M&A Deal Summary

Littlejohn Acquires CTI Foods

On April 6, 2010, private equity firm Littlejohn acquired food company CTI Foods from CIC Partners

Acquisition Highlights
  • This is Littlejohn’s 1st transaction in the Food sector.
  • This is Littlejohn’s 16th transaction in the United States.
  • This is Littlejohn’s 1st transaction in Idaho.
Investment Fate
  • CTI Foods was sold to a consortium of financial buyers in 2013.

M&A Deal Summary

Date 2010-04-06
Target CTI Foods
Sector Food
Buyer(s) Littlejohn
Sellers(s) CIC Partners
Deal Type Secondary Buyout

Target

CTI Foods

Wilder, Idaho, United States
CTI Foods is a provider of value-added, processed precooked, frozen and fresh food products to many of the country's leading quick service and casual dining restaurant chains. CTI Foods' major products include pre-cooked taco meat, steak and chicken fajita meat, soups and sauces, hamburger patties and dehydrated pinto beans. CTI Foods was founded in 2003 and is based in Wilder, Idaho.

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Buyer(S) 1

Buyer

Littlejohn

Greenwich, Connecticut, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1996
PE ASSETS 7.8B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Littlejohn is a private equity firm that makes control investments in mid-sized companies undergoing change; either in capital structure, strategy, operations, or growth. Littlejohn looks to commit $50 to $250 million of equity, mezzanine, or credit capital in companies with annual revenues of $100 to $800 million. Sectors of interest include industrial equipment, packaging, chemicals, automotive and transportation parts and equipment, food and food processing, healthcare, plastics, aerospace/defense, distribution, environmental and infrastructure services, and consumer products. The Firm avoids investing in real estate, fashion, retail, and businesses engaged in high technology. Littlejohn prefers opportunities located in the US, but also considers opportunities in Europe and Canada. Littlejohn was formed in 1996 and is based in Greenwich, Connecticut.


DEAL STATS #
Overall 20 of 66
Sector: Food M&A 1 of 1
Type: Secondary Buyout M&A Deals 5 of 31
State: Idaho M&A 1 of 1
Country: United States M&A 16 of 62
Year: 2010 M&A 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-06-29 Wyle

El Segundo, California, United States

Wyle, Inc. is a government services contractor focusing primarily on Defense and Federal IT services. The Company services include system engineering, acquisition support, information technology & cyber security, scientific services and test and evaluation services.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-06-11 KAG

North Canton, Ohio, United States

KAG provides transportation and logistics services to the fuel, chemical, liquid food and merchant gas sectors in the U.S. and Canada. KAG was founded in 1997 and is based in North Canton, Ohio.

Sell -

Seller(S) 1

SELLER

CIC Partners

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1974
PE ASSETS 500M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

CIC Partners is a lower middle-market private equity firm that targets investments in energy, food service, manufacturing, service, retail, technology, and media companies. CIC looks for businesses generating sales of $10 to $500 million where the firm can invest $5 to $50 million of equity capital, either as a majority or minority position. Prospective transaction situations include management-led buyouts, growth financings, and recapitalizations. CIC Partners is the successor to Cardinal Investment Company's Private Equity Group, originally formed in 1974. CIC Partners is based in Dallas, Texas.


DEAL STATS #
Overall 18 of 32
Sector: Food M&A 3 of 6
Type: Secondary Buyout M&A Deals 5 of 9
State: Idaho M&A 1 of 1
Country: United States M&A 17 of 31
Year: 2010 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-01-01 Bagby Energy Holdings

Fort Smith, Arkansas, United States

Bagby Energy Holdings, LP (via its operating company, Bagby Energy, LLC) is an independent oil and gas exploration company headquartered in Fort Smith, Arkansas. Bagby is engaged in acquiring and developing natural gas prospects in the Arkoma Basin of Northwest Arkansas and Southeastern Oklahoma as well as the Barnett Shale of North Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-01-03 SPG Holdings

Dallas, Texas, United States

Founded in 2005, SPG Holdings is a paper products manufacturer with a focus on supplying the restaurant and foodservice distribution industries. SPG has state-of-the-art manufacturing plants in Georgia, Mississippi and Wisconsin with the ability to supply a full suite of paper products including napkins, sandwich wraps, carryout bags and deli paper.

Buy -