Add-on Acquisition • Food

Ornua Co-operative Acquires Thiel Cheese & Ingredients

On November 3, 2011, Ornua Co-operative acquired food company Thiel Cheese & Ingredients from FCF Partners for 50M USD

Acquisition Context
  • This is Ornua Co-operative’s 1st transaction in the Food sector.
  • This is Ornua Co-operative’s largest (disclosed) transaction.
  • This is Ornua Co-operative’s 1st transaction in the United States.
  • This is Ornua Co-operative’s 1st transaction in Wisconsin.

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M&A Deal Summary

Date November 3, 2011
Target Thiel Cheese & Ingredients
Sector Food
Buyer(s) Ornua Co-operative
Sellers(s) FCF Partners
Deal Type Add-on Acquisition
Deal Value 50M USD
Advisor(s) Amherst Partners (Financial)

Target Company

Thiel Cheese & Ingredients

Hilbert, Wisconsin, United States
Thiel Cheese & Ingredients LLC custom formulator and manufacturer of process cheese and cheese-based ingredient solutions to the food ingredient and food service marketplace.
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Buyer Overview 1

Buyer

Ornua Co-operative

Dublin, Ireland

Category Company
Founded 1961
Sector Food
DESCRIPTION

Ornua Co-operative Ltd. is an agri-food commercial co-operative which markets and sells dairy products on behalf of its members, Ireland’s dairy processors and the Irish dairy farmer.


Deal Context for Buyer #
Overall 1 of 6
Sector: Food 1 of 6
Type: Add-on Acquisition 1 of 4
State: Wisconsin 1 of 2
Country: United States 1 of 3
Year: 2011 1 of 1
Size (of disclosed) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-08-01 Luxtor S.A.

Ávila, Spain

Luxtor S.A. manufactures cheese. The company was incorporated in 1991 and is based in Ávila, Spain.

Buy -

Seller Profile 1

SELLER

FCF Partners

Milwaukee, Wisconsin, United States

Category Private Equity Firm
Founded 1999
PE ASSETS 130M USD
Size Small
Type Sector Agnostic
DESCRIPTION

FCF Partners is a private equity firm that focuses on control investments in established, smaller middle-market companies in Wisconsin and the Upper Midwest. FCF targets businesses generating revenues of $10 to $75 million and EBITDA of at least $2 million. Sectors of interest include food/food equipment, manufacturing, distribution, service, medical devices, chemicals, paper converting, packaging, machinery, nice manufacturing, financial services, business services, and later-stage technology. The Firm's target investment size is $2 to $15 million. FCF was formed in 1999 and is based in Milwaukee.


Deal Context for Seller #
Overall 6 of 9
Sector: Food 2 of 2
Type: Add-on Acquisition 3 of 4
State: Wisconsin 5 of 7
Country: United States 6 of 9
Year: 2011 1 of 1
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-01-06 Cerac

Milwaukee, Wisconsin, United States

CERAC is a manufacturer of small quantities of less common, known purity, inorganic chemicals. Today, CERAC offers over 2,000 stock items in quantities ranging from one gram to thousands of kilograms.Materion Advanced Chemicals (formerly knowns as CERAC and Academy of Williams Advanced Materials)

Sell $25M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-01-09 Sani-Matic

Sun Prairie, Wisconsin, United States

Sani-Matic is a provider of hygienic automated cleaning solutions to customers in the food, beverage, pharmaceutical and personal care markets. The company designs and manufactures the broadest range of automated cleaning and sanitizing systems, components and services in the industry. Sani-Matic was founded in 1943 and is based in Sun Prairie, Wisconsin.

Sell -