Secondary Buyout • Consumer Products

TA Associates and Rx3 Growth Partners Acquire Mid America Pet Food

On December 16, 2020, private equity firm TA Associates and growth capital firm Rx3 Growth Partners acquired consumer products company Mid America Pet Food from Trinity Hunt Partners

Acquisition Context
  • This is TA Associates’ 8th and Rx3 Growth Partners’ 1st transaction in the Consumer Products sector.
  • This is TA Associates’ 237th and Rx3 Growth Partners’ 1st transaction in the United States.
  • This is TA Associates’ 27th and Rx3 Growth Partners’ 1st transaction in Texas.

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M&A Deal Summary

Date December 16, 2020
Target Mid America Pet Food
Sector Consumer Products
Buyer(s) TA Associates
Rx3 Growth Partners
Sellers(s) Trinity Hunt Partners
Deal Type Secondary Buyout
Advisor(s) Houlihan Lokey (Financial)
Katten Muchin Rosenman (Legal)

Target Company

Mid America Pet Food

Mount Pleasant, Texas, United States
Mid America Pet Food is a developer and manufacturer of premium pet food products with brands including Victor Super Premium Dog Food. Mid America Pet Food was founded in 2007 and was based in Mount Pleasant, Texas.
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Buyers Overview 2

Buyer

TA Associates

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1968
PE ASSETS 65.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

TA Associates is a private equity firm that targets investments in middle-market and large companies around the world. TA will consider control or minority investments in profitable companies and looks to commit between $70 and $500 million per transaction. TA proactively reaches out to companies directly in sourcing potential investment opportunities. Prospective businesses are generally valued between $100 million and $3 billion. Areas of interest include technology, software, communications, financial services, healthcare, business services, semiconductors/electronics, and consumer products/services. In addition to investing equity capital, TA also makes subordinated debt investments. TA's geographic preference is North America, Asia/Pacific, and Europe. TA Associates was formed in 1968 and is based in Boston, Massachusetts.


Deal Context for Buyer #
Overall 314 of 375
Sector: Consumer Products 8 of 9
Type: Secondary Buyout 51 of 75
State: Texas 27 of 29
Country: United States 237 of 271
Year: 2020 15 of 15
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-15 Benecon

Lititz, Pennsylvania, United States

Benecon provides self-funded medical benefit programs, offering a full suite of actuarial, compliance, finance and producer services to thousands of public and private sector employers and hundreds of thousands of employees across the United States. Benecon’s offering allows employers to effectively control benefit plan expenditures and design programs that meet both the strategic needs of the employer and the personal needs of the employees. Benecon was founded in 1991 and is based in Lititz, Pennsylvania.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-01 Navia Benefit Solutions

Renton, Washington, United States

Navia is a third-party administrator of Flexible Spending Accounts (FSA), Health Savings Accounts (HSA), Health Reimbursement Arrangements (HRA), Commuter Benefits and COBRA Services. Navia’s administration of tax-advantaged benefits helps consumers to manage first dollar out-of-pocket healthcare expenses.

Buy -
DESCRIPTION

RX3 Growth Partners is a growth equity firm that empowers consumer brands through authentic relationships. The firm seeks to align itself with high-quality brands that resonate with this network to help drive consumer awareness and long-term growth. Rx3 Growth Partners was founded in 2018 and is based in Newport Beach, California.


Deal Context for Buyer #
Overall 1 of 2
Sector: Consumer Products 1 of 1
Type: Secondary Buyout 1 of 1
State: Texas 1 of 2
Country: United States 1 of 2
Year: 2020 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-03-08 TAXA Outdoors

Houston, Texas, United States

Taxa Outdoors is an outdoor lifestyle company formed to design and manufacture high-performance adventure equipment that helps people reach their goal of connecting with the outdoors. TAXA Outdoors was founded in 2014 and is based in Houston, Texas.

Buy -

Seller Profile 1

SELLER

Trinity Hunt Partners

Dallas, Texas, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1993
PE ASSETS 2.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Trinity Hunt Partners is a private equity firm focused on investing in lower middle-market companies throughout US. Trinity targets established companies with EBITDA of $4 to $25 million and investment size between $15 and $70 million of equity invested into each portfolio company. Specific areas of interest include business, healthcare, and consumer services. The Firm focuses on majority and significant minority recapitalizations, buy-and- builds, management buyouts. Trinity Hunt Partners was founded in 1993 and is based in Dallas, Texas.


Deal Context for Seller #
Overall 15 of 22
Sector: Consumer Products 1 of 1
Type: Secondary Buyout 8 of 11
State: Texas 7 of 12
Country: United States 15 of 21
Year: 2020 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-09-03 MainStreet Family Urgent Care

Birmingham, Alabama, United States

MainStreet Family Urgent Care offers urgent care and primary care services to patients 7 days a week with extended hours in the evening. MainStreet has 16 locations throughout Alabama including the state's first pediatric urgent care, KidsStreet Urgent Care. MainStreet Family Urgent Care was founded in 2015 and is based in Birmingham, Alabama.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-21 Fleet Response

Englewood, Colorado, United States

Fleet Response is a provider of residential and commercial restoration, mitigation and repair services with locations across the U.S. To date, Fleet Response has developed hubs in the Pacific Northwest, Midwest and Southwest, and Southeast through partnerships with restoration services businesses in these regions. Fleet Response was founded in 1989 and is based in Englewood, Colorado.

Buy -