M&A Deal Summary

Lancaster Colony Acquires Flatout

On March 13, 2015, Lancaster Colony acquired food company Flatout from North Castle Partners, Fifth Street Capital and Glencoe Capital for 92M USD

Acquisition Highlights
  • This is Lancaster Colony’s 2nd transaction in the Food sector.
  • This is Lancaster Colony’s largest (disclosed) transaction.
  • This is Lancaster Colony’s 2nd transaction in the United States.
  • This is Lancaster Colony’s 1st transaction in Michigan.

M&A Deal Summary
Date 2015-03-13
Target Flatout
Sector Food
Buyer(s) Lancaster Colony
Sellers(s) North Castle Partners
Fifth Street Capital
Glencoe Capital
Deal Type Add-on Acquisition
Deal Value 92M USD

Target

Flatout

Saline, Michigan, United States
Flatout, Inc. produces and sells flatbread and other related products to retail groceries, mass market and club stores, and other markets. The company sells its products under the Flatout name, which enjoys brand recognition among weight-conscious and health-minded consumers. Its products, which come in a variety of regular and light flavors, provide a healthy alternative to traditional breads and are applicable to a variety of culinary uses.

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Buyer(S) 1

Buyer

Lancaster Colony

Westerville, Ohio, United States
Category Company
Founded 1961
Sector Food
Employees3,400
Revenue 1.8B USD (2023)
DESCRIPTION

Lancaster Colony is a mid-cap manufacturer and marketer of specialty food products for the retail and foodservice markets. As the parent of T. Marzetti Company, Lancaster Colony is known for its branded and private-label retail and foodservice products. Top brands include Marzetti, New York Brand, and Sister Schubert’s. Lancaster Colony was founded in 1961 and is based in Westerville, Ohio.

DEAL STATS #
Overall 2 of 5
Sector (Food) 2 of 5
Type (Add-on Acquisition) 2 of 4
State (Michigan) 1 of 1
Country (United States) 2 of 5
Year (2015) 1 of 1
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-01-31 Candle-lite

Cincinnati, Ohio, United States

Candle-lite is a leader in the decorative candle manufacturing industry with over 170 years of continuous candle making.

Sell $28M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-11-03 Angelic Bakehouse

Cudahy, Wisconsin, United States

Angelic Bakehouse is a manufacturer and marketer of branded premium and non-GMO sprouted grain bakery products primarily for the retail markets. Angelic Bakehouse is based in Cudahy, Wisconsin.

Buy -

Seller(S) 3

SELLER

North Castle Partners

Greenwich, Connecticut, United States

Investor

Category Private Equity Firm
Founded 1997
Size Middle-Market
Type Sector Focused
DESCRIPTION

North Castle Partners is a specialist private equity firm that targets investments in consumer-driven product and service businesses. North Castle seeks control investments in companies that benefit from consumers looking to live 'healthier' lives as well as businesses that benefit from the baby boomer population. Specific areas of interest include aesthetics and personal care, consumer health, fitness and recreation, home and leisure, and nutrition. North Castle was formed in 1997 and is based in Greenwich, Connecticut.

DEAL STATS #
Overall 15 of 25
Sector (Food) 2 of 3
Type (Add-on Acquisition) 9 of 15
State (Michigan) 1 of 1
Country (United States) 13 of 23
Year (2015) 1 of 1
Size (of disclosed) 6 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-01-01 Brooklyn Boulders

Chicago, Illinois, United States

Brooklyn Boulders is an owner and operator of four dedicated indoor rock climbing gyms facilities located in urban areas. The company offers consumers progressive climbing and fitness activities available through membership programs, day passes, climbing classes, kids programs, and group fitness classes. Brooklyn Boulders is based in Chicago, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-06-29 Sprout Organic Foods

Montvale, New Jersey, United States

Sprout Foods provides organic foods for babies, toddlers, and their families that encourage happy and healthy eating. Sprout Foods was founded in 2008 and is based in Montvale, New Jersey.

Buy -
SELLER

Fifth Street Capital

Category Lender
Founded 1998
Size Mega
Type Sector Agnostic
DESCRIPTION

Fifth Street Capital is a public investment firm focused on providing mezzanine financing to support expansions, acquisitions, recapitalizations, and management buyouts of middle-market US based companies. Fifth Street looks to invest between $5 and $50 million per transaction. Sectors of interest include consumer products, healthcare services, manufacturing, medical device manufacturing, food services, business services, restaurants, speciality retail, logistics, and value added distribution. Fifth Street Capital is based in White Plains, New York.

DEAL STATS #
Overall 25 of 59
Sector (Food) 2 of 2
Type (Add-on Acquisition) 13 of 27
State (Michigan) 1 of 2
Country (United States) 24 of 58
Year (2015) 2 of 9
Size (of disclosed) 8 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-01-20 I Drive Safely

Carlsbad, California, United States

I Drive Safely is a provider of online driver training solutions serving teenagers, adults, senior citizens, and corporations.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-03-23 Digi-Star

Fort Atkinson, Wisconsin, United States

Digi-Star LLC is a manufacturer of weighing systems designed for agricultural equipment.

Sell $133M
SELLER

Glencoe Capital

Manchester, New Hampshire, United States

Investor

Category Private Equity Firm
Founded 1994
PE ASSETS 1.4B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Glencoe Capital is a private equity firm that invests in leveraged buyouts and recapitalizations of middle-market companies. Glencoe consists of Glencoe Capital Partners Funds which seeks North American businesses valued between $25 million and $125 million, and the Michigan Opportunities Fund which looks to invest in recapitalizations, buyouts, and growth equity transactions in Michigan. Sectors of interest include business and media services, financial services, food and consumer products, and industrials. Glencoe prefers platform companies to have at least $30 million of sales and EBITDA of at least $3 million. Glencoe Capital was formed in 1994 and is a unit of Leoville Holdings, an alternative investment manager. Glencoe Capital is based in Chicago with an additional office in Birmingham, Michigan.

DEAL STATS #
Overall 9 of 16
Sector (Food) 2 of 3
Type (Add-on Acquisition) 3 of 7
State (Michigan) 3 of 6
Country (United States) 8 of 14
Year (2015) 2 of 3
Size (of disclosed) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-01-22 Encore Rehabilitation

Farmington Hills, Michigan, United States

Encore Rehabilitation is a provider of rehabilitative therapy services to skilled nursing and assisted living facilities. Encore Rehabilitation was founded in 2007 and is based in Farmington Hills, Michigan.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-08-04 Rimrock

Columbus, Ohio, United States

Rimrock Corp. is a North American developer of productivity solutions for the aluminum die-casting industry, offering specialized industrial products including reciprocating spraying systems, automated metal ladlers, integrated robotic cells, part extractors, and spraying accessories. Rimrock also designs, manufacturers and installs material handling and part finishing systems.

Sell -
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