Buyout (LBO, MBO, MBI) • Food

Swander Pace Capital, Stonehenge Partners and Triangle Capital Acquire Frozen Specialties

On November 26, 2002, private equity firm Swander Pace Capital, mezzanine finance firm Stonehenge Partners and private equity firm Triangle Capital acquired food company Frozen Specialties

Acquisition Context
  • This is Swander Pace Capital’s 6th, Stonehenge Partners’ 1st and Triangle Capital’s 1st transaction in the Food sector.
  • This is Swander Pace Capital’s 11th, Stonehenge Partners’ 15th and Triangle Capital’s 1st transaction in the United States.
  • This is Swander Pace Capital’s 2nd, Stonehenge Partners’ 5th and Triangle Capital’s 1st transaction in Ohio.
Investment Fate
  • Frozen Specialties was sold to a strategic buyer in 2018.

Explore All 969 Buyout (LBO, MBO, MBI) Food Deals - Search the Database Free


M&A Deal Summary

Date November 26, 2002
Target Frozen Specialties
Sector Food
Buyer(s) Swander Pace Capital
Stonehenge Partners
Triangle Capital
Deal Type Buyout (LBO, MBO, MBI)
Advisor(s) Lincoln International (Financial)

Target Company

Frozen Specialties

Perrysburg, Ohio, United States
Frozen Specialties, Inc. is a manufacturer of private label frozen pizzas and pizza bites, sold primarily through the retail grocery channel. Frozen Specialties was formed in 1969 and is based in Perrysburg, Ohio.
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Buyers Overview 3

Buyer

Swander Pace Capital

San Francisco, California, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1996
PE ASSETS 1.8B USD
Size Large
Type Sector Focused
DESCRIPTION

Swander Pace Capital (SPC) is a private equity firm focused on investing in North American middle-market consumer products companies. SPC looks for companies exhibiting strong growth potential and sales of up to $500 million. Specific areas of interest include food/beverage, household products, health living, packaging, personal care, pet products, sporting goods, specialty apparel, and specialty distribution. Prospective investment situations include management-led buyouts, consolidations, divestitures, turnarounds, recapitalizations, and growth capital financings. SPC was formed in 1996 and has offices in San Francisco, California; Bedminster, New Jersey; and Ontario, Canada.


Deal Context for Buyer #
Overall 11 of 52
Sector: Food 6 of 27
Type: Buyout (LBO, MBO, MBI) 6 of 34
State: Ohio 2 of 3
Country: United States 11 of 42
Year: 2002 6 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2002-10-08 Fleischmann s Vinegar Co.

Cerritos, California, United States

Fleischmann's Vinegar Co. Inc. is a USDA certified all-natural producer of specialty ingredients that further support Kerry’s taste and clean label strategies across a number of End Use Markets. It is headquartered in California and has manufacturing facilities in Washington, New York, Maryland, Illinois, Missouri, Alabama and California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-02-13 Prestige Consumer Healthcare

Tarrytown, New York, United States

Prestige Consumer Healthcare markets and distributes brand name over-the-counter medicines and household cleaning products throughout the US, Canada, Australia, and other select international markets. Prestige Consumer was founded in 1996 and is based in Tarrytown, New York.

Sell -
Buyer

Stonehenge Partners

Columbus, Ohio, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 1999
PE ASSETS 1.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Stonehenge Partners is a private equity firm that seeks equity and mezzanine investments in lower middle-market companies with at least $10 million in sales. Stonehenge looks to invest ranging from $10 million to $50 million of equity/junior capital to support management buyouts, leveraged acquisitions, recapitalizations, and growth capital financings. Stonehenge prefers businesses operating in manufacturing, distribution, business services and healthcare. Stonehenge avoids investing in real estate, oil and gas, high technology and 'industries that are susceptible to a high degree of cyclicality'. Stonehenge was formed in 1999 and is based in Columbus, Ohio.


Deal Context for Buyer #
Overall 15 of 68
Sector: Food 1 of 3
Type: Buyout (LBO, MBO, MBI) 12 of 48
State: Ohio 5 of 18
Country: United States 15 of 66
Year: 2002 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2001-09-01 Wisconsin Film & Bag

Shawano, Wisconsin, United States

Wisconsin Film and Bag produces custom polyethylene bags and film for the flexible packaging industry.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2003-01-01 EI Holdings Group

Baltimore, Maryland, United States

Enviro-Industries dba Pritchard Brown has been helping the environment and technology to co-exist peacefully. We lead the industry and set the standards in quality and innovation for custom designed protective enclosures, fuel tank bases, and sound attenuation.

Sell -
Buyer

Triangle Capital

Raleigh, North Carolina, United States

Category Private Equity Firm
Founded 2007
Size Middle-Market
Type Sector Agnostic
DESCRIPTION


Deal Context for Buyer #
Overall 1 of 114
Sector: Food 1 of 10
Type: Buyout (LBO, MBO, MBI) 1 of 40
State: Ohio 1 of 7
Country: United States 1 of 112
Year: 2002 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2003-04-01 Comverge

Norcross, Georgia, United States

Comverge, Inc. is a provider of an integrated set of demand response, energy efficiency and customer engagement solutions that enable electric utilities to ensure grid reliability, lower energy costs, meet regulatory demands and enhance the customer experience. Comverge was founded in 1974 and is based in Norcross, Georgia.

Buy -