M&A Deal Summary

Neptune Acquires Sprout Organic Foods

On February 10, 2021, Neptune acquired food company Sprout Organic Foods from North Castle Partners and Morgan Stanley Expansion Capital

Acquisition Highlights
  • This is Neptune’s 1st transaction in the Food sector.
  • This is Neptune’s 2nd transaction in the United States.
  • This is Neptune’s 1st transaction in New Jersey.

M&A Deal Summary
Date 2021-02-10
Target Sprout Organic Foods
Sector Food
Buyer(s) Neptune
Sellers(s) North Castle Partners
Morgan Stanley Expansion Capital
Deal Type Add-on Acquisition

Target

Sprout Organic Foods

Montvale, New Jersey, United States
Sprout Foods provides organic foods for babies, toddlers, and their families that encourage happy and healthy eating. Sprout Foods was founded in 2008 and is based in Montvale, New Jersey.

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Buyer(S) 1

Buyer

Neptune

Laval, Quebec, Canada
Category Company
Founded 1998
Sector Medical Products
Employees127
Revenue 49M CAD (2022)
DESCRIPTION

Neptune specializes in the extraction, purification, and formulation of health and wellness products. Neptune was founded in 1998 and is based in Laval, Quebec.

DEAL STATS #
Overall 2 of 2
Sector (Food) 1 of 1
Type (Add-on Acquisition) 2 of 2
State (New Jersey) 1 of 1
Country (United States) 2 of 2
Year (2021) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-09 SugarLeaf Labs

Conover, North Carolina, United States

SugarLeaf Labs LLC is a cold ethanol processing facility with a processing capacity of 1,500,000 kg uses hemp cultivated by licensed American growers consistent with federal and state regulations to yield high-quality full and broad-spectrum hemp extracts.

Buy $18M

Seller(S) 2

SELLER

North Castle Partners

Greenwich, Connecticut, United States

Investor

Category Private Equity Firm
Founded 1997
Size Middle-Market
Type Sector Focused
DESCRIPTION

North Castle Partners is a specialist private equity firm that targets investments in consumer-driven product and service businesses. North Castle seeks control investments in companies that benefit from consumers looking to live 'healthier' lives as well as businesses that benefit from the baby boomer population. Specific areas of interest include aesthetics and personal care, consumer health, fitness and recreation, home and leisure, and nutrition. North Castle was formed in 1997 and is based in Greenwich, Connecticut.

DEAL STATS #
Overall 23 of 25
Sector (Food) 3 of 3
Type (Add-on Acquisition) 15 of 15
State (New Jersey) 1 of 1
Country (United States) 21 of 23
Year (2021) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-25 SmartyPants

Marina Del Rey, California, United States

SmartyPants, Inc. is a developer and provider of gummy vitamins for kids and adults. Starting with a multifunctional supplement for kids and adults formulated based on the needs of the average American diet, SmartyPants expanded the portfolio to include supplements custom-tailored for a range of life stages and dietary requirements. SmartyPants was founded in 2011 and is based in Marina Del Rey, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-26 Full Swing

Carlsbad, California, United States

Full Swing is a producer of golf and sports simulators, chosen as the official licensee of PGA tour and the official simulator of golf channel, it is the only simulator giving players patented dual-tracking technology to provide unmatched real ball flight. Users can dynamically experience more than 13 sports including golf, featuring the world's most iconic golf courses. Full Swing Golf was founded in 1986 and is based in Carlsbad, California.

Sell -
SELLER

Morgan Stanley Expansion Capital

Investor Investor Investor Investor Investor

Category Growth Capital Firm
Size Large
Type Sector Agnostic
DESCRIPTION

Morgan Stanley Expansion Capital is a division of Morgan Stanley that looks to make growth equity and credit investments in expanding companies operating in the healthcare, digital media, e-commerce, consumer and business services sectors. The unit will consider opportunities throughout North America and Western Europe and primarily targets companies with established products/services looking to scale. Morgan Stanley Expansion Capital is headquartered in New York City.

DEAL STATS #
Overall 3 of 9
Sector (Food) 1 of 1
Type (Add-on Acquisition) 1 of 4
State (New Jersey) 1 of 1
Country (United States) 3 of 8
Year (2021) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-12 airSlate

Brookline, Massachusetts, United States

airSlate is a global SaaS technology company that serves tens of millions of users worldwide with its no-code business process automation and document management solutions. The company's PDF editing, e-signature workflow, and business process automation solutions empower users to digitally transform their businesses to run faster and easier. airSlate, pdfFiller, signNow, and USLegal make up the company's portfolio of award-winning products. airSlate was founded in 2006 and is based in Brookline, Massachusetts.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-01 MotionPoint

Coconut Creek, Florida, United States

MotionPoint is a provider of website translation and globalization services. The company's proprietary technology platform makes it easier for companies to penetrate new markets domestically and internationally. It translates and localizes client websites, drives traffic to those sites, and optimizes user experiences in every target market. MotionPoint was established in 2000 and is based in Coconut Creek, Florida.

Sell -
Mergr

Product

Company

Legal