Investment Summary

Akoya Capital Partners, Lightspring Capital Partners and Cardinal Equity Partners Invest In Devansoy

On December 23, 2022, private equity firms Akoya Capital Partners, Lightspring Capital Partners and Cardinal Equity Partners invested in food company Devansoy

Investment Highlights
  • This is Akoya Capital Partners’ 3rd, Lightspring Capital Partners’ 2nd and Cardinal Equity Partners’ 2nd transaction in the Food sector.
  • This is Akoya Capital Partners’ 24th, Lightspring Capital Partners’ 9th and Cardinal Equity Partners’ 28th transaction in the United States.
  • This is Akoya Capital Partners’ 2nd, Lightspring Capital Partners’ 3rd and Cardinal Equity Partners’ 3rd transaction in Illinois.

Investment Summary

Date 2022-12-23
Target Devansoy
Sector Food
Investor(s) Akoya Capital Partners
Lightspring Capital Partners
Cardinal Equity Partners
Deal Type Growth Capital

Target

Devansoy

Rock City, Illinois, United States
Devansoy is a manufacturer of soy, oat, and pea protein ingredients. Devansoy was founded in 1990 and is based in Rock City, Illinois.

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Investor(S) 3

DESCRIPTION

Akoya Capital Partners is a private equity firm focused on acquiring profitable US-based middle-market companies with $25 to $200 million in revenue. The Firm generally pursues privately-owned companies, especially family-owned businesses. Sectors of interest include chemicals, food, information services, consumer products, industrial products, and industrial distribution. Akoya Capital Partners was formed in 2005 and is based in Chicago, Illinois.


DEAL STATS #
Overall 24 of 25
Sector: Food M&A 3 of 3
Type: Growth Capital M&A Deals 5 of 5
State: Illinois M&A 2 of 3
Country: United States M&A 24 of 25
Year: 2022 M&A 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-08-02 Alinabal

Milford, Connecticut, United States

Alinabal manufactures spherical rod end bearings, connecting linkages and assemblies, precision stampings, complex mechanical assemblies, special purpose printers, optical shutters, and aircraft instrumentations. Alinabal was founded in 1913 and is based in Milford, Connecticut.

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FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-01-01 Peerless Fence Group

Saint Charles, Illinois, United States

Peerless Fence Group is an independently owned fence company in the Midwest. Peerless Fence Group was founded in 1961 and is based in Saint Charles, Illinois.

Buy -
Investor
DESCRIPTION

Lightspring Capital Partners is a private equity firm that looks to acquire majority positions in profitable lower middle-market companies with $10 to $75 million of revenue. The Firm will consider opportunities throughout the US, but has a preference for businesses in the Midwest. Areas of interest include niche manufacturing, value-added distribution, business services, consumer products, transportation, and logistics. Lightspring Capital Partners is based Chicago, Illinois.


DEAL STATS #
Overall 9 of 12
Sector: Food M&A 2 of 2
Type: Growth Capital M&A Deals 2 of 2
State: Illinois M&A 3 of 3
Country: United States M&A 9 of 12
Year: 2022 M&A 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-12-22 Great Lakes Potato Chips

Traverse, Michigan, United States

Great Lakes Potato Chips is a manufacturer of kettle cooked potato chips, with unique flavors and unmatched texture. Great Lakes Potato Chips serves a diverse set of customers, including leading foodservice distributors, grocery stores, and club stores while also selling direct to consumers from its website. Great Lakes Potato Chips was founded in 2009 and is based in Traverse, Michigan.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-09-01 LookOurWay

Stockton, California, United States

LookOurWay is the brand of inflatable tube men in the world, with our signature Air Dancers. LookOurWay has evolved into experts in promotional advertising, focusing on custom design, and spanning a wide range of attention grabbing products, including canopy tents, giant inflatables, feather flags, trade show booths, and more!. LookOurWay was founded in 2008 and is based in Stockton, California.

Buy -
Investor

Cardinal Equity Partners

Indianapolis, Indiana, United States

Investor Investor Investor


Category Private Equity Firm
Founded 1993
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Cardinal Equity Partners is a privately owned partnership that targets investments in lower middle-market businesses headquartered in the central portion of the US. Cardinal looks for light manufacturing, distribution, or service businesses with $5 to $50 million in revenue and at least $1 million of EBITDA. Prospective transaction situations include management buyouts, recapitalizations, family successions, and corporate spin-offs. Cardinal prefers businesses with proven management, recurring revenue, and no major customer concentration issues. Cardinal will not invest in software, heavy manufacturing, automotive, consulting, or companies with a significant percentage of non-US sales. Cardinal Equity Partners was formed in 1993 and is based in Indianapolis, Indiana.


DEAL STATS #
Overall 28 of 28
Sector: Food M&A 2 of 2
Type: Growth Capital M&A Deals 3 of 3
State: Illinois M&A 3 of 3
Country: United States M&A 28 of 28
Year: 2022 M&A 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-11-01 Sanitary Solutions

West Columbia, South Carolina, United States

Sanitary Solutions is a supplier of stainless steel fittings, valves, tubing and accessories to distributors serving the food and beverage industries as well as other end markets. Sanitary Solutions is based in West Columbia, South Carolina.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-03-13 EastPoint Sports

Succasunna, New Jersey, United States

EastPoint Sports designs, sources, and distributes indoor and outdoor home recreational products through mass retail and e-commerce channels. The EastPoint Sports family of brands includes Go! Gater, Majik, Rec-Tek, Classic Sport, Narwhal, NHL, HEAD, PENN, Kan Jam, and Pro-Line Tailgating. EastPoint Sports was founded in 2009 and is based in Succasunna, New Jersey.

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