M&A Deal Summary

Antares Capital, NMP Capital and Highlander Partners Acquire Benestar Brands

On August 5, 2019, private equity firm Antares Capital, mezzanine finance firm NMP Capital and private equity firm Highlander Partners acquired food company Benestar Brands

Acquisition Highlights
  • This is Antares Capital’s 3rd, NMP Capital’s 4th and Highlander Partners’ 8th transaction in the Food sector.
  • This is Antares Capital’s 43rd, NMP Capital’s 76th and Highlander Partners’ 26th transaction in the United States.
  • This is Antares Capital’s 6th, NMP Capital’s 6th and Highlander Partners’ 4th transaction in Illinois.

M&A Deal Summary

Date 2019-08-05
Target Benestar Brands
Sector Food
Buyer(s) Antares Capital
NMP Capital
Highlander Partners
Deal Type Consolidation

Target

Benestar Brands

Chicago, Illinois, United States
Benestar Brands operates as a holding company for brands of snack products, including pork rinds and tortilla chips. The brands include Pretzilla, Mac’s, Caso de Oro, PORQ and Chicas Chips. Its Evans Food division is a manufacturer of pork rinds, serving US and international markets. Its other divisions, Arboleda Foods, is the producer of tortilla chips and Pretzilla is the producer of soft pretzels. Benestar Brands was founded in 2019 and is based in Chicago, Illinois.

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Buyer(S) 3

Buyer

Antares Capital

Miami, Florida, United States

Investor Investor


Category Private Equity Firm
Founded 1993
Size Small
Type Sector Agnostic
DESCRIPTION

Antares Capital is a private investment group that targets growth capital financings as well as management buyout opportunities. The Firm focuses on investments based in the Southeast US and Texas. Prospective companies generally have proven business models, modest capital requirements for growth, and operate in large and growing markets. The Firm looks to commit $500k to $5 million per investment. Antares will not invest in real estate, mineral exploration, distributors, franchisees, or project financings. Antares was founded in 1993 and is based in Miami, Florida.


DEAL STATS #
Overall 44 of 55
Sector (Food) 3 of 3
Type (Consolidation) 2 of 2
State (Illinois) 6 of 7
Country (United States) 43 of 54
Year (2019) 4 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-10 Valicor Environmental Services

Monroe, Ohio, United States

Valicor Environmental Services is a provider of non-hazardous wastewater treatment services in North America. Leveraging its extensive fleet of tankers and a network of strategically located centralized wastewater treatment (“CWT”) facilities, the Company transports and processes diverse wastewater streams that result from the manufacture of industrial and consumer goods. Valicor helps customers dispose of oily water, leachate, soaps, line flush waste, and similar waste streams, and it also provides a diverse set of landfill solidification and product destruction services. Valicor Environmental Services was established in 1982 and is based in Monroe, Ohio.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-08-08 iPipeline

Exton, Pennsylvania, United States

iPipeline is a provider of cloud-based software solutions for the life insurance and financial services industries. Through its SSG Digital, end-to-end platform, iPipeline accelerates and simplifies sales, compliance, operations, and support. iPipeline provides process automation and seamless integration between every participant in its ecosystem including carriers, agents, general agencies, advisors, broker-dealers, RIAs, banks, securities/mutual fund firms, and consumers on a global basis.

Sell $1.6B
Buyer

NMP Capital

Minneapolis, Minnesota, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 2000
PE ASSETS 4.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

NMP Capital is an independent investment firm focused on providing junior capital to a variety of lower middle-market companies in partnership with financial sponsors. NMP looks to commit $20 to $75 million in profitable companies with at least $10 million of EBITDA. NMP will consider opportunities in a wide range of industries including distribution, manufacturing, healthcare, and consumer. NMP Capital was formed in 2000 and is based in Minneapolis, Minnesota.


DEAL STATS #
Overall 78 of 88
Sector (Food) 4 of 5
Type (Consolidation) 1 of 1
State (Illinois) 6 of 7
Country (United States) 76 of 85
Year (2019) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-25 Arteriors

Lewisville, Texas, United States

Arteriors is a designer and supplier of decorative lighting fixtures, furniture, and accessories. Arteriors was founded in 1987 and is based in Lewisville, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-12-23 ECM Industries

New Berlin, Wisconsin, United States

ECM Industries is a manufacturer and supplier of electrical products for construction, maintenance, lighting, irrigation, landscape supply, and gas utility markets. ECM Industries is based in New Berlin, Wisconsin.

Buy -
Buyer

Highlander Partners

Dallas, Texas, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2004
PE ASSETS 3.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Highlander Partners LP is a private equity firm focuses on making both direct private equity and mezzanine investments in companies located in US and Europe. The firm seeks to target to invest in small and mid-size private companies with strong management teams, fundamentally strong operations and positive cash flows. HP looks to invest $10 to $50 million as an equity and $10 to $25 million in mezzanine financing in companies with revenues of $10 to $500 million and enterprise value up to $100 million. Specific areas of interest include manufacturing, food, healthcare products and services, and healthcare IT, retail and building materials. Types of transaction include buyouts, growth capital, divestitures, consolidation and recapitalization. Highlander Partners LP was formed in 2004 and is based in Dallas, Texas with additional office in Warszawa, Poland.


DEAL STATS #
Overall 37 of 48
Sector (Food) 8 of 11
Type (Consolidation) 2 of 2
State (Illinois) 4 of 4
Country (United States) 26 of 34
Year (2019) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-02 Ares

Bucuresti, Romania

Ares is a private interventional cardiology market in Romania, operating in five locations in Bucharest, Constanta, and Cluj. Ares Centers also perform interventional radiology procedures. Ares was founded in 2013 and is based in București, Romania.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-01 TheLian

Shanghai, China

TheLian is a branded e-commerce digital agency service provider focused on Asian and mid-sized cosmetics and skincare brands. TheLian serves 21 cosmetics and skincare brands. TheLian is based in Shanghai, China.

Buy -