M&A Deal Summary

First Atlantic Capital, Onex Falcon and PNC Mezzanine Capital Acquire C-P Flexible Packaging

On December 20, 2012, private equity firm First Atlantic Capital, mezzanine finance firm Onex Falcon and mezzanine finance firm PNC Mezzanine Capital acquired packaging company C-P Flexible Packaging

Acquisition Highlights
  • This is First Atlantic Capital’s 3rd, Onex Falcon’s 2nd and PNC Mezzanine Capital’s 3rd transaction in the Packaging sector.
  • This is First Atlantic Capital’s 13th, Onex Falcon’s 42nd and PNC Mezzanine Capital’s 40th transaction in the United States.
  • This is First Atlantic Capital’s 1st, Onex Falcon’s 3rd and PNC Mezzanine Capital’s 5th transaction in Pennsylvania.

M&A Deal Summary

Date 2012-12-20
Target C-P Flexible Packaging
Sector Packaging
Buyer(s) First Atlantic Capital
Onex Falcon
PNC Mezzanine Capital
Deal Type Buyout (LBO, MBO, MBI)

Target

C-P Flexible Packaging

York, Pennsylvania, United States
C-P Flexible Packaging is a flexible packaging company serving stable food and consumer end-markets mainly focused on snacks, baked goods, confections and household chemicals. C-P provides converted and printed rollstock, stretch & shrink sleeves, and pouches to blue chip customers on a regional and national basis. C-P Flexible Packaging was founded in 1961 and is based in York, Pennsylvania.

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Buyer(S) 3

Buyer

First Atlantic Capital

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1989
PE ASSETS 1.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

First Atlantic Capital is a private equity firm that seeks investments in medium-sized US-based businesses valued between $100 and $500 million. Sectors of interest include business services, industrial and consumer goods, packaging, plastics, food processing, general manufacturing, and value-added distribution. First Atlantic typically targets control investment situations. The Firm has a particular interest in companies with strong expansion opportunities, either organic or through acquisitions, or companies with strong business foundations where a few operational improvements can substantially better financial performance. In addition to its private equity investing activity, First Atlantic manages First Atlantic Real Estate, a New York based real estate investment firm wholly owned by First Atlantic Capital. First Atlantic Capital was formed in 1989 and is based in New York City.


DEAL STATS #
Overall 13 of 14
Sector (Packaging) 3 of 3
Type (Buyout (LBO, MBO, MBI)) 7 of 7
State (Pennsylvania) 1 of 1
Country (United States) 13 of 14
Year (2012) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-04-05 Resource Label Group

Franklin, Tennessee, United States

Resource Label Group is a full-service label company providing custom label design and printing for a wide range of industries. In addition to complete label printing capabilities, our label company offers specialty label customizations. Resource Label Group was established in 1996 and is based in Franklin, Tennessee.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-12-23 TestEquity

Moorpark, California, United States

TestEquity is a distributor of electronic test and measurement equipment as well as laboratory and production supplies. TestEquity is a source provider for test solutions and electronic production supplies. TestEquity was founded in 1971 and is based in Moorpark, California.

Buy -
Buyer

Onex Falcon

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 2000
PE ASSETS 4.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Onex Falcon is a mezzanine finance firm that provides junior capital for North American businesses. Falcon looks to provide $30 to $150 million of subordinated debt to companies with EBITDA of at least $10 million. Falcon has no specific industry focus. Investment proceeds are typically used to support LBOs/MBOs, growth and acquisition financings, restructuring, recapitalizations, take privates, and generational ownership transfers. Onex Falcon was formed in 2000 and is based in Boston, Massachusetts.


DEAL STATS #
Overall 44 of 56
Sector (Packaging) 2 of 2
Type (Buyout (LBO, MBO, MBI)) 14 of 16
State (Pennsylvania) 3 of 3
Country (United States) 42 of 53
Year (2012) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-09-11 Digital Domain

Venice, California, United States

Digital Domain is a visual effect and animation company that creates state-of-the-art digital imagery for feature films, television advertising, interactive visual media, and the video game industries. Digital Domain was established in 1993 and is based in Venice, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-01-01 ecoATM

San Diego, California, United States

ecoATM operates a network of self-service kiosks that automate the inspection, pricing, payment, and third-party logistics take-back of used portable consumer electronics (mobile phones, MP3 players, tablet PCs) directly from consumers in exchange for cash.

Buy -
Buyer

PNC Mezzanine Capital

Pittsburgh, Pennsylvania, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 1989
PE ASSETS 1.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

PNC Mezzanine Capital is the subordinated debt investing arm of PNC Bank. PNC Mezzanine looks to provide $10 to $50 million of junior capital to middle-market companies in a variety of industries. Prospective companies generally have revenues of $20 million and EBITDA greater than $4 million. Broad sectors of interest include niche manufacturing, value-added distribution, and business or consumer services. PNC will not invest in early-stage or technology-driven businesses; real estate, commodity-based or capital-intensive companies; businesses with high customer or vendor concentration; or declining businesses. PNC Mezzanine was formed in 1989 and is based in Pittsburgh, Pennsylvania.


DEAL STATS #
Overall 41 of 77
Sector (Packaging) 3 of 3
Type (Buyout (LBO, MBO, MBI)) 20 of 38
State (Pennsylvania) 5 of 7
Country (United States) 40 of 73
Year (2012) 6 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-09-26 Exponential Power

Menomonee Falls, Wisconsin, United States

Exponential Power is a provider of stored power solutions utilized by industry leaders in energy services, utilities, industrial, telecom, data center, motive power, and material handling markets. Dedicated to solving problems. Exponential Power was established in 1915 and is based in Menomonee Falls, Wisconsin.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-12-23 TestEquity

Moorpark, California, United States

TestEquity is a distributor of electronic test and measurement equipment as well as laboratory and production supplies. TestEquity is a source provider for test solutions and electronic production supplies. TestEquity was founded in 1971 and is based in Moorpark, California.

Buy -