M&A Deal Summary

Exponent Private Equity and HarbourVest Partners Acquire Meadow Foods

On August 3, 2018, private equity firms Exponent Private Equity and HarbourVest Partners acquired food company Meadow Foods from Paine Schwartz Partners

Acquisition Highlights
  • This is Exponent Private Equity’s 2nd and HarbourVest Partners’ 4th transaction in the Food sector.
  • This is Exponent Private Equity’s 28th and HarbourVest Partners’ 14th transaction in the United Kingdom.

M&A Deal Summary

Date 2018-08-03
Target Meadow Foods
Sector Food
Buyer(s) Exponent Private Equity
HarbourVest Partners
Sellers(s) Paine Schwartz Partners
Deal Type Secondary Buyout

Target

Meadow Foods

Chester, United Kingdom
Meadow Foods is a dairy group and supplier of milk based dairy ingredients to the food industry. Meadow Foods currently handles more than 500 million liters of milk each year direct from over 550 farmer suppliers from across the North of England, Midlands and North & West Wales. Meadow Foods was founded in 1992 and is based in Chester, United Kingdom.

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Buyer(S) 2

Buyer

Exponent Private Equity

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2004
PE ASSETS 2.9B GBP
Size Large
Type Sector Agnostic
DESCRIPTION

Exponent is a private equity firm focused on acquiring middle-market businesses located in the UK and broader Europe. Exponent targets opportunities in the media, business and financial services, healthcare, consumer, and leisure sectors. The Firm seeks to invest in businesses valued from £150 to £500 million. Exponent has a particular interest in businesses that are prominent in their respective markets, but may benefit from or need operational improvement. Exponent Private Equity was formed in 2004 and is based in London.


DEAL STATS #
Overall 32 of 38
Sector (Food) 2 of 4
Type (Secondary Buyout) 13 of 13
Country (United Kingdom) 28 of 32
Year (2018) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-07-31 Dennis

London, United Kingdom

Dennis is a consumer media and e-commerce organization with a portfolio consists of over 30 brands across four main areas of focus: Current Affairs, Technology, Automotive, and Special Interest. In addition to The Week, it is home to several well-known brands including MoneyWeek, The Week Junior, BuyACar.co.uk, Auto Express, CarBuyer, Computer Active, Alphr.com, Cyclist and Viz, among others. Dennis was formed in 1974 and is based in London.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-02-20 Bullitt Group

Reading, United Kingdom

Bullitt Group is a designer, manufacturer and distributor of mobile phones, audio products, other connected devices and related peripherals to more than 60 countries across the globe. Bullitt Group was formed in 2009 and is based in Reading, United Kingdom.

Sell -
Buyer

HarbourVest Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1978
PE ASSETS 86.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HarbourVest Partners, LLC is an investment firm that makes investments in new private equity partnerships, acquires secondary interests, and makes direct investments in operating companies. HarbourVest's largest investment area is investments in private equity funds, comprising of approximately 2/3 of HarbourVest's assets. HarbourVest's direct investment group looks for investments in growth oriented businesses at a variety of stages. The Group generally targets co-investments of $5 to $100 million, growth capital financings of $5 to $40 million, or mezzanine commitments of $5 to $20 million. Sectors of interest include software, hardware, data communications, telecommunications, and financial services. HarbourVest was formed in 1997 to assume the business of Hancock Venture Partners which was formed in 1982. HarbourVest Partners is based in Boston, Massachusetts, with additional offices in London, Tokyo, and Hong Kong.


DEAL STATS #
Overall 180 of 223
Sector (Food) 4 of 5
Type (Secondary Buyout) 39 of 55
Country (United Kingdom) 14 of 17
Year (2018) 13 of 25
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-07-26 Personify

Austin, Texas, United States

Personify is a provider of software solutions for member-focused organizations. Personify offers products and services that enable organizations to acquire, engage and optimize relationships with their constituents. Personify captures and provides insight across all constituent interactions, allowing associations and nonprofit organizations to drive productivity and maximize revenue. Personify was founded in 1996 and is based in Austin, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-08-14 esure

Reigate, United Kingdom

esure is a motor insurer offering car, home, pet and travel insurance over the internet and by phone through the esure and Sheilas’ Wheels brands. esure was founded in 2000 and is based Reigate, United Kingdom.

Buy $1.6B

Seller(S) 1

SELLER

Paine Schwartz Partners

San Mateo, California, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1997
PE ASSETS 6.5B USD
Size Mega
Type Sector Focused
DESCRIPTION

Paine Schwartz Partners is a private equity firm specializing in sustainable food chain investing. The Firm targets control investments in the food and agriculture sectors and will consider opportunities globally. Paine Schwartz Partners was formerly known as Paine & Partners - and before that was part of Fox Paine & Co. Paine Schwartz Partners has offices in San Mateo, California and New York City.


DEAL STATS #
Overall 22 of 30
Sector (Food) 4 of 5
Type (Secondary Buyout) 5 of 9
Country (United Kingdom) 2 of 3
Year (2018) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-11-14 Lyons Magnus

Fresno, California, United States

Lyons Magnus is a provider of beverage syrups, smoothies, juices, toppings, syrups and other fruit-based products to national restaurant chains, foodservice distributors and healthcare institutions. The Company’s emphasis on best-in-class product development, food quality and safety, industry leading processing capabilities and broad range of packaging options enables Lyons Magnus to deliver innovative offerings and custom product formulations to its blue-chip customers. Lyons Magnus was founded in 1852 and is based in Fresno, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-09-17 Advanced Agrilytics

Indianapolis, Indiana, United States

Advanced Agrilytics is an agronomics services business with advanced precision analytics capabilities. Advanced Agrilytics delivers independent precision farming advice to row-crop growers, helping growers interpret agronomic data and manage inputs and practices effectively to dramatically increase yields. Advanced Agrilytics was founded in 2013 and is based in Indianapolis, Indiana.

Buy -