M&A Deal Summary

HCI Equity Partners and Patriot Capital Acquire MSI Express

On May 1, 2019, private equity firms HCI Equity Partners and Patriot Capital acquired packaging company MSI Express

Acquisition Highlights
  • This is HCI Equity Partners’ 4th and Patriot Capital’s 2nd transaction in the Packaging sector.
  • This is HCI Equity Partners’ 36th and Patriot Capital’s 90th transaction in the United States.
  • This is HCI Equity Partners’ 3rd and Patriot Capital’s 2nd transaction in Indiana.

M&A Deal Summary
Date 2019-05-01
Target MSI Express
Sector Packaging
Buyer(s) HCI Equity Partners
Patriot Capital
Deal Type Recapitalization

Target

MSI Express

Portage, Indiana, United States
MSI Express is a provider of contract packaging services, such as pouching/bagging, stand-up pouching, filling, lidding, bundle wrapping, flow wrapping, blister carding, shrink wrapping, inspections, mixing, kitting, display building, and canister sealing, among others. It also provides a range of contract manufacturing services, including dry and liquid blending of ingredients, heat pasteurization, and batching, among others. MSI Express is based in Portage, Indiana.

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Buyer(S) 2

Buyer

HCI Equity Partners

Washington, District of Columbia, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
PE ASSETS 1.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

HCI Equity Partners is a private equity group that targets lower middle-market industrial product and service companies throughout North America. HCI is a 'hands on' investor, looking to assist portfolio companies with growth strategies and improving profitability. The Firm seeks opportunities with $20 to $200 million in revenues and strong management in place. Specific areas of interest include aerospace/defense, automotive and commercial vehicle suppliers, industrial distribution, infrastructure, power generation, test/measurement equipment, and transportation. HCI Equity Partners (fka Thayer | Hidden Creek Partners) is based in Washington DC.

DEAL STATS #
Overall 38 of 46
Sector (Packaging) 4 of 4
Type (Recapitalization) 5 of 6
State (Indiana) 3 of 3
Country (United States) 36 of 44
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-01 Express Packaging

Columbus, Ohio, United States

Express Packaging, Inc. is a provider of outsourced contract packaging and contract manufacturing services to global consumer brands. Express Packaging was founded in 1985 and is based in Columbus, Ohio.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-08-28 HVH Transportation

Denver, Colorado, United States

HVH Transportation, Inc. is an asset-light transportation provider. HVH primarily provides dry van truckload services throughout the Midwest, Southwest, and Western states. HVH Transportation was founded in 1956 and is based in Denver, Colorado.

Sell -
Buyer

Patriot Capital

Baltimore, Maryland, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Size Large
Type Sector Agnostic
DESCRIPTION

Patriot Capital is a private investment firm that provides equity and junior capital to support acquisitions, growth capital financings, management buyouts, and recapitalizations of middle-market companies. The Firm looks to invest $5 to $25 million in businesses generating revenues of $10 to $200 million. Areas of interest include business and consumer services, consumer products, niche manufacturing and distribution, education, e-commerce, application software, transportation, and telecom services. Patriot focuses its investment activity with the Mid-Atlantic, Midwest, and Southern areas of the US. Patriot Capital is based in Baltimore, Maryland.

DEAL STATS #
Overall 90 of 109
Sector (Packaging) 2 of 3
Type (Recapitalization) 16 of 19
State (Indiana) 2 of 2
Country (United States) 90 of 109
Year (2019) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-01 Express Packaging

Columbus, Ohio, United States

Express Packaging, Inc. is a provider of outsourced contract packaging and contract manufacturing services to global consumer brands. Express Packaging was founded in 1985 and is based in Columbus, Ohio.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-21 Libra Industries

Dayton, Ohio, United States

Libra Industries is a vertically integrated contract manufacturer providing electronic manufacturing services (EMS) to OEMs in the aerospace, defense, medical, semiconductor, communications, and industrial markets. Libra Industries was founded in 1980 and is headquartered in Dayton, Ohio.

Buy -
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