M&A Deal Summary

The J. M. Smucker Acquires Big Heart Pet Brands

On February 3, 2015, The J. M. Smucker Co. acquired food company Big Heart Pet Brands from Centerview Capital Holdings LLC, HarbourVest Partners, KKR & Co. L.P., Quilvest Private Equity, TPG Global and Vestar Capital Partners for 5.8B USD

Acquisition Highlights
  • This is The J. M. Smucker’s 7th transaction in the Food sector.
  • This is The J. M. Smucker’s 1st largest (disclosed) transaction.
  • This is The J. M. Smucker’s 9th transaction in the United States.
  • This is The J. M. Smucker’s 2nd transaction in California.

M&A Deal Summary

Date 2015-02-03
Target Big Heart Pet Brands
Sector Food
Buyer(s) The J. M. Smucker Co.
Sellers(s) Centerview Capital Holdings LLC
HarbourVest Partners
KKR & Co. L.P.
Quilvest Private Equity
TPG Global
Vestar Capital Partners
Deal Type Add-on Acquisition
Deal Value 5.8B USD
Advisor(s) Centerview Partners LLC
Morgan Stanley (Financial)
Simpson Thacher & Bartlett LLP (Legal)

Target

Big Heart Pet Brands

San Francisco, California, United States
website
Big Heart Pet Brands is a standalone producer, distributor and marketer of premium quality, branded pet food and pet snacks. The Company’s purpose is to nurture the bond between pets and the people who love them – making every day special. Its portfolio of brands, with a foundation in dog and cat food and treats, strives to cater to every pet life stage and every family’s budget through the availability and accessibility of its products.

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Buyer(S) 1

Buyer

The J. M. Smucker Co.

Orrville, Ohio, United States

website


Category Company
Founded 1897
SectorFood
Employees7,300
Revenue 7.8B USD (2020)
DESCRIPTION
Smucker's syrup on display at a Super One grocery store in Duluth, Minnesota.
Smucker's syrup on display at a Super One grocery store in Duluth, Minnesota.

The J. M. Smucker marketer and manufacturer of fruit spreads, retail packaged coffee, peanut butter, shortening and oils, ice cream toppings, sweetened condensed milk, and natural foods products in North America. J. M. Smucker was founded in 1897 and is based in Orrville, Ohio.


DEAL STATS #
Overall 9 of 11
Sector (Food) 7 of 9
Type (Add-on Acquisition) 6 of 7
State (California) 2 of 3
Country (United States) 9 of 11
Year (2015) 1 of 2
Size (of disclosed) 1 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-08-06 Sahale Snacks, Inc.

Seattle, Washington, United States

Sahale is a high growth provider of premium-branded nut and fruit snack blends. The company combines wholesome, natural ingredients using proprietary globally-inspired recipes to create snacks that are healthy, authentic and delicious.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-02-06 Natural Balance Pet Foods, Inc.

Upland, California, United States

Natural Balance Pet Foods, Inc. is a premium pet food brand specializing in high-quality dog and cat food products sold exclusively through the pet specialty and eCommerce channels. Natural Balance has a 30+ year history in premium formulations and was a pioneer of limited ingredient diets.

Buy -

Seller(S) 6

SELLER

Centerview Capital Holdings LLC

Palo Alto, California, United States

Investor Investor Investor Investor Investor

website


Category Growth Capital Firm
Founded 2006
SizeLarge
Type Sector Focused
DESCRIPTION

Centerview Capital Holdings is a private equity firm focused on investing in high-growth consumer and technology companies. The Firm's consumer group looks to commit $50 to $150 million through minority and majority investments in businesses operating in the food & beverage, household & consumer products, personal care/health & wellness, and consumer services sectors. The Firm's technology group looks to partner with management teams to accelerate growth. Centerview Capital is affiliated with investment bank Centerview Partners and is based in Menlo Park, California.


DEAL STATS #
Overall 2 of 5
Sector (Food) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (California) 1 of 4
Country (United States) 2 of 5
Year (2015) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-12-17 Quantenna Communications, Inc.

Fremont, California, United States

Quantenna Communications, Inc. designs, develops, and markets advanced high-speed wireless communication solutions enabling wireless local area networking. The Company's solutions are designed to deliver Wi-Fi performance to support an increasing number of connected devices accessing a rapidly growing pool of digital content. Quantenna combines its Wi-Fi systems and software expertise with high-performance radio frequency, mixed-signal and digital semiconductor design skills to provide highly integrated solutions to its customers. Quantenna was formed in 2006 and is based in Fremont, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-10-28 Quantenna Communications, Inc.

Fremont, California, United States

Quantenna Communications, Inc. designs, develops, and markets advanced high-speed wireless communication solutions enabling wireless local area networking. The Company's solutions are designed to deliver Wi-Fi performance to support an increasing number of connected devices accessing a rapidly growing pool of digital content. Quantenna combines its Wi-Fi systems and software expertise with high-performance radio frequency, mixed-signal and digital semiconductor design skills to provide highly integrated solutions to its customers. Quantenna was formed in 2006 and is based in Fremont, California.

Sell -
SELLER

HarbourVest Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1978
PE ASSETS 86.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

HarbourVest Partners, LLC is an investment firm that makes investments in new private equity partnerships, acquires secondary interests, and makes direct investments in operating companies. HarbourVest's largest investment area is investments in private equity funds, comprising of approximately 2/3 of HarbourVest's assets. HarbourVest's direct investment group looks for investments in growth oriented businesses at a variety of stages. The Group generally targets co-investments of $5 to $100 million, growth capital financings of $5 to $40 million, or mezzanine commitments of $5 to $20 million. Sectors of interest include software, hardware, data communications, telecommunications, and financial services. HarbourVest was formed in 1997 to assume the business of Hancock Venture Partners which was formed in 1982. HarbourVest Partners is based in Boston, Massachusetts, with additional offices in London, Tokyo, and Hong Kong.


DEAL STATS #
Overall 61 of 108
Sector (Food) 1 of 1
Type (Add-on Acquisition) 22 of 47
State (California) 6 of 8
Country (United States) 38 of 71
Year (2015) 3 of 14
Size (of disclosed) 5 of 35
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-01-27 Advance Health

Chantilly, Virginia, United States

Advance Health is a healthcare provider of prospective health risk assessments (“HRAs”). Advance Health offers in-home and facility-based HRAs and chronic care management services for health plans. Advance Health was founded in 2010 and is based in Chantilly, Virginia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-02-06 Greenlight Planet, Inc.

Chicago, Illinois, United States

Greenlight Planet designs, distributes and finances Sun King solar home energy solutions to households and businesses who lack reliable access to the grid. Greenlight Planet is based in Chicago, Illinois.

Buy -
SELLER

KKR & Co. L.P.

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1976
PE ASSETS 367.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION
KKR's office in Menlo Park, California.
KKR's office in Menlo Park, California.

Kohlberg Kravis Roberts & Co. LP (KKR) is a global investment firm founded by Jerome Kohlberg, Henry Kravis, and George Roberts. The Firm is separated into three business segments which include private markets, public markets, and capital markets and principal activities. KKR's private equity practice invests in management buyouts, take privates, corporate divestitures, industry consolidations, and partnerships with family-owned companies. KKR will consider investments in a broad range of industries located in North America, Europe, Asia, and Australia/New Zealand. Sectors of interest include chemicals, consumer products, energy and natural resources, financial services, healthcare, industrial, media/communications, retail, and technology. In addition to its traditional principal investment activity business, KKR also invests in infrastructure assets. KKR was formed in 1976, is based in New York City, and has offices throughout the globe.


DEAL STATS #
Overall 66 of 150
Sector (Food) 3 of 5
Type (Add-on Acquisition) 22 of 56
State (California) 4 of 12
Country (United States) 32 of 70
Year (2015) 3 of 14
Size (of disclosed) 7 of 36
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-01-28 Fotolia LLC

New York, United States

Fotolia is a provider of micro-priced stock images on the Web. Fotolia provides professional and amateur photographers with the ability to connect with more than 800,000 media buyers worldwide – from small businesses and design firms to some of the world’s most recognizable brands.

Sell $800M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-03-11 Global Medical Response, Inc.

Greenwood Village, Colorado, United States

Global Medical Response is a provider of medical transportation services formed by bringing together Air Medical Group Holdings (AMGH) and American Medical Response (AMR). The company delivers emergency medical and relocation services to patients in their time of need through a fleet of almost 500 air ambulances and 7,000 ground ambulances in the United States, the District of Columbia, and around the world. Global Medical Response was founded in 2004 and is based in Greenwood Village, Colorado.

Buy -
SELLER

Quilvest Private Equity

Paris, France

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1972
PE ASSETS 5.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

Quilvest SA is an investment management firm comprised of two units, one focused on wealth management and the other focused on private equity. Quilvest Private Equity invests in funds as well as makes direct investments. The direct investment group looks for opportunities in the US, Europe, and 'opportunistically' in Asia with a preference for buyout, growth capital, and venture transactions. Quilvest Private Equity will consider both minority and majority positions. Quilvest Private Equity was established in 1972 and is based Paris with additional offices in Luxembourg, Paris, Zurich, Montevideo, Hong Kong, Singapore, New York City and London.


DEAL STATS #
Overall 35 of 63
Sector (Food) 1 of 3
Type (Add-on Acquisition) 13 of 25
State (California) 4 of 7
Country (United States) 17 of 33
Year (2015) 1 of 6
Size (of disclosed) 1 of 18
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-11-14 Ubiqus SA

Paris, France

Ubiqus is an innovative leader, offering a full range of value-added services for meetings and trade shows: writing and transcription, translation, interpreting, voting systems, event software and badges.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-04-01 Tiway Oil

Dubai, United Arab Emirates

Tiway Oil is an oil and gas producing company focused on major petroleum basins and frontier areas. Tiway Oil was founded in 2006 and is based in Dubai, UAE.

Sell -
SELLER

TPG Global

Fort Worth, Texas, United States

Investor Investor Investor Investor

website


Category Asset Manager
Founded 1992
PE ASSETS 96.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

TPG Capital is a global, mega-sized private investment firm that manages a family of funds focused on private equity, real estate, venture capital, public equity and debt investing. TPG invests in opportunities across a broad range of industries and geographies. TPG generally seeks to invest in established businesses that can benefit from the Firm's operational experience and connections. Industries of interest include consumer, retail, healthcare, industrials, digital media, natural resources, energy, real estate, technology, and software. TPG was formerly known as Texas Pacific Group and was originally established in 1992 by David Bonderman, James Coulter and William Price. The Firm is based in Forth Worth, Texas with additional offices in Europe, Asia, and Australia.


DEAL STATS #
Overall 137 of 235
Sector (Food) 3 of 6
Type (Add-on Acquisition) 54 of 84
State (California) 38 of 60
Country (United States) 101 of 173
Year (2015) 2 of 15
Size (of disclosed) 9 of 68
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-02-02 Advent Software, Inc.

San Francisco, California, United States

Advent Software, Inc. is a software company that makes software designed to automate portfolio accounting for investment management firms, ranging from family offices and investment advisers to large institutional investors and hedge funds. Advent Software was formed in 1983 and is headquartered in San Francisco, California.

Sell $2.7B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-02-20 Bank Tabungan Pensiunan Nasional Tbk

Jakarta, Indonesia

Bank Tabungan Pensiunan Nasional Tbk provides banking services in Indonesia.

Sell $465M
SELLER

Vestar Capital Partners

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1988
PE ASSETS 7.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

Vestar Capital Partners is a private equity firm that targets management buyouts and growth capital investments across North America and Europe in the consumer, business services, and healthcare sectors. The Firm looks to invest $50 to $150 million in transactions valued up to $1 billion. Specific areas of interest include food, apparel, household goods, retail, consumer services, industrial services, information services, manufacturing, distribution, transportation, financial services, media/communications, digital health media, and medical technology. Vestar Capital Partners was formed in 1988 and is based in New York City.


DEAL STATS #
Overall 52 of 62
Sector (Food) 4 of 5
Type (Add-on Acquisition) 20 of 26
State (California) 3 of 4
Country (United States) 40 of 50
Year (2015) 1 of 3
Size (of disclosed) 1 of 20
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-10-14 The Seves Group

Firenze, Italy

The Seves Group manufacturer of glass and composite insulators for high and medium power transmission and distribution systems, as well as glass blocks for architectural and interior design applications.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-04-27 Woodstream Corp.

Lancaster, Pennsylvania, United States

Woodstream Corp. is a manufacturer and marketer of a broad portfolio of branded pest control and lawn & garden products, under brands such as Victor, Terro, Perky-Pet, Havahart, Safer, Sweeney’s and Mosquito Magnet, among others. Woodstream was founded in 1832 and is based in Lancaster, Pennsylvania.

Buy -