M&A Deal Summary

Frontenac Acquires Crofter’s Food

On February 3, 2021, private equity firm Frontenac acquired food company Crofter’s Food

Acquisition Highlights
  • This is Frontenac’s 8th transaction in the Food sector.
  • This is Frontenac’s 2nd transaction in Canada.
  • This is Frontenac’s 2nd transaction in Ontario.

M&A Deal Summary
Date 2021-02-03
Target Crofter’s Food
Sector Food
Buyer(s) Frontenac
Deal Type Recapitalization

Target

Crofter’s Food

Seguin, Ontario, Canada
Crofter’s Food is a manufacturer of private label and branded fruit spreads, which are primarily sold throughout North America. The Company’s fruit spreads come in a variety of flavors including strawberry, raspberry, blackberry, and blueberry. Crofter’s Food was founded in 1989 and is based in Seguin, Ontario.

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Buyer(S) 1

Buyer

Frontenac

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1971
PE ASSETS 2.1B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Frontenac is a Midwest US-based private equity firm that seek profitable, lower middle-market company investments with $5 to $25 million of EBITDA. Frontenac typically partners with management when pursuing acquisitions, including companies managed by owner-operators. Sectors of interest include financial services, healthcare services, education/HR services, manufacturing, publishing/media, and technology services. Frontenac was formed in 1971 and is based in Chicago, Illinois.

DEAL STATS #
Overall 70 of 79
Sector (Food) 8 of 9
Type (Recapitalization) 24 of 29
State (Ontario) 2 of 2
Country (Canada) 2 of 2
Year (2021) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-11 Monterey Bay Spice

Watsonville, California, United States

Monterey Bay Spice Co. is a processor and distributor of botanicals, herbs, teas, essential oils, seasonings and spices. Products are sold online, in bulk, and through co-pack agreements into the nutraceutical, food & beverage, and health & beauty end markets. The Company’s website HERBCO.com has been delivering premium botanicals, herbs, teas, essential oils, seasonings, spices, and much more. Monterey Bay Spice Co. was founded in 1997, and headquartered in Watsonville, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-08 Salient CRGT

Fairfax, Virginia, United States

Salient CRGT’s diverse, hard-working team provides a wide range of technology and mission support services to U.S. federal government agencies. The company has earned the unwavering trust of customers, who cite deep expertise, exceptionally responsive approach, and high-value solutions for consistently ensuring their success. Founded in 1998, Salient CRGT is a privately held company headquartered in Fairfax, Virginia.

Sell -
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