M&A Deal Summary

Mitsui & Co and Kirin Acquire Thorne Research

On October 10, 2018, Mitsui & Co and Kirin acquired life science company Thorne Research from HighPoint Capital Management, WestView Capital Partners and Spring Lake Equity Partners

Acquisition Highlights
  • This is Mitsui & Co’s 1st and Kirin’s 1st transaction in the Life Science sector.
  • This is Mitsui & Co’s 9th and Kirin’s 2nd transaction in the United States.
  • This is Mitsui & Co’s 1st and Kirin’s 1st transaction in Idaho.

M&A Deal Summary

Date 2018-10-10
Target Thorne Research
Sector Life Science
Buyer(s) Mitsui & Co
Kirin
Sellers(s) HighPoint Capital Management
WestView Capital Partners
Spring Lake Equity Partners
Deal Type Add-on Acquisition

Target

Thorne Research

Sandpoint, Idaho, United States
Thorne Research, Inc. is a developer and manufacturer of high-quality, premium supplements sold primarily through medical professionals and also directly to consumers. Thorne Research is based in Sandpoint, Idaho.

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Buyer(S) 2

Buyer

Mitsui & Co

Tokyo, Japan

Category Company
Founded 1947
Sector Diversified
Employees53,602
Revenue 13.32T JPY (2024)
DESCRIPTION

Mitsui & Co engages in the export, import, wholesale, and retail of steel products; steel processing; mining and sale of iron ores; and sale and trading of ferrous scrap and alloy products and chemicals, energy, food, food & retail management, healthcare & service, consumer business, IT & communication business, corporate development business. Mitsui & Co was founded in 1947 and is based in Tokyo, Japan.


DEAL STATS #
Overall 19 of 45
Sector (Life Science) 1 of 1
Type (Add-on Acquisition) 10 of 20
State (Idaho) 1 of 1
Country (United States) 9 of 15
Year (2018) 5 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-09-28 Agrigate

Tokyo, Japan

Agrigate Co. Ltd. is a operator of 'Shunpachi Greengrocer' retail stores, which produce and sell pre-prepared dishes and lunchboxes alongside seasonal fruit and vegetables across 15 store locations in the Tokyo area, based on the concept of "Fresh, Delicious, and Reasonably Priced.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-21 GOQii

Menlo Park, California, United States

GOQii, Inc. is a business providing preventive healthcare platform through a wearable device and smartphone app in India. The GOQii platform comes equipped with a range of solutions, including an online health data management tool, a real-time individualized health coaching service, an e-commerce store, a regular health-check management tool, a unique "GOQii Cash" program (a system that rewards health management with cash discounts), and insurance discounts based on health management data.

Buy -
Buyer

Kirin

Tokyo, Japan

Category Company
Founded 1885
Sector Beverages
Employees30,183
Revenue 2.13T JPY (2023)
DESCRIPTION

Kirin manufactures food and beverage products in Asia and Oceania. Kirin was founded in 1885 and is based in Tokyo, Japan.


DEAL STATS #
Overall 5 of 5
Sector (Life Science) 1 of 1
Type (Add-on Acquisition) 4 of 4
State (Idaho) 1 of 1
Country (United States) 2 of 2
Year (2018) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-02-13 Brasil Kirin Holding S.A.

Itu, Brazil

Brasil Kirin Holding S.A. is one of the largest beer and soft drinks producers in Brazil, operating 12 production facilities with its own distribution network. It has a particularly strong presence in the North and North East, where HEINEKEN currently has less exposure. It owns an extensive portfolio of beer brands and its share of the Brazilian beer market in 2015 was c.9%1. The portfolio includes Schin, one of Brazil's largest brands covering the mainstream and value segments, as well as the Devassa brand. Furthermore, it owns the speciality brands Baden Baden and Eisenbahn, which will complement HEINEKEN's existing premium portfolio.

Sell €1.0B

Seller(S) 3

SELLER

HighPoint Capital Management

Boston, Massachusetts, United States

Category Private Equity Firm
Founded 2004
Size Small
Type Sector Agnostic
DESCRIPTION

HighPoint Capital LLC is a specialty finance company that provides capital for internal growth needs, refinancings, strategic acquisitions, management buyouts and dividend recapitalizations. HighPoint provides cash flow and asset based senior and subordinated term loans ranging between $2 and $10 million for lower middle market companies. The firm focuses on companies with $10 to $100 million of revenue and EBITDA of $2 to $10 million. HighPoint Capital was formed in 2004 and is based in Boston, Massachusetts.


DEAL STATS #
Overall 13 of 13
Sector (Life Science) 2 of 2
Type (Add-on Acquisition) 7 of 7
State (Idaho) 1 of 1
Country (United States) 13 of 13
Year (2018) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-10-30 Precision Manufacturing Group

Cedar Grove, New Jersey, United States

Precision Manufacturing Group LLC is a designer and manufacturer of precision electrodeposited nickel bellows, bellows assemblies, flexible shaft couplings, electrical contacts, and lightweight structural electroforms.

Sell -
SELLER

WestView Capital Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2004
PE ASSETS 2.7B USD
Size Large
Type Sector Agnostic
DESCRIPTION

WestView Capital Partners is a private equity firm focused on investing in lower middle-market companies. WestView looks to commit between $20 and $100 million in a variety of recapitalization, growth financing, buyout and consolidation transactions. Prospective companies generally exhibit consistent growth and financial performance as well as sustainable competitive advantages and market position. Sectors of interest include business services, industrial and manufacturing, distribution and logistics, consumer products and retail, healthcare services, environmental services, and media/publishing. The Firm's geographic preference is North America. WestView Capital Partners was formed in 2004 and is based in Boston, Massachusetts.


DEAL STATS #
Overall 21 of 34
Sector (Life Science) 1 of 1
Type (Add-on Acquisition) 10 of 15
State (Idaho) 1 of 1
Country (United States) 21 of 34
Year (2018) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-09-17 Phia Group

Canton, Massachusetts, United States

Phia Group is a provider of outsourced cost containment and payment integrity solutions for healthcare payers and the entities that service them. Through innovative technologies, legal expertise, and focused, flexible customer service the Company strives to maximize health benefits while reducing healthcare costs for plan administers and their beneficiaries. The Company’s tech-enabled, knowledgeable experts and service offering span the clinical, regulatory compliance, and reimbursement aspects of the claims and benefit administration process, including plan document drafting, subrogation and overpayment recovery, claim negotiation, plan defense and consulting services, all of which are designed to control costs and protect plan assets. Phia Group was formed in 1999 and is based in Canton, Massachusetts.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-12-03 Bell and Howell

Durham, North Carolina, United States

Bell and Howell is a provider of outsourced maintenance services and solutions for highly complex automation equipment across a variety of end markets, including retail, e-commerce, digital print, logistics, robotics, and production mail. Utilizing over 800 highly skilled service engineers, the Company offers customized service plans, innovative technologies, and a robust support infrastructure that enable the technology and automation initiatives of enterprises and original equipment manufacturers across industries. Bell and Howell was founded in 1907 and is based in Durham, North Carolina.

Buy -
DESCRIPTION

Spring Lake Equity Partners is a private venture capital firm focused on later-stage technology company investments. The Firm looks to invest $7 to $15 million in growth-oriented companies with up to $100 million in revenue. Specific areas of interest include software, digital media, mobile, data center infrastructure, healthcare IT, and business/financial services. Spring Lake Equity was formed in 2013 after spinning-off from Tudor Investment Corporation. The Firm is based in Boston, Massachusetts.


DEAL STATS #
Overall 37 of 39
Sector (Life Science) 1 of 1
Type (Add-on Acquisition) 21 of 23
State (Idaho) 1 of 1
Country (United States) 37 of 38
Year (2018) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-07-31 Astadia

Jacksonville, Florida, United States

Astadia is a technology consulting firm with a focus on mainframe migrations that has benefited hundreds of clients, converted millions of lines of COBOL, and helped maximize the impact and minimize the risks of today’s blended enterprise and cloud IT ecosystem. Astadia was founded in 1996 and is based in Jacksonville, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-09-09 Vantrix

Montreal, Quebec, Canada

Vantrix Corp. provides media processing software that enables video service providers to meet growing demands for video on multiple screens at competitive prices. Vantrix's Media Platform combines ultra-high-density performance with virtualized architecture, allowing media companies the cost savings and flexibility they need to thrive despite the rapidly evolving video industry. Vantrix was established in 2004 and is based in Montreal, Quebec.

Sell -