M&A Deal Summary

Aiglon Capital Management and Merit Capital Partners Acquire Propet Footwear

On October 15, 2021, private equity firm Aiglon Capital Management and mezzanine finance firm Merit Capital Partners acquired apparel/textiles company Propet Footwear

Acquisition Highlights
  • This is Aiglon Capital Management’s 2nd and Merit Capital Partners’ 3rd transaction in the Apparel/Textiles sector.
  • This is Aiglon Capital Management’s 9th and Merit Capital Partners’ 93rd transaction in the United States.
  • This is Aiglon Capital Management’s 1st and Merit Capital Partners’ 2nd transaction in Washington.

M&A Deal Summary
Date 2021-10-15
Target Propet Footwear
Sector Apparel/Textiles
Buyer(s) Aiglon Capital Management
Merit Capital Partners
Deal Type Buyout (LBO, MBO, MBI)

Target

Propet Footwear

Auburn, Washington, United States
Propet Footwear is a designer, manufacturer, and distributor of comfort footwear for hard-to-fit feet across an extensive range of sizes and widths. The company sells its products through traditional wholesale, retail, and e-commerce channels, through online marketplaces via dropship, and through medical providers. It has demonstrated a track record of profitable growth by offering its customers a diverse product portfolio that features stylish designs with options to alleviate discomfort and address foot-related medical conditions. Propet Footwear was formed in 1985 and is based in Auburn, Washington.

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Buyer(S) 2

Buyer

Aiglon Capital Management

Durham, North Carolina, United States

Investor

Category Private Equity Firm
Founded 2014
Size Small
Type Sector Agnostic
DESCRIPTION

Aiglon Capital Management is a private equity firm focused on lower middle-market investments in the low-tech manufacturing, distribution, and services sectors. Aiglon prefers companies in the Southeast US with revenues of $50 to $150 million and EBITDA of $5 to $15 million. Aiglon Capital Management was formed in 2014 and is headquartered in Durham, North Carolina.

DEAL STATS #
Overall 9 of 9
Sector (Apparel/Textiles) 2 of 2
Type (Buyout (LBO, MBO, MBI)) 7 of 7
State (Washington) 1 of 1
Country (United States) 9 of 9
Year (2021) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-05-29 Faircloth Skimmer

Hillsborough, North Carolina, United States

Faircloth Skimmer is a designer, manufacturer, and distributor of surface drains for dewatering sediment basins. The Company is dedicated to providing erosion control solutions for the construction and water management industries. Faircloth Skimmer was founded in 2000 and is based in Hillsborough, North Carolina.

Buy -
Buyer

Merit Capital Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 1993
PE ASSETS 2.2B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Merit Capital Partners is a private investment firm that targets investments in middle market manufacturing, distribution, and service based businesses. Merit looks for companies generating at least $25 million in sales and at least $4 million in EBITDA. Merit can provide both equity and junior capital financing and looks to commit at least $15 million per transaction. Prospective transaction situations include management buyouts, recapitalizations, growth financings, divestitures, unsponsored transactions, and ESOPs. Merit Capital will not invest in start-ups, turnarounds, real estate, specialty retail, or oil/gas opportunities. Merit Capital was originally known as William Blair Mezzanine Capital and became independent in 2004. Merit was formed in 1993 and is based in Chicago, Illinois.

DEAL STATS #
Overall 94 of 98
Sector (Apparel/Textiles) 3 of 3
Type (Buyout (LBO, MBO, MBI)) 60 of 62
State (Washington) 2 of 2
Country (United States) 93 of 97
Year (2021) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-16 Liberty Group

Houston, Texas, United States

Liberty Group provides temporary staffing, executive search, and employee screening services to clients in the multifamily residential real estate industry. Liberty Group was founded in 1977 and is based in Houston, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-01 Urban Surfaces

Corona, California, United States

Urban Surfaces is a provider of flooring to the multi-family and single-family housing markets. Urban Surfaces sells luxury vinyl and stone plastic composite flooring to property management companies, flooring contractors, and retailers. Urban Surfaces is based in Corona, California.

Buy -
Mergr

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