Investment Summary

Quad-C Management and Audax Private Debt Invest In Cloverhill Pastry-Vend

On January 1, 2009, private equity firm Quad-C Management and mezzanine finance firm Audax Private Debt invested in food company Cloverhill Pastry-Vend

Investment Highlights
  • This is Quad-C Management’s 1st and Audax Private Debt’s 2nd transaction in the Food sector.
  • This is Quad-C Management’s 19th and Audax Private Debt’s 28th transaction in the United States.
  • This is Quad-C Management’s 2nd and Audax Private Debt’s 2nd transaction in Illinois.
Investment Fate
  • Cloverhill Pastry-Vend was sold to a publicly-traded strategic buyer in 2014.

Investment Summary

Date 2009-01-01
Target Cloverhill Pastry-Vend
Sector Food
Investor(s) Quad-C Management
Audax Private Debt
Deal Type Growth Capital

Target

Cloverhill Pastry-Vend

Chicago, Illinois, United States
Cloverhill Pastry-Vend LLC is a baked goods manufacturer. Cloverhill provides pastry, cinnamon rolls, cake donuts and honey buns are acclaimed throughout the industry for their delicious taste, quality and value.

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Investor(S) 2

Investor

Quad-C Management

Charlottesville, Virginia, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1989
PE ASSETS 4.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Quad-C Management is a generalist private equity firm that makes control investments in middle-market companies operating in a wide range of industries. Target sector's include building products, business-to-business services, consumer products, distribution/logistics, equipment rental, financial services, healthcare, light manufacturing, packaging, restaurants, security, and specialty chemicals. Quad-C's target investment size is $50 to $150 million in businesses valued between $100 and $500 million and with EBITDA greater than $10 million. Prospective transaction types include recapitalizations/family successions, management buyouts, and industry consolidations. Quad-C Management was founded in 1989 and is headquartered in Charlottesville, Virginia.


DEAL STATS #
Overall 20 of 64
Sector: Food M&A 1 of 2
Type: Growth Capital M&A Deals 3 of 18
State: Illinois M&A 2 of 6
Country: United States M&A 19 of 60
Year: 2009 M&A 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-08-19 BI

Boulder, Colorado, United States

BI, Inc. is a provider of alternative to incarceration products offering the following services to federal, state, and local government agencies: Electronic Monitoring, Re-entry & Supervision Services, and the Intensive Supervision Appearance Program.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-01-02 Document Technologies

Atlanta, Georgia, United States

DTI is a privately held legal process outsourcing company in the US serving law firms and corporations. DTI helps its clients accelerate the changes they must make to remain competitive. DTI was founded in 1998 and is based in Atlanta, Georgia.

Buy -
Investor

Audax Private Debt

New York, New York, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 2000
PE ASSETS 5.4B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Audax Mezzanine is the mezzanine finance arm of the Audax Group. The Firm focuses on investing in both private and public, US-based middle market companies with a strong history of cash flows and consistent revenue growth. Audax will consider subordinated mezzanine debt commitments, second lien or junior secured debt, preferred stock and common stock. The Firm seeks to invest in companies with EBITDA between $10 and $100 million. Types of transaction include MBOs, LBOs, growth capital financings, acquisition financings, and recapitalizations. Audax Private Debt is based in New York, New York.


DEAL STATS #
Overall 28 of 120
Sector: Food M&A 2 of 8
Type: Growth Capital M&A Deals 2 of 18
State: Illinois M&A 2 of 4
Country: United States M&A 28 of 118
Year: 2009 M&A 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-10-01 Rocore

Indianapolis, Indiana, United States

Rocore is a designer and manufacturer of heat exchangers and related equipment used to cool air, water, or oil for a variety of applications. Rocore maintains five operating facilities in the USA & one outside the USA, plus multiple sales offices. Rocore supplies a wide variety of heat exchange solutions, products and services into its identified end market segments. Rocore was founded in 1984 and is based in Indianapolis, Indiana.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-04-01 ISG Holdings

Farmington, Connecticut, United States

ISG Holdings, Inc. (“ISG”) was formed to build a workers’ compensation focused company that offers a suite of products and services to help contain the medical costs related to workers’ injury claims.

Buy -