M&A Deal Summary

Freeman Spogli and Antares Capital Acquire Five Star Food Service

On March 28, 2019, private equity firms Freeman Spogli and Antares Capital acquired food company Five Star Food Service from PNC Riverarch Capital

Acquisition Highlights
  • This is Freeman Spogli’s 1st and Antares Capital’s 2nd transaction in the Food sector.
  • This is Freeman Spogli’s 39th and Antares Capital’s 40th transaction in the United States.
  • This is Freeman Spogli’s 4th and Antares Capital’s 1st transaction in Tennessee.

M&A Deal Summary
Date 2019-03-28
Target Five Star Food Service
Sector Food
Buyer(s) Freeman Spogli
Antares Capital
Sellers(s) PNC Riverarch Capital
Deal Type Secondary Buyout
Advisor(s) Piper Sandler & Co. (Financial)
Finn Dixon & Herling
Evans Harrison Hackett (Legal)

Target

Five Star Food Service

Chattanooga, Tennessee, United States
Five Star Food Service is a provider of micro-markets, office coffee and water services, vending solutions, and corporate dining services in the Southeast. Five Star Food Service was founded in 1993 and is based in Chattanooga, Tennessee.

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Buyer(S) 2

Buyer

Freeman Spogli

Los Angeles, California, United States
Category Private Equity Firm
Founded 1983
PE ASSETS 7.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Freeman Spogli & Co. is a private equity firm focused on acquiring middle-market retail, direct marketing, and distribution companies. The Firm will consider opportunities throughout North America and prefers partnering with management when pursuing acquisitions. Freeman Spogli looks to invest $75 to $300 million in transactions valued up to $750 million. Freeman Spogli was formed in 1983 and is based in Los Angeles, California with an additional office in New York City.

DEAL STATS #
Overall 39 of 48
Sector (Food) 1 of 1
Type (Secondary Buyout) 16 of 18
State (Tennessee) 4 of 4
Country (United States) 39 of 48
Year (2019) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-03-13 FASTSIGNS

Carrollton, Texas, United States

FASTSIGNS is a franchisor of signage and visual graphics products and services, serving more than 650,000 businesses. The Company is 100% franchised, with more than 700 locations worldwide. FASTSIGNS locations sell a broad set of graphics-related products, including signs, custom visual communications, interior décor, architectural signage, vehicle graphics, and digital signs, and offer a variety of value-added services, including consulting, surveying, permitting, and installation. FASTSIGNS was founded in 1985 and is based in Carrollton, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-08-05 WhiteWater

Tomball, Texas, United States

WhiteWater owns and operates express exterior car washes, a highly automated car wash model, and generates a significant portion of its revenue from recurring monthly memberships. WhiteWater was founded in 2016 and is based in Tomball, Texas.

Buy -
Buyer

Antares Capital

Miami, Florida, United States

Investor Investor

Category Private Equity Firm
Founded 1993
Size Small
Type Sector Agnostic
DESCRIPTION

Antares Capital is a private investment group that targets growth capital financings as well as management buyout opportunities. The Firm focuses on investments based in the Southeast US and Texas. Prospective companies generally have proven business models, modest capital requirements for growth, and operate in large and growing markets. The Firm looks to commit $500k to $5 million per investment. Antares will not invest in real estate, mineral exploration, distributors, franchisees, or project financings. Antares was founded in 1993 and is based in Miami, Florida.

DEAL STATS #
Overall 41 of 55
Sector (Food) 2 of 3
Type (Secondary Buyout) 24 of 30
State (Tennessee) 1 of 1
Country (United States) 40 of 54
Year (2019) 1 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-08-21 Restaurant Technologies

Mendota Heights, Minnesota, United States

Restaurant Technologies is a foodservice industry partner, proudly serving more than 32,000 quick-service and full-service restaurant chains, independent restaurants, grocery delis, hotels, casinos, universities, and hospitals nationwide. The company helps make foodservice operations safer, smarter, and more efficient through cooking oil and hood and flue management solutions. It has a long history of sustainability, working with partners to provide used cooking oil as input into renewable diesel and biodiesel, creating an ESG-friendly process of recycled used cooking oil for its customers. Restaurant Technologies was formed in 1996 and is based in

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-29 Real Chemistry

San Francisco, California, United States

Real Chemistry is a global health company, focused on delivering analytics-driven, digital-first solutions to the healthcare industry. Real Chemistry uses proprietary technology, healthcare-specific data analytics and deep subject matter expertise to enable its clients to efficiently engage with the broader healthcare ecosystem – including consumers, providers, physicians and payors – and address complex commercial challenges, such as physician education, clinical trial engagement, consumer disease awareness, patient engagement, brand positioning and value articulation. Real Chemistry was founded in 2001 and is based in San Francisco, California.

Buy -

Seller(S) 1

SELLER

PNC Riverarch Capital

Pittsburgh, Pennsylvania, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2011
PE ASSETS 250M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

PNC Riverarch Capital is a middle-market private equity group that invests in privately-held companies headquartered throughout North America. The Group looks to commit $10 to $50 million to help fund recapitalizations, leveraged and management buyouts, corporate divestitures and growth financings. Target sectors include business and industrial services, specialized manufacturing, and value-added distribution. PNC Riverarch was formed in 2011 and is an affiliate of PNC Financial Services Group.

DEAL STATS #
Overall 9 of 18
Sector (Food) 2 of 2
Type (Secondary Buyout) 7 of 12
State (Tennessee) 1 of 2
Country (United States) 9 of 16
Year (2019) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-22 Pirtek UK

London, United Kingdom

Pirtek UK is a provider of fluid transfer solutions and on-site repairs. Specializing in hydraulic hoses, pipe fittings & couplings. Pirtek offers a comprehensive range of fluid transfer solutions, products & services to industries including Agriculture; Automotive; Construction & Plant Hire; Defence; Environmental; Services; Manufacturing; Marine & Offshore; Material Handling; Mining & Quarrying; Transport & Logistics; Utilities. Pirtek UK was founded in 1988 and is based in London, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-09 Safco Dental Supply

Buffalo Grove, Illinois, United States

Safco Dental Supply is a distributor of brand-name and private-label dental supplies to independent dental practices throughout the contiguous U.S. Safco is an authorized distributor of over 200 of the top dental manufacturers in the world and offers a curated selection of approximately 20,000 best-selling professional dental products across 29 product categories. Safco Dental Supply was founded in 1945 and is based in Buffalo Grove, Illinois.

Buy -
Mergr

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Company

Legal