M&A Deal Summary

Nonantum Capital Partners and PNC Erieview Capital Acquire MSI Express

On March 26, 2025, private equity firm Nonantum Capital Partners and mezzanine finance firm PNC Erieview Capital acquired packaging company MSI Express from HCI Equity Partners and Patriot Capital

Acquisition Highlights
  • This is Nonantum Capital Partners’ 1st and PNC Erieview Capital’s 1st transaction in the Packaging sector.
  • This is Nonantum Capital Partners’ 10th and PNC Erieview Capital’s 43rd transaction in the United States.
  • This is Nonantum Capital Partners’ 1st and PNC Erieview Capital’s 1st transaction in Indiana.

M&A Deal Summary

Date 2025-03-26
Target MSI Express
Sector Packaging
Buyer(s) Nonantum Capital Partners
PNC Erieview Capital
Sellers(s) HCI Equity Partners
Patriot Capital
Deal Type Secondary Buyout
Advisor(s) Houlihan Lokey (Financial)

Target

MSI Express

Portage, Indiana, United States
MSI Express provides contract packaging services, such as pouching/bagging, stand-up pouching, filling, lidding, bundle wrapping, flow wrapping, blister carding, shrink wrapping, inspections, mixing, kitting, display building, and canister sealing. It also provides a range of contract manufacturing services, including dry and liquid blending of ingredients, heat pasteurization, and batching. MSI Express was founded in 2008 and is based in Portage, Indiana.

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Buyer(S) 2

Buyer
DESCRIPTION

Nonantum Capital Partners is a private equity firm focused on investing in North American family and founder-owned businesses, corporate carve-outs, and complex situations. The Firm targets businesses valued from $50 to $500 million where the Nonatum can commit $25 to $100 million. Areas of interest include consumer products, industrial, and business services. Nonantum Capital Partners was established in 2018 and is headquartered in Boston, Massachusetts.


DEAL STATS #
Overall 10 of 10
Sector: Packaging M&A 1 of 1
Type: Secondary Buyout M&A Deals 5 of 5
State: Indiana M&A 1 of 1
Country: United States M&A 10 of 10
Year: 2025 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-07-31 ProVest

Tampa, Florida, United States

ProVest is a provider of outsourced service of process and related services to law firms, leveraging its footprint of more than 2,000 process servers nationwide. Service of process is legally required consumer protection which ensures appropriate notification in legal cases. ProVest was founded in 1991 and is based in Tampa, Florida.

Sell -
DESCRIPTION

PNC Erieview Capital is a provider equity and junior capital to middle-market companies throughout the US and Canada. The Firm looks to support private equity sponsor-led buyouts and recapitalizations, non-sponsored buyouts, family office buyouts, and growth equity needs. PNC Erieview typically works with profitable companies (EBITDA greater than $5 million) valued from $20 to $250 million. Areas of interest include distribution, consumer products, healthcare, manufacturing, and services. The Firm was originally known as National City Equity Partners and was established in 1979. PNC Erieview Capital is based in Cleveland, Ohio.


DEAL STATS #
Overall 44 of 44
Sector: Packaging M&A 1 of 1
Type: Secondary Buyout M&A Deals 9 of 9
State: Indiana M&A 1 of 1
Country: United States M&A 43 of 43
Year: 2025 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-10-15 McMillan Pazdan Smith Architecture

Spartanburg, South Carolina, United States

McMillan Pazdan Smith Architecture offers a range of architecture, advisory, planning, and interior design services to a diverse group of public and private clients in the higher education, K-12, healthcare, civic and cultural, commercial, industrial, and living markets. McMillan Pazdan Smith Architecture was founded in 1995 and is based in Spartanburg, South Carolina.

Buy -

Seller(S) 2

SELLER

HCI Equity Partners

Washington, District of Columbia, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
PE ASSETS 1.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

HCI Equity Partners is a private equity group that targets lower middle-market industrial product and service companies throughout North America. HCI is a 'hands on' investor, looking to assist portfolio companies with growth strategies and improving profitability. The Firm seeks opportunities with $20 to $200 million in revenues and strong management in place. Specific areas of interest include aerospace/defense, automotive and commercial vehicle suppliers, industrial distribution, infrastructure, power generation, test/measurement equipment, and transportation. HCI Equity Partners (fka Thayer | Hidden Creek Partners) is based in Washington DC.


DEAL STATS #
Overall 29 of 30
Sector: Packaging M&A 4 of 4
Type: Secondary Buyout M&A Deals 9 of 9
State: Indiana M&A 3 of 3
Country: United States M&A 27 of 28
Year: 2025 M&A 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-07-11 LawnPRO

Washington, District of Columbia, United States

LawnPRO is focused on building a best-in-class provider of lawn care treatment services, tree service, and pest control to residential customers. LawnPRO is based in Washington, District of Columbia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-09-09 SDS Rx

Tampa, Florida, United States

SDS Rx is a supply chain solutions service provider focused on the long-term care pharmacy market, specializing in the movement of pharmaceuticals from wholesale distributors to LTC pharmacies and from LTC pharmacies to LTC facilities. SDS Rx is based in Tampa, Florida.

Sell -
SELLER

Patriot Capital

Baltimore, Maryland, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Size Large
Type Sector Agnostic
DESCRIPTION

Patriot Capital is a private investment firm that provides equity and junior capital to support acquisitions, growth capital financings, management buyouts, and recapitalizations of middle-market companies. The Firm looks to invest $5 to $25 million in businesses generating revenues of $10 to $200 million. Areas of interest include business and consumer services, consumer products, niche manufacturing and distribution, education, e-commerce, application software, transportation, and telecom services. Patriot focuses its investment activity with the Mid-Atlantic, Midwest, and Southern areas of the US. Patriot Capital is based in Baltimore, Maryland.


DEAL STATS #
Overall 54 of 55
Sector: Packaging M&A 2 of 2
Type: Secondary Buyout M&A Deals 8 of 8
State: Indiana M&A 2 of 2
Country: United States M&A 54 of 55
Year: 2025 M&A 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-01-21 Chandler Industries

Blaine, Minnesota, United States

Chandler Industries is a manufacturer of precision-machined components, fabrications, complex assemblies and weldments for quality-minded. Chandler Industries was established in 1962 and is based in Blaine, Minnesota.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-04-08 Soutron Global

Encinitas, California, United States

Soutron Global is a cloud-based Library, Archive, Knowledge, and Information Management Solutions provider dedicated to “Managing Library Transformation.” As a client-driven company with strong award-winning leadership, Soutron Global partners with special libraries and information centers around the globe to transition them to digital technologies with innovative, flexible, easy-to-use solutions. Soutron Global was founded in 2011 and is based in Encinitas, California.

Buy -