M&A Deal Summary

EagleTree Capital and Farol Asset Management Acquire Lignetics

On November 1, 2021, private equity firms EagleTree Capital and Farol Asset Management acquired forest products company Lignetics from Taglich Private Equity, Mill Road Capital and Southfield Mezzanine Capital

Acquisition Highlights
  • This is EagleTree Capital’s 1st and Farol Asset Management’s 1st transaction in the Forest Products sector.
  • This is EagleTree Capital’s 37th and Farol Asset Management’s 19th transaction in the United States.
  • This is EagleTree Capital’s 1st and Farol Asset Management’s 1st transaction in Colorado.

M&A Deal Summary
Date 2021-11-01
Target Lignetics
Sector Forest Products
Buyer(s) EagleTree Capital
Farol Asset Management
Sellers(s) Taglich Private Equity
Mill Road Capital
Southfield Mezzanine Capital
Deal Type Secondary Buyout
Advisor(s) Raymond James - Investment Banking (Financial)
Dentons
Durham Jones & Pinegar (Legal)

Target

Lignetics

Broomfield, Colorado, United States
Lignetics is a residential wood pellet manufacturing company in the U.S. The company’s innovative eco-friendly offering includes premium wood pellets for super-efficient home heating, barbecue pellets that naturally seal in perfect wood-fired flavor, and a superior all-natural high-performance cat litter. The company delivers these innovative all-natural products through national retail partners and directly to consumers via the only national network of wood pellet manufacturing plants spread across the U.S. and Canada with 22 different plant locations. Lignetics was founded in 1983 and is based in Broomfield, Colorado.

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Buyer(S) 2

Buyer

EagleTree Capital

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2001
PE ASSETS 5.6B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

EagleTree Capital is an independent private equity and investment firm focused on mid-market leveraged buyouts. The Firm's buyout group looks to invest $50 to $200 million to support acquisitions of profitable companies in the media/communications, consumer products, and water/industrial products and services sectors. EagleTree Capital was formerly known as Wasserstein Partners, an investment firm formed by Bruce Wasserstein, the late CEO of investment bank Lazard Freres. EagleTree Capital is based in New York City.

DEAL STATS #
Overall 39 of 46
Sector (Forest Products) 1 of 1
Type (Secondary Buyout) 10 of 14
State (Colorado) 1 of 1
Country (United States) 37 of 44
Year (2021) 4 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-23 Integreon

Fargo, North Dakota, United States

Integreon is a provider of legal, document, business and research support (aka Grail Research) solutions to leading law firms, corporate legal departments, corporate marketing, and strategy groups, financial institutions and professional services firms. Integreon was founded in 1998 and is based in Fargo, North Dakota.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-09 Channel Company

Westborough, Massachusetts, United States

Channel Company is an IT channel-focused B2B marketing platform enabling technology companies to target and reach their channel partners. Channel Company was founded in 1982 and is based in Westborough, Massachusetts.

Buy -
Buyer

Farol Asset Management

Investor Investor Investor

Category Private Equity Firm
Founded 2011
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Farol Asset Management is a private equity firm that looks to match institutional investors with direct investment opportunities. The Firm seeks to commit $5 to $30 million per transaction to support a variety of transaction situations and typically works with opportunities brought to it by private equity firms, fund-less sponsors, entrepreneurs and operating executives. Farol Asset Management was formed in 2011 and is headquartered in New York City.

DEAL STATS #
Overall 21 of 23
Sector (Forest Products) 1 of 1
Type (Secondary Buyout) 4 of 4
State (Colorado) 1 of 1
Country (United States) 19 of 21
Year (2021) 4 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-01 Pole Star

London, United Kingdom

Pole Star is a provider of maritime intelligence, that empowers better decision-making and protection of your vessels, people, reputation, and investments. Pole Star Global was founded in 1998 and is based in London, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-05 Ministry Brands

Lenoir City, Tennessee, United States

Ministry Brands is a provider of SaaS platforms for churches, parachurch ministries and other faith-based organizations in the United States and Canada. The company seeks to equip the 21stcentury church with technology that empowers pastors, church executives, technology professionals, and administrators to proactively carry out their Biblical mission with excellence, reverence, and efficiency. Its suite of solutions includes church management, giving, accounting, mobile applications, website development, background checks, content, streaming, and messaging. Ministry Brands was founded in 2012 and is based in Lenoir City, Tennessee.

Buy -

Seller(S) 3

SELLER

Taglich Private Equity

New York, New York, United States
Category Private Equity Firm
Founded 2001
Size Small
Type Sector Agnostic
DESCRIPTION

Taglich Private Equity is a private equity firm focused on investing in US-based, lower middle market manufacturing, business service, and consumer product companies. The Firm prefers businesses with strong growth prospects and leading market positions. Taglich looks to invest $3 to $20 million and will consider funding a variety of investment situations - including management buyouts, recapitalizations, secondary buyouts, ownership transitions, divestitures, and growth capital financings. Taglich Private Equity was formed in 2001 and is based in New York City.

DEAL STATS #
Overall 17 of 17
Sector (Forest Products) 2 of 2
Type (Secondary Buyout) 3 of 3
State (Colorado) 1 of 1
Country (United States) 17 of 17
Year (2021) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-22 AFR

Valencia, California, United States

AFR is a provider of performance aftermarket cylinder heads and intake manifolds. AFR has built a strong brand supplying high-quality automotive aftermarket parts with a focus on the racing and street/strip racing industry. AFR’s products are made from high-caliber aluminum and are highly engineered to significantly improve performance. AFR was founded in 1970 and is based in Valencia, California.

Buy -
SELLER

Mill Road Capital

Greenwich, Connecticut, United States
Category Private Equity Firm
Founded 2004
PE ASSETS 250M USD
Size Small
Type Sector Agnostic
DESCRIPTION

Mill Road Capital is a private investment firm focused on partnering with publicly traded micro-cap companies in the US and Canada. The Firm pursues a variety of strategies including open market share purchases, block trades, acquisition financing, growth financing, mezzanine financing, as well as sponsoring take privates. Sectors of interest include retail, manufacturing, business services, and consumer products. Mill Road was formed in 2004 by former Blackstone professionals. The Firm is based in Greenwich, Connecticut.

DEAL STATS #
Overall 6 of 7
Sector (Forest Products) 1 of 1
Type (Secondary Buyout) 2 of 3
State (Colorado) 1 of 1
Country (United States) 4 of 5
Year (2021) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-08-23 PRT

Victoria, British Columbia, Canada

PRT is the producer of container-grown forest seedlings in North America. Forest seedlings are used to replant forests after timber is harvested. The company has the capacity to custom grow more than 180 million seedlings per year at 13 nurseries located in Canada and the United States. It also provides a variety of ancillary services to support the reforestation needs of its customers. PRT was founded in 1988 and is based in Victoria, British Columbia.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-06-11 RG Barry Bands

Pickerington, Ohio, United States

RG Barry Bands is a provider of accessories brands and fashionable, solution-oriented products that make life better. RG Barry Brands include Dearfoams slippers, baggallini handbags, totes, travel accessories, and Foot Petals premium insoles and comfort products. RG Barry Bands was founded in 1947 and is based in Pickerington, Ohio.

Sell -
SELLER

Southfield Mezzanine Capital

Category Mezzanine Finance Firm
Founded 2013
Size Small
Type Sector Agnostic
DESCRIPTION

Southfield Mezzanine Capital is a mezzanine finance provider that looks to invest $5 to $20 million to support profitable ($3+ million of EBITDA) manufacturing, business services, and distribution companies across the US. Prospective transaction situation include acquisition financings, growth capital financings, and recapitalizations. Southfield Mezzanine Capital was formed in 2013 and is headquartered in Greenwich, Connecticut.

DEAL STATS #
Overall 4 of 6
Sector (Forest Products) 1 of 1
Type (Secondary Buyout) 2 of 4
State (Colorado) 1 of 1
Country (United States) 4 of 6
Year (2021) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-07-02 Hull & Associates

Dublin, Ohio, United States

Hull & Associates is a diversified engineering consulting firm with deep sector expertise in site assessment & remediation, brownfield redevelopment, waste management & beneficial use, water/wastewater, renewable energy, infrastructure design, and other services for commercial and industrial clients, oil & gas companies, public utilities, municipal and government agencies. Hull & Associates was founded in 1980 and is based in Dublin, Ohio.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-22 Pacific West

Salt Lake City, Utah, United States

Pacific West is an industrial and mechanical contracting firm that provides a wide range of services to clients including the construction of railroad locomotive fueling facilities, rail yard air brake networks, wastewater treatment facilities, above and below ground mechanical facilities and security fencing. Additional services include 24/7 emergency response assistance, environmental remediation work, trenchless pipe activity, vacuum truck resources and a variety of ongoing maintenance services. Pacific West was formed in 1988 and is based in Salt Lake City, Utah.

Buy -
Mergr

Product

Company

Legal