Secondary Buyout • Consumer Products

Praesidian Capital, Mistral Equity Partners and VisioCap Acquire PetWise

On April 29, 2011, mezzanine finance firm Praesidian Capital, private equity firm Mistral Equity Partners and private equity firm VisioCap acquired consumer products company PetWise from The CapStreet Group

Acquisition Context
  • This is Praesidian Capital’s 2nd, Mistral Equity Partners’ 1st and VisioCap’s 1st transaction in the Consumer Products sector.
  • This is Praesidian Capital’s 29th, Mistral Equity Partners’ 5th and VisioCap’s 1st transaction in the United States.
  • This is Praesidian Capital’s 6th, Mistral Equity Partners’ 2nd and VisioCap’s 1st transaction in California.
Investment Fate
  • PetWise was sold to a consortium of financial buyers in 2021.

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M&A Deal Summary

Date April 29, 2011
Target PetWise
Sector Consumer Products
Buyer(s) Praesidian Capital
Mistral Equity Partners
VisioCap
Sellers(s) The CapStreet Group
Deal Type Secondary Buyout
Advisor(s) GulfStar Group (Financial)

Target Company

PetWise

Novato, California, United States
PetWise is an industry manufacturer and distributor of branded pet products and accessories. PetWise distributes its products through a diverse mix of channels including e-Commerce, mass merch, pet specialty, club, grocery and others. PetWise was founded in 1991 and is based in Novato, California.
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Buyers Overview 3

Buyer

Praesidian Capital

Oklahoma City, New York, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 2002
PE ASSETS 1.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Praesidian Capital is a mezzanine debt provider for middle-market companies throughout the US and Europe. Praesidian looks to provide junior capital to businesses with revenues between $3 and $100 million and EBITDA between $250k and $20 million. Capital is typically used to support acquisitions, management/leveraged buyouts, recapitalizations, and restructurings. Praesidian will not invest in oil & gas exploration, financial services, real estate, or start-ups. Praesidian Capital was formed in 2002 and is based in New York City.


Deal Context for Buyer #
Overall 29 of 52
Sector: Consumer Products 2 of 3
Type: Secondary Buyout 1 of 3
State: California 6 of 10
Country: United States 29 of 49
Year: 2011 3 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-04-11 Charlie Brown s

Millburn, New Jersey, United States

Charlie Brown's Corporation operates steakhouse restaurants in Chatham, Denville, East Windsor, Edison, Lakewood, Maple Shade, Millburn, Old Tappan, Oradell, Scotch Plains, Silverton, Washington Township, Wayne, Westampton/Mount Holly, and Woodbury, New Jersey.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-05-11 LSO

Plano, Texas, United States

LSO is a provider of parcel delivery services throughout the Southern United States. LSO offers its clients overnight, expedited ground, same-day, and last-mile logistics solutions. LSO was founded in 1991 and is based in Plano, Texas.

Buy -
Buyer

Mistral Equity Partners

New York, New York, United States

Investor Investor


Category Private Equity Firm
Founded 2007
PE ASSETS 300M USD
Size Middle-Market
Type Sector Focused
DESCRIPTION

Mistral Equity Partners is a consumer/media focused private equity firm. The Firm specifically looks to invest in North American retail, consumer products/services, food, and advertising opportunities. Mistral's target equity investment size is $1 to $15 million for growth investments and $25 to $50 million for buyout opportunities. Prospective transaction situations include leveraged acquisitions, build-ups, recapitalizations, restructurings, and pre-IPO growth financings. Mistral Equity Partners was formed in 2007 and is based in New York City.


Deal Context for Buyer #
Overall 6 of 10
Sector: Consumer Products 1 of 1
Type: Secondary Buyout 3 of 3
State: California 2 of 3
Country: United States 5 of 9
Year: 2011 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-08-13 Country Pure Foods

Akron, Ohio, United States

Country Pure Foods is a provider of branded and private label beverage products to healthcare and education markets as well to grocery retailers. Country Pure Foods was founded in 1948 and is based in Akron, Ohio.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-03-09 XWELL

New York, New York, United States

XWELL is a diversified holding company that specializes in identifying, investing in, and developing companies with superior growth potential. XWELL is based in New York, New York.

Buy -
DESCRIPTION

VisioCap is a private equity firm focused on consumer packaged companies, as well as goods and services for pets, infants, and natural foods. The Firm looks to work directly with investors on a deal by deal basis and will consider opportunities across the US. VisioCap was established in 2013 and is headquartered in New York City.


Deal Context for Buyer #
Overall 1 of 3
Sector: Consumer Products 1 of 2
Type: Secondary Buyout 1 of 1
State: California 1 of 1
Country: United States 1 of 3
Year: 2011 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-08-01 BreathableBaby

St. Louis Park, Minnesota, United States

BreathableBaby is a designer and manufacturer that sells infant bedding, clothing, and toys under the BreathableBaby Brand name. BreathableBaby was founded in 2002 and is based in St. Louis Park, Minnesota.

Buy -

Seller Profile 1

SELLER

The CapStreet Group

Houston, Texas, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1990
PE ASSETS 650M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

The CapStreet Group is a private equity firm that primarily invests in businesses that were previously owned by entrepreneurs, families or other non-institutional investors. CapStreet typically looks for control investment situations, and has a preference for businesses located in the Southwest US. CapStreet typically invests between $10 million and $25 million of equity in companies valued less than $150 million. The CapStreet Group was formed in 1990 and is based in Houston, Texas.


Deal Context for Seller #
Overall 13 of 31
Sector: Consumer Products 2 of 2
Type: Secondary Buyout 5 of 10
State: California 1 of 1
Country: United States 13 of 31
Year: 2011 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-11-01 Thorpe

Houston, Texas, United States

Thorpe is a multi-craft industrial service provider and manufacturer, specializing in refractory, linings, insulation and non-metallic corrosion piping systems, flanges and vessels. Thorpe is based in Houston, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-02-23 GSM Maritime Holdings

Houston, Texas, United States

Gulf Stream Marine is a leading marine terminal operator and marine cargo handling company in the U.S. Gulf Coast region. The company services include cargo-handling, warehousing, and other value-added services primarily to shipping companies, third party logistics providers, and manufacturers. Gulf Stream Marine operates at seven terminals in four ports, including Houston, Texas; Corpus Christi, Texas; Freeport, Texas; and Brownsville, Texas.

Buy -