Stake Purchase • Manufacturing

Pfingsten Partners and Midwest Mezzanine Funds Invest In Hallcrest

On November 1, 1992, private equity firm Pfingsten Partners and mezzanine finance firm Midwest Mezzanine Funds invested in manufacturer Hallcrest

Investment Context
  • This is Pfingsten Partners’ 1st and Midwest Mezzanine Funds’ 1st transaction in the Manufacturing sector.
  • This is Pfingsten Partners’ 3rd and Midwest Mezzanine Funds’ 2nd transaction in the United States.
  • This is Pfingsten Partners’ 3rd and Midwest Mezzanine Funds’ 2nd transaction in Illinois.
Investment Fate
  • Hallcrest was sold to a strategic buyer in 2004.
  • Hallcrest was sold to a strategic buyer in 2021.

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Investment Summary

Date November 1, 1992
Target Hallcrest
Sector Manufacturing
Investor(s) Pfingsten Partners
Midwest Mezzanine Funds
Deal Type Stake Purchase

Target Company

Hallcrest

Glenview, Illinois, United States
Hallcrest develops and manufactures color-changing temperature indication products. The Company offer a broad portfolio of irreversible and reversible temperature labels used to indicate temperature excursions across a wide range of industrial, transportation, medical device, sterilization, food, and printing applications.
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Investors Overview 2

Investor

Pfingsten Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1989
PE ASSETS 1.8B USD
Size Large
Type Sector Agnostic
DESCRIPTION
Pfingsten's office building at 300 North LaSalle in Chicago.
Pfingsten's office building at 300 North LaSalle in Chicago.

Pfingsten Partners is a private equity firm focused on investments in niche manufacturing, distribution, and business services companies. The Firm targets platform companies headquartered in the US although add-on acquisitions can be located outside the US. Prospective companies typically have revenues of $20 to $150 million and EBITDA of $3 to $12 million. Transaction types include private companies undergoing an ownership transition, corporate divestitures, strategic add-ons, and turnarounds. Pfingsten only invests in situations allowing for control. Pfingsten will not invest in real estate, natural resources, highly regulated businesses, retail, restaurants, early-stage companies, or technology. Pfingsten Partners was formed in 1989 and is based in Chicago, Illinois.


Deal Context for Investor #
Overall 3 of 58
Sector: Manufacturing 1 of 5
Type: Stake Purchase 3 of 5
State: Illinois 3 of 10
Country: United States 3 of 58
Year: 1992 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1991-05-01 Park Foods

Barrington, Illinois, United States

Park Foods, L.P. is a manufacturer of various food and beverages, primarily coffee, tea and powdered drink products serving the food service and private label retail markets.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
1993-03-01 American Academic Suppliers

Cary, Illinois, United States

American Academic Suppliers, Inc. was a national distributor of educational supplies to primary and secondary schools and early learning centers.

Buy -
Investor

Midwest Mezzanine Funds

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 1992
PE ASSETS 1.0B USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Midwest Mezzanine Funds (MMF) is a provider of junior capital to lower middle-market, US and Canadian companies. MMF looks to invest $4 to $15 million to support buyouts, acquisition financings, recapitalizations, and growth capital needs. Prospective companies generally have consistent profits ($3 million of EBITDA), low capital intensity, and sustainable competitive advantages. Broad areas of interest include manufacturing, value-added distribution, and services. MMF will not invest in high technology, energy, or real estate. Midwest Mezzanine was formed in 1992 and has offices in Chicago and Monroe, Michigan.


Deal Context for Investor #
Overall 2 of 81
Sector: Manufacturing 1 of 5
Type: Stake Purchase 1 of 6
State: Illinois 2 of 8
Country: United States 2 of 81
Year: 1992 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1992-04-01 FPM Heat Treating

Elk Grove Village, Illinois, United States

FPM Heat Treating is a provider of heat treat processes. FPM offers a wide variety of heat treating processes; serving the needs of over 3,000 customers and meeting the most challenging OEM and military-aerospace specifications. FPM serves all segments of the manufacturing community including: automotive, construction and agricultural equipment, appliance and consumer products, machinery components, and tooling. FPM Heat Treating was established in 1979 and is based in Elk Grove Village, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
1994-12-01 Bankers Systems

St. Cloud, Minnesota, United States

Bankers Systems, Inc. is a provider of software products and services designed to assist banks and other financial institutions conduct business in compliance with legal and regulatory requirements.

Buy -