M&A Deal Summary

Gemspring Capital Acquires Skyline

On January 15, 2020, private equity firm Gemspring Capital acquired media company Skyline from Midwest Mezzanine Funds and Invision Capital

Acquisition Highlights
  • This is Gemspring Capital’s 3rd transaction in the Media sector.
  • This is Gemspring Capital’s 11th transaction in the United States.
  • This is Gemspring Capital’s 1st transaction in Minnesota.

M&A Deal Summary

Date 2020-01-15
Target Skyline
Sector Media
Buyer(s) Gemspring Capital
Sellers(s) Midwest Mezzanine Funds
Invision Capital
Deal Type Secondary Buyout

Target

Skyline

St. Paul, Minnesota, United States
Skyline is a designer, manufacturer and marketer of trade show displays and exhibits for a wide variety of end-users. Skyline was founded in 1980 and is based in St. Paul, Minnesota.

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Buyer(S) 1

Buyer

Gemspring Capital


Category Private Equity Firm
Founded 2015
PE ASSETS 1.1B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Gemspring Capital is a private equity firm focused on making control equity investments and structured equity investments in lower middle-market companies headquartered in the United States and Canada. For platform investments, Gemspring targets companies with $5 to $500 million with strong competitive positions within sustainable market niches. Sectors of interest include business services, distribution/logistics, industrial services, media, technology, software, and niche manufacturing. Gemspring Capital is based in Westport, Connecticut.


DEAL STATS #
Overall 11 of 32
Sector (Media) 3 of 3
Type (Secondary Buyout) 3 of 10
State (Minnesota) 1 of 1
Country (United States) 11 of 32
Year (2020) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-12-03 Shrieve Chemical

The Woodlands, Texas, United States

Shrieve Chemical is a provider in the formulation and value-added direct sales and distribution of industrial chemicals, performance fluids and specialty lubricants. Shrieve Chemical was founded in 1978 and is based in The Woodlands, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-07-27 Cforia

Westlake Village, California, United States

Cforia is a global enterprise solutions provider, delivering working capital and accounts receivable (A/R) automation software. Its expertly designed, automated order-to-cash platform makes B2B interactions simple, delivering everything clients need to create seamless customer experiences and drive better business results. With intelligent order-to-cash software solutions, the company empowers its clients to make every day an A/R success story. Cforia was founded in 2001 and is based in Westlake Village, California.

Buy -

Seller(S) 2

SELLER

Midwest Mezzanine Funds

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 1992
PE ASSETS 1.0B USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Midwest Mezzanine Funds (MMF) is a provider of junior capital to lower middle-market, US and Canadian companies. MMF looks to invest $4 to $15 million to support buyouts, acquisition financings, recapitalizations, and growth capital needs. Prospective companies generally have consistent profits ($3 million of EBITDA), low capital intensity, and sustainable competitive advantages. Broad areas of interest include manufacturing, value-added distribution, and services. MMF will not invest in high technology, energy, or real estate. Midwest Mezzanine was formed in 1992 and has offices in Chicago and Monroe, Michigan.


DEAL STATS #
Overall 42 of 56
Sector (Media) 1 of 1
Type (Secondary Buyout) 21 of 25
State (Minnesota) 2 of 5
Country (United States) 41 of 55
Year (2020) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-12-20 CALco

Richmond, Illinois, United States

CALco is a vertically integrated, full-service wooden pallet manufacturer selling both new and recycled pallets to a diverse customer base throughout the Midwest. It operations include a captive hardwood sawmill and landscape mulching capabilities to monetize scrap and unusable pallets. CALco was founded in 2006 and is based in Richmond, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-31 RW America

Henderson, Colorado, United States

RW America is a distributor of specialty building supplies to customers in the Mountain West region of the United States. The Company’s product offering includes deck/porch products, weatherization products, stair parts, hearth, specialty hardware, and general building products. RW America was founded in 1965 and is based in Henderson, Colorado.

Buy -
DESCRIPTION

Invision Capital is a private investment firm focused on providing a variety of capital solutions to US-based middle-market companies. The Firm looks to invest $2 to $50 million to support a range of transaction situations including buyouts, acquisitions, divestitures, growth needs, and recapitalizations. It prefers profitable companies operating in basic industries such as manufacturing, distribution, and services. Formed in 2009, Invision Capital is based in Chicago and Honolulu.


DEAL STATS #
Overall 2 of 3
Sector (Media) 1 of 1
Type (Secondary Buyout) 2 of 2
State (Minnesota) 1 of 2
Country (United States) 2 of 3
Year (2020) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-06-09 ShoreMaster

Fergus Falls, Minnesota, United States

ShoreMaster is a manufacturer of premium docks manufactures docks, boat lifts, and accessories in North America. The company has five brands to meet the needs of any waterfront owner throughout North America. Its brands are ShoreMaster, PolyDock Products, Rhino Marine Systems, Shoreline Industries, and OEM Industries. ShoreMaster was formed in 1972 and is based in Fergus Falls, Minnesota.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-27 Waterfront Brands

Fergus Falls, Minnesota, United States

Waterfront Brands is a designer and manufacturer of premium watercraft lifts, docks, and related accessories. Under its three flagship brands, ShoreMaster, HydroHoist, and Neptune, Waterfront offers a complete product line-up to its more than 700 independent dealers and distributors across North America as well as sells direct-to-consumer through both retail locations and its eCommerce websites. Waterfront Brands is based in Fergus Falls, Minnesota.

Sell -