M&A Deal Summary

Argosy Private Equity and MTN Capital Partners Acquire Rita s

On January 3, 2017, private equity firms Argosy Private Equity and MTN Capital Partners acquired franchising company Rita s from Falconhead Capital and Spring Capital Partners

Acquisition Highlights
  • This is Argosy Private Equity’s 1st and MTN Capital Partners’ 1st transaction in the Franchising sector.
  • This is Argosy Private Equity’s 65th and MTN Capital Partners’ 6th transaction in the United States.
  • This is Argosy Private Equity’s 17th and MTN Capital Partners’ 1st transaction in Pennsylvania.

M&A Deal Summary

Date 2017-01-03
Target Rita s
Sector Franchising
Buyer(s) Argosy Private Equity
MTN Capital Partners
Sellers(s) Falconhead Capital
Spring Capital Partners
Deal Type Secondary Buyout

Target

Rita s

Trevose, Pennsylvania, United States
Rita's is an ice and frozen treat franchiser in the world with more than 600 stores. The company is aggressively expanding internationally with operating locations in the Philippines, Canada, and the Middle East. Rita's was founded in 1984 and is based in Trevose, Pennsylvania.

Search 201,771 Deals Now

SEARCH BY

  • Buyer Type (PE or Strategic)
  • Deal Size ($10M to $10B+)
  • Sector (60 Sectors)
  • Deal Type
  • Geography
  • & More

Try For Free 7-Day Free Trial

Buyer(S) 2

Buyer

Argosy Private Equity

Wayne, Pennsylvania, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1990
PE ASSETS 575M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Argosy Private Equity is the private equity arm of Argosy Capital, an asset management firm. Argosy Private Equity provides both debt and equity capital to lower middle-market companies located throughout the US. Argosy focuses on growth companies with experienced management teams and revenues between $15 and $100 million and EBITDA of $3 to $9 million. Argosy looks to invest $5 - $20 million per transaction. Specific areas of interest include manufacturing, business services, franchising and Value added distributions. The Firm will consider a variety of transaction types, including MBO’s, recapitalizations, growth equity and acquisitions. Argosy was formed in 1990 and is based in Wayne, Pennsylvania.


DEAL STATS #
Overall 65 of 88
Sector (Franchising) 1 of 1
Type (Secondary Buyout) 9 of 11
State (Pennsylvania) 17 of 17
Country (United States) 65 of 88
Year (2017) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-12-01 Lone Star Beef Processors

San Angelo, Texas, United States

Lone Star Beef Processors LP is a cattle processor and supplier of premium grass-fed lean beef, providing an essential ingredient used in the production of retail ground beef for end consumers. Lone Star Beef Processors was founded in 2007 and is based in San Angelo, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-05-19 Reed City Group

Reed City, Michigan, United States

Reed City Group is a provider of full-scale mold building, press manufacturing, and injection molding business. Reed City Group supplies the automotive and building products industries with molds, hydraulic presses and manufactured plastic parts. Reed City Group was founded in 1959 and is based in Reed City, Michigan.

Buy -
Buyer
DESCRIPTION

MTN Capital Partners LLC is a lower middle-market private equity firm focused on investing in North American companies. MTN will consider both healthy as well as distressed companies. Sectors of interest include manufacturing, business services, consumer products, specialty retail, restaurants, distribution, energy services, automotive, food/beverage, healthcare, marketing services, chemicals, and communications. For healthy companies, MTN targets businesses with at least $10 million in revenues and $2 to $15 million of EBITDA, and for distressed situations. MTN Capital Partners was founded in 2003 and is based in New York City.


DEAL STATS #
Overall 7 of 8
Sector (Franchising) 1 of 1
Type (Secondary Buyout) 2 of 2
State (Pennsylvania) 1 of 1
Country (United States) 6 of 7
Year (2017) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-08-11 Kings Food Markets

Parsippany, New Jersey, United States

Kings Food Markets is a gourmet food retailer with an established reputation for high quality products and servicesPartnered with industry veteran and fundless sponsor to acquire chain of 24 stores from a UK parent. An upscale grocery store serving customers throughout New Jersey, New York and Connecticut, Kings provides a unique shopping experience paired with the highest quality foods. From locally sourced, organically grown produce, to fresh fruit, delicious meats to hand-selected cheeses from over 20 countries.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-06-28 Revolution Dancewear

Niles, Illinois, United States

Revolution Dancewear is a designer and marketer of specialty dancewear, footwear, and recital costumes. Revolution Dancewear was founded in 1996 and is based in Niles, Illinois.

Sell -

Seller(S) 2

SELLER

Falconhead Capital

New York, New York, United States

Category Private Equity Firm
Founded 1998
PE ASSETS 500M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Falconhead Capital is a private equity firm focused on making control investments in lower middle-market companies in the consumer, leisure/lifestyle and media sectors that benefit from the growing number of consumers with a higher standard of living. Falconhead seeks to invest $10 to $100 million per transaction and in conjunction with co-investors can invest up to $100 million. Prospective businesses should have revenues of $20 to $150 million and $5 to $30 million of EBITDA. Falconhead Capital was formed in 1998 and is based in New York City.


DEAL STATS #
Overall 10 of 11
Sector (Franchising) 1 of 1
Type (Secondary Buyout) 6 of 6
State (Pennsylvania) 1 of 1
Country (United States) 8 of 9
Year (2017) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-12-14 Multi-Flow Industries

Huntingdon Valley, Pennsylvania, United States

Multi-Flow Industries LLC is a producer of branded and private label concentrated iced teas, juices, carbonated soft drinks, energy drinks and fortified functional water in bag-in-the-box packages.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-01-19 Kwik Tek

Denver, Colorado, United States

Kwik Tek, Inc. is a designer and supplier of outdoor branded products for the recreational watersports and winter sports markets. Its product line includes towables, inflatables, life jackets, wakeboards, kneeboards, snowshoes, trekking poles, snow sleds, pool floats, lounge items, and related accessories. Kwik Tek supplies products through their trusted consumer brands including Airhead, Sportsstuff, and Yukon Charlie's. Aaron Kramer, founder, CEO and President of Kwik Tek said, "I am excited to be partnering with Falconhead Capital and M3 Outdoor. Their market expertise makes them the perfect partners to help ensure that even more people can enjoy our exciting products.

Buy -
SELLER

Spring Capital Partners

Lutherville, Maryland, United States

Investor Investor


Category Mezzanine Finance Firm
Founded 1999
PE ASSETS 600M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Spring Capital Partners is a mezzanine finance provider for small to medium-sized businesses. Spring invests $2 to $20 million, primarily in the form of subordinated debt with equity features in each transaction. The Firm does not have an industry focus. Spring Capital looks for businesses located in the Mid-Atlantic US with revenues between $10 and $150 million. Spring Capital Partners was formed in 1999 and has offices in Baltimore, Maryland and Radnor, Pennsylvania.


DEAL STATS #
Overall 16 of 25
Sector (Franchising) 1 of 1
Type (Secondary Buyout) 4 of 5
State (Pennsylvania) 3 of 5
Country (United States) 16 of 25
Year (2017) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-04-05 Altus Receivables Management

Kenner, Louisiana, United States

Altus Receivables Management provides commercial debt recovery services to customers in the United States and abroad. The Company is a commercial receivable management agency offering receivable management outsourcing, domestic and international commercial collections, audit collection, and business receivable management training. Altus Receivables Management was established in 1994 and is based in Kenner, Louisiana.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-03-16 TalentBridge

Charlotte, North Carolina, United States

TalentBridge provides contract staffing, executive and professional placements, providing services to its customers that include temporary, temporary-to-hire, and professional placement across diverse technical and administrative disciplines. TalentBridge was founded in 1985 and is based in Charlotte, North Carolina.

Buy -