M&A Deal Summary

Mondelez International Acquires Tate’s Bake Shop

On May 6, 2018, Mondelez International acquired food company Tate’s Bake Shop from The Riverside Company, Golub Capital, Crescent Capital Group and Triangle Capital for 500M USD

Acquisition Highlights
  • This is Mondelez International’s 9th transaction in the Food sector.
  • This is Mondelez International’s 6th largest (disclosed) transaction.
  • This is Mondelez International’s 6th transaction in the United States.
  • This is Mondelez International’s 2nd transaction in New York.

M&A Deal Summary
Date 2018-05-06
Target Tate’s Bake Shop
Sector Food
Buyer(s) Mondelez International
Sellers(s) The Riverside Company
Golub Capital
Crescent Capital Group
Triangle Capital
Deal Type Add-on Acquisition
Deal Value 500M USD

Target

Tate’s Bake Shop

Southampton, New York, United States
Tate’s is a premium, consumer branded producer of gourmet cookies and other baked goods marketed throughout the United States. Tate’s has been one of the fastest growing biscuit brands in the United States over the last 12 months. The brand’s sales have quadrupled over the past five years. Tate’s Bake Shop is the home of America’s top-rated chocolate chip cookie, available at grocery stores, gourmet shops and natural food stores nationwide, as well as online.

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Buyer(S) 1

Buyer

Mondelez International

Chicago, Illinois, United States
Category Company
Founded 2000
Sector Food
Employees91,000
Revenue 36.0B USD (2023)
DESCRIPTION

Mondelez International is a multinational confectionery, food, and beverage company. Mondelez was established in 2000 and is based in Chicago, Illinois.

DEAL STATS #
Overall 10 of 18
Sector (Food) 9 of 16
Type (Add-on Acquisition) 5 of 12
State (New York) 2 of 2
Country (United States) 6 of 8
Year (2018) 1 of 1
Size (of disclosed) 6 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-08-12 Burton s Foods - Cadbury Biscuits License

Hertfordshire, United Kingdom

Burton's Foods Ltd. - Cadbury Biscuits License provides rights to manufacturer of cadbury branded biscuits.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-16 Perfect Snacks

Sorrento Valley, California, United States

Perfect Snacks is a collection of fresh-from-the-fridge protein snacks for the entire family. Inspired by their dad’s recipe, the Keith family founded Perfect Snacks in 2005 and pioneered the Fresh Snacking category with Perfect Bar, The Original Refrigerated Protein Bar. Today, Perfect Snacks continues to lead fresh-snacking innovation with Perfect Bar line extensions and the brand’s newest platforms, Perfect Kids and Perfect Bites.

Buy -

Seller(S) 4

SELLER

The Riverside Company

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1988
PE ASSETS 5.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

The Riverside Company is a global private equity firm that seeks investments in profitable lower middle-market companies valued under $400 million. Riverside looks to invest in growth businesses headquartered in North America, Europe, and Asia (primarily Japan and South Korea), that have been in operation for at least five years. Riverside targets investments in a wide array of industries including distribution, automotive, healthcare, education, manufacturing, software, consumer services, plastics, publishing, food, communications, marine, and business services. Riverside was formed in 1988 and is based in New York City.

DEAL STATS #
Overall 135 of 191
Sector (Food) 5 of 6
Type (Add-on Acquisition) 54 of 82
State (New York) 6 of 9
Country (United States) 95 of 133
Year (2018) 6 of 17
Size (of disclosed) 1 of 21
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-17 Spirion

St. Petersburg, Florida, United States

Spirion is a provider of IT security and data privacy software. The company serves a broad slate of sophisticated customers, many of which operate internationally. Spirion has grown quickly thanks to its unique solution, which helps customers identify, classify, monitor and protect sensitive information stored throughout an IT ecosystem. Its software lets clients automatically remediate issues with sensitive data, such as deleting duplicative files, redacting information and applying permissions, among other actions.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-05-17 Clarus

Fort Worth, Texas, United States

Clarus is a manufacturer and seller of wall-mounted and mobile glassboards, architectural glass systems and related accessories primarily to corporate, education, healthcare and government customers. The company manufactures products from its facility in Texas and sells into the architectural and design and commercial furniture channels.

Buy -
SELLER

Golub Capital

New York, New York, United States

Investor Investor Investor Investor Investor

Category Lender
Founded 1994
PE ASSETS 55.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Golub Capital is a private investment firm focused on making debt and equity investments in US based middle-market companies. Golub looks to invest between $5 and $75 million in businesses with established operating cash flow, strong customer relationships, and 'sustainable proprietary positions in their markets'. Prospective investment structures include refinancings, recapitalizations, buyouts, and growth financings. Sectors of interest include consumer products, business and consumer services, defense, manufacturing, value-added distribution, media, healthcare services and restaurants. Golub Capital was formed in 1994 and maintains offices in New York City, Atlanta, and Chicago.

DEAL STATS #
Overall 14 of 41
Sector (Food) 1 of 1
Type (Add-on Acquisition) 5 of 19
State (New York) 1 of 1
Country (United States) 14 of 39
Year (2018) 1 of 2
Size (of disclosed) 3 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-12-27 PetVet Care Centers

Westport, Connecticut, United States

PetVet Care Centers is an operator and consolidator of specialty veterinary hospitals and general practice veterinary clinics. With over 600 general veterinarians and board-certified specialists, ranging from emergency critical care to cardiology and orthopedic surgery. PetVet Care Centers was founded in 2012 and is based in Westport, Connecticut.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-06-13 Elite Dental Partners

Chicago, Illinois, United States

Elite Dental Partners is a provider of general and specialty dental services. Elite Dental Partners was founded in 2014 and is based in Chicago, Illinois.

Buy -
SELLER

Crescent Capital Group

Los Angeles, California, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 1991
PE ASSETS 39.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Crescent Capital is a provider of debt securities to middle-market companies. Crescent looks to issue senior bank loans, high yield bonds, mezzanine debt and distressed debt to fund a variety of needs. The FIrm's direct lending group looks to provide $10 to $30 million to sponsor-backed companies that generate $5 to $35 million of EBITDA. Crescent's mezzanine practice typically provides junior capital to support buyouts, recapitalizations, and refinancings. Crescent Capital was formed in 1991 and was originally known as TCW/Crescent Mezzanine. The Firm has offices in Los Angeles, Boston, New York, and London.

DEAL STATS #
Overall 41 of 47
Sector (Food) 1 of 1
Type (Add-on Acquisition) 16 of 19
State (New York) 2 of 2
Country (United States) 35 of 40
Year (2018) 1 of 3
Size (of disclosed) 15 of 18
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-11-15 Motorsport Aftermarket Group

Coppell, Texas, United States

Motorsport Aftermarket Group (MAG) is a large distributor and manufacturer of branded aftermarket products for the powersports industry in North America. MAG provides dealers, e-commerce sites and their enthusiast end-users with parts, accessories and apparel for motorcycles, ATVs and UTVs. The Company’s brands include Vance & Hines, Kuryakyn, Performance Machine, QuadBoss, DragonFire and ProTaper. Motorsport Aftermarket Group was formed in 2000 and is based in Coppell, Texas.

Sell $300M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-05-08 Intermedix

Fort Lauderdale, Florida, United States

Intermedix is a provider of healthcare information technology based business services to emergency providers. Intermedix was founded in 1983 and is based in Fort Lauderdale, Florida.

Sell -
SELLER

Triangle Capital

Raleigh, North Carolina, United States
Category Private Equity Firm
Founded 2007
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

DEAL STATS #
Overall 54 of 72
Sector (Food) 3 of 5
Type (Add-on Acquisition) 27 of 35
State (New York) 2 of 3
Country (United States) 53 of 71
Year (2018) 4 of 12
Size (of disclosed) 3 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-10 Wheel Pros

Greenwood Village, Colorado, United States

Wheel Pros is a designer, marketer, and distributor of branded automotive aftermarket wheels, performance tires, and accessories. Wheel Pros was founded in 1995 and is based in Greenwood Village, Colorado.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-05-16 Carolina Beverage Group

Mooresville, North Carolina, United States

Carolina Beverage Group LLC (CBG) is a manufacturer of a dozen, high-quality, draft beers sold and distributed in five mid-Atlantic states under the Carolina Blonde and Cottonwood Ales brands. Carolina Beverage Group LLC was founded in 1997 and is based in Mooresville, North Carolina.

Sell -
Mergr

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