M&A Deal Summary

Cerberus Capital Management Acquires Frontier Spinning

On May 2, 2019, asset manager Cerberus Capital Management acquired apparel/textiles company Frontier Spinning from American Securities and Crystal Capital

Acquisition Highlights
  • This is Cerberus Capital Management’s 3rd transaction in the Apparel/Textiles sector.
  • This is Cerberus Capital Management’s 45th transaction in the United States.
  • This is Cerberus Capital Management’s 4th transaction in North Carolina.

M&A Deal Summary
Date 2019-05-02
Target Frontier Spinning
Sector Apparel/Textiles
Buyer(s) Cerberus Capital Management
Sellers(s) American Securities
Crystal Capital
Deal Type Secondary Buyout

Target

Frontier Spinning

Sanford, North Carolina, United States
Frontier Spinning is a large U.S.-based producers of cotton and cotton/polyester blend yarns for the knitting and weaving industries and holds market-leading positions in open-end and air-jet spinning. Offering a diverse product line to fulfill the demands of customers worldwide, the yarn produced by Frontier Spinning is used in sportswear, undergarments, socks, sweaters, fleece, denim, and home furnishings.

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Buyer(S) 1

Buyer

Cerberus Capital Management

New York, New York, United States

Investor Investor Investor Investor Investor

Category Asset Manager
Founded 1992
PE ASSETS 55.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Cerberus Capital Management is a private investment firm that targets a wide range of global investments. Cerberus primarily looks for undervalued or distressed situations. Industry sectors of interest include aerospace and defense, apparel, automotive and industrial, building products, commercial services, consumer and retail, financial services, healthcare, manufacturing and distribution, paper, packaging, and printing, real estate, technology, telecommunications, transportation, and travel. In addition to private equity investing, Cerberus also provides corporate credit and acquires real estate. Cerberus was formed in 1992 by Steve Feinberg and is based in New York City.

DEAL STATS #
Overall 67 of 87
Sector (Apparel/Textiles) 3 of 3
Type (Secondary Buyout) 11 of 14
State (North Carolina) 4 of 4
Country (United States) 45 of 63
Year (2019) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-25 New Avon

New York, New York, United States

New Avon LLC (Avon North America) is the social selling beauty company in North America, with independent sales Representatives throughout the United States, Puerto Rico, and Canada. Avon North America's portfolio includes award-winning skincare, color cosmetics, fragrance, personal care, and health and wellness products featuring brands such as ANEW, Avon True Color, Espira, and Skin So Soft, as well as fashion and accessories.

Sell $125M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-22 Avon Products

London, United Kingdom

Avon brings beauty to the lives of women all over the world. At Avon, beauty means finding the right lipstick shade for a customer; providing an earnings opportunity so a woman can support her family; and enabling a woman to get her first mammogram. It’s about championing economic empowerment and improving the lives of women around the world. Avon Products was founded in 1886 and is based in London, the United Kingdom.

Sell -

Seller(S) 2

SELLER

American Securities

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1994
PE ASSETS 26.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

American Securities is a large private equity firm that typically partners with management when pursuing company acquisitions. American Securities typically targets US-based companies and generally seeks to commit $300 to $700 million per transaction. Areas of interest include consumer products, restaurants, healthcare, industrial, aerospace, defense, agriculture, environmental, paper/packaging, energy, and specialty chemicals. The Firm was originally formed in 1947 as the family office for William Rosenwald, an heir to the Sears Roebuck & Company, and began accepting outside investors in 1994. American Securities is headquartered in New York City.

DEAL STATS #
Overall 41 of 51
Sector (Apparel/Textiles) 1 of 1
Type (Secondary Buyout) 15 of 20
State (North Carolina) 2 of 2
Country (United States) 40 of 50
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-01 BELFOR

Birmingham, Michigan, United States

BELFOR is a global provider of damage recovery and restoration services. The company serves customers in significant times of need, ranging from individual homeowners who may have a small loss to multinational manufacturing businesses with millions of dollars of damage. BELFOR was founded in 1946 and is based in Birmingham, Michigan.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-14 Amentum

Chantilly, Virginia, United States

Amentum is a contractor to the U.S. federal government and select allied national governments, supporting programs of critical national significance across defense, security and intelligence, energy, and environmental cleanup. Amentum previously operated as the Management Services segment within AECOM. Amentum is based in Chantilly, Virginia.

Buy $2.4B
SELLER

Crystal Capital

Boston, Massachusetts, United States
Category Private Equity Firm
Founded 2006
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Crystal Capital is an affiliate of Crystal Financial Corporation, Crystal Capital is a private investment firm that provides debt and equity capital to middle-market companies. Crystal Capital does not have an industry preference in evaluating opportunities, but looks to provide a minimum of $1 million in equity (co-investment) or $10 million in junior capital per transaction. Target companies typically generate sales of at least $150 million and EBITDA of $15 million. Crystal Capital was formed in 2006 and is based in Boston, Massachusetts with additional offices in Los Angeles, California; Stamford, Connecticut; and Chicago, Illinois.

DEAL STATS #
Overall 18 of 20
Sector (Apparel/Textiles) 2 of 2
Type (Secondary Buyout) 4 of 5
State (North Carolina) 2 of 2
Country (United States) 18 of 20
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-12-05 Dakine

Hood River, Oregon, United States

Dakine is an outdoor sports and lifestyle brand offering backpacks, luggage, gloves and other technical accessories used by enthusiasts across multiple action sports segments such as ski/snowboarding, surfing, biking, and skating.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-11-01 Trulite Glass & Aluminum Solutions

Peachtree City, Georgia, United States

Trulite Glass & Aluminum Solutions is an architectural glass and aluminum fabricator. Trulite distributes and manufactures architectural aluminum, insulated units, mirrors, tempered, laminated and decorative glass from their 35 locations throughout the U.S. and Canada. Trulite Glass & Aluminum Solutions was formed in 1978 and is headquartered in Peachtree City, Georgia.

Sell -
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