M&A Deal Summary

Castle Harlan and Branford Castle Partners Acquire Sunless

On August 13, 2019, private equity firms Castle Harlan and Branford Castle Partners acquired manufacturer Sunless from The Riverside Company and Audax Private Debt

Acquisition Highlights
  • This is Castle Harlan’s 3rd and Branford Castle Partners’ 2nd transaction in the Manufacturing sector.
  • This is Castle Harlan’s 35th and Branford Castle Partners’ 11th transaction in the United States.
  • This is Castle Harlan’s 2nd and Branford Castle Partners’ 1st transaction in Ohio.

M&A Deal Summary

Date 2019-08-13
Target Sunless
Sector Manufacturing
Buyer(s) Castle Harlan
Branford Castle Partners
Sellers(s) The Riverside Company
Audax Private Debt
Deal Type Secondary Buyout

Target

Sunless

Macedonia, Ohio, United States
Sunless is a manufacturer of spray tanning booths, innovative airbrush equipment, proprietary solutions, and professional-grade retail products for the sunless tanning segment of the indoor tanning industry. Sunless is based in Macedonia, Ohio.

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Buyer(S) 2

Buyer

Castle Harlan

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1987
PE ASSETS 6.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Castle Harlan is a large private equity firm that targets private company investments in the US and Australia. Castle Harlan targets businesses in a wide range of industries that include, packaging, industrial services, manufacturing, restaurants, business services, distribution, publishing, and transportation. Castle Harlan can provide both equity and mezzanine capital. The Firm is affiliated with Australian private equity firm CHAMP Private Equity, and together formed CHAMP - Castle Harlan Australian Mezzanine Partners. Castle Harlan was formed in 1987 and is based in New York City.


DEAL STATS #
Overall 45 of 48
Sector (Manufacturing) 3 of 3
Type (Secondary Buyout) 16 of 17
State (Ohio) 2 of 2
Country (United States) 35 of 36
Year (2019) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-06-25 Shelf Drilling

Dubai, United Arab Emirates

Shelf Drilling is an offshore jack-up rig operator engaged in the drilling and completion of offshore oil and gas wells. Shelf Drilling conducts drilling operations in Southeast Asia, the Middle East, India, West Africa, and North Africa / Mediterranean markets with a fleet of 37 independent-leg cantilever jack-up rigs and one swamp barge. Shelf Drilling was founded in 2012 and is based in UAE.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-03 Gold Star Foods

Ontario, California, United States

Gold Star Foods is a niche foodservice distributor specializing in the sale and distribution of a wide array of food and non-food products to public school districts serving students ages K-12 in California and Arizona. Gold Star Foods was formed in 1966 and is based in Ontario, California.

Sell -
Buyer

Branford Castle Partners

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1986
PE ASSETS 200M USD
Size Small
Type Sector Agnostic
DESCRIPTION

Branford Castle is a private investment firm that seeks investments in traditional companies with stable cash flows. Branford Castle prefers investing in 'old economy' businesses valued up to $100 million. Brandford will consider public or private companies, but the Firm will not invest in bankrupt, turnaround, or distressed situations. Sectors of interest include manufacturing, commercial distribution, services, consumer products, publishing, restaurants, and infrastructure. Branford Castle was formed in 1986 and is based in New York City.


DEAL STATS #
Overall 12 of 20
Sector (Manufacturing) 2 of 6
Type (Secondary Buyout) 4 of 6
State (Ohio) 1 of 1
Country (United States) 11 of 19
Year (2019) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-08-05 ABC Industries

Winona Lake, Indiana, United States

ABC Industries is a fully integrated and diversified manufacturer of industrial and mining ventilation products. ABC Industries was founded in 1926 and is based in Winona Lake, Indiana.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-09-06 Pulse Vet

Roswell, Georgia, United States

PulseVet is a developer and marketer of non-invasive medical devices for the veterinary market. Pulse Veterinary's principal technology is the VersaTron® family of products for the management of a variety of musculoskeletal disorders causing chronic pain and lameness in animals. PulseVet was founded in 2009 and is based in Roswell, Georgia.

Buy -

Seller(S) 2

SELLER

The Riverside Company

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1988
PE ASSETS 5.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

The Riverside Company is a global private equity firm that seeks investments in profitable lower middle-market companies valued under $400 million. Riverside looks to invest in growth businesses headquartered in North America, Europe, and Asia (primarily Japan and South Korea), that have been in operation for at least five years. Riverside targets investments in a wide array of industries including distribution, automotive, healthcare, education, manufacturing, software, consumer services, plastics, publishing, food, communications, marine, and business services. Riverside was formed in 1988 and is based in New York City.


DEAL STATS #
Overall 149 of 191
Sector (Manufacturing) 14 of 14
Type (Secondary Buyout) 58 of 77
State (Ohio) 6 of 11
Country (United States) 105 of 133
Year (2019) 3 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-17 Uinta Brewing

Salt Lake City, Utah, United States

Uinta Brewing is a micro brewery serving the Western US. Named after the only major east-west running mountain range located in the continental U.S., Uinta Brewing Company’s journey began in 1993 with the reality that passion for craft beer and a hankering for the great outdoors could align in Salt Lake City, Utah. Built on an axis point that endorses sustainability, community involvement and innovation, their compass guides them on a path to admirable, consistent craft beer leading consumers to discover a brand with passion, personality and soul. Uinta Brewing was founded in 1993 and is based in Salt Lake City, Utah.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-08-16 North American Dental Group

Pittsburgh, Pennsylvania, United States

North American Dental Group is a dental services provider. North American Dental Group was created to transform the dental experience for its patients, clinicians, and its support teams and today consists of a network of over 200 dental practices in 11 states and 23 regional markets. North American Dental Group was founded in 2008 and is based in Pittsburgh, Pennsylvania.

Sell -
SELLER

Audax Private Debt

New York, New York, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 2000
PE ASSETS 5.4B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Audax Mezzanine is the mezzanine finance arm of the Audax Group. The Firm focuses on investing in both private and public, US-based middle market companies with a strong history of cash flows and consistent revenue growth. Audax will consider subordinated mezzanine debt commitments, second lien or junior secured debt, preferred stock and common stock. The Firm seeks to invest in companies valued between $10 and $60 million. Types of transaction include MBOs, LBOs, growth capital financings, acquisition financings, and recapitalizations.


DEAL STATS #
Overall 45 of 51
Sector (Manufacturing) 6 of 6
Type (Secondary Buyout) 20 of 24
State (Ohio) 7 of 8
Country (United States) 45 of 51
Year (2019) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-14 CPP

Cleveland, Ohio, United States

CPP is an aerospace casting manufacturer and offers both sand and investment casting capabilities. The company specializes in producing complex, mission-critical components for a variety of leading commercial and military aircraft and regional/business jets, as well as industrial gas turbines. CPP was founded in 1991 and is based in Cleveland, Ohio.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-01 Ned Stevens

Fairfield, New Jersey, United States

Ned Stevens provides gutter cleaning, soft wash, and other related, non-discretionary residential services, including gutter maintenance, installation, and repair. Ned Stevens was founded in 1965 and is based in Fairfield, New Jersey.

Buy -