M&A Deal Summary

San Francisco Equity Partners, Pacific Community Management, Simon Equity Partners and LMS Capital Acquire Icu Eyewear

On September 9, 2010, private equity firm San Francisco Equity Partners, growth capital firm Pacific Community Management, growth capital firm Simon Equity Partners and private equity firm LMS Capital acquired consumer products company Icu Eyewear from Midwest Mezzanine Funds

Acquisition Highlights
  • This is San Francisco Equity Partners’ 2nd, Pacific Community Management’s 3rd, Simon Equity Partners’ 2nd and LMS Capital’s 1st transaction in the Consumer Products sector.
  • This is San Francisco Equity Partners’ 5th, Pacific Community Management’s 7th, Simon Equity Partners’ 6th and LMS Capital’s 4th transaction in the United States.
  • This is San Francisco Equity Partners’ 2nd, Pacific Community Management’s 6th, Simon Equity Partners’ 4th and LMS Capital’s 2nd transaction in California.

M&A Deal Summary
Date 2010-09-09
Target Icu Eyewear
Sector Consumer Products
Buyer(s) San Francisco Equity Partners
Pacific Community Management
Simon Equity Partners
LMS Capital
Sellers(s) Midwest Mezzanine Funds
Deal Type Secondary Buyout

Target

Icu Eyewear

Hollister, California, United States
Icu Eyewear is a designer and marketer of reading glasses, sunglasses and specialty eyewear. Icu Eyewear was founded in 1997 and is based in Hollister, California.

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Buyer(S) 4

Buyer

San Francisco Equity Partners

San Francisco, California, United States

Investor Investor

Category Private Equity Firm
Founded 2005
PE ASSETS 180M USD
Size Small
Type Sector Focused
DESCRIPTION

San Francisco Equity Partners (SFEP) is a private equity investment firm focused on expansion-stage companies within the information technology, media, consumer, and service industries. SFEP's target investment size is $15 to $40 million in companies generating up to $100 million in annual sales. SFEP was formed in partnership with LMS Capital, the investment division of London Merchant Securities plc. San Francisco Equity Partners was established in 2005 and is based in San Francisco, California.

DEAL STATS #
Overall 5 of 14
Sector (Consumer Products) 2 of 6
Type (Secondary Buyout) 1 of 3
State (California) 2 of 5
Country (United States) 5 of 14
Year (2010) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-07-29 Yes To

Pasadena, California, United States

Yes To is an operator of a natural personal care company that products were developed in the Dead Sea region of Israel. Yes To was founded in 2006 and is based in Pasadena, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-05-01 Associated Chemists

Portland, Oregon, United States

Associated Chemists is a manufacturer of coatings, sealants and specialty chemicals for use in engineered wood products, pulp and paper and other industrial applications.

Sell -
Buyer

Pacific Community Management

San Francisco, California, United States

Investor Investor

Category Growth Capital Firm
PE ASSETS 60M USD
Size Small
Type Sector Agnostic
DESCRIPTION

Pacific Community Management is a growth oriented investor focused on scalable, consumer facing companies. The Firm targets companies with strong revenue growth, substantial gross margins, defensible market positions and led by proven management teams. Pacific seeks to invest $1 to $4 million in companies with enterprise value of $5 to $50 million.Pacific Community Management was based in San Francisco, California.

DEAL STATS #
Overall 7 of 8
Sector (Consumer Products) 3 of 3
Type (Secondary Buyout) 1 of 1
State (California) 6 of 7
Country (United States) 7 of 8
Year (2010) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-03-25 New Leaf Paper

San Francisco, California, United States

New Leaf Paper established itself as an industry leader in 1998 and continues to inspire through the success of its environmentally leading, and economically competitive, printing, office and consumer papers.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-11-30 Pacific Catch

Corte Madera, California, United States

Pacific Catch is a modern, comfortable, Westcoast Fish House that combines fine-dining culinary experience with a casual California lifestyle. Restaurant industry veterans Aaron Noveshen and Keith Cox founded Pacific Catch, debuting on Chestnut Street in San Francisco. Pacific Catch was founded in 2003 and is based in Corte Madera, California.

Buy -
Buyer

Simon Equity Partners

Larkspur, California, United States

Investor Investor

Category Growth Capital Firm
Founded 2006
Size Small
Type Sector Focused
DESCRIPTION

Simon Equity Partners LLC is a private equity firm focused on making growth capital investments in the consumer sector. The Firm looks to invest in profitable, growth-oriented companies with high-margin/differentiated products. Simon seeks investments of $2 to $10 million in businesses generating $5 to $20 million in sales. Specific areas of interest includes apparel, food and beverages, health and wellness, home care, hospitality, beauty & personal care, specialty retail, sustainability, restaurants, and food services. Simon Equity Partners LLC is the investment arm of Simon Property Group, the publicly traded real estate firm. Simon Equity Partners LLC is based in San Francisco, California.

DEAL STATS #
Overall 6 of 10
Sector (Consumer Products) 2 of 2
Type (Secondary Buyout) 1 of 1
State (California) 4 of 6
Country (United States) 6 of 9
Year (2010) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-02-04 J Brand

Los Angeles, California, United States

J Brand is a designer, marketer and manufacturer of premium denim products. The Company sells its products through high-end department stores and fashion boutiques throughout the United States, as well as internationally through exclusive distributors.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-10-06 Lighting Science Group

West Warwick, Rhode Island, United States

Lighting Science Group Corp. designs develops, manufactures and markets LED lighting solutions that are environmentally friendlier and more energy-efficient than traditional lighting products. Lighting Science Group offers retrofit LED lamps in form factors that match the form factor of traditional lamps or bulbs and LED luminaires for a range of applications including public and private infrastructure for both indoor and outdoor applications. Lighting Science Group was founded in 2000 and is based in West Warwick, Rhode Island.

Buy -
Buyer

LMS Capital

Category Private Equity Firm
Founded 1980
Size Large
Type Sector Agnostic
DESCRIPTION

LMS Capital plc is a publicly-traded private equity investment company managed by Gresham House Asset Management (GHAM). The Firm focuses on direct investments in lower middle-market UK-based companies valued less than £50 million. Areas of interest include financial services, information technology, and consumer services. LMS Capital plc is based in London.

DEAL STATS #
Overall 5 of 6
Sector (Consumer Products) 1 of 1
Type (Secondary Buyout) 1 of 1
State (California) 2 of 2
Country (United States) 4 of 4
Year (2010) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-06-07 Nationwide Energy Partners

Columbus, Ohio, United States

Nationwide Energy Partners LLC is a provider of integrated energy services for residents, property managers, and developers of residential communities. The comopany offers installation of energy services, sub-metering, meter reading, billing, collections, and customer service to meet the needs of our residential and commercial customers.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-04-01 Updata Infrastructure Limited

Reigate, United Kingdom

Updata provides a range of networking and connectivity services to mainly public sector clients and has a reputation for excellent service combined with an innovative approach to achieving best value for its clients.

Sell £80M

Seller(S) 1

SELLER

Midwest Mezzanine Funds

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 1992
PE ASSETS 1.0B USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Midwest Mezzanine Funds (MMF) is a provider of junior capital to lower middle-market, US and Canadian companies. MMF looks to invest $4 to $15 million to support buyouts, acquisition financings, recapitalizations, and growth capital needs. Prospective companies generally have consistent profits ($3 million of EBITDA), low capital intensity, and sustainable competitive advantages. Broad areas of interest include manufacturing, value-added distribution, and services. MMF will not invest in high technology, energy, or real estate. Midwest Mezzanine was formed in 1992 and has offices in Chicago and Monroe, Michigan.

DEAL STATS #
Overall 13 of 55
Sector (Consumer Products) 3 of 5
Type (Secondary Buyout) 6 of 24
State (California) 4 of 6
Country (United States) 13 of 54
Year (2010) 2 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-06-19 Ross Education

Flint, Michigan, United States

Ross Education provides post-secondary education, predominately focused on healthcare, in small to medium-sized markets in Alabama, Michigan, Indiana, Iowa, Kentucky, West Virginia, Tennessee and Ohio. Ross offers both on-campus and online education programs.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-09-21 Handy Industries

Marshalltown, Iowa, United States

Handy Industries, LLC ("Handy") manufactures and distributes steel fabricated shop products and truck accessories.

Sell -
Mergr

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