M&A Deal Summary

Centerview Capital Holdings, HarbourVest Partners, KKR, Quilvest Private Equity, TPG Global and Vestar Capital Partners Acquires Big Heart Pet Brands

On March 8, 2011, growth capital firm Centerview Capital Holdings LLC, private equity firm HarbourVest Partners, private equity firm KKR & Co. L.P., private equity firm Quilvest Private Equity, asset manager TPG Global and private equity firm Vestar Capital Partners acquired food company Big Heart Pet Brands from Sun Capital Partners for 5.3B USD

Acquisition Highlights
  • This is Centerview Capital Holdings’ 1st, HarbourVest Partners’ 1st, KKR’s 3rd, Quilvest Private Equity’s 3rd, TPG Global’s 3rd and Vestar Capital Partners’ 4th transaction in the Food sector.
  • This is Centerview Capital Holdings’ 2nd, HarbourVest Partners’ 11th, KKR’s 21st, Quilvest Private Equity’s 1st, TPG Global’s 11th and Vestar Capital Partners’ 1st largest (disclosed) transaction.
  • This is Centerview Capital Holdings’ 4th, HarbourVest Partners’ 59th, KKR’s 39th, Quilvest Private Equity’s 30th, TPG Global’s 117th and Vestar Capital Partners’ 48th transaction in the United States.
  • This is Centerview Capital Holdings’ 2nd, HarbourVest Partners’ 9th, KKR’s 5th, Quilvest Private Equity’s 7th, TPG Global’s 40th and Vestar Capital Partners’ 3rd transaction in California.
Investment Fate
  • Big Heart Pet Brands was sold to a publicly-traded strategic buyer in 2015 for 5.8B USD.

M&A Deal Summary

Date 2011-03-08
Target Big Heart Pet Brands
Sector Food
Buyer(s) Centerview Capital Holdings LLC
HarbourVest Partners
KKR & Co. L.P.
Quilvest Private Equity
TPG Global
Vestar Capital Partners
Sellers(s) Sun Capital Partners
Deal Type Going Private
Deal Value 5.3B USD
Advisor(s) Barclays Investment Bank (Financial)

Target

Big Heart Pet Brands

San Francisco, California, United States
website
Big Heart Pet Brands is a standalone producer, distributor and marketer of premium quality, branded pet food and pet snacks. The Company’s purpose is to nurture the bond between pets and the people who love them – making every day special. Its portfolio of brands, with a foundation in dog and cat food and treats, strives to cater to every pet life stage and every family’s budget through the availability and accessibility of its products.

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Buyer(S) 6

Buyer

Centerview Capital Holdings LLC

Palo Alto, California, United States

Investor Investor Investor Investor Investor

website


Category Growth Capital Firm
Founded 2006
SizeLarge
Type Sector Focused
DESCRIPTION

Centerview Capital Holdings is a private equity firm focused on investing in high-growth consumer and technology companies. The Firm's consumer group looks to commit $50 to $150 million through minority and majority investments in businesses operating in the food & beverage, household & consumer products, personal care/health & wellness, and consumer services sectors. The Firm's technology group looks to partner with management teams to accelerate growth. Centerview Capital is affiliated with investment bank Centerview Partners and is based in Menlo Park, California.


DEAL STATS #
Overall 4 of 8
Sector (Food) 1 of 1
Type (Going Private) 1 of 1
State (California) 2 of 5
Country (United States) 4 of 8
Year (2011) 1 of 1
Size (of disclosed) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-01-25 Nielsen Holdings NV

New York, United States

Nielsen is a global information and measurement company that provides clients with a comprehensive understanding of consumers and consumer behavior. Nielsen delivers critical media and marketing information, analytics and industry expertise about what consumers buy and what consumers watch (consumer interaction with television, online and mobile) on a global and local basis. The Company's information, insights and solutions help clients maintain and strengthen their market positions and identify opportunities for profitable growth. Nielsen was founded in 1923 and is based in New York, New York.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-11-05 Ole Smoky Tennessee Moonshine

Gatlinburg, Tennessee, United States

Ole Smoky Tennessee Moonshine is a provider of a beverages in US.

Buy -
Buyer

HarbourVest Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1978
PE ASSETS 86.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

HarbourVest Partners, LLC is an investment firm that makes investments in new private equity partnerships, acquires secondary interests, and makes direct investments in operating companies. HarbourVest's largest investment area is investments in private equity funds, comprising of approximately 2/3 of HarbourVest's assets. HarbourVest's direct investment group looks for investments in growth oriented businesses at a variety of stages. The Group generally targets co-investments of $5 to $100 million, growth capital financings of $5 to $40 million, or mezzanine commitments of $5 to $20 million. Sectors of interest include software, hardware, data communications, telecommunications, and financial services. HarbourVest was formed in 1997 to assume the business of Hancock Venture Partners which was formed in 1982. HarbourVest Partners is based in Boston, Massachusetts, with additional offices in London, Tokyo, and Hong Kong.


DEAL STATS #
Overall 96 of 217
Sector (Food) 1 of 5
Type (Going Private) 16 of 27
State (California) 9 of 19
Country (United States) 59 of 128
Year (2011) 5 of 13
Size (of disclosed) 11 of 67
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-03-02 ReCommunity Holdings LP

Charlotte, North Carolina, United States

ReCommunity is a recycling, recovery and repowering company that is focused on dramatically reducing the volume of land-filled waste through conversion into useful products such as recycled commodities, low-carbon energy, ReEngineered Feedstock, biofuels, and other value-added recycled products. ReCommunity Holdings was founded in 2011 and is based in Charlotte, North Carolina.

Buy $134M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-04-04 Capsugel Belgium NV

Colmar, France

Capsugel Belgium NV is a provider of hard capsules and an innovator in drug delivery systems for the pharmaceutical, OTC and health and nutrition industries. Capsugel offers a comprehensive array of products and services, from hard gelatin, vegetarian and liquid-filled capsules, to innovative R&D equipment and liquid formulations as part of its Licaps Drug Delivery System.

Buy $2.4B
Buyer

KKR & Co. L.P.

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1976
PE ASSETS 367.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION
KKR's office in Menlo Park, California.
KKR's office in Menlo Park, California.

Kohlberg Kravis Roberts & Co. LP (KKR) is a global investment firm founded by Jerome Kohlberg, Henry Kravis, and George Roberts. The Firm is separated into three business segments which include private markets, public markets, and capital markets and principal activities. KKR's private equity practice invests in management buyouts, take privates, corporate divestitures, industry consolidations, and partnerships with family-owned companies. KKR will consider investments in a broad range of industries located in North America, Europe, Asia, and Australia/New Zealand. Sectors of interest include chemicals, consumer products, energy and natural resources, financial services, healthcare, industrial, media/communications, retail, and technology. In addition to its traditional principal investment activity business, KKR also invests in infrastructure assets. KKR was formed in 1976, is based in New York City, and has offices throughout the globe.


DEAL STATS #
Overall 89 of 385
Sector (Food) 3 of 15
Type (Going Private) 14 of 25
State (California) 5 of 33
Country (United States) 39 of 162
Year (2011) 1 of 17
Size (of disclosed) 21 of 84
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-02-14 Duales System Deutschland GmbH

Cologne, Germany

DSD provides take-back recycling systems in Germany. Since 1991, DSD has provided nationwide collection and processing of used packaging materials like glass bottles, yoghurt cups, or beverage cartons. The Company manages a "dual system" that co-operates with and works in parallel to municipal waste collection. As part of the business model, DSD resells the obtained raw materials on the open market, forming a closed-loop recycling system and making DSD one of Europe's largest raw materials trading companies.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-03-10 HCA Healthcare, Inc.

Nashville, Tennessee, United States

HCA Healthcare is a national healthcare service provider. HCA operates general and acute care hospitals with a full range of services to accommodate such medical specialties as internal medicine, general surgery, cardiology, oncology, neurosurgery, orthopedics and obstetrics, as well as diagnostic and emergency services. Outpatient and ancillary health care services are provided by general, acute care hospitals, freestanding surgery centers, diagnostic centers, and rehabilitation facilities. HCA's psychiatric hospitals provide a full range of mental health care services through inpatient, partial hospitalization and outpatient settings. HCA Healthcare was formed in 1968 and is based in Nashville, Tennessee.

Sell -
Buyer

Quilvest Private Equity

Paris, France

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1972
PE ASSETS 5.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

Quilvest SA is an investment management firm comprised of two units, one focused on wealth management and the other focused on private equity. Quilvest Private Equity invests in funds as well as makes direct investments. The direct investment group looks for opportunities in the US, Europe, and 'opportunistically' in Asia with a preference for buyout, growth capital, and venture transactions. Quilvest Private Equity will consider both minority and majority positions. Quilvest Private Equity was established in 1972 and is based Paris with additional offices in Luxembourg, Paris, Zurich, Montevideo, Hong Kong, Singapore, New York City and London.


DEAL STATS #
Overall 68 of 91
Sector (Food) 3 of 4
Type (Going Private) 4 of 6
State (California) 7 of 8
Country (United States) 30 of 42
Year (2011) 2 of 6
Size (of disclosed) 1 of 17
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-01-05 Matthews International Capital Management LLC

San Francisco, California, United States

Matthews International Capital Management LLC is an asset management company that primarily serves the retail and RIA channels through the Matthews Asia Funds, a U.S. open-end mutual fund complex specializing in Asian equities investing.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-04-04 Groupe FINDIS

Beaucouze, France

Groupe FINDIS is a distributor of electrical appliances, kitchen supplies, do-it-yourself and household equipment. Groupe FINDIS was founded in 1987 and is based in Beaucouze, France.

Buy -
Buyer

TPG Global

Fort Worth, Texas, United States

Investor Investor Investor Investor

website


Category Asset Manager
Founded 1992
PE ASSETS 96.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

TPG Capital is a global, mega-sized private investment firm that manages a family of funds focused on private equity, real estate, venture capital, public equity and debt investing. TPG invests in opportunities across a broad range of industries and geographies. TPG generally seeks to invest in established businesses that can benefit from the Firm's operational experience and connections. Industries of interest include consumer, retail, healthcare, industrials, digital media, natural resources, energy, real estate, technology, and software. TPG was formerly known as Texas Pacific Group and was originally established in 1992 by David Bonderman, James Coulter and William Price. The Firm is based in Forth Worth, Texas with additional offices in Europe, Asia, and Australia.


DEAL STATS #
Overall 173 of 378
Sector (Food) 3 of 6
Type (Going Private) 25 of 33
State (California) 40 of 80
Country (United States) 117 of 249
Year (2011) 4 of 20
Size (of disclosed) 11 of 94
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-03-01 ProteoGenix Inc.

Menlo Park, California, United States

ProteoGenix, Inc. is developing diagnostics for conditions of the mother and fetus in pregnancy. The company is based on pioneering discoveries around the amniotic fluid and cervico-vaginal fluid proteomes. Based in Costa Mesa, California, ProteoGenix operates a CLIA lab through which it offers esoteric testing for maternal-fetal specialists. In addition, the company is developing a non-invasive diagnostic to help diagnose intra-amniotic infection in pregnancy.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-03-16 Alinta Energy

Sydney, Australia

Alinta Energy is an Australian energy company with interests in power station assets that are diversified by geographic region, fuel type, customers, and operating mode. Alinta Energy is based in Sydney, Australia.

Buy -
Buyer

Vestar Capital Partners

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1988
PE ASSETS 7.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

Vestar Capital Partners is a private equity firm that targets management buyouts and growth capital investments across North America and Europe in the consumer, business services, and healthcare sectors. The Firm looks to invest $50 to $150 million in transactions valued up to $1 billion. Specific areas of interest include food, apparel, household goods, retail, consumer services, industrial services, information services, manufacturing, distribution, transportation, financial services, media/communications, digital health media, and medical technology. Vestar Capital Partners was formed in 1988 and is based in New York City.


DEAL STATS #
Overall 63 of 81
Sector (Food) 4 of 10
Type (Going Private) 7 of 7
State (California) 3 of 5
Country (United States) 48 of 65
Year (2011) 2 of 3
Size (of disclosed) 1 of 16
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-02-24 Triton International Ltd.

Hamilton, Bermuda

Triton engages in the acquisition, leasing, re-leasing, and sale of various types of intermodal transportation equipment to shipping lines, and freight forwarding companies and manufacturers. Triton was founded in 1980 and is based in Hamilton, Bermuda.

Buy $1.0B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-09-06 Essent Healthcare, Inc.

Nashville, Tennessee, United States

Essent Healthcare, Inc. is owns and operates non-urban acute care hospitals that are essential to communities in Pennsylvania, Massachusetts, Connecticut, and Texas.

Sell $260M

Seller(S) 1

SELLER

Sun Capital Partners

Boca Raton, Florida, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1995
PE ASSETS 13.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION
Sun Capital's corporate headquarters in Boca Raton, Florida.
Sun Capital's corporate headquarters in Boca Raton, Florida.

Sun Capital Partners is a large private equity firm focused on leveraged buyouts, equity, debt, and other control investments in North America, Asia, and Europe. Sun looks for businesses that can benefit from the Firm's operating experience including underperformers, turnarounds, and special situations. Target companies typically have $50 million to $1 billion in revenue with strong market positions. Sectors of interest include paper and packaging, food and beverages, metals and mining, automotive after-market parts, consumer products, financial services, healthcare, media and communications, building products, telecommunications, technology, retailing and catalogs, restaurants, manufacturing and industrial. Sun Capital was formed in 1995 and is based in Boca Raton, Florida.


DEAL STATS #
Overall 18 of 117
Sector (Food) 2 of 9
Type (Going Private) 1 of 1
State (California) 4 of 9
Country (United States) 16 of 83
Year (2011) 2 of 11
Size (of disclosed) 1 of 14
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-02-17 NextPharma Technologies Ltd.

London, United Kingdom

NextPharma Technologies Ltd. is a pharmaceutical contract development and manufacturing organization serving worldwide markets. NextPharma provides a full range of pharmaceutical services across the entire supply chain, including pharmaceutical development, clinical trial services, analytical services, commercial manufacturing and packaging, generic dossiers, and licensing. NextPharma Technologies Ltd. was founded in 2000 and is based in London, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-03-21 Bruegger's Enterprises, Inc.

Dallas, Texas, United States

Bruegger's Enterprises, Inc. specializing in bagels, operates 285 bakery-cafes in 23 states and D.C. Bruegger's bakery-cafes, including its 100 franchise locations, offer a wide variety of freshly-baked bagels, pieces of bread and wraps, signature sandwiches, crisp salads, hearty soups, natural cream cheeses, gourmet coffee, and indulgent desserts. Bruegger's Enterprises was founded in 1983 and is based in Dallas, Texas.

Sell -