consolidations, and growth capital financings. Wind Point Partners began investing in 1984 and is based in Chicago.


DEAL STATS #
Overall 45 of 75
Sector (Food) 7 of 12
Type (Secondary Buyout) 15 of 21
State (Ohio) 2 of 4
Country (United States) 43 of 69
Year (2012) 3 of 3
Size (of disclosed) 1 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-11-02 Novolex Holdings, Inc.

Hartsville, South Carolina, United States

Novolex is a manufacturer of paper and plastic flexible packaging products. Novolex serves customers across foodservice, grocery, retail, and industrial end markets with a diverse product portfolio including retail and specialty bags, food packaging products, and a broad range of specialty films and laminated products. Novolex was founded in 2003 and is headquartered in Hartsville, South Carolina.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-05-16 Ryt-way Industries LLC (dba Ryt-Way Packaging Corp.)

Lakeville, Minnesota, United States

Ryt-Way Packaging Corp. is a contract manufacturer and packager serving the food industry. Ryt-way provides primary and secondary co-manufacturing, logistics and inventory management services with current capabilities focused on foods such as ready-to-eat cereals and meals, snack foods, crackers, mixes and convenience foods.

Sell -
Buyer

Ontario Teachers Pension Plan

Toronto, Ontario, Canada

Investor Investor Investor Investor Investor

website


Category Pension
Founded 1991
PE ASSETS 26.6B CAD
SizeMega
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 51 of 107
Sector (Food) 1 of 3
Type (Secondary Buyout) 14 of 45
State (Ohio) 3 of 4
Country (United States) 27 of 54
Year (2012) 9 of 11
Size (of disclosed) 22 of 30
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-10-17 Q9 Networks, Inc.

Toronto, Ontario, Canada

Q9 Networks, Inc. is a provider of outsourced data center infrastructure for mission-critical IT operations. Operates three state-of-the-art data centers in Ontario and Alberta, Canada. Headquartered in Toronto, ON.

Buy CA$1.1B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-11-05 Heartland Dental Care, Inc.

Effingham, Illinois, United States

Heartland Dental is the largest dental support organization in the United States, providing non-clinical administrative support services to over 840 offices and more than 1,300 supported dentists across 35 states. Heartland Dental partners with its supported dentists to deliver high quality care across the full spectrum of dental services. For more information, please visit our website at www.heartland.com and on Twitter @HeartlandDental. The company is headquartered in Effingham, Illinois.

Buy -

Seller(S) 1

SELLER

Mistral Equity Partners

New York, New York, United States

Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2007
PE ASSETS 300M USD
SizeMiddle-Market
Type Sector Focused
DESCRIPTION

Mistral Equity Partners is a consumer/media focused private equity firm. The Firm specifically looks to invest in North American retail, consumer products/services, food, and advertising opportunities. Mistral's target equity investment size is $1 to $15 million for growth investments and $25 to $50 million for buyout opportunities. Prospective transaction situations include leveraged acquisitions, build-ups, recapitalizations, restructurings, and pre-IPO growth financings. Mistral Equity Partners was formed in 2007 and is based in New York City.


DEAL STATS #
Overall 1 of 6
Sector (Food) 1 of 2
Type (Secondary Buyout) 1 of 2
State (Ohio) 1 of 2
Country (United States) 1 of 6
Year (2012) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-08-09 Taste, Inc.

San Francisco, California, United States

Taste, Inc. is a provider of an airport wine bar concept and offers travelers a sophisticated and comfortable retreat by providing fun and interactive wine tasting flights, wines by the glass, small plates, and a distinctive wine retail selection. Taste is based in San Francisco, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-02-07 Abe's Market Co.

Buffalo Grove, Illinois, United States

Abe's Market Co. is an ecommerce portal focused on natural and organic goods and related "healthy living" content. Abe's Market combines a broad product assortment with a highly curated product screening process and an abundance of relevant product information to enable better and more efficient product search.

Buy -