M&A Deal Summary

Peterson Partners and Sorenson Capital Acquire Mity-Lite

On July 18, 2007, asset manager Peterson Partners and private equity firm Sorenson Capital acquired furniture company Mity-Lite for 72M USD

Acquisition Highlights
  • This is Peterson Partners’ 2nd and Sorenson Capital’s 1st transaction in the Furniture sector.
  • This is Peterson Partners’ 2nd and Sorenson Capital’s largest (disclosed) transaction.
  • This is Peterson Partners’ 22nd and Sorenson Capital’s 9th transaction in the United States.
  • This is Peterson Partners’ 10th and Sorenson Capital’s 6th transaction in Utah.

M&A Deal Summary

Date 2007-07-18
Target Mity-Lite
Sector Furniture
Buyer(s) Peterson Partners
Sorenson Capital
Deal Type Going Private
Deal Value 72M USD

Target

Mity-Lite

Orem, Utah, United States
website
Mity-Lite, Inc. is a manufacturer of furniture systems that efficiently meet business-to-business customer needs across multiple markets, including hospitality, higher education, worship facilities, government, parks and recreation, public assembly, and healthcare, among others.

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Buyer(S) 2

Buyer

Peterson Partners

Salt Lake City, Utah, United States

Investor Investor Investor Investor Investor

website


Category Asset Manager
Founded 1995
PE ASSETS 350M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Peterson Partners is a private equity firm that targets investments in lower middle-market growth companies located in the Western US. Peterson looks to commit between $5 and $25 million of equity in companies generating sales of at least $5 million. Sectors of interest include consumer products and services, business services, and manufacturing. Peterson Partners was formed in 1995 and is based in Salt Lake City, Utah.


DEAL STATS #
Overall 23 of 56
Sector (Furniture) 2 of 2
Type (Going Private) 1 of 2
State (Utah) 10 of 21
Country (United States) 22 of 49
Year (2007) 1 of 2
Size (of disclosed) 2 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-03-13 3form

Salt Lake City, Utah, United States

3form is the leading manufacturer of award-winning, sustainable building materials and architectural hardware solutions for the Architecture + Design industry.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-07-22 Diamond Rental

Sandy, Utah, United States

Diamond Rental of Salt Lake City, Utah. Diamond is the largest party and equipment rental business in Utah.

Sell -
Buyer

Sorenson Capital

Lehi, Utah, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2003
PE ASSETS 1.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Sorenson Capital is a private equity firm that seeks to support buyout and growth capital financings of lower middle-market companies. Sorenson invests across a broad range of industries and generally pursues companies with significant market share, high barriers to entry, fragmented industry competition, motivated managment, and sustainable pricing and profit margins. Target businesses typically have sales of $30 to $300 million with earnings of $3 to $25 million. Sorenson's geographic preference is for opportunities in the Mountain West and West Coast regions of the US. Sorenson raised its inaugural fund in 2004 and is based in Salt Lake City, Utah.


DEAL STATS #
Overall 10 of 45
Sector (Furniture) 1 of 1
Type (Going Private) 2 of 2
State (Utah) 6 of 18
Country (United States) 9 of 44
Year (2007) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-05-01 Erickson Construction

Chandler, Arizona, United States

Erickson Construction Co., Inc. is a construction services and pre-fabricated building products company. It provides turnkey framing services, framing packages, trusses, and other products to builders and developers. Erickson Construction Co., Inc. was founded in 1975 and is based in Chandler, Arizona.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-03-03 Michael s Finer Meats

Columbus, Ohio, United States

Michael's Finer Meats LLC (Michael's Finer Meats & Seafoods) is a specialty processor and distributor of meats and seafood headquartered in the Midwest. The company focuses on white-linen restaurants, country clubs, caterers, hotels, and others nationwide who value the highest quality proteins and exceptional service. Michael's is the nation's premier center-of-the-plate specialist and prides itself on supplying excellent and consistent products every time to every customer.

Buy -