M&A Deal Summary

CID Capital and Medallion Capital Acquire Fit + Fresh

On April 17, 2015, private equity firm CID Capital and mezzanine finance firm Medallion Capital acquired consumer products company Fit + Fresh from Ironwood Capital

Acquisition Highlights
  • This is CID Capital’s 5th and Medallion Capital’s 2nd transaction in the Consumer Products sector.
  • This is CID Capital’s 16th and Medallion Capital’s 4th transaction in the United States.
  • This is CID Capital’s 1st and Medallion Capital’s 1st transaction in Rhode Island.

M&A Deal Summary

Date 2015-04-17
Target Fit + Fresh
Sector Consumer Products
Buyer(s) CID Capital
Medallion Capital
Sellers(s) Ironwood Capital
Deal Type Recapitalization

Target

Fit + Fresh

Providence, Rhode Island, United States
Fit + Fresh is a designer, manufacturer, and distributor of fashionable and functional products that allow people to take healthy and fresh foods and drinks with them while on the go to work, school, or social events. Fit + Fresh is based in Providence, Rhode Island.

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Buyer(S) 2

Buyer

CID Capital

Indianapolis, Indiana, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1981
PE ASSETS 500M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

CID Capital is a private investment firm that makes both venture capital and private equity investments. CID's private equity practice invests $10 to $15 million of equity capital in lower middle-market companies with $10 to $100 million of revenue and at least $3 million of cash-flow. Funds are generally used to support divestitures, management buyouts, leveraged buyouts, shareholder liquidity, recapitalization, and growth financing. Areas of interest include industrial products and services, general distribution, safety and security products, branded consumer products, medical products and services, building products, and food manufacturing. The Firm prefers investments located within the US. CID Capital was formed in 1981 and is based in Indianapolis, Indiana.


DEAL STATS #
Overall 16 of 32
Sector (Consumer Products) 5 of 8
Type (Recapitalization) 7 of 13
State (Rhode Island) 1 of 1
Country (United States) 16 of 31
Year (2015) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-12-02 Strahman Group

Bethlehem, Pennsylvania, United States

Strahman Group is a manufacturer and designer of the highest quality and best-performing valve products. Strahman develops innovative solutions to complex problems and engineers products with world-leading performance and value. Strahman Group was founded in 1921 and is based in Bethlehem, Pennsylvania.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-11-10 Team Drive-Away

Olathe, Kansas, United States

Team Drive-Away, Inc. is a non-asset-based commercial vehicle logistics provider specializing in matching professional drivers with moves of used and new heavy-haul Class 8 trucks for sellers and buyers as well as moves to reposition and optimize fleets. Team Drive-Away was founded in 2007 and is based in Olathe, Kansas.

Buy -
DESCRIPTION

Medallion Capital is an investment firm that offers subordinated debt to help support a variety of transaction situations including buyouts, acquisition financings, recapitalizations, and expansions. The Firm targets established companies with at least $10 million in revenue and at least $2 million in cash flow. Medallion is a generalist investor, however the Firm will not invest in information technology, life science, real estate, entertainment, or finance companies. Medallion does not provide seed capital or start-up funding. Medallion Capital is based in Burnsville, Minnesota and is a subsidiary of New York-based Medallion Financial Corp.


DEAL STATS #
Overall 4 of 9
Sector (Consumer Products) 2 of 2
Type (Recapitalization) 1 of 2
State (Rhode Island) 1 of 1
Country (United States) 4 of 9
Year (2015) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-08-14 Animal Adventure

Hopkins, Minnesota, United States

Animal Adventure, Inc. is a designer and manufacturer of plush products for the children’s, baby, pet, and water toy markets. Animal Adventure was established in 1998 and is based in Hopkins, Minnesota.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-10-01 Pinnacle Climate Technologies

Eden Prairie, Minnesota, United States

Pinnacle Climate Technologies is a developer and manufacturer of heating and ventilation solutions at the forefront of design and engineering. Pinnacle Climate Technologies was founded in 1998 and is based in Eden Prairie, Minnesota.

Buy -

Seller(S) 1

SELLER

Ironwood Capital

Avon, Connecticut, United States

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 1986
PE ASSETS 1.0B USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Ironwood Capital is a private investment firm that makes equity and subordinated debt investments in lower middle-market companies. Investment proceeds are generally used to support leveraged buyouts, growth financings, and recapitalizations. Investments typically range from $10 to $40 million in companies generating $20 to $250 million in annual sales. Target sectors include healthcare products/services, value-added manufacturing, business services, consumer products, specialty distribution, and education. Ironwood prefers opportunities East of the Mississippi, but will selectively consider investments in the Western US. The Firm's investment horizon is three to five years. Ironwood Capital was formed in 2002 and is based in Avon, Connecticut.


DEAL STATS #
Overall 15 of 53
Sector (Consumer Products) 1 of 2
Type (Recapitalization) 2 of 2
State (Rhode Island) 1 of 1
Country (United States) 15 of 53
Year (2015) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-11-18 Rostra Tool Company

Branford, Connecticut, United States

Rostra Tool Company is a designer and manufacturer of professional specialty hand crimping tools for the electrical, electronic, telecommunications, cable television, and plumbing markets.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-06-03 Professional Rental Tools

Houston, Texas, United States

Professional Rental Tools is a provider of stabilization and support equipment for oil and gas companies in the deep-water Gulf of Mexico. Professional Rental Tools is based in Houston, Texas.

Buy -