M&A Deal Summary

PPC Enterprises Acquires Bluegrass Ingredients

On June 28, 2019, private equity firm PPC Enterprises acquired food company Bluegrass Ingredients from Merit Capital Partners and Dubilier

Acquisition Highlights
  • This is PPC Enterprises’ 1st transaction in the Food sector.
  • This is PPC Enterprises’ 4th transaction in the United States.
  • This is PPC Enterprises’ 1st transaction in Kentucky.

M&A Deal Summary
Date 2019-06-28
Target Bluegrass Ingredients
Sector Food
Buyer(s) PPC Enterprises
Sellers(s) Merit Capital Partners
Dubilier
Deal Type Secondary Buyout

Target

Bluegrass Ingredients

Springfield, Kentucky, United States
Bluegrass Ingredients is a processor of custom, value-added dairy ingredients for the food and beverage industry. Bluegrass sources raw milk from dairy farmers and processes it into a wide range of intermediate and shelf stable goods such as dry milk and cheese powders, non-dairy creamers, shortening powders, cheese, and specialty butters. Bluegrass Ingredients was established in 1995 and is based in Springfield, Kentucky.

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Buyer(S) 1

Buyer

PPC Enterprises

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2012
PE ASSETS 1.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

PPC Enterprises is a private equity firm focused on investing in North America-based middle-market companies operating in the business services, industrial services, financial services, healthcare, and specialty chemicals sectors. The Firm looks to commit $25 to $150 million in profitable companies valued up to $500 million. PPC Enterprises was formed in 2012 and is based in New York City.

DEAL STATS #
Overall 4 of 8
Sector (Food) 1 of 1
Type (Secondary Buyout) 1 of 1
State (Kentucky) 1 of 1
Country (United States) 4 of 7
Year (2019) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-18 Viteos Fund Services

Somerset, New Jersey, United States

Viteos Fund Services LLC is a provider of middle- and back-office technology and services for the investment management industry. The company leverages a proprietarily built technology platform to provide a range of post-trade accounting and operational solutions covering over 20 asset classes and 10 investment strategies. Viteos Fund Services was formed in 2003 and is based in Somerset, New Jersey.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-21 Inframark

Katy, Texas, United States

Inframark is an infrastructure services company focused on the operation and maintenance of water and wastewater systems, management of community infrastructure, and back-office services. With more than 40 years of experience in managing water-related infrastructure, the company employs in excess of 1,500 people serving more than 400 clients in 19 states. Its North American operations manage facilities that can treat over 900 million gallons of drinking water and wastewater daily. It also manages more than 7,000 miles of wastewater collection and water distribution networks. Its infrastructure management services group serves 220 clients with financial, administrative, and specialized support services. Inframark is based in Katy, Texas.

Sell -

Seller(S) 2

SELLER

Merit Capital Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 1993
PE ASSETS 2.2B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Merit Capital Partners is a private investment firm that targets investments in middle market manufacturing, distribution, and service based businesses. Merit looks for companies generating at least $25 million in sales and at least $4 million in EBITDA. Merit can provide both equity and junior capital financing and looks to commit at least $15 million per transaction. Prospective transaction situations include management buyouts, recapitalizations, growth financings, divestitures, unsponsored transactions, and ESOPs. Merit Capital will not invest in start-ups, turnarounds, real estate, specialty retail, or oil/gas opportunities. Merit Capital was originally known as William Blair Mezzanine Capital and became independent in 2004. Merit was formed in 1993 and is based in Chicago, Illinois.

DEAL STATS #
Overall 42 of 52
Sector (Food) 4 of 4
Type (Secondary Buyout) 15 of 20
State (Kentucky) 1 of 1
Country (United States) 42 of 51
Year (2019) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-01 Elgen Manufacturing

Closter, New Jersey, United States

Elgen manufactures and markets ductwork accessory products that are used by HVAC contractors in commercial buildings. Elgen Manufacturing provides a mix of stock parts and custom components to match its customer’s unique product needs. Elgen Manufacturing Co. is based in Closter, New Jersey.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-09-05 Icon Identity Solutions

Elk Grove Village, Illinois, United States

Icon Identity Solutions, Inc. is a manufacturer of custom corporate branding and identity solutions encompassing all facets of exterior signage, repair and maintenance and renovation services for blue-chip customers across multiple end markets. Icon’s three manufacturing facilities and extensive network of installation and maintenance technicians allows the company to serve large, nationwide customers in a timely and consistent fashion. Icon’s products and services are provided across three business segments: branding services & products (manufacturing and installation of both exterior and select interior signage), repair & maintenance (preventative maintenance, on-call repair, lighting retrofits and related services for exterior signage and lighting) and remodel & renovation services (in-store renovation/remodel of a customer’s store locations, providing project management and oversight of specialized sub-contractors).

Sell -
SELLER

Dubilier

Stamford, Connecticut, United States
Category Private Equity Firm
Founded 1994
Size Small
Type Sector Agnostic
DESCRIPTION

Dubilier & Co. is a private equity firm that seeks investments in smaller middle-market companies. Transaction situations of interest include shareholder liquidity needs, growth capital financings, non-core divestitures, underperforming enterprises, and strategic/financial partnerships. While Dubilier will consider opportunities in a broad range of sectors, the firm has a special interest in media companies. Dubilier was formed in 1994 by Michael Dubilier, son of Martin Dubilier who co-founded mega private equity firm Clayton, Dubilier & Rice. Dubilier & Co. is based in Stamford, Connecticut.

DEAL STATS #
Overall 9 of 10
Sector (Food) 2 of 2
Type (Secondary Buyout) 2 of 2
State (Kentucky) 1 of 1
Country (United States) 9 of 10
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-03-28 Bulletin Intelligence

Reston, Virginia, United States

Bulletin Intelligence LLC is a provider of fully-customized (bespoke) intelligence briefings to the businesses, government entities, and associations, reaching a combined daily audience of over 1.5 million professionals. Briefings analyze and synthesize the most comprehensive and relevant set of news, social media, and other sources of competitive intelligence, all based on the client's corporate, brand, competitive, industry, policy, legal, and financial priorities.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-06 Systech International

Princeton, New Jersey, United States

Sys-Tech Solutions, Inc. is a provider of software and solutions for product traceability, regulatory compliance and brand protection. Systech offers a unique integrated Brand Protection Suite™ for compliance and brand protection applications, including serialization, traceability, anti-counterfeiting and anti-diversion solutions, which help pharmaceutical and FMCG manufacturers to meet evolving product traceability regulations and growing consumer demand for product safety, security and authenticity. Sys-Tech Solutions, Inc. was founded in 1985 and is based in Princeton, New Jersey.

Sell -
Mergr

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