M&A Deal Summary

Mill City Capital and Barings Private Equity Acquire Diversified Packaging

On July 22, 2024, private equity firms Mill City Capital and Barings Private Equity acquired packaging company Diversified Packaging

Acquisition Highlights
  • This is Mill City Capital’s 1st and Barings Private Equity’s 4th transaction in the Packaging sector.
  • This is Mill City Capital’s 10th and Barings Private Equity’s 46th transaction in the United States.
  • This is Mill City Capital’s 1st and Barings Private Equity’s 1st transaction in Missouri.

M&A Deal Summary
Date 2024-07-22
Target Diversified Packaging
Sector Packaging
Buyer(s) Mill City Capital
Barings Private Equity
Deal Type Recapitalization

Target

Diversified Packaging

St. Louis, Missouri, United States
Diversified Packaging is a provider of pre-press products and services to the packaging industry, serving commercial printing companies, corrugate packaging companies, and various other customers across the upper Midwest U.S. Diversified Packaging was founded in 1984 and is based in Blaine, Minnesota.

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Buyer(S) 2

Buyer

Mill City Capital

Wayzata, Minnesota, United States

Investor Investor Investor Investor

Category Private Equity Firm
Founded 2010
Size Small
Type Sector Agnostic
DESCRIPTION

Mill City Capital is a private equity firm that makes control investments in lower middle market companies with enterprise values ranging between $15 and $100 million. Mill City concentrates on businesses located in the upper Midwest. Areas of interest include industrial products/services, machinery, distribution, consumer products, and food. Mill City Capital is based in Minneapolis, Minnesota.

DEAL STATS #
Overall 13 of 13
Sector (Packaging) 1 of 1
Type (Recapitalization) 1 of 1
State (Missouri) 1 of 1
Country (United States) 10 of 10
Year (2024) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-01 Mobile Pro Systems

West St. Paul, Minnesota, United States

Mobile Pro Systems designs, develops and manufactures mobile surveillance hardware and software products. The company’s innovative modular designs, rugged construction, and smart energy management provide rapid and reliable deployment in nearly any environment and all-weather conditions. Mobile Pro Systems is based in West St. Paul, Minnesota.

Buy -
Buyer

Barings Private Equity

Investor Investor

Category Private Equity Firm
Founded 1991
PE ASSETS 5.7B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Barings Private Equity is the private equity arm of global asset management firm Barings. The Group looks to invest in mezzanine, distressed, and other private equity transactions including secondaries and funds. Sectors of interest include manufacturing, business services, distribution, consumer products, consumer services, food products, packaging, and healthcare. Barings Private Equity was originally established in 1991 and is based in Charlotte, North Carolina.

DEAL STATS #
Overall 51 of 52
Sector (Packaging) 4 of 4
Type (Recapitalization) 5 of 5
State (Missouri) 1 of 1
Country (United States) 46 of 47
Year (2024) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-03-14 Mission Microwave Technologies

Cypress, California, United States

Mission Microwave Technologies is a provider of Solid-State Power Amplifiers (SSPAs) and Block Upconverters (BUCs) to the satellite communications market. Mission Microwave Technologies was founded in 2014 and is based in Cypress, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-09-26 Pro-Vision Video Systems

Byron Center, Michigan, United States

Pro-Vision Video Systems design manufactures, and installs rugged rear vision and video recording systems, body-worn cameras, and video management software for commercial, law enforcement, and transit applications. Pro-Vision Video Systems was founded in 2003 and is based in Byron Center, Michigan.

Buy -
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