M&A Deal Summary

CD&R Acquires Shearer’s Foods

On December 13, 2023, private equity firm CD&R acquired food company Shearer’s Foods from Ontario Teachers Pension Plan, Wind Point Partners and Prospect Capital Management

Acquisition Highlights
  • This is CD&R’s 3rd transaction in the Food sector.
  • This is CD&R’s 63rd transaction in the United States.
  • This is CD&R’s 4th transaction in Ohio.

M&A Deal Summary

Date 2023-12-13
Target Shearer’s Foods
Sector Food
Buyer(s) CD&R
Sellers(s) Ontario Teachers Pension Plan
Wind Point Partners
Prospect Capital Management
Deal Type Secondary Buyout
Advisor(s) Goldman Sachs (Financial)
Kirkland & Ellis (Legal)

Target

Shearer’s Foods

Massillon, Ohio, United States
Shearer's Foods is a producer of high-quality seasoned snack foods and related products. Shearer's produces kettle chips. Shearer's Foods was formed in 1974 and is based in Massillon, Ohio.

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Buyer(S) 1

Buyer

CD&R

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1978
PE ASSETS 30.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Clayton, Dubilier & Rice LLC (CD&R) is a large private equity firm that targets non-core divestitures of large corporations, growth equity financings, traditional buyouts, and corporate/family partnerships. CD&R looks for opportunities in North America, Western Europe, and Asia and will consider businesses in a wide range of sectors including consumer/retail, healthcare, industrials, and services. Prospective companies generally lead their respective markets, have stable cash flows, and possess competitive advantages through differentiated products, services, or processes. CD&R was formed in 1978 and has offices in New York City and London.


DEAL STATS #
Overall 88 of 93
Sector (Food) 3 of 3
Type (Secondary Buyout) 24 of 26
State (Ohio) 4 of 4
Country (United States) 63 of 67
Year (2023) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-08-07 Veritiv

Atlanta, Georgia, United States

Veritiv is a distributor of packaging, facility solutions, print and publishing products and services; and also a provider of logistics and supply chain management solutions. Serving customers in a wide range of industries, the Company has approximately 160 operating distribution centers throughout the U.S., Canada and Mexico, and employs approximately 8,700 team members that help shape the success of its customers. Veritiv was founded in 2013 and is based in Atlanta, Georgia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-01-19 Cynosure

Westford, Massachusetts, United States

Cynosure is a developer and marketer of aesthetic treatment systems that are used by physicians and other practitioners to perform non-invasive and minimally invasive procedures to remove hair, treat vascular and pigmented lesions, rejuvenate the skin, liquefy and remove unwanted fat through laser lipolysis and temporarily reduce the appearance of cellulite. Cynosure was founded in 1991 and is based in Westford, Massachusetts.

Sell -

Seller(S) 3

SELLER

Ontario Teachers Pension Plan

Toronto, Ontario, Canada

Investor Investor Investor Investor Investor


Category Pension
Founded 1990
PE ASSETS 242.5B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Teachers' Private Capital is the direct investment arm of the Ontario Teachers' Pension Plan. Teachers' Private Capital considers both private equity and venture related investments in North America, Europe, and Asia. Teachers' can support direct private equity investments between $100 million and $3 billion. Target sectors include business services, consumer products, retail, diversified industrials, financial services, technology, media, and communications. Teachers' Private Capital also makes private equity fund investments between $50 million and $750 million. Teachers' Private Capital was formed in 1991 and is based in Toronto, with additional offices in London and New York.


DEAL STATS #
Overall 71 of 72
Sector (Food) 3 of 3
Type (Secondary Buyout) 19 of 20
State (Ohio) 3 of 3
Country (United States) 38 of 38
Year (2023) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-10-04 SeaCube Container Leasing

Woodcliff Lake, New Jersey, United States

SeaCube's principal activities include the acquisition, leasing, re-leasing and subsequent sale of refrigerated and dry containers and generator sets. SeaCube leases containers primarily under long-term contracts to a diverse group of the world's leading shipping lines. SeaCube Container Leasing was founded in 1993 and is based in Woodcliff Lake, New Jersey.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-10-01 Techem

Eschborn, Germany

Techem specializes in smart and sustainable solutions for the real estate industry, focusing on energy efficiency and decarbonization. Techem provides digital services that help reduce energy consumption, improve water management, and increase resource conservation across properties. Techem's comprehensive offerings include remote monitoring systems for heating and water, wireless smoke detectors, and solutions for enhancing energy efficiency in buildings. Techem was founded in 1952 and is based in Eschborn, Germany.

Sell €6.7B
SELLER

Wind Point Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1984
PE ASSETS 7.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Wind Point Partners is a private equity firm focused on acquisitions of mid-sized companies operating in the business services, consumer products, healthcare services, and industrial products sectors. Wind Point looks to invest $60 to $130 million in companies valued up to $500 million. Prospective transaction types include leveraged buyouts, recapitalizations, industry consolidations, and growth capital financings. Wind Point Partners began investing in 1984 and is based in Chicago.


DEAL STATS #
Overall 54 of 56
Sector (Food) 8 of 8
Type (Secondary Buyout) 21 of 23
State (Ohio) 3 of 3
Country (United States) 49 of 51
Year (2023) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-11-02 Critica Infrastructure

Houston, Texas, United States

Critica Infrastructure is a manufacturer and provider of high-performance critical infrastructure construction and repair products and associated engineering support and training services. The Company's solutions are used to maintain, rehabilitate, and construct pipelines, natural gas distribution lines, high-consequence industrial pipe works, electrical grids, and civil structures. Critica composite pipe repair systems and inline insertion valves are in use in more than 75 countries and include industry-leading products such as Clock Spring™, Syntho-Glass®XT, Scar-Guard®, Contour, and DiamondWrap® composite products, as well as the award-winning AVT EZ Valve™ for water and gas lines. Critica Infrastructure was founded in 2019 and is based in Houston, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-01-17 MOREgroup

Fort Worth, Texas, United States

MOREgroup is a family of design, architecture and engineering brands that each uniquely focus on a single area of expertise. Formed through the combination of Huckabee, Rachlin Partners, TSK Architects, Image Engineering Group (IEG), and Environments for Health Architecture (E4H). MOREgroup is based in Fort Worth, Texas.

Buy -
SELLER

Prospect Capital Management

New York, New York, United States

Investor Investor Investor Investor Investor


Category Business Development Company
Founded 1988
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Prospect Capital Corporation is a publicly traded mezzanine debt and private equity firm that primarily provides non-control financing to support growth, recapitalizations, acquisitions, and development. Prospect will selectively consider control acquisitions by providing multiple levels of the capital structure. Prospect was initially formed in 1988 and went public 2004. The Firm is based in New York City.


DEAL STATS #
Overall 48 of 48
Sector (Food) 3 of 3
Type (Secondary Buyout) 24 of 24
State (Ohio) 4 of 4
Country (United States) 47 of 47
Year (2023) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-06-04 Progrexion

Salt Lake City, Utah, United States

Progrexion is a marketing and information services business serving the consumer credit information sector. The Company's unique turnkey solution combines lead generation through online and offline direct marketing, teleservice activities that support lead conversion, and proprietary analytical tools that manage customer information and relationships. Progrexion was founded in 2000 and is based in Salt Lake City, Utah.

Sell -