M&A Deal Summary

RFE Investment Partners and MTN Capital Partners Acquire JSI Store Fixtures

On January 10, 2013, private equity firms RFE Investment Partners and MTN Capital Partners acquired manufacturer JSI Store Fixtures from HighPoint Capital Management and Champlain Capital

Acquisition Highlights
  • This is RFE Investment Partners’ 2nd and MTN Capital Partners’ 1st transaction in the Manufacturing sector.
  • This is RFE Investment Partners’ 15th and MTN Capital Partners’ 5th transaction in the United States.
  • This is RFE Investment Partners’ 1st and MTN Capital Partners’ 1st transaction in Maine.
Investment Fate
  • JSI Store Fixtures was sold to a publicly-traded strategic buyer in 2021 for 90M USD.

M&A Deal Summary

Date 2013-01-10
Target JSI Store Fixtures
Sector Manufacturing
Buyer(s) RFE Investment Partners
MTN Capital Partners
Sellers(s) HighPoint Capital Management
Champlain Capital
Deal Type Secondary Buyout

Target

JSI Store Fixtures

Milo, Maine, United States
JSI Store Fixtures is a designer and manufacturer of high-quality refrigerated and non-refrigerated wood merchandising displays for the supermarket industry. JSI Store Fixtures was first to market with a patented line of closed-cell foam merchandising surfaces for produce. JSI Store Fixtures’ merchandising displays are used by many of North America’s top supermarkets, grocery, and food retail chains. JSI was founded in 1991 and is based in Milo, Maine.

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Buyer(S) 2

Buyer

RFE Investment Partners

Westport, Connecticut, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1979
Size Large
Type Sector Agnostic
DESCRIPTION

RFE Investment Partners is a private equity firm focused on investing in lower middle-market service, manufacturing and healthcare service businesses. Prospective companies are generally profitable with annual cash-flow of at least $5 million. Target businesses also have proven management, defensible market positions, and 'a clearly identified and growing market'. RFE looks to commit $10 to $35 million of equity capital per transaction to support acquisitions, management led buyouts, and recapitalizations. RFE is licensed as a SBIC and was formed in 1979. RFE Investment Partners is based in New Canaan, Connecticut.


DEAL STATS #
Overall 15 of 29
Sector: Manufacturing M&A 2 of 4
Type: Secondary Buyout M&A Deals 3 of 5
State: Maine M&A 1 of 1
Country: United States M&A 15 of 28
Year: 2013 M&A 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-05-02 Global IFS

Kentwood, Michigan, United States

Global IFS manufacturers, installs and distributes raised access flooring and underfloor air distribution systems in the Canada and U.S. markets. Global IFS is based in Kentwood, Michigan.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-05-01 Hastings Manufacturing

Hastings, Michigan, United States

Hastings Manufacturing is a global manufacturer of piston rings for internal combustion engines used in a broad range of automotive and industrial applications. Hastings Manufacturing was founded in 1915 and is based in Hastings, Michigan.

Buy -
Buyer
DESCRIPTION

MTN Capital Partners LLC is a lower middle-market private equity firm focused on investing in North American companies. MTN will consider both healthy as well as distressed companies. Sectors of interest include manufacturing, business services, consumer products, specialty retail, restaurants, distribution, energy services, automotive, food/beverage, healthcare, marketing services, chemicals, and communications. For healthy companies, MTN targets businesses with at least $10 million in revenues and $2 to $15 million of EBITDA, and for distressed situations. MTN Capital Partners was founded in 2003 and is based in New York City.


DEAL STATS #
Overall 6 of 8
Sector: Manufacturing M&A 1 of 1
Type: Secondary Buyout M&A Deals 1 of 2
State: Maine M&A 1 of 1
Country: United States M&A 5 of 7
Year: 2013 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-07-01 Revolution Dancewear

Niles, Illinois, United States

Revolution Dancewear is a designer and marketer of specialty dancewear, footwear, and recital costumes. Revolution Dancewear was founded in 1996 and is based in Niles, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-04-09 Orthotic Group

Markham, Ontario, Canada

Orthotic Group is a manufacturer and distributor of custom prescription orthotics, orthotic footwear and gait and rehabilitation markets in North America, Europe and Australia. Orthotic Group was founded in 1985 and is based in Markham, Ontario.

Sell -

Seller(S) 2

SELLER

HighPoint Capital Management

Boston, Massachusetts, United States

Category Private Equity Firm
Founded 2004
Size Small
Type Sector Agnostic
DESCRIPTION

HighPoint Capital LLC is a specialty finance company that provides capital for internal growth needs, refinancings, strategic acquisitions, management buyouts and dividend recapitalizations. HighPoint provides cash flow and asset based senior and subordinated term loans ranging between $2 and $10 million for lower middle market companies. The firm focuses on companies with $10 to $100 million of revenue and EBITDA of $2 to $10 million. HighPoint Capital was formed in 2004 and is based in Boston, Massachusetts.


DEAL STATS #
Overall 5 of 13
Sector: Manufacturing M&A 3 of 4
Type: Secondary Buyout M&A Deals 2 of 4
State: Maine M&A 1 of 1
Country: United States M&A 5 of 13
Year: 2013 M&A 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-04-05 Double E

West Bridgewater, Massachusetts, United States

Double E is a manufacturer of highly-engineered components for web converting applications. The company's product offering includes critical wear components such as chucks, brakes, shafts, slitters, web guides, core cutters, and roll movers. These products secure, straighten, apply tension, cut, and move rolled raw materials through continuous manufacturing processes. Double E was established in 1972 and is headquartered in West Bridgewater, Massachusetts.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-01-15 NDS Surgical Imaging

San Jose, California, United States

NDS Surgical Imaging is a manufacturer of flat-panel Liquid Crystal Display (“LCD”) screens for medical applications. The company’s screens are used in conjunction with endoscopy systems primarily for minimally invasive surgery in the operating room and for diagnostic imaging on the radiology side.

Sell $83M
SELLER

Champlain Capital

San Francisco, California, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2000
PE ASSETS 140M USD
Size Small
Type Sector Agnostic
DESCRIPTION

Champlain Capital Partners is a private equity firm focused on growth capital financings and investments in businesses facing succession issues. The Firm is a generalist investor investor and will consider opportunities in a broad range of manufacturing, service and distribution industries. Target businesses typically have revenues of $10 to $100 million and EBITDA of $3 to $15 million. Champlain prefers companies located in the US. Champlain will not invest in turnaround situations. Champlain Capital Partners was formed in 2000 and is based in San Francisco, California with an additional office in Boston, Massachusetts.


DEAL STATS #
Overall 6 of 15
Sector: Manufacturing M&A 2 of 3
Type: Secondary Buyout M&A Deals 3 of 7
State: Maine M&A 1 of 1
Country: United States M&A 6 of 15
Year: 2013 M&A 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-01-02 B27

Plano, Texas, United States

B27 LLC is a distributor of pump and integrated flow control solutions serving the oil & gas, power generation, air quality and other industrial markets.

Sell $285M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-09-03 Clarity Imaging Technologies

Saddle Brook, New Jersey, United States

Clarity Imaging Technologies, Inc. manufactures and markets PageMax laser toner cartridges, the next generation in laser toner cartridges. PageMax laser toner cartridges use patented 'High Efficiency Toner Transfer Technology' to double the page yield versus the OEM cartridges, while providing comparable quality and reliability.

Sell -