Swander Pace Capital Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Swander Pace Capital has acquired 7 companies.

Swander Pace Capital’s most common sectors for investment are food (54%) and consumer products (29%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (65%) and secondary buyout (14%). In total, Swander Pace Capital has invested in 15 US states and 3 different countries. Its largest (disclosed) acquisition occurred in 1998 when it acquired Nonni s Foods for $32M.

In the last 3 years, Swander Pace Capital has exited 6 companies. The Firm’s most common exit type is trade sale (62%). Swander Pace Capital’s largest (disclosed) exit occurred in 2015 when it sold Applegate Farms for $775M.

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M&A Summary

  • M&A Total Activity81
    • M&A Buy Activity45
    • M&A Sell Activity36
  • Total Sectors Invested 7
  • Total Countries Invested 3
  • M&A Buy/Sell Connections 39
  • M&A Advisors 5

Swander Pace Capital

101 Mission Street, Suite 1900,
San Francisco, California 94105
United States
(415) 477-8500
www.spcap.com
info@spcap.com

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.


Investment Criteria

Sectors of Interest: Apparel/Textiles, Beverages, Consumer Products, Consumer Services, Distribution, Food, Life Science, Manufacturing, Packaging

Target Transaction Types: Buyout (LBO, MBO, MBI), Consolidation, Divestiture, Growth Capital, Recapitalization, Special Situations/Distressed, Secondary Buyout

Geographic Preferences: East US, Midwest US, South US, West US, Canada

Transaction Criteria Min Max
Target Revenue - 500
Target EBITDA - -
Investment Size - -
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (1.6/yr) # 37 1 1 4 2 - 45
vol $32M $32M
Sell (1.4/yr) # 29 1 2 2 2 - 36
vol $2.0B $290M $163M $323M $2.8B
  81

Most Recent M&A

Company Date Value Type
Voortman Cookies Ltd. 2019-12-02 323M CAD Add-on Acquisition
Burlington, Ontario · www.voortman.com
Passport Foods (SVC), LLC 2019-10-21 - Secondary Buyout
Ontario, California · www.passportglobalfoods.com
Café Valley, Inc. 2019-09-17 - Buyout (LBO, MBO, MBI)
Phoenix, Arizona · www.cafevalley.com
Bragg Live Food Products, Inc. 2019-06-25 - Buyout (LBO, MBO, MBI)
Goleta, California · www.bragg.com
Frozen Specialties, Inc. 2018-12-03 - Add-on Acquisition
Perrysburg, Ohio · www.frozenspecialties.com
Nutritional Medicinals LLC 2018-11-29 - Buyout (LBO, MBO, MBI)
Wilmington, Ohio · www.functionalformularies.com
Bäckerhaus Veit Ltd. 2018-11-15 - Buyout (LBO, MBO, MBI)
Mississauga, Ontario · www.backerhausveit.com
Fine Choice Foods Ltd. 2018-09-13 - Buyout (LBO, MBO, MBI)
Richmond, British Columbia · www.finechoicefoods.com
Recochem, Inc. 2018-09-06 - Secondary Buyout
Montreal, Quebec · www.recochem.com
J.R. Watkins LLC 2018-01-18 - Divestiture
Oakland, California · www.jrwatkins.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Captek Softgel International, Inc. 2015-12-14 J+D Labs Pharma Manufacturing, Inc. 2017-08-04 1
Cerritos, California · www.capteksoftgel.com Vista, California · www.jdlabs.com
Aden & Anais, Inc. 2014-01-08 HALO Innovations, Inc. 2016-12-12 1
Brooklyn, New York · www.adenandanais.com Minnetonka, Minnesota · www.halosleep.com
Clarion Brands LLC 2014-11-10 American Lifeline, Inc. (dba Florajen) 2016-07-19 7
Trevose, Pennsylvania · www.clarionbrands.com Baraboo, Wisconsin · www.florajen.com
Clarion Brands LLC 2014-11-10 Lipo-Flavonoid 2014-11-10 6
Trevose, Pennsylvania · www.clarionbrands.com Solon, Ohio · www.lipoflavonoid.com
Clarion Brands LLC 2014-11-10 Certain Dri 2014-11-10 5
Trevose, Pennsylvania · www.clarionbrands.com Solon, Ohio · www.certaindri.com
Clarion Brands LLC 2014-11-10 Cystex 2014-11-10 4
Trevose, Pennsylvania · www.clarionbrands.com Solon, Ohio · www.cystex.com
Clarion Brands LLC 2014-11-10 Albolene 2014-11-10 3
Trevose, Pennsylvania · www.clarionbrands.com Edison, New Jersey · www.albolene.com
Clarion Brands LLC 2014-11-10 Absorbine Jr. 2014-11-10 2
Trevose, Pennsylvania · www.clarionbrands.com Solon, Ohio · www.absorbinejr.com
Clarion Brands LLC 2014-11-10 Anti Monkey Butt Corp. 2014-11-10 1
Trevose, Pennsylvania · www.clarionbrands.com Buda, Texas · www.antimonkeybutt.com

M&A by Sector

Sector Current # Value All-time # Value
Food 4 (33%) - 24 (53%) 32M (100%)
Consumer Products 5 (42%) - 13 (29%) -
Apparel/Textiles - - 3 (7%) -
Distribution 1 (8%) - 2 (4%) -
Beverages - - 1 (2%) -
E-Commerce 1 (8%) - 1 (2%) -
Restaurants 1 (8%) - 1 (2%) -
Total 12 - 45 $32M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 10 (83%) - 37 (82%) 32M (100%)
  California 3 (25%) - 12 (27%) -
  New York 1 (8%) - 4 (9%) -
  Ohio 1 (8%) - 3 (7%) -
  Pennsylvania 1 (8%) - 2 (4%) -
  New Jersey 1 (8%) - 2 (4%) -
  Arizona 1 (8%) - 2 (4%) -
  Oklahoma - - 2 (4%) 32M (100%)
  Indiana - - 2 (4%) -
  Illinois - - 2 (4%) -
  North Dakota 1 (8%) - 1 (2%) -
  Colorado 1 (8%) - 1 (2%) -
  Texas - - 1 (2%) -
  Oregon - - 1 (2%) -
  Minnesota - - 1 (2%) -
  Florida - - 1 (2%) -
Canada 2 (17%) - 7 (16%) -
  Ontario 1 (8%) - 3 (7%) -
  British Columbia 1 (8%) - 2 (4%) -
  Quebec - - 2 (4%) -
United Kingdom - - 1 (2%) -
Domestic 10 (83%) - 37 (82%) 32M (100%)
Cross-border 2 (17%) - 8 (18%) -
Total 12 - 45 $32M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 7 (58%) - 29 (64%) -
Secondary Buyout 2 (17%) - 6 (13%) -
Divestiture 1 (8%) - 4 (9%) 32M (100%)
Recapitalization 1 (8%) - 2 (4%) -
Acquisition Financing 1 (8%) - 1 (2%) -
Consolidation - - 1 (2%) -
Growth Capital - - 1 (2%) -
Venture - - 1 (2%) -
Total 12 - 45 $32M

Exits by Deal Type

Type Total # Value
Trade Sale 14 (39%) 163M (6%)
Secondary Sale 12 (33%) -
Trade Sale - Public Company 9 (25%) 2.6B (94%)
Sold to Management 1 (3%) -
Total 36 $2.8B

Top M&A Advisors

Financial Deals
Rothschild Global Advisory
2
Houlihan Lokey
1
Credit Suisse Investment Banking
1
Legal Deals
Kirkland & Ellis LLP
9
Stikeman Elliott LLP
4

Deal Values

buy # Total
< $100M 1 $32M
TOTAL $32M
Largest Nonni's Foods LLC
$32M (1998-07-07)
sell # Total
$100M to $1B 6 $2.6B
< $100M 2 $132M
TOTAL $2.8B
Largest Applegate Farms LLC
$775M (2015-07-13)

M&A Connections

Deals %
Acquired from
PE Firm(s)
71%
10 71%
Strategic(s)
29%
4 29%
Exited to
PE Firm(s)
44%
17 44%
Strategic(s)
56%
22 56%

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