M&A Deal Summary

Mason Wells, Audax Private Debt and PPM America Capital Partners Acquire Ornua Ingredients North America

On November 26, 2012, private equity firm Mason Wells, mezzanine finance firm Audax Private Debt and private equity firm PPM America Capital Partners acquired food company Ornua Ingredients North America

Acquisition Highlights
  • This is Mason Wells’ 3rd, Audax Private Debt’s 4th and PPM America Capital Partners’ 1st transaction in the Food sector.
  • This is Mason Wells’ 19th, Audax Private Debt’s 44th and PPM America Capital Partners’ 4th transaction in the United States.
  • This is Mason Wells’ 12th, Audax Private Debt’s 2nd and PPM America Capital Partners’ 1st transaction in Wisconsin.
Investment Fate
  • Ornua Ingredients North America was sold to a strategic buyer in 2021.

M&A Deal Summary

Date 2012-11-26
Target Ornua Ingredients North America
Sector Food
Buyer(s) Mason Wells
Audax Private Debt
PPM America Capital Partners
Deal Type Buyout (LBO, MBO, MBI)

Target

Ornua Ingredients North America

Whitehall, Wisconsin, United States
Ornua Ingredients North America is a manufacturer of custom analog and processed cheese ingredients and products for industrial, food service, and retail markets. Ornua Ingredients North America was founded in 1994 and is based in Whitehall, Wisconsin.

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Buyer(S) 3

Buyer

Mason Wells

Milwaukee, Wisconsin, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1998
PE ASSETS 2.4B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Mason Wells is a private equity firm focused on middle-market buyout opportunities in the Midwest US. Mason Wells looks to invest in businesses operating in engineered products and services, outsourced business services, and specialty packaging. Target companies typically generate revenue of $25 to $300 million and EBITDA of at least $5 million. The Firm prefers businesses with high barriers to entry, limited customer concentration, and strong market positions. Mason Wells was originally formed 1982 as a subsidiary of Marshall & Ilsley Corporation and became an independent firm in 1998. Mason Wells is based in Milwaukee, Wisconsin.


DEAL STATS #
Overall 19 of 40
Sector: Food M&A 3 of 3
Type: Buyout (LBO, MBO, MBI) M&A Deals 15 of 27
State: Wisconsin M&A 12 of 17
Country: United States M&A 19 of 40
Year: 2012 M&A 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-04-13 Oliver Products

Grand Rapids, Michigan, United States

Oliver Products provides medical packaging solutions for Class II and III medical device OEMs, meal packaging products for foodservice markets and niche food processing equipment with aftermarket support services. Oliver Products is headquartered in Grand Rapids, Michigan.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-11-28 GAMFG Precision

Franklin, Wisconsin, United States

GAMFG Precision a manufacturer of highly engineered, tight-tolerance, precision-machined components for diesel engines, diesel fuel injection systems and other industrial applications. GAMFG sells directly to leading diesel OEMs and fuel system suppliers. GAMFG is the sole source supplier of diesel engine and fuel injection components on a number of diesel engine platforms characterized by high volume production and long part lives.

Sell -
Buyer

Audax Private Debt

New York, New York, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 2000
PE ASSETS 5.4B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Audax Mezzanine is the mezzanine finance arm of the Audax Group. The Firm focuses on investing in both private and public, US-based middle market companies with a strong history of cash flows and consistent revenue growth. Audax will consider subordinated mezzanine debt commitments, second lien or junior secured debt, preferred stock and common stock. The Firm seeks to invest in companies with EBITDA between $10 and $100 million. Types of transaction include MBOs, LBOs, growth capital financings, acquisition financings, and recapitalizations. Audax Private Debt is based in New York, New York.


DEAL STATS #
Overall 45 of 120
Sector: Food M&A 4 of 8
Type: Buyout (LBO, MBO, MBI) M&A Deals 18 of 27
State: Wisconsin M&A 2 of 4
Country: United States M&A 44 of 118
Year: 2012 M&A 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-11-01 CPS

Dublin, Ohio, United States

CPS is a provider of outsourced pharmacy services to hospitals and integrated health systems. CPS offers a suite of services, information technology and data informatics, including pharmacy management, technology-based tools and data analytics. CPS was founded in 1971 and is based in Dublin, Ohio.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-12-28 Chromalox

Pittsburgh, Pennsylvania, United States

Chromalox, Inc. is a provider of electrical products, systems and solutions for industrial process heating and temperature management. Chromalox, Inc. was founded in 1915 and is based in Pittsburgh, Pennsylvania.

Sell -
Buyer

PPM America Capital Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1991
PE ASSETS 5.8B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

PPM America Capital Partners (PPMACP) is the private equity investment arm of PPM America, an indirect subsidiary of Prudential plc. PPMACP actively pursues private equity co-investments in management buyout, recapitalizations, industry build-up, and growth equity transactions. PPMACP generally looks to commit $15 to $50 million in businesses valued up to $1 billion. PPMACP is based in Chicago, Illinois.


DEAL STATS #
Overall 4 of 4
Sector: Food M&A 1 of 1
Type: Buyout (LBO, MBO, MBI) M&A Deals 1 of 1
State: Wisconsin M&A 1 of 1
Country: United States M&A 4 of 4
Year: 2012 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-03-23 Sotera Health

Broadview Heights, Ohio, United States

Sotera Health, along with its business entities, provides an integrated protector of global health, providing mission-critical services to the medical device, pharmaceutical, tissue, and food industries. Sotera Health operates 61 facilities in 13 countries. Sotera Health serves more than 5,000 customers worldwide, including 75 of the top 100 medical device manufacturers. Sotera Health was formed in 2015 and is based in Broadview Heights, Ohio.

Sell $675M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-11 Ornua Ingredients North America

Whitehall, Wisconsin, United States

Ornua Ingredients North America is a manufacturer of custom analog and processed cheese ingredients and products for industrial, food service, and retail markets. Ornua Ingredients North America was founded in 1994 and is based in Whitehall, Wisconsin.

Sell -