M&A Deal Summary

Vestar Capital Partners and Goldner Hawn Johnson & Morrison Acquire Michael Foods

On April 1, 2001, private equity firms Vestar Capital Partners and Goldner Hawn Johnson & Morrison acquired food company Michael Foods for 600M USD

Acquisition Highlights
  • This is Vestar Capital Partners’ 1st and Goldner Hawn Johnson & Morrison’s 2nd transaction in the Food sector.
  • This is Vestar Capital Partners’ 7th and Goldner Hawn Johnson & Morrison’s largest (disclosed) transaction.
  • This is Vestar Capital Partners’ 35th and Goldner Hawn Johnson & Morrison’s 19th transaction in the United States.
  • This is Vestar Capital Partners’ 1st and Goldner Hawn Johnson & Morrison’s 8th transaction in Minnesota.
Investment Fate
  • Michael Foods was sold to a consortium of financial buyers in 2003 for 1.1B USD.
  • Michael Foods was sold to a consortium of financial buyers in 2010 for 1.7B USD.
  • Michael Foods was sold to a publicly-traded strategic buyer in 2014 for 2.5B USD.

M&A Deal Summary
Date 2001-04-01
Target Michael Foods
Sector Food
Buyer(s) Vestar Capital Partners
Goldner Hawn Johnson & Morrison
Deal Type Buyout (LBO, MBO, MBI)
Deal Value 600M USD

Target

Michael Foods

Minnetonka, Minnesota, United States
Michael Foods is a producer of value-added food products and service solutions to customers across the foodservice, retail and food ingredient channels. It holds market positions in attractive categories including value-added egg products, refrigerated potato products and cheese and other dairy case products.

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Buyer(S) 2

Buyer

Vestar Capital Partners

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1988
PE ASSETS 11.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Vestar Capital Partners is a private equity firm that targets management buyouts and growth capital investments across North America and Europe in the consumer, business services, and healthcare sectors. The Firm looks to invest $50 to $150 million in transactions valued up to $1 billion. Specific areas of interest include food, apparel, household goods, retail, consumer services, industrial services, information services, manufacturing, distribution, transportation, financial services, media/communications, digital health media, and medical technology. Vestar Capital Partners was formed in 1988 and is based in New York City.

DEAL STATS #
Overall 36 of 86
Sector (Food) 1 of 11
Type (Buyout (LBO, MBO, MBI)) 25 of 41
State (Minnesota) 1 of 2
Country (United States) 35 of 70
Year (2001) 1 of 2
Size (of disclosed) 7 of 16
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2000-12-06 Sunrise Medical

Malsch, Germany

Sunrise Medical is a developer, designer, manufacturer, and distributor of manual and powered wheelchairs, mobility scooters, and both standard and customized seating and positioning systems. Company key products, marketed under the Quickie, Zippie, Breezy, Sterling, JAY, Coopers and Lomax proprietary brands, are sold through a network of homecare medical product dealers or distributors in over 130 countries. Sunrise Medical was founded in 1983 and is based in Malsch, Germany.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2001-12-15 Montpelier Re Holdings

Pembroke, Bermuda

Montpelier Re Holdings Ltd. is a insurance and reinsurance company that focuses on the property reinsurance market. Targeted lines of business include property catastrophe excess of loss reinsurance, property risk excess of loss reinsurance, facultative reinsurance, whole account quota share reinsurance, and property retrocession reinsurance.

Buy -
Buyer

Goldner Hawn Johnson & Morrison

Minneapolis, Minnesota, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1989
PE ASSETS 825M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Goldner Hawn Johnson & Morrison (GHJ&M) is a private equity firm that targets middle market companies in the Midwest US. GHJ&M generally looks for businesses valued between $20 and $150 million and looks to invest between $10 to $25 million of equity capital per transaction. Sectors of interest include agribusiness, food, power generation, basic materials, medical products, consumer products, retail, restaurants, consumer services, business services, and industrials. GHJ&M prefers control investments, but in certain instances, the Firm will also consider minority positions. GHJ&M was formed in 1989 and is based in Minneapolis, Minnesota.

DEAL STATS #
Overall 19 of 46
Sector (Food) 2 of 3
Type (Buyout (LBO, MBO, MBI)) 9 of 23
State (Minnesota) 8 of 17
Country (United States) 19 of 46
Year (2001) 1 of 2
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2000-08-21 Lancaster Laboratories

Lancaster, Pennsylvania, United States

Lancaster Laboratories, Inc. a commercial contract laboratory performed analytical chemical and microbiological testing to support the development and manufacturing of pharmaceuticals.

Buy $72M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2001-05-14 VICORP Restaurants

Denver, Colorado, United States

VICORP Restaurants, Inc. is an operator of branded family-style restaurants.

Buy -
Mergr

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