M&A Deal Summary

LaSalle Capital and NewSpring Capital Acquire Joseph s Gourmet Pasta

On October 23, 2019, private equity firms LaSalle Capital and NewSpring Capital acquired food company Joseph s Gourmet Pasta from Brynwood Partners

Acquisition Highlights
  • This is LaSalle Capital’s 7th and NewSpring Capital’s 1st transaction in the Food sector.
  • This is LaSalle Capital’s 55th and NewSpring Capital’s 132nd transaction in the United States.
  • This is LaSalle Capital’s 2nd and NewSpring Capital’s 13th transaction in Massachusetts.

M&A Deal Summary

Date 2019-10-23
Target Joseph s Gourmet Pasta
Sector Food
Buyer(s) LaSalle Capital
NewSpring Capital
Sellers(s) Brynwood Partners
Deal Type Secondary Buyout
Advisor(s) Piper Sandler & Co. (Financial)
Holland & Knight (Legal)

Target

Joseph s Gourmet Pasta

Haverhill, Massachusetts, United States
Joseph's Gourmet Pasta is a manufacturer and marketer of premium frozen stuffed pasta for independent restaurants and national chains and the foodservice, retail and industrial channels. Joseph's Gourmet Pasta was founded in 1991 and is based in Haverhill, Massachusetts.

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Buyer(S) 2

Buyer

LaSalle Capital

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2003
PE ASSETS 345M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

LaSalle Capital Group is a private investment firm licensed as a SBIC. LaSalle looks to invest in lower middle-market Midwest-based businesses. LaSalle's areas of interest include consumer and industrial products, food processing, for-profit education, business services, packaging and healthcare. LaSalle will not invest in real estate, commodities, oil and gas, and businesses based on rapidly changing technology. Prospective companies typically have revenue between $20 and $100 million and EBITDA greater than $3 million. The Firm's investment horizon is five to seven years. LaSalle Capital Group was formed in 1984 and is based in Chicago, Illinois.


DEAL STATS #
Overall 57 of 60
Sector (Food) 7 of 8
Type (Secondary Buyout) 4 of 4
State (Massachusetts) 2 of 2
Country (United States) 55 of 58
Year (2019) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-08-13 Professional Recovery Consultants

Durham, North Carolina, United States

Professional Recovery Consultants is a revenue cycle management company serving hospitals, physician groups, and other constituents in the healthcare community and to a limited extent, governments, utilities, and retailers. Professional Recovery Consultants is based in Durham, North Carolina.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-08-04 Cascade Coffee

Everett, Washington, United States

Cascade Coffee is a premier full-service outsourced coffee roaster that serves large household coffee names as well as up-and-coming coffee producers. Cascade Coffee was founded in 1995 and is based in Everett, Washington.

Buy -
Buyer

NewSpring Capital

Radnor, Pennsylvania, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1999
PE ASSETS 3.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

NewSpring Capital is a private investment firm focused on growth companies in the Mid-Atlantic US. The Firm can provide both growth equity and junior capital to prospective companies. NewSpring's target investment size for both mezzanine and equity financing is $2 to $5 million, although for new ventures, the Firm can commit up to $10 million. Sectors of interest include specialty manufacturing, technology, business services, information technology, life science, healthcare services, and medical devices. NewSpring Capital was formed in 1999 and is based in Radnor, Pennsylvania with an additional office in Short Hills, New Jersey.


DEAL STATS #
Overall 134 of 200
Sector (Food) 1 of 2
Type (Secondary Buyout) 8 of 10
State (Massachusetts) 13 of 17
Country (United States) 132 of 196
Year (2019) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-09-10 aPriori

Concord, Massachusetts, United States

aPriori is a provider of digital manufacturing simulation software that brings product design and sourcing teams closer to production. By leveraging the digital twin within digital factories, they automatically generate design for manufacturability (DFM) and design for cost (DTC) insights, helping manufacturers collaborate across the product development process to make better design, sourcing and manufacturing decisions that yield higher value products in less time. aPriori was founded in 2003 and is based in Concord, Massachusetts.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-11-08 Western Jet Aviation

Van Nuys, California, United States

Western Jet Aviation provides maintenance, repair, and avionics services for business and general aviation aircraft. Western Jet Aviation was founded in 1999 and is based in Van Nuys, California.

Buy -

Seller(S) 1

SELLER

Brynwood Partners

Greenwich, Connecticut, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1984
PE ASSETS 2.5B USD
Size Large
Type Sector Focused
DESCRIPTION

Brynwood Partners is a private equity firm that makes control investments in lower mid-market companies. The Firm has a preference for companies that are underperforming and/or undervalued, failed leveraged buy-outs or businesses that are under-financed and in need of an equity infusion. Target sectors include consumer products, light manufacturing in low capital intensive industries, service businesses and specialty retail companies. The Firm looks for opportunities valued between $25 and $500 million. Brynwood was formed in 1984 and is based in Greenwich, Connecticut.


DEAL STATS #
Overall 18 of 18
Sector (Food) 8 of 8
Type (Secondary Buyout) 7 of 7
State (Massachusetts) 3 of 3
Country (United States) 17 of 17
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-01 Pearson’s

St. Paul, Minnesota, United States

Pearson’s is a manufacturer and marketer of Pearson's Salted Nut Roll, Pearson's Mint Patties, Pearson's Nut Goodies, and Pearson's Bun confectionery brands. Pearson’s was founded in 1909 and is based in St. Paul, Minnesota.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-06-09 Buitoni

Stamford, Connecticut, United States

Buitoni is a manufacturer and marketer of pasta, sauces and cheese to the retail channel under the Buitoni brand. Buitoni is based in Stamford, Connecticut.

Buy -