M&A Deal Summary

21st Century Group, Carson Private Capital, HM Capital Partners and Kainos Capital Acquire Milk Specialties Global

On November 7, 2011, 21st Century Group, private equity firm Carson Private Capital, private equity firm HM Capital Partners and private equity firm Kainos Capital acquired food company Milk Specialties Global from Stonehenge Partners for 340M USD

Acquisition Highlights
  • This is 21st Century Group’s 1st, Carson Private Capital’s 1st, HM Capital Partners’ 4th and Kainos Capital’s 5th transaction in the Food sector.
  • This is 21st Century Group’s , Carson Private Capital’s , HM Capital Partners’ and Kainos Capital’s 2nd largest (disclosed) transaction.
  • This is 21st Century Group’s 10th, Carson Private Capital’s 2nd, HM Capital Partners’ 13th and Kainos Capital’s 5th transaction in the United States.
  • This is 21st Century Group’s 1st, Carson Private Capital’s 1st, HM Capital Partners’ 1st and Kainos Capital’s 1st transaction in Minnesota.
Investment Fate
  • Milk Specialties Global was sold to a consortium of financial buyers in 2016.
  • Milk Specialties Global was sold to a consortium of financial buyers in 2022.

M&A Deal Summary
Date 2011-11-07
Target Milk Specialties Global
Sector Food
Buyer(s) 21st Century Group
Carson Private Capital
HM Capital Partners
Kainos Capital
Sellers(s) Stonehenge Partners
Deal Type Secondary Buyout
Deal Value 340M USD

Target

Milk Specialties Global

Eden Prairie, Minnesota, United States
Milk Specialties Global is a human and animal nutrition company. The Human Nutrition Business Unit is a leading manufacturer of whey and milk protein ingredients used primarily in the sports nutrition and functional foods end-markets. Milk Specialties Global was founded in 1949 and is based in Eden Prairie, Minnesota.

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Buyer(S) 4

Buyer

21st Century Group

Dallas, Texas, United States
Category Private Equity Firm
Founded 1998
PE ASSETS 166M USD
Size Small
Type Sector Agnostic
DESCRIPTION

21st Century Group is a private equity firm that targets lower middle-market company investments. The Firm looks for businesses generating annual sales of $15 to $150 million and valued between $15 and $100 million. Sectors of interest include manufacturing, value-added distribution, services, and media. Prospective transactions include divisions or subsidiaries of public or private companies, private companies seeking liquidity, family owned companies seeking intergeneration transfer of wealth, and take privates. 21st Century was formed in 1998 and is based in Dallas, Texas.

DEAL STATS #
Overall 10 of 11
Sector (Food) 1 of 1
Type (Secondary Buyout) 1 of 2
State (Minnesota) 1 of 1
Country (United States) 10 of 11
Year (2011) 1 of 2
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-09-02 Paris Packaging

Paris, Texas, United States

Paris Packaging, Inc. is primarily engaged in the manufacture of custom designed folding cartons used in the quick serve restaurant, bakery, department stores and frozen food industry sectors.

Sell €23M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-11-09 MSI

Plain City, Ohio, United States

MSI is a proponent of quality literature and the parent company of three different businesses each focused on promoting and selling juvenile books, The Junior Library Guild, Darby Creek Publishing and The Reading Circle. MSI is based in Plain City, Ohio.

Buy -
Buyer

Carson Private Capital

Dallas, Texas, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1997
Size Small
Type Sector Agnostic
DESCRIPTION

Carson Private Capital is a private equity firm that provides a select group of ultra high net worth individuals and family offices' access to investment opportunities located in the United States and Europe. The firm concentrates on the sectors of consumer, food and energy. Carson Private Capital was founded in 1997 and is based in Dallas, Texas.

DEAL STATS #
Overall 4 of 8
Sector (Food) 1 of 1
Type (Secondary Buyout) 2 of 4
State (Minnesota) 1 of 1
Country (United States) 2 of 3
Year (2011) 1 of 1
Size (of disclosed) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-03-30 Canpages

Barrie, British Columbia, Canada

Canpages is Canada's fastest growing local search company. Providing a multimedia platform that focuses on relevant, local results, Canpages offers many choices with online, print and mobile options. With more than 80 print publications and over 80,000 customers, Canpages reaches more than 8 million households and businesses across Canada.

Sell CA$225M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-12-09 Alex and Ani

Cranston, Rhode Island, United States

Alex and Ani offers consumers fashionable lifestyle products through multiple retail channels, including corporate owned and branded retail stores, upscale department stores, small chains and independent retailers, as well as e-commerce. Alex and Ani was formed in 2004 and is based in Cranston, Rhode Island.

Buy -
Buyer

HM Capital Partners

Dallas, Texas, United States
Category Private Equity Firm
Founded 1989
PE ASSETS 1.6B USD
Size Large
Type Sector Agnostic
DESCRIPTION

HM Capital (formerly Hicks, Muse, Tate & Furst, Inc.) is a private equity firm that seeks investments in middle-market companies valued between $100 million and $1 billion. HM Capital's investments include acquisitions of large corporate divestitures, acquisitions or recapitalizations of privately owned or publicly traded businesses, and acquisitions of distressed businesses either through a restructuring or bankruptcy process. Sectors of interest include media, consumer products, energy, financial services, food/beverage, information services and niche manufacturing. HM Capital Partners was formed in 1989 and is based in Dallas, Texas.

DEAL STATS #
Overall 18 of 18
Sector (Food) 4 of 4
Type (Secondary Buyout) 3 of 3
State (Minnesota) 1 of 1
Country (United States) 13 of 13
Year (2011) 1 of 1
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-12-14 Earthbound Farm

San Juan Bautista, California, United States

Earthbound Farm, Inc. is a pioneer in the organic food industry and the market leader in the organic packaged salad category. The Company sells organic packaged salads, fresh and frozen fruits and vegetables and other organic food products to retail grocers, natural food retailers, club stores, mass merchants and food service distributors.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-01-16 Ed Broking

London, United Kingdom

Ed Broking is an independent, global wholesale insurance and reinsurance broker with offices in the world’s key insurance hubs. It matches risks brought to us by expert retail brokers and those seeking reinsurance coverage with underwriters in these major markets. Ed Broking was founded in and is based in London, England.

Sell -
Buyer

Kainos Capital

Dallas, Texas, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2011
Size Middle-Market
Type Sector Focused
DESCRIPTION

Kainos Capital is a private equity firm focused on the food and consumer products sector. Kainos targets manufacturers and marketers of food products, as well as other consumer products in the household and personal care industries and over-the-counter health and nutritional products sectors. The Firm's target investment size is $50 to $150 million in a company with an EBITDA of $10 to $80 million. Kainos Capital is based in Dallas, Texas.

DEAL STATS #
Overall 5 of 21
Sector (Food) 5 of 11
Type (Secondary Buyout) 2 of 6
State (Minnesota) 1 of 1
Country (United States) 5 of 20
Year (2011) 1 of 1
Size (of disclosed) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-12-14 Earthbound Farm

San Juan Bautista, California, United States

Earthbound Farm, Inc. is a pioneer in the organic food industry and the market leader in the organic packaged salad category. The Company sells organic packaged salads, fresh and frozen fruits and vegetables and other organic food products to retail grocers, natural food retailers, club stores, mass merchants and food service distributors.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-12-09 Earthbound Farm

San Juan Bautista, California, United States

Earthbound Farm, Inc. is a pioneer in the organic food industry and the market leader in the organic packaged salad category. The Company sells organic packaged salads, fresh and frozen fruits and vegetables and other organic food products to retail grocers, natural food retailers, club stores, mass merchants and food service distributors.

Sell $600M

Seller(S) 1

SELLER

Stonehenge Partners

Columbus, Ohio, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 1999
PE ASSETS 1.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Stonehenge Partners is a private equity firm that seeks equity and mezzanine investments in lower middle-market companies with at least $10 million in sales. Stonehenge looks to invest ranging from $10 million to $50 million of equity/junior capital to support management buyouts, leveraged acquisitions, recapitalizations, and growth capital financings. Stonehenge prefers businesses operating in manufacturing, distribution, business services and healthcare. Stonehenge avoids investing in real estate, oil and gas, high technology and 'industries that are susceptible to a high degree of cyclicality'. Stonehenge was formed in 1999 and is based in Columbus, Ohio.

DEAL STATS #
Overall 21 of 38
Sector (Food) 1 of 2
Type (Secondary Buyout) 9 of 15
State (Minnesota) 1 of 2
Country (United States) 21 of 37
Year (2011) 5 of 6
Size (of disclosed) 2 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-08-01 Jacob Ash/Schuessler

Mckees Rocks, Pennsylvania, United States

Jacob Ash designs, sources, merchandises and distributes specialty seasonal apparel, including dress, casual and sport gloves, headwear and related accessories.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-11-21 Installed Building Products

Columbus, Ohio, United States

Installed Building Products is a manufacture, sale, and installation of building products for the commercial building industry. IBP provides insulations, shower doors, mirrors, shelving, waterproofing, gutters, garage doors, and fireplaces. Installed Building Products was founded in 1977 and is based in Columbus, Ohio.

Sell -
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