M&A Deal Summary

Ancor Capital Partners and Midwest Mezzanine Funds Acquire LSC

On June 10, 2019, private equity firm Ancor Capital Partners and mezzanine finance firm Midwest Mezzanine Funds acquired environmental company LSC from L2 Capital Partners

Acquisition Highlights
  • This is Ancor Capital Partners’ 1st and Midwest Mezzanine Funds’ 2nd transaction in the Environmental sector.
  • This is Ancor Capital Partners’ 23rd and Midwest Mezzanine Funds’ 68th transaction in the United States.
  • This is Ancor Capital Partners’ 3rd and Midwest Mezzanine Funds’ 3rd transaction in New York.

M&A Deal Summary

Date 2019-06-10
Target LSC
Sector Environmental
Buyer(s) Ancor Capital Partners
Midwest Mezzanine Funds
Sellers(s) L2 Capital Partners
Deal Type Secondary Buyout

Target

LSC

Apalachin, New York, United States
LSC is a manufacturer of premiere products and equipment designed to address the persistent environmental challenges of erosion, odor, land reclamation, waste cover, seeding, and dust. LSC was founded in 1990 and is based in Apalachin, New York.

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Buyer(S) 2

Buyer

Ancor Capital Partners

Southlake, Texas, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1994
Size Small
Type Sector Agnostic
DESCRIPTION

Ancor Capital Partners is a private equity firm focused on recapitalizations of lower middle-market companies operating in the manufacturing, distribution, and healthcare sectors. Prospective businesses are generally valued between $25 and $150 million and are profitable with EBITDA of $5 to $15 million. The Firm prefers businesses located in the US. Ancor will does not invest in start-ups, turnarounds, or businesses in real estate, or energy exploration. Ancor Capital Partners was formed in 1994 and is based in Southlake, Texas.


DEAL STATS #
Overall 23 of 26
Sector (Environmental) 1 of 1
Type (Secondary Buyout) 5 of 5
State (New York) 3 of 3
Country (United States) 23 of 26
Year (2019) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-12-13 Simply Fresh Foods

Buena Park, California, United States

Simply Fresh Foods produces fresh, all-natural foods for fast-growing segments of the refrigerated products market across a wide range of channels. The company markets its products under several brands. The Rojo’s brand encompasses innovative salsas and dips and is a top label of fresh salsa and layered dips. The company’s San Francisco brand covers a line of seafood salads and has been on the market since 1987.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-08-01 Christensen Arms

Gunnison, Utah, United States

Christensen Arms is an American outdoor sporting manufacturer which specializes in premier bolt action hunting rifles and carbon fiber barrels. Christensen Arms is based in Gunnison, Utah.

Buy -
Buyer

Midwest Mezzanine Funds

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 1992
PE ASSETS 1.0B USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Midwest Mezzanine Funds (MMF) is a provider of junior capital to lower middle-market, US and Canadian companies. MMF looks to invest $4 to $15 million to support buyouts, acquisition financings, recapitalizations, and growth capital needs. Prospective companies generally have consistent profits ($3 million of EBITDA), low capital intensity, and sustainable competitive advantages. Broad areas of interest include manufacturing, value-added distribution, and services. MMF will not invest in high technology, energy, or real estate. Midwest Mezzanine was formed in 1992 and has offices in Chicago and Monroe, Michigan.


DEAL STATS #
Overall 68 of 81
Sector (Environmental) 2 of 2
Type (Secondary Buyout) 8 of 11
State (New York) 3 of 4
Country (United States) 68 of 81
Year (2019) 5 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-01 Pelton Shepherd Industries

Stockton, California, United States

Pelton Shepherd Industries is a manufacturer of gel ice refrigerants, a critical component in the cold chain delivery of food and pharmaceutical products. Pelton Shepherd Industries was founded in 1985 and is based in Stockton, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-08-01 Astar Heating & Air

Middletown, New York, United States

Astar Heating & Air is a provider of HVAC replacement, maintenance, and plumbing solutions to residential homeowners throughout the lower Hudson Valley region of New York. Astar Heating & Air is based in Middletown, New York.

Buy -

Seller(S) 1

SELLER

L2 Capital Partners

Devon, Pennsylvania, United States

Investor Investor Investor Investor Investor


Category Family Office
Founded 2011
Size Small
Type Sector Agnostic
DESCRIPTION

L2 Capital Partners is a lower middle-market private equity firm focused on investing in manufacturing, distribution and service companies. L2 looks to invest up to $20 million per transaction to support shareholder liquidity needs, ownership transitions, or for growth. L2 will consider opportunities throughout North America with generating $10 to $125 million in revenue and up to $20 million of EBITDA. L2 Capital was formed in 2011 and is based in Devon, Pennsylvania.


DEAL STATS #
Overall 5 of 7
Sector (Environmental) 1 of 1
Type (Secondary Buyout) 3 of 3
State (New York) 1 of 1
Country (United States) 5 of 7
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-22 Jurassic Quest

Spring, Texas, United States

Jurassic Quest is an operator of family event business that produces the major interactive dinosaur events in North America. Jurassic Quest is a most realistic dinosaur-themed exhibition in the United States. JQ operated two touring companies that covered approximately 90 events in 34 states with over 80 life-like dinosaurs in each exhibition; displays span the Cretaceous, Triassic and Jurassic eras. Life-sized dinosaurs are exhibited in their natural habitats and placed in action scenes in convention halls and expo centers to educate, entertain and thrill the audience. Jurassic Quest was founded in 2013 and is based in Spring, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-07 Ecotone

Forest Hill, Maryland, United States

Ecotone is a provider of ecological restoration-focused design, engineering, and construction services. Ecotone was founded in 1998 and is based in Forest Hill, Maryland.

Buy -