M&A Deal Summary

Cerberus Capital Management and Lantern Capital Partners Acquire School Specialty

On September 15, 2020, asset manager Cerberus Capital Management and private equity firm Lantern Capital Partners acquired e-commerce company School Specialty

Acquisition Highlights
  • This is Cerberus Capital Management’s 1st and Lantern Capital Partners’ 1st transaction in the E-Commerce sector.
  • This is Cerberus Capital Management’s 51st and Lantern Capital Partners’ 2nd transaction in the United States.
  • This is Cerberus Capital Management’s 1st and Lantern Capital Partners’ 1st transaction in Wisconsin.

M&A Deal Summary

Date 2020-09-15
Target School Specialty
Sector E-Commerce
Buyer(s) Cerberus Capital Management
Lantern Capital Partners
Deal Type Special Situations/Distressed
Advisor(s) Mayer Brown
Godfrey & Kahn S.C. (Legal)

Target

School Specialty

Greenville, Wisconsin, United States
School Specialty is a provider of online educational products and services to the Pre-K- 12th grade market in the U.S. and Canada. The company designs, manufactures and distributes a broad assortment of furniture & equipment, educational technology, general and specialty classroom supplies, facility supplies, safety and security products, and core and supplemental curriculum for science, math and English language arts. School Specialty was founded in 1959 and is based in Greenville, Wisconsin.

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Buyer(S) 2

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 74 of 87
Sector (E-Commerce) 1 of 1
Type (Special Situations/Distressed) 13 of 13
State (Wisconsin) 1 of 1
Country (United States) 51 of 63
Year (2020) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-07-07 Bluestem Brands

Eden Praire, Minnesota, United States

Bluestem Brands is a multi-brand retailer, delivering a wide selection of products and shop-at-home convenience through e-commerce and direct marketing via the Fingerhut and Gettington.com brands. In addition to offering a large selection of brand name products, our brands also offer a variety of credit options to provide families on a budget the flexibility of paying over time.

Buy $250M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-09-24 DynCorp International

McLean, Virginia, United States

DynCorp International is a global government services provider in support of U.S. national security and foreign policy objectives, delivering support solutions for defense, diplomacy, and international development. DynCorp International operates major programs in logistics, platform support, contingency operations, and training and mentoring to reinforce security, community stability, and the rule of law. DynCorp International was formed in 1951 and is headquartered in McLean, Virginia.

Sell -
DESCRIPTION

Lantern Capital Partners is a private equity firm focused on providing equity and debt capital to mid-sized US-based companies valued up to $1 billion. The Firm looks to invest $15 to $150 million to fund a variety of transaction situations including divestitures, turnarounds, recapitalizations, and restructurings. Sectors of interest include real estate, technology, manufacturing, financial services, energy, industrial, auto, consumer, transportation, and life science. Lantern Capital Partners was established in 2014 and is headquartered in Dallas, Texas.


DEAL STATS #
Overall 2 of 2
Sector (E-Commerce) 1 of 1
Type (Special Situations/Distressed) 2 of 2
State (Wisconsin) 1 of 1
Country (United States) 2 of 2
Year (2020) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-07-13 Lantern Entertainment

Dallas, Texas, United States

Lantern Entertainment is an independent film and television production company. Lantern Entertainment includes a library of over 270 films, unreleased and highly anticipated movies and a slate of impressive scripted and unscripted television titles. Lantern Entertainment is based in Dallas, Texas.

Buy -