M&A Deal Summary

Pactiv Acquires Spirit Foodservice Products

On March 1, 2013, Pactiv acquired plastics company Spirit Foodservice Products from Prospect Partners

Acquisition Highlights
  • This is Pactiv’s 1st transaction in the Plastics sector.
  • This is Pactiv’s 2nd transaction in the United States.
  • This is Pactiv’s 1st transaction in Massachusetts.

M&A Deal Summary

Date 2013-03-01
Target Spirit Foodservice Products
Sector Plastics
Buyer(s) Pactiv
Sellers(s) Prospect Partners
Deal Type Add-on Acquisition

Target

Spirit Foodservice Products

Andover, Massachusetts, United States
Spirit Foodservice Products is a manufacturer and marketer of specialty stock and custom plastic and foam disposable serving products sold worldwide through foodservice and specialty advertising distributors, restaurant chains, casinos, nightclubs and bars.

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Buyer(S) 1

Buyer

Pactiv

Lake Forest, Illinois, United States

Category Company
Founded 1959
Sector Packaging
Employees12,000
DESCRIPTION

Pactiv is a major producer of food service disposables and food packaging products. The Company operates over 50 manufacturing plants in seven countries. Pactiv makes and sells products used in the foodservice, supermarket, and food packaging markets. Pactiv was formed in 1959 and is based in Lake Forest, Illinois.


DEAL STATS #
Overall 3 of 3
Sector (Plastics) 1 of 1
Type (Add-on Acquisition) 3 of 3
State (Massachusetts) 1 of 1
Country (United States) 2 of 2
Year (2013) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-09-25 Interplast

Terrebonne,, Quebec, Canada

Interplast produces custom-labeled Recycled PET (RPET) egg cartons for customers throughout North America.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-11-13 Pactiv - Building Products business

United States

Pactiv Building Products, which goes to market under the GreenGuard® brand, is a North American designer, producer and marketer of building insulation products used in new construction and remodel projects for residential and commercial markets

Sell $82M

Seller(S) 1

SELLER

Prospect Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1998
PE ASSETS 470M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Prospect Partners, LLC is a lower middle-market private equity firm that focuses on management buyouts and recapitalization of small companies. Prospect looks to invest $2 to $30 million of equity capital in companies with revenues of $15 to $100 million and EBITDA up to $10 million. The Firm targets opportunities in a variety of sectors spanning many sub-sectors of manufacturing, specialty distribution, and service. Transactions of interest include leverage recapitalizations, industry consolidations, corporate orphans, generational sales, under-managed companies, and backing independent equity sponsors. Prospect Partners was formed in 1998 and is based in Chicago, Illinois.


DEAL STATS #
Overall 20 of 37
Sector (Plastics) 1 of 1
Type (Add-on Acquisition) 2 of 6
State (Massachusetts) 1 of 3
Country (United States) 20 of 37
Year (2013) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-12-10 Pipp

Walker, Michigan, United States

Pipp is a manufacturer of space-saving storage systems for retail stores, offices, companies, and institutions worldwide. Pipp was founded in 1981 and is based in Walker, Michigan.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-04-16 Velocity Aerospace Group

Frisco, Texas, United States

Velocity Aerospace Group provides aviation MRO services to a global base of commercial air transports, corporate business aircraft, regional airlines, and helicopters, operating FAA-certified repair stations in California and Florida that offer a broad range of test, repair, and overhaul services, including unique capabilities in avionic, electronic instrumentation, cockpit panel, and system repairs. Velocity Aerospace Group was founded in 2013 and is based in Frisco, Texas.

Buy -