M&A Deal Summary

Iconex Acquires Liberty Greenleaf

On May 9, 2022, Iconex acquired distribution company Liberty Greenleaf from Elm Creek Partners, Henrikson & Graul Capital Partners and Medallion Capital

Acquisition Highlights
  • This is Iconex’s 1st transaction in the Distribution sector.
  • This is Iconex’s 4th transaction in the United States.
  • This is Iconex’s 1st transaction in Arizona.

M&A Deal Summary

Date 2022-05-09
Target Liberty Greenleaf
Sector Distribution
Buyer(s) Iconex
Sellers(s) Elm Creek Partners
Henrikson & Graul Capital Partners
Medallion Capital
Deal Type Add-on Acquisition

Target

Liberty Greenleaf

Phoenix, Arizona, United States
Liberty Greenleaf is a specialty converter and distributor of thermal paper. Liberty Greenleaf provides customized solutions to its customers across a variety of end markets, including restaurants, point-of-sale, and gaming. Liberty Greenleaf was founded in 1987 and is based in Phoenix, Arizona.

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Buyer(S) 1

Buyer

Iconex

Atlanta, Georgia, United States

Category Company
Founded 2015
Sector Forest Products
DESCRIPTION

Iconex is a low-cost provider of paper receipt solutions that transform business processes to drive profitability, productivity, customer satisfaction, and sustainability. Iconex was founded in 2015 and is based in Atlanta, Georgia.


DEAL STATS #
Overall 4 of 6
Sector: Distribution M&A 1 of 1
Type: Add-on Acquisition M&A Deals 3 of 4
State: Arizona M&A 1 of 1
Country: United States M&A 4 of 6
Year: 2022 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-29 Cenveo - Long-run Label & Receipt Paper Businesses

Stamford, Connecticut, United States

Cenveo, Inc. - Long-run Label & Receipt Paper Businesses is a provider of paper label solutions.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-02-07 Graphic Controls - Point-Of-Sale Rolls Division

Buffalo, New York, United States

Graphic Controls' Point-Of-Sale Rolls Division produces security-enabled printed vouchers and receipts, point-of-sale coupons, kiosk receipts and more. Graphic Controls' Point-Of-Sale Rolls Division is based in Buffalo, New York.

Buy -

Seller(S) 3

SELLER

Elm Creek Partners

Dallas, Texas, United States

Investor


Category Private Equity Firm
Founded 2007
Size Small
Type Sector Agnostic
DESCRIPTION

Elm Creek Partners is a private equity firm that looks to partner with entrepreneurs and management teams to pursue niche opportunities with large market potential. Areas of interest include niche manufacturing (aerospace, defense, packaging equipment), industrial services (waste, recycling, logistics, testing services), healthcare, and transaction processing. Elm Creek looks to invest $3 to $6 million of equity capital in companies with annual revenues up to $50 million. Prospective transaction types can include recapitalizations, acquisition financings, and growth capital investments. Elm Creek will consider investments across the US, but focuses on transactions in the Southwest US and Texas. Elm Creek Partners was established in 2007 and is headquartered in Dallas, Texas.


DEAL STATS #
Overall 5 of 5
Sector: Distribution M&A 1 of 1
Type: Add-on Acquisition M&A Deals 5 of 5
State: Arizona M&A 1 of 1
Country: United States M&A 5 of 5
Year: 2022 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-01 Acute Behavioral Health

Nashville, Tennessee, United States

Acute Behavioral Health is a operator of non-hospital inpatient psychiatric treatment facilities providing behavioral healthcare services to adolescents. Acute Behavioral Health was founded in 2021 and is based in Nashville, Tennessee.

Buy -
DESCRIPTION

Henrikson & Graul Capital Partners is a family-backed investment firm focused on control equity and subordinated debt investments in lower middle-market companies. The Firm targets profitable businesses (>$1 million of EBITDA) in niche, non-cyclical industries with organic and non-organic avenues for growth. Henrikson & Graul Capital Partners was formed in 2016 and is based in Southlake, Texas.


DEAL STATS #
Overall 1 of 1
Sector: Distribution M&A 1 of 1
Type: Add-on Acquisition M&A Deals 1 of 1
State: Arizona M&A 1 of 1
Country: United States M&A 1 of 1
Year: 2022 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-07-26 Liberty Greenleaf

Phoenix, Arizona, United States

Liberty Greenleaf is a specialty converter and distributor of thermal paper. Liberty Greenleaf provides customized solutions to its customers across a variety of end markets, including restaurants, point-of-sale, and gaming. Liberty Greenleaf was founded in 1987 and is based in Phoenix, Arizona.

Buy -
DESCRIPTION

Medallion Capital is an investment firm that offers subordinated debt to help support a variety of transaction situations including buyouts, acquisition financings, recapitalizations, and expansions. The Firm targets established companies with at least $10 million in revenue and at least $2 million in cash flow. Medallion is a generalist investor, however the Firm will not invest in information technology, life science, real estate, entertainment, or finance companies. Medallion does not provide seed capital or start-up funding. Medallion Capital is based in Burnsville, Minnesota and is a subsidiary of New York-based Medallion Financial Corp.


DEAL STATS #
Overall 5 of 5
Sector: Distribution M&A 2 of 2
Type: Add-on Acquisition M&A Deals 4 of 4
State: Arizona M&A 1 of 1
Country: United States M&A 5 of 5
Year: 2022 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-24 PirTano

Addison, Illinois, United States

PirTano is a multi-dimensional construction company that provides underground utilities, roads, and site development as a full-service prime contractor for residential home builders, commercial developers, municipalities, departments of transportation, and tollway authorities. PirTano was founded in 1982 and is based in Addison, Illinois.

Buy -