Secondary Buyout • Retail

Modjule Acquires Hickory Farms

On November 18, 2015, private equity firm Modjule acquired retailer Hickory Farms from Sun Capital Partners

Acquisition Context
  • This is Modjule’s 1st transaction in the Retail sector.
  • This is Modjule’s 1st transaction in the United States.
  • This is Modjule’s 1st transaction in Illinois.

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M&A Deal Summary

Date November 18, 2015
Target Hickory Farms
Sector Retail
Buyer(s) Modjule
Sellers(s) Sun Capital Partners
Deal Type Secondary Buyout

Target Company

Hickory Farms

Chicago, Illinois, United States
Hickory Farms is a retailer, direct marketer and wholesaler of branded high-quality specialty food products and food gifts. Substantially all of these products, including specialty and smoked meats, cheeses and assorted complementary products, are sold under Hickory Farms-owned trademarks, each of which enjoys a market reputation for premium products, reasonable pricing, distinctive flavor and wholesomeness. Hickory Farms was founded in 1951 and is based in Chicago, Illinois.
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Buyer Overview 1

DESCRIPTION

Modjule is a private investment firm focused on acquiring and investing in seed to late stage consumer products and services companies with strong unit economics, same store sales growth, and long-term sustainability. Modjule was formed in 2013 and is headquartered in Chicago.


Deal Context for Buyer #
Overall 1 of 1
Sector: Retail 1 of 1
Type: Secondary Buyout 1 of 1
State: Illinois 1 of 1
Country: United States 1 of 1
Year: 2015 1 of 1

Seller Profile 1

SELLER

Sun Capital Partners

Boca Raton, Florida, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1995
PE ASSETS 13.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
Sun Capital's corporate headquarters in Boca Raton, Florida.
Sun Capital's corporate headquarters in Boca Raton, Florida.

Sun Capital Partners is a large private equity firm focused on leveraged buyouts, equity, debt, and other control investments in North America, Asia, and Europe. Sun looks for businesses that can benefit from the Firm's operating experience including underperformers, turnarounds, and special situations. Target companies typically have $50 million to $1 billion in revenue with strong market positions. Sectors of interest include paper and packaging, food and beverages, metals and mining, automotive after-market parts, consumer products, financial services, healthcare, media and communications, building products, telecommunications, technology, retailing and catalogs, restaurants, manufacturing and industrial. Sun Capital was formed in 1995 and is based in Boca Raton, Florida.


Deal Context for Seller #
Overall 71 of 131
Sector: Retail 12 of 24
Type: Secondary Buyout 16 of 34
State: Illinois 2 of 4
Country: United States 52 of 90
Year: 2015 6 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-10-28 Flexitech

Saint-Andre-le-Puy, France

Flexitech is a global designer and supplier of high quality brake hose products for the automotive industry. Flexitech was founded in 1960 and is based in Saint-Andre-le-Puy, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-12-22 Polestar UK Print

Dunstable, United Kingdom

Polestar UK Print Ltd. is the printer in the UK, with the broadest portfolio of gravure, web offset and digital capabilities. The Company produces the majority of UK newspaper color supplements and 23 of the UK’s top 40 magazines, including well-known publications such as Hello, Cosmopolitan, Top Gear, Grazia, and Country Life.

Sell -