M&A Deal Summary

Nautic Partners, Blackstone Credit, Carlson Private Capital Partners and Ardian Acquire LindFast Solutions Group

On April 8, 2019, private equity firm Nautic Partners, lender Blackstone Credit, family office Carlson Private Capital Partners and private equity firm Ardian acquired distribution company LindFast Solutions Group

Acquisition Highlights
  • This is Nautic Partners’ 2nd, Blackstone Credit’s 1st, Carlson Private Capital Partners’ 1st and Ardian’s 4th transaction in the Distribution sector.
  • This is Nautic Partners’ 58th, Blackstone Credit’s 6th, Carlson Private Capital Partners’ 1st and Ardian’s 47th transaction in the United States.
  • This is Nautic Partners’ 3rd, Blackstone Credit’s 1st, Carlson Private Capital Partners’ 1st and Ardian’s 2nd transaction in Minnesota.

M&A Deal Summary

Date 2019-04-08
Target LindFast Solutions Group
Sector Distribution
Buyer(s) Nautic Partners
Blackstone Credit
Carlson Private Capital Partners
Ardian
Deal Type Buyout (LBO, MBO, MBI)
Advisor(s) BB&T Capital Markets (Financial)
Blank Rome (Legal)

Target

LindFast Solutions Group

Blaine, Minnesota, United States
LindFast Solutions Group is a master distributor of specialty fasteners in the North American market serving a broad base of national, regional, and local distribution customers through its metric (Lindstrom) and imperial (Stelfast) product brands. LindFast Solutions is based in Blaine, Minnesota.

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Buyer(S) 4

Buyer

Nautic Partners

Providence, Rhode Island, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1986
PE ASSETS 9.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Nautic Partners is a private equity firm focused on middle-market company investments based in the US. Nautic looks to invest $50 to $400 million of equity in businesses valued between $100 million and $1 billion. Nautic's industry focus is business services, manufacturing, healthcare, and communications. Prospective investment structures include buyouts, recapitalizations, consolidations, and growth financings. Nautic prefers majority investment positions. Nautic Partners was formed in 1986 and is based in Providence, Rhode Island.


DEAL STATS #
Overall 59 of 77
Sector (Distribution) 2 of 4
Type (Buyout (LBO, MBO, MBI)) 29 of 32
State (Minnesota) 3 of 4
Country (United States) 58 of 76
Year (2019) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-12-19 Odyssey Behavioral Healthcare

Brentwood, Tennessee, United States

Odyssey Behavioral Healthcare is a provider of behavioral health facilities across the treatment spectrum in psychiatric and addiction care. Odyssey Behavioral Healthcare was founded in 2015 and is based in Brentwood, Tennessee.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-01 Nystrom Counseling

New Brighton, Minnesota, United States

Nystrom & Associates provides heal from trauma, grief, depression, anxiety and overwhelming stress. Nystrom & Associates was founded in 1991 and is based in New Brighton, Minnesota.

Buy -
Buyer
DESCRIPTION

Blackstone Credit is the lending arm of alternative asset management firm The Blackstone Group. Blackstone Credit looks to provide a variety of capital needs, including loans, high yield and investment grade bonds, structured credit, mezzanine lending, and opportunistic financings. The Blackstone Group acquired lender GSO Capital Partners in 2008 which formed the foundation for Blackstone Credit. Blackstone Credit is based in New York City.


DEAL STATS #
Overall 8 of 12
Sector (Distribution) 1 of 1
Type (Buyout (LBO, MBO, MBI)) 2 of 2
State (Minnesota) 1 of 1
Country (United States) 6 of 9
Year (2019) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-02-19 Targa Badlands

Houston, Texas, United States

Targa Badlands consists of operations and energy assets located in the Bakken and Three Forks Shale plays of the Williston Basin in North Dakota and include approximately 500 miles of crude oil gathering pipelines, 120 MBbl of operational crude oil storage capacity at the Johnsons Corner Terminal, 30 MBbl of operational crude oil storage capacity at the Alexander Terminal, 30 MBbl of operational crude oil storage at New Town and 25 MBbl of operational crude oil storage at Stanley. is a North Dakota based energy company comprising Bakken assets.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-20 Fairway Group Holdings

New York, New York, United States

Fairway Group Holdings Corp. is a specialty grocery concept that currently operates six full-service retail food stores in the New York metropolitan area. Fairway offers its customers an extensive mix of the freshest produce—both conventional and organic—prepared foods, and quality specialty grocery items, such as exotic cheeses, smoked fish and private label olive oils, along with conventional grocery items, all at reasonable prices and with high quality service.

Sell -
DESCRIPTION

Carlson Private Capital Partners is a family office focused on acquiring and investing in profitable, industry-leading businesses in the US and Canada. The Firm targets founder or family owned businesses with $50 to $500 million of revenue and $8 to $40 million of EBITDA. Carlson also looks to work with management teams seeking to transition from private equity ownership to a longer-term investor. Carlson Private Capital Partners was formed in 2018 and is headquartered in Minnetonka, Minnesota.


DEAL STATS #
Overall 1 of 6
Sector (Distribution) 1 of 2
Type (Buyout (LBO, MBO, MBI)) 1 of 2
State (Minnesota) 1 of 3
Country (United States) 1 of 6
Year (2019) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-21 Lakeshirts

Detroit Lakes, Minnesota, United States

Lakeshirts is a designer, manufacturer, and value-added distributor of customized apparel and provides merchandising solutions to the resort and college-licensed apparel and accessories markets. The Company collaborates with its specialty retailer customers to develop and supply attractive, unique products for markets where consumer demand is driven by impulse and emotional connection to an experience. Lakeshirts was founded in 1984 and is based in Detroit Lakes, Minnesota.

Buy -
Buyer

Ardian

Paris, France

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1996
PE ASSETS 125.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Ardian is a mega-sized diversified investment group focused on opportunities worldwide. Ardian invests across and manages funds focused on small and mid-sized buyouts, growth capital financings, mezzanine, infrastructure, real estate, and co-investment opportunities. Ardian's small-buyouts group targets controlling interests in French, German, and Italian businesses valued up to €100 million. It's mid-sized buyout group seeks businesses valued up €1.5 billion and does not have any geographic limitations. The Infrastructure team looks for European opportunities and can commit up to €150 million per transaction. The Mezzanine group supports junior capital commitments of €5 to €80 million. In addition to direct investing, Ardian also manages various private equity fund-of-funds. Ardian was founded in 1996 and is based in Paris.


DEAL STATS #
Overall 340 of 418
Sector (Distribution) 4 of 5
Type (Buyout (LBO, MBO, MBI)) 100 of 108
State (Minnesota) 2 of 2
Country (United States) 47 of 59
Year (2019) 12 of 30
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-08 Rivalis

Logelheim, France

Rivalis provides a solution for business leaders who wish to develop their business and offers a permanent advisor for tailor-made support. Rivalis has developed Henri, a software as a service "freemium plus" assistant, in response to key needs of micro-businesses, craftsmen, and SMEs, which include budget, invoices, payments, and dashboards. Rivalis was founded in 1994 and is based in Logelheim, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-10 Palacios

Albelda de Iregua, Spain

Palacios is a Spanish private food company in the chilled & ready meals market. Palacios Food has a full portfolio of dry goods under Gallo's own brand or distribution brands. Gallo also makes fresh products (fresh pasta and fresh sauces). Palacios was founded in 1960 and is based in Albelda de Iregua, Spain.

Buy -