Secondary Buyout • Consumer Products

Gridiron Capital and Constitution Capital Partners Acquire Vertical Supply Group

On April 12, 2022, private equity firms Gridiron Capital and Constitution Capital Partners acquired consumer products company Vertical Supply Group from Platte River Equity

Acquisition Context
  • This is Gridiron Capital’s 8th and Constitution Capital Partners’ 10th transaction in the Consumer Products sector.
  • This is Gridiron Capital’s 37th and Constitution Capital Partners’ 72nd transaction in the United States.
  • This is Gridiron Capital’s 5th and Constitution Capital Partners’ 2nd transaction in North Carolina.

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M&A Deal Summary

Date April 12, 2022
Target Vertical Supply Group
Sector Consumer Products
Buyer(s) Gridiron Capital
Constitution Capital Partners
Sellers(s) Platte River Equity
Deal Type Secondary Buyout
Advisor(s) BlackArch
Canaccord Genuity (Financial)
Bartlit Beck (Legal)

Target Company

Vertical Supply Group

Greensboro, North Carolina, United States
Vertical Supply Group is a manufacturer, distributor, and direct e-commerce retailer of arborist tools, rescue and fall protection equipment. Vertical Supply Group was founded in1960 and is based in Greensboro, North Carolina.
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Buyers Overview 2

Buyer

Gridiron Capital

New Canaan, Connecticut, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2004
PE ASSETS 8.6B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Gridiron Capital is a private equity firm focused on acquiring mid-sized North American manufacturing, service and specialty consumer companies. Gridiron looks to commit companies with EBITDA up to $60 million. The Firm prefers controlling interests when considering transactions. Situations of interest include companies operating in sectors undergoing change, closely held companies owned by founding family or management for ownership transition, and corporate divestitures of orphaned or non-strategic business units. Gridiron Capital was formed in 2004 and is based in New Canaan, Connecticut.


Deal Context for Buyer #
Overall 37 of 43
Sector: Consumer Products 8 of 8
Type: Secondary Buyout 12 of 15
State: North Carolina 5 of 5
Country: United States 37 of 43
Year: 2022 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-14 Legility

350 Brentwood, Tennessee, United States

Legility is a provider of technology-enabled legal services. The Company offers consulting, technology, managed solutions, and flexible legal talent to corporations and law firms.Legility helps its clients improve operational efficiency. By combining people, processes, and technology, Legility offers innovative and bundled solutions that align with how the legal market is increasingly looking to engage.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-08 Vistage

San Diego, California, United States

Vistage is a forum for business leaders to share their issues and experiences to help each other generate better decisions and results for their companies. Vistage was founded in 1957 and is based in San Diego, California.

Buy -
Buyer
DESCRIPTION

Constitution Capital Partners is a private equity and asset management firm focused on opportunities throughout North America. Constitution Capital typically invests in private equity partnerships, however the Firm also makes direct private equity and credit investments. Constitution Capital Partners does not have any sector preferences. Constitution Capital Partners was formed in 2008 and is headquartered in Andover, Massachusetts.


Deal Context for Buyer #
Overall 78 of 89
Sector: Consumer Products 10 of 12
Type: Secondary Buyout 33 of 40
State: North Carolina 2 of 2
Country: United States 72 of 83
Year: 2022 3 of 12
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-03-02 SpendMend

Grand Rapids, Michigan, United States

SpendMend helps healthcare organizations nationwide discover the full impact of financial leakage upon their organization. As the healthcare expert in audit recovery and spend visibility, SpendMend has perfected the process of holistically analyzing complex spend data to help an organization shed light upon ubiquitous financial leakage. SpendMend helps recover financial leakage and partners with clients to optimize cost cycle management and improve spend visibility. SpendMend was founded in 1993 and is based in Grand Rapids, Michigan.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-05-09 Advancing Eyecare

Jacksonville, Florida, United States

Advancing Eyecare is an operator of diagnostic ophthalmic equipment company established to offer the products and service solutions in the ophthalmic equipment industry. Advancing Eyecare was founded in 2019 and is based in Jacksonville, Florida.

Buy -

Seller Profile 1

SELLER

Platte River Equity

Denver, Colorado, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2006
PE ASSETS 1.7B USD
Size Large
Type Sector Focused
DESCRIPTION

Platte River Equity is a private equity firm focused on investing in small and middle-market private companies based in the US. Platte River generally invests $25 to $100 million of equity capital per transaction and looks for businesses that can benefit from the Firm's operating expertise. Sectors of interest include aerospace manufacturing and services, metals, chemicals, energy and energy services, natural resources, financial services, and communications. Platte River typically targets control investment situations, but will opportunistically pursue minority investments. Platte River Equity was formed in 2006 and is based in Denver, Colorado.


Deal Context for Seller #
Overall 17 of 19
Sector: Consumer Products 1 of 1
Type: Secondary Buyout 6 of 7
State: North Carolina 1 of 1
Country: United States 16 of 18
Year: 2022 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-11 Turf Care Supply

Brunswick, Ohio, United States

Turf Care Supply is a manufacturer of professional grade lawn care products including fertilizers, controlled release fertilizers, control products, combination products and soil amendments. Turf Care Supply was founded in 1974 and is based in Brunswick, Ohio.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-08-23 Belt Power

Marietta, Georgia, United States

Belt Power is a distributor and fabricator of conveyor belts, belting accessories, conveyer components as well as a full line of rubber, hose and gasket products. The company's primary customers are in the food processing markets. Belt Power was founded in 1989 and is based in Marietta, Georgia.

Buy -