M&A Deal Summary

Norwest Equity Partners, Golub Capital, NMP Capital and GE Capital Acquire Apothecary Products

On March 3, 2014, private equity firm Norwest Equity Partners, lender Golub Capital, mezzanine finance firm NMP Capital and GE Capital acquired consumer products company Apothecary Products

Acquisition Highlights
  • This is Norwest Equity Partners’ 9th, Golub Capital’s 1st, NMP Capital’s 11th and GE Capital’s 1st transaction in the Consumer Products sector.
  • This is Norwest Equity Partners’ 43rd, Golub Capital’s 27th, NMP Capital’s 53rd and GE Capital’s 2nd transaction in the United States.
  • This is Norwest Equity Partners’ 10th, Golub Capital’s 2nd, NMP Capital’s 5th and GE Capital’s 1st transaction in Minnesota.

M&A Deal Summary

Date 2014-03-03
Target Apothecary Products
Sector Consumer Products
Buyer(s) Norwest Equity Partners
Golub Capital
NMP Capital
GE Capital
Deal Type Buyout (LBO, MBO, MBI)
Advisor(s) Greene Holcomb & Fisher LLC (Financial)

Target

Apothecary Products

Burnsville, Minnesota, United States
Apothecary Products is a consumer products company with hundreds of patents and thousands of SKUs selling pharmaceutical and consumer healthcare products to independent and chain pharmacies, food and mass retailers, and distributors and wholesalers worldwide. Apothecary offers its customers a one-stop-shop solution with unmatched product breadth of both over-the-counter consumer health products and behind-the-counter pharmacy supplies, spanning across three categories, including pharmacy supply, medication management, and home healthcare. Apothecary Products was founded 1975 and is based in Burnsville, Minnesota.

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Buyer(S) 4

Buyer

Norwest Equity Partners

Minneapolis, Minnesota, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1961
PE ASSETS 7.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Norwest Equity Partners (NEP) is a private equity firm focused on investing in growing and profitable middle-market companies. NEP targets investments in businesses valued between $50 and $500 million, typically investing $50 to $250 million of capital per investment. Funds are typically used to fund management buyouts, recapitalizations, and growth financing. Sectors of interest include manufacturing, distribution, healthcare, technology/business services, and consumer products/services. NEP is affiliated with Norwest Mezzanine Partners, an investment partnership focused on providing junior capital to middle-market companies. Norwest Equity Partners is based in Minneapolis, Minnesota.


DEAL STATS #
Overall 44 of 75
Sector (Consumer Products) 9 of 14
Type (Buyout (LBO, MBO, MBI)) 16 of 19
State (Minnesota) 10 of 15
Country (United States) 43 of 72
Year (2014) 2 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-02-01 Cyber Risk Management

Parsippany, New Jersey, United States

Cyber Risk Management (CRM) is a data risk management services company focused on information security and governance & compliance, serving mid-to-large enterprises and governments in the U.S. and internationally.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-03-17 United Sports Brands

Fountain Valley, California, United States

United Sports Brands is a provider of technology-driven sports protective equipment. The company sells mission-critical products used at every level of sport including mouthguards, protective gear, sports medicine and therapy, cycling, gloves, and other sport focused accessories and apparel. United Sports Brands was founded in 1992 and is based in Fountain Valley, California.

Sell -
Buyer

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 27 of 68
Sector (Consumer Products) 1 of 1
Type (Buyout (LBO, MBO, MBI)) 11 of 16
State (Minnesota) 2 of 2
Country (United States) 27 of 66
Year (2014) 1 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-12-19 Tecomet

Wilmington, Massachusetts, United States

Tecomet is a contract manufacturer of precision-engineered medical devices and components for the orthopedic, cardiovascular, medical imaging and aerospace markets. The company manufactures orthopedic implants as well as trauma and cranio-maxillofacial products for medical device customers (accounting for 70% of revenue). Tecomet also makes aerospace and industrial products, including components for satellites and infrared applications. Tecomet was founded in 1964 and is based in Wilmington, Massachusetts.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-05-22 Athletico Physical Therapy

Oak Brook, Illinois, United States

Athletico Physical Therapy is a provider of an orthopedic rehabilitation services to communities, employers and athletes in nearly 400 locations throughout ten states with more than 4500 employees. Athletico Physical Therapy is based in Oak Brook, Illinois.

Buy -
Buyer

NMP Capital

Minneapolis, Minnesota, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 2000
PE ASSETS 4.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

NMP Capital is an independent investment firm focused on providing junior capital to a variety of lower middle-market companies in partnership with financial sponsors. NMP looks to commit $20 to $75 million in profitable companies with at least $10 million of EBITDA. NMP will consider opportunities in a wide range of industries including distribution, manufacturing, healthcare, and consumer. NMP Capital was formed in 2000 and is based in Minneapolis, Minnesota.


DEAL STATS #
Overall 55 of 88
Sector (Consumer Products) 11 of 14
Type (Buyout (LBO, MBO, MBI)) 17 of 22
State (Minnesota) 5 of 7
Country (United States) 53 of 85
Year (2014) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-01-27 Hospitality Staffing Solutions

Atlanta, Georgia, United States

Hospitality Staffing Solutions LLC is a provider of outsourced housekeeping and related services to the hospitality sector in the United States. With operations in 38 states and Puerto Rico, HSS provides a comprehensive suite of services, including housekeeping, food service, laundry, and groundskeeping, as well as outsourcing solutions for day-to-day management responsibilities, including hiring, training, and payroll. Founded in 1990, the company currently supports more than 1,000 properties in 75 markets.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-06-06 UMA Enterprises

Compton, California, United States

UMA Enterprises is a full-service importer and wholesaler of home décor products. UMA serves a diverse customer base including specialty retail stores, furniture stores, discount stores, distributors, and non-traditional home décor retailers throughout the United States and internationally. UMA Enterprises is based in Compton, California.

Sell -
Buyer

GE Capital

Norwalk, Connecticut, United States

Category Company
Founded 1932
Sector Financial Services
Employees47,000
DESCRIPTION

GE Capital is the financing division of General Electric Co and is currently comprised of GE Capital Aviation Services and GE Energy Financial Services. These entities provide commercial lending and leasing, as well as a range of financial services for commercial aviation, energy, and support for GE's industrial business unit.


DEAL STATS #
Overall 5 of 5
Sector (Consumer Products) 1 of 1
Type (Buyout (LBO, MBO, MBI)) 1 of 1
State (Minnesota) 1 of 1
Country (United States) 2 of 2
Year (2014) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-03-26 GE Capital - Fuel Card Business Australia

Australia

GE Capital - Fuel Card Business Australia comprises Fleet Card product, brand, acceptance network contracts, supplier contracts, and approximately one-third of the customer relationships with regards to fuel cards. The remaining customer relationships will be retained by Custom Fleet, and are comprised of companies which have commercial relationships with Custom Fleet beyond fueling, such as fleet management and leasing.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-03-20 Conterra Ultra Broadband

Charlotte, North Carolina, United States

Conterra Networks creates custom technology-based network solutions for businesses of all sizes across 22 states. The company has been designing, building, and managing 11,000+ mile owned and operated fiber network. Its service, reliability, and expertise in understanding customers’ needs have enabled them to become one of the fastest-growing telecommunication companies in the country. Conterra Ultra Broadband is based in Charlotte, North Carolina.

Sell -