M&A Deal Summary

Levine Leichtman Capital Partners Acquires McKenzie Taxidermy Supply

On April 2, 2012, mezzanine finance firm Levine Leichtman Capital Partners acquired consumer products company McKenzie Taxidermy Supply from Gridiron Capital, YVC Partners, Prairie Capital, New Canaan Funding, Windjammer Capital and Triangle Capital

Acquisition Highlights
  • This is Levine Leichtman Capital Partners’ 4th transaction in the Consumer Products sector.
  • This is Levine Leichtman Capital Partners’ 30th transaction in the United States.
  • This is Levine Leichtman Capital Partners’ 1st transaction in North Carolina.

M&A Deal Summary

Date 2012-04-02
Target McKenzie Taxidermy Supply
Sector Consumer Products
Buyer(s) Levine Leichtman Capital Partners
Sellers(s) Gridiron Capital
YVC Partners
Prairie Capital
New Canaan Funding
Windjammer Capital
Triangle Capital
Deal Type Secondary Buyout
Advisor(s) Harris Williams & Co. (Financial)

Target

McKenzie Taxidermy Supply

Granite Quarry, North Carolina, United States
McKenzie Taxidermy Supply is a manufacturer, sculptor, designer, and catalog retailer of taxidermy forms and supplies. McKenzie Taxidermy Supply was founded in 1973 and is based in Granite Quarry, North Carolina.

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Buyer(S) 1

Buyer

Levine Leichtman Capital Partners

Beverly Hills, California, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 1984
PE ASSETS 12.9B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Levine Leichtman Capital Partners (LLCP) is a West Coast US based private investment firm that targets mezzanine and other structured equity investments in middle-market companies. The Firm has several funds, each with different strategies. LLCP's larger fund targets subordinated debt, preferred equity, and/or common equity investments in companies with $100 to $750 million of revenue. The Firm's smaller fund invests $5 to $15 million in emerging companies with less than $25 million in revenue. LLCP also invests in financially distressed businesses. LLCP was formed in 1984 and has offices in Beverly Hills, California; Chicago, Illinois; Dallas, Texas; New York City; and London.


DEAL STATS #
Overall 30 of 88
Sector (Consumer Products) 4 of 7
Type (Secondary Buyout) 4 of 33
State (North Carolina) 1 of 3
Country (United States) 30 of 71
Year (2012) 4 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-03-29 Magnolia Bluffs Casino

Natchez, Mississippi, United States

Magnolia Bluffs is an entertainment complex located adjacent to the Mississippi river in historic downtown Natchez, Mississippi.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-06-27 Henry

El Segundo, California, United States

Henry is a manufacturer of roofing and roof maintenance products. Henry also manufactures complete lines of driveways coatings, commercial specialty products, and building envelope systems. Henry professionals offer designers, contractors, and building owners a combination of technical experience and a commitment to provide quality products. Henry was founded in 1981 and is based in El Segundo, California.

Sell -

Seller(S) 6

SELLER

Gridiron Capital

New Canaan, Connecticut, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2004
PE ASSETS 764M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Gridiron Capital is a private equity firm focused on acquiring mid-sized North American manufacturing, service and specialty consumer companies. Gridiron looks to commit companies with EBITDA up to $60 million. The Firm prefers controlling interests when considering transactions. Situations of interest include companies operating in sectors undergoing change, closely held companies owned by founding family or management for ownership transition, and corporate divestitures of orphaned or non-strategic business units. Gridiron Capital was formed in 2004 and is based in New Canaan, Connecticut.


DEAL STATS #
Overall 3 of 19
Sector (Consumer Products) 2 of 5
Type (Secondary Buyout) 2 of 10
State (North Carolina) 1 of 3
Country (United States) 3 of 19
Year (2012) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-02-14 Cushman & Wakefield’s Third-Party Vendor Managed Site Maintenance Business

Colwich, Kansas, United States

Cushman & Wakefield’s Third-Party Vendor Managed Site Maintenance Business is a facility management firm specializing in on-demand facility maintenance and project management services through a national network of facilities contractors.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-10-01 Performance Health and Wellness

Akron, Ohio, United States

Performance Health and Wellness, Inc. is a manufacturer and marketer of rehabilitation and wellness products including topical analgesics, resistance bands and tubing, exercise balls, hand exercisers, and stability trainers.

Buy -
SELLER

YVC Partners

Shelton, Connecticut, United States

Category Private Equity Firm
Founded 1999
Size Small
Type Sector Agnostic
DESCRIPTION

YVC Partners is a private investment firm that makes control-equity investments in lower middle-market businesses with revenues between $7.5 and $50 million. YVC Partners looks for business located within the continental US and seeks to commit $5 to $30 million of equity per transaction. YVC prefers businesses operating in traditional industries, including business services and industrial manufacturing. YVC will not invest in turnarounds or distressed situations. YVC Partners was founded in 1999 and is based in Shelton, Connecticut.


DEAL STATS #
Overall 1 of 1
Sector (Consumer Products) 1 of 1
Type (Secondary Buyout) 1 of 1
State (North Carolina) 1 of 1
Country (United States) 1 of 1
Year (2012) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-08-01 McKenzie Taxidermy Supply

Granite Quarry, North Carolina, United States

McKenzie Taxidermy Supply is a manufacturer, sculptor, designer, and catalog retailer of taxidermy forms and supplies. McKenzie Taxidermy Supply was founded in 1973 and is based in Granite Quarry, North Carolina.

Buy -
SELLER

Prairie Capital

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1997
PE ASSETS 525M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Prairie Capital is a private investment firm that provides equity and/or mezzanine capital to support buyouts and recapitalization of lower middle-market companies generating sales of $20 - $100 million with an EBITDA of $4 - $12 million. Areas of interest include niche manufacturers, business services, consumer products, marketing services, specialty chemical, and food businesses. The firm invests in the range of $25 - $45 million per transaction. Prairie Capital was formed in 1997 and is based in Chicago, Illinois.


DEAL STATS #
Overall 24 of 55
Sector (Consumer Products) 7 of 12
Type (Secondary Buyout) 13 of 26
State (North Carolina) 1 of 2
Country (United States) 24 of 54
Year (2012) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-12-01 Industrial Water Treatment Solutions

Harvey, Illinois, United States

Industrial Water Treatment Solutions Corp. is a manufacturer and distributor of proprietary and innovative chemical products for the industrial water services market. Industrial Water Treatment Solutions was established in 2012 and is based in Harvey, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-04-05 Double E

West Bridgewater, Massachusetts, United States

Double E is a manufacturer of highly-engineered components for web converting applications. The company's product offering includes critical wear components such as chucks, brakes, shafts, slitters, web guides, core cutters, and roll movers. These products secure, straighten, apply tension, cut, and move rolled raw materials through continuous manufacturing processes. Double E was established in 1972 and is headquartered in West Bridgewater, Massachusetts.

Sell -
SELLER

New Canaan Funding

New Canaan, Connecticut, United States

Category Mezzanine Finance Firm
Founded 1995
PE ASSETS 238M USD
Size Small
Type Sector Agnostic
DESCRIPTION

New Canaan Funding is a middle-market mezzanine finance firm. New Canaan looks to provide subordinated debt to help fund acquisitions, recapitalizations and growth financings. New Canaan invests $3 to $20 million per transaction with an EBITDA of $3 million. New Canaan Funding was formed in 1995 and has offices in New Canaan, Connecticut and Wheaton, Illinois.


DEAL STATS #
Overall 17 of 36
Sector (Consumer Products) 1 of 2
Type (Secondary Buyout) 7 of 16
State (North Carolina) 1 of 1
Country (United States) 17 of 35
Year (2012) 2 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-02-17 Inscape Publishing

Minneapolis, Minnesota, United States

Inscape Publishing is a specialized publisher of soft skills training material used by independent training consultants, corporations and their employees worldwide. Most of its products are self-administered, self-scoring assessment tools such as the DiSC theory of personality.

Sell $85M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-04-23 GreenLine Foods

Perrysburg, Ohio, United States

GreenLine Foods is the largest provider of fresh-trimmed, microwaveable packaged green beans in North America and manages the process from planting hybrid seeds through on-time delivery to customers.

Sell -
SELLER

Windjammer Capital

Newport Beach, California, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 1990
PE ASSETS 2.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Windjammer Capital Investors is a private investment firm that invests control equity, minority equity, and/or subordinated debt in growing middle-market businesses. The Firm seeks to invest between $50 and $200 million of equity or subordinated debt in companies that generate at least $8 million of EBITDA. Windjammer focuses on North American-based opportunities and prefers companies with scalable business models, differentiated products/services, and that operate in defensible markets. Broad sectors of interest include manufacturing, business services and value-added distribution. Windjammer does not invest in high technology, real estate, and financial services companies. Windjammer Capital Investors was formed in 1990 and has offices in Waltham, Massachusetts and Newport Beach, California.


DEAL STATS #
Overall 16 of 26
Sector (Consumer Products) 4 of 4
Type (Secondary Buyout) 6 of 12
State (North Carolina) 2 of 3
Country (United States) 16 of 26
Year (2012) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-08-17 JWC Environmental

Costa Mesa, California, United States

JWC Environmental LLC is a manufacturer of 200 highly engineered variations of grinding and solids separation equipment used primarily in wastewater treatment applications. JWC Environmental was founded in 1979 and is based in Costa Mesa, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-06-01 itel

Jacksonville, Florida, United States

itel is an insurance service provider that helps property insurance companies effectively settle claims worldwide. itel is committed to custom-fitting its service offering to meet the unique needs of each international insurance market. itel was founded in 1993 and is based in Jacksonville, Florida.

Buy -
SELLER

Triangle Capital

Raleigh, North Carolina, United States

Category Private Equity Firm
Founded 2007
Size Middle-Market
Type Sector Agnostic
DESCRIPTION


DEAL STATS #
Overall 5 of 71
Sector (Consumer Products) 1 of 6
Type (Secondary Buyout) 2 of 28
State (North Carolina) 2 of 8
Country (United States) 5 of 70
Year (2012) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-04-01 WSO Holdings

United States

WSO Holdings LP is a supplier of organic and natural sweeteners to retail, food service, and industrial food manufacturers in the U.S. and Canada.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-04-05 United Allergy Services

San Antonio, Texas, United States

United Allergy Services is a provider of allergy testing and immunotherapy services to Primary Care Physicians. United Allergy Services was founded in 2009 and is based in San Antonio, Texas.

Buy -