M&A Deal Summary

Entrepreneurial Equity Partners Acquires Kronos Foods

On February 12, 2020, private equity firm Entrepreneurial Equity Partners acquired food company Kronos Foods from Grey Mountain Partners and Maranon Capital

Acquisition Highlights
  • This is Entrepreneurial Equity Partners’ 3rd transaction in the Food sector.
  • This is Entrepreneurial Equity Partners’ 3rd transaction in the United States.
  • This is Entrepreneurial Equity Partners’ 2nd transaction in Illinois.

M&A Deal Summary
Date 2020-02-12
Target Kronos Foods
Sector Food
Buyer(s) Entrepreneurial Equity Partners
Sellers(s) Grey Mountain Partners
Maranon Capital
Deal Type Secondary Buyout
Advisor(s) Harris Williams (Financial)

Target

Kronos Foods

Glendale Heights, Illinois, United States
Kronos Foods is a manufacturer of gyros meat, pita bread, baklava, and other Mediterranean foods and a specialty foodservice distributor to local retail outlets as well as to restaurants, hospitals, businesses, schools, and universities. Kronos Foods was founded in 1975 and is based in Glendale Heights, Illinois.

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Buyer(S) 1

Buyer

Entrepreneurial Equity Partners

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2018
Size Small
Type Sector Focused
DESCRIPTION

Entrepreneurial Equity Partners is a private equity firm focused on opportunities in the food sector. Specific areas of interest include food/beverage brands, private label/contract manufacturing, foodservice, and consumer packaged goods. The Firm prefers control situations in businesses with minimum revenues of $50 million where it can commit at least $25 million of equity capital. Entrepreneurial Equity Partners is headquartered in Chicago, Illinois.

DEAL STATS #
Overall 3 of 12
Sector (Food) 3 of 10
Type (Secondary Buyout) 1 of 3
State (Illinois) 2 of 2
Country (United States) 3 of 10
Year (2020) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-09-17 Daniele

Pascoag, Rhode Island, United States

Daniele produces specialty Italian charcuterie and deli meats, including prosciutto, salame, and snack packs. The company sells to hundreds of club, mass, and grocery customers under the Daniele and Del Duca brands and offers private label products for retailers. Daniele was founded in 1945 and based in Mapleville, Rhode Island.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-01 Salm Partners

Denmark, Wisconsin, United States

Salm Partners is a manufacturer of fully cooked sausages and premium hot dogs in the United States serving a blue-chip customer base that includes industry-leading brands. Utilizing a differentiated, co-extrusion, cook-in-package manufacturing process, Salm offers better-tasting, clean label products with extended shelf lives relative to sausages produced utilizing conventional methods. Salm Partners was founded in 2004 and is based in Denmark, Wisconsin.

Buy -

Seller(S) 2

SELLER

Grey Mountain Partners

Boulder, Colorado, United States
Category Private Equity Firm
Founded 1992
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Grey Mountain Partners is a private equity firm focused on investments in smaller middle-market companies. Grey Mountain targets new platform companies with minimum revenues of $25 million and EBITDA greater than $5 million. The Firm can commit up to $75 million per platform investment. Sectors of interest include diversified manufacturing, wholesale/distribution, business services, software, consumer services, packaging, food & beverage, specialty chemicals, financial services, energy, and defense. Prospective transaction situations can include corporate divestitures, MBOs, consolidation opportunities, family held companies in transition, and companies in distress or emerging from bankruptcy. Grey Mountain Partners is based in Boulder, Colorado.

DEAL STATS #
Overall 14 of 17
Sector (Food) 1 of 1
Type (Secondary Buyout) 6 of 7
State (Illinois) 1 of 1
Country (United States) 14 of 17
Year (2020) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-11-07 Fleetwood Fixtures

Leesport, Pennsylvania, United States

Fleetwood Fixtures is a provider of retail display systems and related program management services. Fleetwood Fixtures was founded in 1970 and is based in Leesport, Pennsylvania.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-06-14 Consolidated Glass Holdings

Denver, Colorado, United States

Consolidated Glass Holdings (CGH) is a fabricator and distributor of impact-resistant glass, architectural glass, metals, and specialty products to the commercial and residential building maintenance, renovation and construction markets. Consolidated Glass Holdings was founded in 2011 and is based in Denver, Colorado.

Sell -
SELLER

Maranon Capital

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 2007
PE ASSETS 4.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Maranon Capital LP is an investment firm that provides senior financing, mezzanine debt and equity co-investments for private equity backed and non sponsored middle market companies. Maranon seeks investments in financially healthy businesses with stable cash flows, diverse customers, and strong management. Prospective companies are valued between $30 and $150 million and generate $5 to $30 million of EBITDA. Maranon looks to invest $2 to $10 million for equity co-investments, $5 to $30 million for junior capital needs, and $10 to $50 million for senior debt requirements. Areas of interest include business services, healthcare services, distribution, manufacturing and consumer products/services. Funds typically support acquisitions, recapitalizations, refinancings, consolidations, ESOPs and growth capital needs. Maranon Capital LP was formed in 2007 and is based in Chicago. The Firm has additional offices in Birmingham, Michigan and South Bend, Indiana.

DEAL STATS #
Overall 17 of 21
Sector (Food) 2 of 2
Type (Secondary Buyout) 11 of 14
State (Illinois) 3 of 3
Country (United States) 17 of 21
Year (2020) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-02-03 HaystackID

Chicago, Illinois, United States

HaystackID is an international end-to-end eDiscovery and forensics services and solutions provider. The Company offers consultation and solutions to corporations and law firms that vastly improve legal hold, data collection and eDiscovery workflow. Haystack's goal is to work collaboratively to lower overall spend and minimize risk while improving efficiency. HaystackID was founded in 2011 and is based in Chicago, Illinois.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-05-13 PKWARE

Milwaukee, Wisconsin, United States

PKWAR is a provider of encryption and compression software, offering data security solutions incorporating data discovery, classification, and protection in automated, policy-driven workflows. PKWARE was founded in 1986 and is based in Milwaukee, Wisconsin.

Sell -
Mergr

Product

Company

Legal