M&A Deal Summary

Hudson River Foods Acquires Dancing Deer Baking

On January 30, 2019, Hudson River Foods acquired food company Dancing Deer Baking from Ironwood Capital and Generation Equity Capital

Acquisition Highlights
  • This is Hudson River Foods’ 1st transaction in the Food sector.
  • This is Hudson River Foods’ 1st transaction in the United States.
  • This is Hudson River Foods’ 1st transaction in Massachusetts.

M&A Deal Summary

Date 2019-01-30
Target Dancing Deer Baking
Sector Food
Buyer(s) Hudson River Foods
Sellers(s) Ironwood Capital
Generation Equity Capital
Deal Type Add-on Acquisition

Target

Dancing Deer Baking

Boston, Massachusetts, United States
Dancing Deer Baking Co. is a manufacturer of all-natural cookies and cakes. Dancing Deer Baking sells its products through the grocery, direct-to-consumer, reseller, and corporate channels. Dancing Deer Baking Co. was established in 1994 and is based in Boston, Massachusetts.

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Buyer(S) 1

Buyer

Hudson River Foods

Castleton, New York, United States

Category Company
Sector Food
DESCRIPTION

Hudson River Foods, Inc. is a manufacturer of all-natural cookies and cakes. Hudson River Foods, Inc. is based in Castleton, New York.


DEAL STATS #
Overall 1 of 1
Sector (Food) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (Massachusetts) 1 of 1
Country (United States) 1 of 1
Year (2019) 1 of 1

Seller(S) 2

SELLER

Ironwood Capital

Avon, Connecticut, United States

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 1986
PE ASSETS 1.0B USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Ironwood Capital is a private investment firm that makes equity and subordinated debt investments in lower middle-market companies. Investment proceeds are generally used to support leveraged buyouts, growth financings, and recapitalizations. Investments typically range from $10 to $40 million in companies generating $20 to $250 million in annual sales. Target sectors include healthcare products/services, value-added manufacturing, business services, consumer products, specialty distribution, and education. Ironwood prefers opportunities East of the Mississippi, but will selectively consider investments in the Western US. The Firm's investment horizon is three to five years. Ironwood Capital was formed in 2002 and is based in Avon, Connecticut.


DEAL STATS #
Overall 29 of 53
Sector (Food) 2 of 2
Type (Add-on Acquisition) 19 of 32
State (Massachusetts) 4 of 5
Country (United States) 29 of 53
Year (2019) 2 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-01-02 Fiber-Line

Hatfield, Pennsylvania, United States

Fiber-Line, Inc. is a manufacturer of high-performance, coated fibers. Fiber-Line takes raw fiber and applies proprietary, innovative coatings in a specialized manufacturing process (which includes twisting, winding and splicing) to enhance the performance characteristics of the fiber for use in a variety of industries, including fiber optics, oil & gas, composites and industrial. Fiber-Line, Inc. was founded in 1987 and is based in Hatfield, Pennsylvania.

Sell $120M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-02-12 Tunnel Hill Partners

Stamford, Connecticut, United States

Tunnel Hill Partners is an integrated waste management company with a growing number of landfill, transfer station and hauling assets located throughout Ohio and the Northeast. Its flagship landfill comprises more than 2,200 acres, has over 150 million tons of permittable capacity, provides direct access to the Ohio Central Railroad, and has an advanced load-out facility (one of only two in Ohio).

Sell -
DESCRIPTION

Generation Equity Capital is a private investment firm focused on lower-middle market acquisitions and investments across the US. The Firm will consider both control and minority positions and will pursue a variety of investment situations including buyouts, recapitalizations, divestitures, distressed situations, growth capital financings, and successions. Generation Equity Capital does not have any sector preferences and generally looks at companies with up to $50 million in revenue. Generation Equity Capital is based in Boston, Massachusetts.


DEAL STATS #
Overall 2 of 2
Sector (Food) 1 of 1
Type (Add-on Acquisition) 2 of 2
State (Massachusetts) 1 of 1
Country (United States) 2 of 2
Year (2019) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-01-09 Sherrill

Greensboro, North Carolina, United States

Sherrill is a direct marketer and catalog distributor of arborist supplies. Sherrill was founded in 1960 and is based in Greensboro, North Carolina.

Sell -