M&A Deal Summary

Blackstreet Capital Management Acquires Red Apple Stores

On May 6, 2021, private equity firm Blackstreet Capital Management acquired retailer Red Apple Stores from BlackRock Capital Investment

Acquisition Highlights
  • This is Blackstreet Capital Management’s 2nd transaction in the Retail sector.
  • This is Blackstreet Capital Management’s 1st transaction in Canada.
  • This is Blackstreet Capital Management’s 1st transaction in Ontario.

M&A Deal Summary

Date 2021-05-06
Target Red Apple Stores
Sector Retail
Buyer(s) Blackstreet Capital Management
Sellers(s) BlackRock Capital Investment
Deal Type Add-on Acquisition

Target

Red Apple Stores

Mississauga, Ontario, Canada
Red Apple Stores operates 140 extreme value stores throughout Canada (excluding Quebec) which serve middle-income consumers in rural secondary and tertiary markets and select urban markets. Red Apple Stores is based in Mississauga, Ontario.

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Buyer(S) 1

Buyer

Blackstreet Capital Management

Chevy Chase, Maryland, United States

Category Private Equity Firm
Founded 2003
PE ASSETS 200M USD
Size Small
Type Sector Agnostic
DESCRIPTION

Blackstreet Capital is a private equity firm focused on control buyouts of under-performing corporate orphans with $25 to $150 million in revenue. Industries of interest include niche manufacturing, distribution, specialty retail, education and training, healthcare services and devices, and restaurants. Blackstreet invests up to $15 million of equity capital in businesses valued up to $75 million. Blackstreet's average holding period is three to five years. Blackstreet Capital(formerly Milestone Capital Management was founded in 2003 and is based in Bethesda, Maryland.


DEAL STATS #
Overall 37 of 37
Sector (Retail) 2 of 2
Type (Add-on Acquisition) 2 of 2
State (Ontario) 1 of 1
Country (Canada) 1 of 1
Year (2021) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-08-22 Cartesian

Boston, Massachusetts, United States

Cartesian is a provider of strategy, management, operational and e-business consulting services to the global telecommunications industry. Cartesian was formed in 1990 and is based in Boston, Massachusetts.

Buy -

Seller(S) 1

SELLER

BlackRock Capital Investment

New York, New York, United States

Investor Investor Investor Investor Investor


Category Business Development Company
Founded 2005
PE ASSETS 1.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

BlackRock Capital Investment is a publicly traded business development company (BDC) that provides middle-market companies with a variety of financing solutions. This includes senior and junior secured, unsecured and subordinated debt securities and loans, as well as equity. BlackRock Capital targets profitable companies with strong management and defensible market positions that may be underserved by traditional lending sources. The Firm looks to commit $10 to $50 million in businesses generating $10 to $50 million of EBITDA. BlackRock was formed in 2005 by BlackRock and Kelso & Company. The Firm has offices in New York City and Chicago.


DEAL STATS #
Overall 21 of 23
Sector (Retail) 1 of 1
Type (Add-on Acquisition) 5 of 5
State (Ontario) 1 of 1
Country (Canada) 1 of 1
Year (2021) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-10 View

Milpitas, California, United States

View designs, manufactures, and sells a new generation of architectural dynamic glass that intelligently adjusts in response to external conditions and user preferences, enabling unparalleled control over the amount of light and heat that enters a building. View was founded in 2006 and is based in Milpitas, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-04 Crockett Cogeneration

Crockett, California, United States

Crockett Cogeneration is a 240 MW gas-fired cogeneration facility that sells capacity and energy to Pacific Gas and Electric Company and steam to C&H Sugar Company, Inc. pursuant to long-term contracts. Crockett Cogeneration was founded in 1996 and is based in Crockett, California.

Sell -