M&A Deal Summary

Ironwood Capital and Landon Capital Partners Acquire Blue Bell Mattress

On December 12, 2017, growth capital firm Ironwood Capital and family office Landon Capital Partners acquired consumer products company Blue Bell Mattress from Longroad Asset Management

Acquisition Highlights
  • This is Ironwood Capital’s 5th and Landon Capital Partners’ 1st transaction in the Consumer Products sector.
  • This is Ironwood Capital’s 58th and Landon Capital Partners’ 3rd transaction in the United States.
  • This is Ironwood Capital’s 17th and Landon Capital Partners’ 2nd transaction in Connecticut.

M&A Deal Summary
Date 2017-12-12
Target Blue Bell Mattress
Sector Consumer Products
Buyer(s) Ironwood Capital
Landon Capital Partners
Sellers(s) Longroad Asset Management
Deal Type Secondary Buyout

Target

Blue Bell Mattress

East Windsor, Connecticut, United States
Blue Bell Mattress manufactures private label and license-branded mattresses for customers in the retail mattress and furniture industry. Blue Bell Mattress was founded in 1928 and is based in East Windsor, Connecticut.

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Buyer(S) 2

Buyer

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 58 of 95
Sector (Consumer Products) 5 of 5
Type (Secondary Buyout) 6 of 9
State (Connecticut) 17 of 20
Country (United States) 58 of 95
Year (2017) 9 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-11-29 Gemcity Engineering and Manufacturing

Dayton, Ohio, United States

Gemcity Engineering and Manufacturing is a contract and specialized equipment manufacturer of highly engineered products serving the defense, healthcare, semiconductor, and industrial machinery markets. Gemcity Engineering and Manufacturing is based in Dayton, Ohio.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-12-18 LRS

Morton Grove, Illinois, United States

LRS is a provider of recycling and industry-leading waste diversion programs, affordable roll-off container services, and comprehensive waste removal to businesses and residential homeowners. LRS is based in Morton Grove, Illinois.

Buy -
Buyer

Landon Capital Partners

Investor

Category Family Office
Founded 2015
Size Small
Type Sector Agnostic
DESCRIPTION

Landon Capital Partners is a family office focused on acquiring healthcare services, niche manufacturing, business services, and food/beverage companies. Landon Capital seeks control situations and prefers US-based opportunities, although the Firm will opportunistically consider acquisitions in Europe. Target companies generally exhibit opportunities to create value, strong management, and predictable earnings. Landon Capital Partners was formed in 2015 and is based in Boston, Massachusetts, and has offices in New York and London.

DEAL STATS #
Overall 3 of 13
Sector (Consumer Products) 1 of 2
Type (Secondary Buyout) 1 of 3
State (Connecticut) 2 of 2
Country (United States) 3 of 12
Year (2017) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-11-01 Momentum Manufacturing Group

Georgetown, Massachusetts, United States

Momentum Manufacturing Group provides metal fabrication, machining, powder coating, and assembly operation in New England and serves as a contract manufacturer to a range of consumer and industrial customers. Operations include fabrication and machining with a broad array of process technologies serving diverse end markets. Momentum Manufacturing Group was founded in 1982 and is based in Georgetown, Massachusetts.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-03 Trinity Technology Group

Higginsville, Missouri, United States

Trinity Technology Group is a specialty chemical company that specializes in manufacturing and marketing expanded polytetrafluoroethylene (ePTFE) membranes for apparel companies, filter companies, and specialty membrane producers. Trinity Technology Group is based in Higginsville, Missouri.

Buy -

Seller(S) 1

SELLER

Longroad Asset Management

Stamford, Connecticut, United States
Category Distressed Investor
Founded 2001
PE ASSETS 500M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Longroad Asset Management is a special situations private equity firm focused on troubled companies located within the United States or Canada. The firm seeks to invest in middle market companies across a wide range of industries with revenues between $30 million to $500 million. The firm typically commits between $5 million to $50 million per investment. Companies targeted may be in deep financial distress, in or near bankruptcy, operationally under-performing businesses, companies experiencing downturns in business or economic cycles and orphan businesses including divestitures, spin-offs or carve-outs. Longroad Asset Management was formed in 2001 based in Stamford, Connecticut and has office in Austin, Texas.

DEAL STATS #
Overall 12 of 12
Sector (Consumer Products) 1 of 1
Type (Secondary Buyout) 3 of 3
State (Connecticut) 2 of 2
Country (United States) 7 of 7
Year (2017) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-05-26 Easy Gardener Products

Waco, Texas, United States

Easy Gardener Products, Inc. is distributor of a wide array of products in the fertilizer, chemical-free weed control, and consumer shade categories. Easy Gardener’s portfolio of brands, including Jobe’s, Weedblock, Landmaster, Sunscreen, and Ross are among the most recognized in the Lawn & Garden industry.

Sell -
Mergr

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