M&A Deal Summary

Lincolnshire Management, Fifth Street Capital and Apogem Capital Acquire Phoenix Brands

On August 12, 2010, private equity firm Lincolnshire Management, lender Fifth Street Capital and asset manager Apogem Capital acquired consumer products company Phoenix Brands from Trilantic North America for 135M USD

Acquisition Highlights
  • This is Lincolnshire Management’s 2nd, Fifth Street Capital’s 3rd and Apogem Capital’s 2nd transaction in the Consumer Products sector.
  • This is Lincolnshire Management’s , Fifth Street Capital’s 5th and Apogem Capital’s 4th largest (disclosed) transaction.
  • This is Lincolnshire Management’s 15th, Fifth Street Capital’s 34th and Apogem Capital’s 23rd transaction in the United States.
  • This is Lincolnshire Management’s 1st, Fifth Street Capital’s 3rd and Apogem Capital’s 1st transaction in Connecticut.
Investment Fate
  • Phoenix Brands went bankrupt in 2016.

M&A Deal Summary
Date 2010-08-12
Target Phoenix Brands
Sector Consumer Products
Buyer(s) Lincolnshire Management
Fifth Street Capital
Apogem Capital
Sellers(s) Trilantic North America
Deal Type Secondary Buyout
Deal Value 135M USD

Target

Phoenix Brands

Stamford, Connecticut, United States
Phoenix Brands LLC manufactures and distributes home care products including Niagara spray starch, Rit fabric dye, and Final Touch fabric conditioner, and a number of heavy-duty laundry detergent brands, including Fab, Dynamo, Ajax, Fresh Start, Arctic Power, ABC and Cold Power.

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Buyer(S) 3

Buyer

Lincolnshire Management

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1986
PE ASSETS 1.9B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Lincolnshire Management, Inc. (LMI) is a private equity firm focused on acquiring small and mid-sized companies in partnership with management. LMI typically targets companies with the majority of business conducted within the US. Prospective companies also have cash-flows of $5 to $50 million and significant opportunities for growth, either internally or through acquisitions. Target transaction situations include corporate divestitures, selling shareholders, and owners desiring liquidity. Lincolnshire Management was formed in 1986 and has office in New York City.

DEAL STATS #
Overall 17 of 32
Sector (Consumer Products) 2 of 4
Type (Secondary Buyout) 1 of 6
State (Connecticut) 1 of 1
Country (United States) 15 of 29
Year (2010) 1 of 2
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-08-03 Wabash National

Lafayette, Indiana, United States

Wabash National designs, manufactures, and markets truck and tank trailers, intermodal equipment, and transportation-related products throughout North America. Wabash National was founded in 1985 and is based in Lafayette, Indiana.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-12-22 Latite Roofing

Pompano Beach, Florida, United States

Latite Roofing is a roof installation service provider in Florida and one of the major roofing installation companies in the United States. Latite offers new roof installations and re-roofing (replacement roofs) for both residential and commercial buildings. Latite Roofing was founded in 1943 and is based in Pompano Beach, Florida.

Buy -
Buyer

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 35 of 70
Sector (Consumer Products) 3 of 4
Type (Secondary Buyout) 8 of 20
State (Connecticut) 3 of 3
Country (United States) 34 of 69
Year (2010) 7 of 12
Size (of disclosed) 5 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-08-01 Enhanced Resource Centers

Jacksonville, Florida, United States

Enhanced Resource Centers is a provider of customer experience management solutions with a focus on call center-based business process outsourcing solutions and accounts receivable management services to blue-chip clients in a variety of industries, including financial services, telecommunications, utilities, and student loan markets. Enhanced Resource Centers was founded in 1999 and is headquartered in Jacksonville, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-09-09 Eagle Hospital Physicians

Dallas, Texas, United States

Eagle Hospital Physicians LLC is an independent, physician-led company that focuses on developing and managing hospitalist practices for its hospital partners. Eagle Hospital Physicians is a leading practice management company providing hospitalist contract services, tele medicine and hospitalist temporary staffing. We organize and manage an outpatient clinic to support our physicians’ and hospital’s commitment to our community.

Buy -
Buyer

Apogem Capital

Chicago, Illinois, United States
Category Asset Manager
Founded 2001
PE ASSETS 39.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Apogem Capital is a diversified alternative investment manager and subsidiary of insurance provider, New York Life. Apogem manages a variety of investment strategies including private equity, private credit, and real assets. Within private equity, the Firm looks to make fund, direct, and secondary investments, as well as acquire GP stakes. Within its direct investing activity, Apogem targets mid-sized companies valued up to $250 million and will consider businesses throughout North America and Europe. Apogem Capital formed as the result of New York Life combining PA Capital, Madison Capital Funding, and Goldpoint Partners into one entity. Apogem Capital is based in New York City.

DEAL STATS #
Overall 23 of 69
Sector (Consumer Products) 2 of 3
Type (Secondary Buyout) 10 of 24
State (Connecticut) 1 of 1
Country (United States) 23 of 69
Year (2010) 3 of 5
Size (of disclosed) 4 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-06-11 Wheaton Industries

Millville, New Jersey, United States

Wheaton Industries, Inc. is a marketer, manufacturer and re-packager of containers, laboratory ware, instrumentation and associated products and services sold principally to customers in the general laboratory, life sciences, and diagnostics and reagent / chemicals packaging markets.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-10-01 CoAdvantage

Tampa, Florida, United States

CoAdvantage engages in human resource solutions, providing Professional Employer Organization (PEO) services to small and medium-sized businesses nationwide. CoAdvantage specializes in and excels at handling human resources. CoAdvantage are HR experts who work as your outsourcing partner to administer payroll, benefits, workers’ compensation, and core HR functions. CoAdvantage was founded in 1997 and is based in Tampa, Florida.

Buy -

Seller(S) 1

SELLER

Trilantic North America

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2009
PE ASSETS 9.7B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Trilantic North America is a mega-sized private equity firm focused on opportunities throughout North America. Trilantic generally invests in large businesses with 'strong market positions, unique franchises, secure and growing market niches or distinctive products and services that command premium prices'. Sectors of interest include business services, consumer, energy, and financial services. The Firm's target investment size is $50 to $300 million in companies valued up to $1 billion. Transaction situations of interest include management buyouts, recapitalizations, growth capital financings, divestitures, new platforms, and generational transfers. Trilantic North America was formed in 2009 through the spin-off of Lehman Brothers' private equity business. The Firm is based in New York City.

DEAL STATS #
Overall 2 of 23
Sector (Consumer Products) 2 of 5
Type (Secondary Buyout) 2 of 6
State (Connecticut) 1 of 1
Country (United States) 2 of 22
Year (2010) 1 of 3
Size (of disclosed) 7 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-04-07 VantaCore Partners

Philadelphia, Pennsylvania, United States

VantaCore Partners LLC is a producer of crushed stone, sand, and gravel for infrastructure, energy, commercial, residential, and other markets. VantaCore Partners is based in Philadelphia, Pennsylvania.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-09-20 Evergreen Copyright Acquisitions

Nashville, Tennessee, United States

Evergreen Copyright Acquisitions is a music publishing company formed to aggregate and optimize small to medium sized catalogs of music copyrights. The company earns royalty income from the use of song copyrights commercially, including public and radio performances, use in television, movies and commercial advertisements, as well as from the sale of CDs, DVDs, digital recordings and sheet music.

Sell -
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