Investment Summary

Azalea Capital, Fenwick Capital Group and Capitala Group Exits Spartan Foods of America

On December 16, 2009, private equity firm Linsalata Capital Partners invested in food company Spartan Foods of America from Azalea Capital, Fenwick Capital Group and Capitala Group

Investment Highlights
  • This is Linsalata Capital Partners’ 2nd transaction in the Food sector.
  • This is Linsalata Capital Partners’ 40th transaction in the United States.
  • This is Linsalata Capital Partners’ 2nd transaction in South Carolina.
Investment Fate
  • Spartan Foods of America was sold to a publicly-traded strategic buyer in 2015 for 50M USD.

Investment Summary

Date 2009-12-16
Target Spartan Foods of America
Sector Food
Investor(s) Linsalata Capital Partners
Sellers(s) Azalea Capital
Fenwick Capital Group
Capitala Group
Deal Type Secondary Buyout
Advisor(s) VRA Partners (Financial)

Target

Spartan Foods of America

Spartanburg, South Carolina, United States
Spartan Foods of America is a manufacturer of branded pizza crusts sold primarily through grocery and retail channels.

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Investor(S) 1

Investor

Linsalata Capital Partners

Mayfield Heights, Ohio, United States

Investor Investor Investor Investor


Category Private Equity Firm
Founded 1984
PE ASSETS 1.4B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Linsalata Capital Partners is a middle-market buyout firm that targets equity investments in businesses operating in a broad range of industries. Linsalata looks to invest $15 to $50 million in businesses generating at least $5 million in EBITDA. The Firm will consider transactions valued up to $300 million. Target sectors include automotive aftermarket products, building products, business services, aerospace, commercial durables, consumer packaged goods, contract manufacturing services, direct marketing, education, ethnic products, food and beverage, food service equipment, health and safety products, healthcare services and outsourcing, hobby/crafts, home furnishing, home improvement products, industrial products, infastructure products, leisure/recreation, logistics, medical devices and diagnostics, niche apparel, outdoor/garden living, packaging, personal services, pet products and services, and plastics. Linsalata Capital was formed in 1984 and is based in Mayfield Heights, Ohio.


DEAL STATS #
Overall 40 of 51
Sector: Food M&A 2 of 3
Type: Secondary Buyout M&A Deals 7 of 10
State: South Carolina M&A 2 of 2
Country: United States M&A 40 of 51
Year: 2009 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-07-01 StyleCraft

Southaven, Mississippi, United States

StyleCraft is a designer, manufacturer, and marketer of home decor products. StyleCraft has a broad product offering in the mid-priced portable lamps, tabletop accessories, and framed art and differentiates itself with its unique ability to deliver attractive fashions at modest price points. StyleCraft distributes products through all major retail channels, including independent retail stores, specialty home décor retailers, mass merchants, home centers, and department stores. StyleCraft was founded in 1968 and is based in Southaven, Mississippi.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-01-19 Manhattan Beachwear

Cypress, California, United States

Manhattan Beachwear is a provider of women’s swimwear and beachwear. The company supplies a portfolio of labels to large national department stores, mass merchants and specialty swimwear outlets. Proprietary brands include Maxine and 24th & Ocean. Licenses include Kenneth Cole Reaction and Kenneth Cole New York, Hermanny by Vix, Sofia by Vix, Hobie and Split. Manhattan Beachwear was founded in 1987 and is based in Cypress, California.

Buy -

Seller(S) 3

SELLER

Azalea Capital

Greenville, South Carolina, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1995
Size Small
Type Sector Agnostic
DESCRIPTION

Azalea Capital is a private investment firm focused on providing equity capital to privately owned middle-market companies located in the Southeast US. Prospective transaction situations include management buyouts, divestitures, recapitalizations, and growth financings. Target companies typically have at least $10 million in revenue and are profitable with up to $8 million of EBITDA. Sectors of interest include niche manufacturing, value-added distribution, business services, consumer products, and healthcare. Azalea was formed in 1995 and is based in Greenville, South Carolina.


DEAL STATS #
Overall 4 of 15
Sector: Food M&A 1 of 2
Type: Secondary Buyout M&A Deals 1 of 5
State: South Carolina M&A 2 of 5
Country: United States M&A 4 of 15
Year: 2009 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-09-09 Sage Automotive Interiors

Greenville, South Carolina, United States

Sage Automotive Interiors, Inc. is a provider of an automotive bodycloth, including a range of knit and woven technical textiles, to many of the world's leading automobile manufacturers. Sage has global offices and manufacturing locations in the U.S., Brazil, United Kingdom, China, Korea and Japan and has contract manufacturing relationships worldwide.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-12-20 Ivize Services

Atlanta, Georgia, United States

Ivize Services, Inc., headquartered in Atlanta, GA, is providers of litigations support, electronic data discovery, and related services, including data forensics and collections, imaging, coding, and reprographics.

Buy -
SELLER

Fenwick Capital Group

Birmingham, Alabama, United States

Category Private Equity Firm
Size Small
Type Sector Focused
DESCRIPTION

Fenwick Capital Group, Inc. is a private equity firm that focuses exclusively on investing in companies operating in the consumer packaged goods industry. Fenwick looks for established business, with positive cash flow and annual revenues up to $25 million. Fenwick will look at opportunities across the US but prefers investments located in the Southern US. Fenwick Capital Group is based in Birmingham, Alabama.


DEAL STATS #
Overall 2 of 2
Sector: Food M&A 2 of 2
Type: Secondary Buyout M&A Deals 2 of 2
State: South Carolina M&A 1 of 1
Country: United States M&A 2 of 2
Year: 2009 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-01-28 Shearer’s Foods

Massillon, Ohio, United States

Shearer's Foods is a producer of high-quality seasoned snack foods and related products. Shearer's produces kettle chips. Shearer's Foods was formed in 1974 and is based in Massillon, Ohio.

Sell -
SELLER

Capitala Group

Charlotte, North Carolina, United States

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 1998
PE ASSETS 2.2B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Capitala Group is an asset manager that provides equity and mezzanine capital to mid-sized companies valued up to $250 million. Funds are generally used to support growth needs, add-on acquisitions, management/leveraged buyouts, and recapitalizations. Capitatala will invest across the US, but generally targets opportunities located in the Southeast. Industry preferences include building products, business services, consumer/reteail, general industrial, healthcare, and technology. Prospective companies typically have revenues greater than $10 million and EBITDA of at least $3 million. Capitala was formed in 1998 and is headquartered in Charlotte, North Carolina.


DEAL STATS #
Overall 9 of 56
Sector: Food M&A 1 of 3
Type: Secondary Buyout M&A Deals 1 of 19
State: South Carolina M&A 3 of 4
Country: United States M&A 8 of 55
Year: 2009 M&A 5 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-08-31 Hosting.com

Denver, Colorado, United States

Hosting.com is a datacenter operator and provider of cloud hosting and recovery services. Hosting delivers next generation cloud hosting and recovery services to ensure customer’s mission critical applications are always on.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-12-31 STX Healthcare Management Services

Bellaire, Texas, United States

STX Healthcare Management Services, Inc. is a dental practice management services company that provides back-office and management services to dental clinics throughout the Southeast. STX was established in 2009 and is based in Bellaire, Texas.

Buy -