Add-on Acquisition • Packaging

Midcon Holdings Acquires Midland Packaging & Display

On June 30, 2008, Midcon Holdings acquired packaging company Midland Packaging & Display from Private Equity Capital, Centerfield Capital Partners and Prism Capital

Acquisition Context
  • This is Midcon Holdings’ 1st transaction in the Packaging sector.
  • This is Midcon Holdings’ 1st transaction in the United States.
  • This is Midcon Holdings’ 1st transaction in Wisconsin.
Investment Fate
  • Midland Packaging & Display was divested to a consortium of strategic buyers in 2014.

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M&A Deal Summary

Date June 30, 2008
Target Midland Packaging & Display
Sector Packaging
Buyer(s) Midcon Holdings
Sellers(s) Private Equity Capital
Centerfield Capital Partners
Prism Capital
Deal Type Add-on Acquisition

Target Company

Midland Packaging & Display

Franksville, Wisconsin, United States
Midland Packaging & Display, Inc. is a producer of value-added corrugated packaging and display products for customers in a wide array of industries including industrial, consumer and food and beverage.
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Buyer Overview 1

Buyer

Midcon Holdings

Franksville, Wisconsin, United States

Category Company
Sector Packaging
DESCRIPTION

Midcon Holdings LLC is a provider of corrugated containers, point-of-sale packaging and point-of-purchase displays to a wide range of food, beverage and industrial customers.


Deal Context for Buyer #
Overall 1 of 2
Sector: Packaging 1 of 2
Type: Add-on Acquisition 1 of 2
State: Wisconsin 1 of 2
Country: United States 1 of 2
Year: 2008 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-12-01 Great Lakes Packaging

Germantown, Wisconsin, United States

Great Lakes Packaging Corporation a supplier of corrugated and plastic corrugated containers, point-of-purchase products, foam and specialty packaging,fulfillment/contract packaging and related services to a broad range of customers and industries.

Buy -

Seller Profiles 3

SELLER

Private Equity Capital

Rancho Santa Fe, California, United States

Category Private Equity Firm
Founded 1998
Size Small
Type Sector Agnostic
DESCRIPTION

Private Equity Capital Corporation (PECC) is a private equity firm focused on acquiring privately owned businesses and subsidiaries or divisions of public companies. PECC pursues US-based companies with revenues between $20 and $200 million and at least $2 million of EBIT. Prospective companies generally lead their respective markets and have management willing to stay post acquisition. Sectors of interest include information technology, consumer products, financial services, business process outsourcing, healthcare, information services and publishing. PECC was formed in 1998 and is based in Westport, Connecticut.


Deal Context for Seller #
Overall 10 of 14
Sector: Packaging 1 of 1
Type: Add-on Acquisition 2 of 5
State: Wisconsin 1 of 1
Country: United States 10 of 14
Year: 2008 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-12-01 California Tan

Indianapolis, Indiana, United States

California Tan, Inc. is a manufacturer and marketer of premium sun care products in the indoor tanning industry. The company develops and markets luxury indoor lotions and outdoor sunscreens, sunless tanning formulas and after-sun skincare moisturizers.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-10-01 Comfort Medical Supply

Ormond Beach, Florida, United States

Comfort Medical Supply is a medical equipment company, selling primarily motorized wheelchairs, rehabilitative chairs and other medical equipment. Comfort Medical Supply is based in Ormond Beach, Florida.

Buy -
SELLER

Centerfield Capital Partners

Indianapolis, Indiana, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 2001
PE ASSETS 1.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Centerfield Capital Partners is a private investment firm that provides subordinated debt and equity capital to mid-market companies. Prospective transactions include acquisition financings, management buyouts, shareholder liquidity needs, recapitalizations, corporate divestitures, ESOP financings, and sponsored/unsponsored transactions. Centerfield generally invests in companies with sales of $15 to $100 million and EBITDA of $3 to $15 million. Target sectors include manufacturing, business services, healthcare services, and transportation/distribution. Centerfield will not invest in early stage businesses, turnaround situations, retail, real estate, and finance companies. Centerfield Capital Partners was founded in 2001 and is based in Indianapolis, Indiana.


Deal Context for Seller #
Overall 6 of 47
Sector: Packaging 1 of 1
Type: Add-on Acquisition 3 of 24
State: Wisconsin 1 of 2
Country: United States 6 of 47
Year: 2008 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-02-15 Diversified Graphics

Minneapolis, Minnesota, United States

Diversified Graphics, Inc. is a provider of complete print solutions to over 400 customers, including national advertising and graphic design agencies and Fortune 1000 companies. Diversified Graphics, Inc. was established in 1949 and is based in Minneapolis, Minnesota.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-07-24 Bil-Jax

Archbold, Ohio, United States

Bil-Jax, Inc. produces interior and exterior scaffolding, aerial lifts, event seating and staging products, elevating trailers, drywall lifts and carts, tool boxes, log splitters, and other construction related equipment.

Sell -
SELLER

Prism Capital

Chicago, Illinois, United States

Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 1999
PE ASSETS 190M USD
Size Small
Type Sector Agnostic
DESCRIPTION

Prism Capital is a licensed SBIC investment firm focused on providing equity and mezzanine capital to lower middle market companies. Prism's Mezzanine practice looks to provide up to $7 million in financing for Midwest based mature industrial companies. Mezzanine capital is typically invested to support internal growth, recapitalizations, mergers, acquisitions and ownership changes. Prism also provides equity of $2 to $15 million through an Opportunity Fund. The Opportunity Fund invests in expansion stage IT companies as well as traditional manufacturing and service businesses with growth opportunities. Prism Capital was formed in 1999 and is based in Chicago, Illinois.


Deal Context for Seller #
Overall 8 of 30
Sector: Packaging 1 of 1
Type: Add-on Acquisition 4 of 18
State: Wisconsin 1 of 3
Country: United States 8 of 30
Year: 2008 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-04-28 GCM Holding

Union, California, United States

GCM Holding is a manufacturer of low-to-medium volume, mission-critical precision machined components and assemblies. Based near Chicago’s O’Hare airport, the Company serves large, market customers in the energy, medical equipment, scientific laboratory, and industrial end markets. GCM Holding was founded in 1978 and is based in Union, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-09-08 TCI

Milwaukee, Wisconsin, United States

TCI LLC designs and manufactures products that monitor and improve power quality and extend motor life by reducing harmonic distortion associated with variable frequency drives (VFDs) and other power conversion equipment. With approximately 165 employees, TCI’s manufacturing capabilities include magnetic and electronic product assembly expertise to support a broad suite of power quality solutions that are used in oil and gas, HVAC, water and wastewater, and general industrial end markets primarily in the U.S. Founded in 1961 and headquartered in Germantown, Wisconsin.

Buy -