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M&A Deal Summary

PNC Erieview Capital and Sequel Holdings Acquire Star Seed

On December 21, 2018, mezzanine finance firm PNC Erieview Capital and private equity firm Sequel Holdings acquired agriculture company Star Seed from ZJM Equity and Broadgate Capital

Acquisition Highlights
  • This is PNC Erieview Capital’s 1st and Sequel Holdings’ 2nd transaction in the Agriculture sector.
  • This is PNC Erieview Capital’s 14th and Sequel Holdings’ 9th transaction in the United States.
  • This is PNC Erieview Capital’s 1st and Sequel Holdings’ 1st transaction in Kansas.
Investment Fate
  • Star Seed was sold to a strategic buyer in 2024.

M&A Deal Summary
Date 2018-12-21
Target Star Seed
Sector Agriculture
Buyer(s) PNC Erieview Capital
Sequel Holdings
Sellers(s) ZJM Equity
Broadgate Capital
Deal Type Secondary Buyout

Target

Star Seed

Osborne, Kansas, United States
Star Seed is a producer, conditions and markets high-quality seeds to the agriculture industry. Star Seed, Inc. is a seed distributor focused on native grasses, wildflowers, forages, cover crops, wheat, and other small grains. Star Seed was founded in 1920 and is based in Osborne, Kansas.

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Buyer(S) 2

Buyer

PNC Erieview Capital

Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 1979
Size Middle-Market
Type Sector Agnostic
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 14 of 41
Sector (Agriculture) 1 of 1
Type (Secondary Buyout) 3 of 7
State (Kansas) 1 of 1
Country (United States) 14 of 40
Year (2018) 5 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-09 Structural Concepts

Muskegon, Michigan, United States

Structural Concepts is a designer and manufacturer of temperature-controlled food and beverage display cases for food service establishments and supermarkets. Structural Concepts was founded in 1972 and is based in Muskegon, Michigan.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-03-06 Cattron

Warren, Ohio, United States

Cattron is a manufacturer of wireless control solutions for safety and mission-critical applications. Cattron has designed, manufactured, and supplied controls that are well recognized and respected in both the rail and industrial markets. Cattron's product portfolio includes complementary machine and operator controls. Cattron was founded in 1946 and is based in Warren, Ohio.

Buy -
Buyer

Sequel Holdings

Dallas, Texas, United States

Category Private Equity Firm
Founded 2002
Size Small
Type Sector Agnostic
DESCRIPTION

Sequel Holdings LP is a private equity firm specializing in equity investments in profitable middle-market businesses. Sequel focuses primarily on companies in the food, beverage, agribusiness, plastics and other industrial sectors. Sequel Holdings was formed in 2002 and is based in Dallas, Texas.

DEAL STATS #
Overall 9 of 12
Sector (Agriculture) 2 of 2
Type (Secondary Buyout) 4 of 5
State (Kansas) 1 of 1
Country (United States) 9 of 12
Year (2018) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-08-05 Chairmans Foods

Nashville, Tennessee, United States

Chairmans Foods is a manufacturer and custom solutions provider of fresh and frozen food products. The company's primary products include, refrigerated system kits, refrigerated branded pre-packaged chicken salad under the comfort cuisine label, kettle-cooked customized side dishes (macaroni and cheese, country corn, green beans, pepper gravy, cinnamon apples, etc.) delivered frozen to foodservice and other customers, and refrigerated sauces. Chairmans Foods was founded in 1999 and is based in Nashville, Tennessee.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-07-27 Mrs. Gerry s Kitchen

Albert Lea, Minnesota, United States

Mrs. Gerry's Kitchen is a developer, manufacturer, marketer and distributor of premium salads and side dishes for retail and foodservice customers. The company’s primary products include fresh refrigerated potato salads, pasta salads, coleslaws, macaroni and cheese and mashed potatoes. Mrs. Gerry's Kitchen was founded in 1973 and is based in Albert Lea, Minnesota.

Buy -

Seller(S) 2

SELLER

ZJM Equity

Centennial, Colorado, United States

Investor

Category Private Equity Firm
Founded 2008
Size Small
Type Sector Agnostic
DESCRIPTION

ZJM Equity is a private equity firm focused on acquiring profitable manufacturing, distribution, and business services companies. The Firm will consider opportunities throughout the US and prefers businesses with defendable market positions, strong management willing to stay in place, and potential for growth. ZJM Equity was formerly known as Highline Equity. The Firm was originally established in 2008 and is based in Denver, Colorado.

DEAL STATS #
Overall 2 of 4
Sector (Agriculture) 1 of 1
Type (Secondary Buyout) 1 of 1
State (Kansas) 1 of 1
Country (United States) 2 of 4
Year (2018) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-25 Century Tool & Gage

Fenton, Michigan, United States

Century Tool & Gage Co. is a manufacturer of large compression molds and secondary tooling fixtures. Century Tool & Gage Co. was founded in 1974 and is based in Fenton, Michigan.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-30 Bestronics

San Jose, California, United States

Bestronics, Inc. provides printed circuit board and box assembly services to a diverse base of OEMs in the industrial, medical, power and other markets. Bestronics, Inc. was founded in 1990 and is based in San Jose, California.

Sell -
SELLER

Broadgate Capital

Dallas, Texas, United States

Investor Investor

Category Private Equity Firm
Founded 2011
Size Small
Type Sector Agnostic
DESCRIPTION

Broadgate Capital is a private-equity group focused on acquisitions and investments across a variety of industries including manufacturing, distribution, consumer products, and healthcare. The Firm pursues profitable companies with EBITDA greater then $1 million and at least $5 million in revenue. Broadgate will consider opportunities throughout the US and is willing to provide junior and/or equity capital. Broadgate Capital was formed in 2011 and is based in Dallas, Texas.

DEAL STATS #
Overall 2 of 4
Sector (Agriculture) 1 of 1
Type (Secondary Buyout) 1 of 1
State (Kansas) 1 of 1
Country (United States) 2 of 4
Year (2018) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-25 Century Tool & Gage

Fenton, Michigan, United States

Century Tool & Gage Co. is a manufacturer of large compression molds and secondary tooling fixtures. Century Tool & Gage Co. was founded in 1974 and is based in Fenton, Michigan.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-30 Bestronics

San Jose, California, United States

Bestronics, Inc. provides printed circuit board and box assembly services to a diverse base of OEMs in the industrial, medical, power and other markets. Bestronics, Inc. was founded in 1990 and is based in San Jose, California.

Sell -
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