M&A Deal Summary

Harvey & Company, ShoreView Industries and Avante Capital Partners Acquire Cornerstone Foodservice Group

On October 31, 2016, merchant bank Harvey & Company, private equity firm ShoreView Industries and mezzanine finance firm Avante Capital Partners acquired manufacturer Cornerstone Foodservice Group

Acquisition Highlights
  • This is Harvey & Company’s 2nd, ShoreView Industries’ 3rd and Avante Capital Partners’ 3rd transaction in the Manufacturing sector.
  • This is Harvey & Company’s 39th, ShoreView Industries’ 26th and Avante Capital Partners’ 20th transaction in the United States.
  • This is Harvey & Company’s 4th, ShoreView Industries’ 2nd and Avante Capital Partners’ 2nd transaction in Illinois.

M&A Deal Summary

Date 2016-10-31
Target Cornerstone Foodservice Group
Sector Manufacturing
Buyer(s) Harvey & Company
ShoreView Industries
Avante Capital Partners
Deal Type Buyout (LBO, MBO, MBI)

Target

Cornerstone Foodservice Group

Naperville, Illinois, United States
Cornerstone Foodservice Group is a designer and provider of foodservice equipment for the hospitality sector. The product includes buffet systems, induction cooking systems, mobile cooking stations, tableware, and cookware. Cornerstone Foodservice Group is based in Naperville, Illinois.

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Buyer(S) 3

DESCRIPTION

Harvey & Company is a principal investment and advisory group. The Firm works with companies and private equity firms on acquisition searches as well as makes investments of its own. Harvey & Company was established in 1998 and is headquartered in Newport Beach, California.


DEAL STATS #
Overall 41 of 72
Sector (Manufacturing) 2 of 2
Type (Buyout (LBO, MBO, MBI)) 12 of 27
State (Illinois) 4 of 5
Country (United States) 39 of 67
Year (2016) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-08-29 MI Windows and Doors

Gratz, Pennsylvania, United States

MI Windows and Doors LLC is a supplier of precision-built and energy-efficient vinyl and aluminum windows and sliding patio doors. The company offers a broad spectrum of products for both the new construction and replacement markets. MI was formed in 1947 and is based in Gratz, Pennsylvania.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-12-06 Viant Medical

Foxborough, Massachusetts, United States

Viant Medical is a contract manufacturing organization, specializing in medical device components. The Company offers a broad range of capabilities that support the global medical device original equipment manufacturers’ production of devices for diagnostic, orthopedic, surgical and other applications. Viant was founded in 2007 and is based in Foxborough, Massachusetts.

Sell -
Buyer

ShoreView Industries


Category Private Equity Firm
Founded 2002
PE ASSETS 1.3B USD
Size Large
Type Sector Agnostic
DESCRIPTION

ShoreView Industries is a middle-market private investment principally focused on partnering with family or entrepreneurial-owned companies. ShoreView will consider a variety of investment situations, including buyouts, leveraged recapitalizations, minority investments, and industry consolidations. Areas of interest include engineered products, distribution, industrial services, business services, and niche consumer products. ShoreView industries was established in 2002 and is headquartered in Minneapolis, Minnesota.


DEAL STATS #
Overall 27 of 44
Sector (Manufacturing) 3 of 4
Type (Buyout (LBO, MBO, MBI)) 5 of 7
State (Illinois) 2 of 3
Country (United States) 26 of 43
Year (2016) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-10-19 Luminance Lighting

Commerce, California, United States

Luminance Lighting is a provider of lighting fixtures and products to the residential, commercial, and hospitality markets. Luminance Lighting is a designer of lighting parts, hardware, fixtures, ceiling fans, and plumbing parts. Luminance Lighting was formed in 1951 and is based in Commerce, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-12-01 Kibbi

Bristol, Indiana, United States

Kibbi LLC is a manufacturer of specialty trailers and recreational vehicles. The Company manufactures all of its vehicles on commercial chassis, utilizing proprietary manufacturing techniques, which allows consumers with large cargo capacity needs to tow heavy loads safely. Kibbi sells its products through a network of specialty vehicle and trailer dealers. Kibbi was established in 1997 and is based in Bristol, Indiana.

Sell -
Buyer

Avante Capital Partners

Los Angeles, California, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 2009
Size Small
Type Sector Agnostic
DESCRIPTION

Avante Mezzanine Partners is a provider of junior capital to lower middle-market companies generating at least $3 million in cash flow. The Firm looks to invest $5 to $20 million per transaction and generally works with private equity and independent sponsors in buyout transactions, as well as with entrepreneurs and owners to finance recapitalizations, refinancings, acquisitions and growth. Avante Mezzanine was formed in 2009 and has offices in Los Angeles and Boston.


DEAL STATS #
Overall 20 of 32
Sector (Manufacturing) 3 of 3
Type (Buyout (LBO, MBO, MBI)) 9 of 11
State (Illinois) 2 of 3
Country (United States) 20 of 32
Year (2016) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-09-26 FoodChain ID

Fairfield, Iowa, United States

FoodChain ID is a provider of analytic testing, third-party certification, and consulting services to the agriculture and food industries. The company’s products are used for the testing of food and agricultural products to detect genetically modified organisms (GMOs) and to ensure compliance with national and international government regulations, client and trading partner demands, and consumer information needs. FoodChain ID was founded in 1996 and is based in Fairfield, Iowa.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-12-05 DSG

Little Rock, Arkansas, United States

DSG partners with organizations to create customized sales enablement solutions that turn growth strategies into sales results. Sales and marketing executives retain DSG to develop client-specific sales tools and content, build sales playbooks, produce education videos, and more. DSG was formed in 1992 and is based in Little Rock, Arkansas.

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