M&A Deal Summary

Ronin Equity Partners and Stephens Capital Partners Acquire Due North

On September 7, 2021, private equity firms Ronin Equity Partners and Stephens Capital Partners acquired manufacturer Due North

Acquisition Highlights
  • This is Ronin Equity Partners’ 1st and Stephens Capital Partners’ 3rd transaction in the Manufacturing sector.
  • This is Ronin Equity Partners’ 1st and Stephens Capital Partners’ 1st transaction in Canada.
  • This is Ronin Equity Partners’ 1st and Stephens Capital Partners’ 1st transaction in Ontario.

M&A Deal Summary
Date 2021-09-07
Target Due North
Sector Manufacturing
Buyer(s) Ronin Equity Partners
Stephens Capital Partners
Deal Type Consolidation

Target

Due North

Georgetown, Ontario, Canada
Due North operates in the refrigerated display market, with product offerings across the pet food, beverage, micro markets, and food sectors. The company leverages Internet of Things technology and its green cooling deck design to deliver a better total cost of ownership and superior product presentation for its customers. Due North was founded in 2022 and is based in Georgetown, Ontario.

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Buyer(S) 2

Buyer

Ronin Equity Partners

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2017
PE ASSETS 300M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Ronin Equity Partners is a private equity firm focused on control investments in mid to large-sized North American headquartered in businesses valued up to $1 billion. The Firm's sector interest includes the industrial, industrial services, and consumer sectors. Ronin has a special interest in situations that can benefit from its operational expertise, including pursuing opportunities for organic and non-organic growth, back office improvements, and better cost structure systems and policies. Ronin Equity Partners was formed in 2017 and is based in New York City.

DEAL STATS #
Overall 3 of 5
Sector (Manufacturing) 1 of 1
Type (Consolidation) 2 of 3
State (Ontario) 1 of 2
Country (Canada) 1 of 2
Year (2021) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-07 Red Apple Cheese

Barron, Wisconsin, United States

Red Apple Cheese is an omni-channel market leader in smoked, flavored, and kosher all-natural cheese. With roots in both Wisconsin’s dairyland and New England, Heartisan brings time-honored cheesemaking traditions to each piece of cheese using decades of family experience. Red Apple utilizes a slow, meticulous, cold-smoking process with specially aged apple pulp and hardwood to create the perfect cheese. Red Apple Cheese was founded in 1991 and is based in Barron, Wisconsin.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-10-07 DK2

Burlington, Ontario, Canada

DK2 is specialized in outdoor power equipment, trailers, winches, snowplows, and auto accessories. DK2 was founded in 1997 and is based in Burlington, Ontario.

Buy -
Buyer

Stephens Capital Partners

Little Rock, Arkansas, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Stephens Capital Partners is the direct, private equity investment arm of financial services firm Stephens, Inc. Stephens Capital looks to acquire minority or majority stakes in mid-sized, profitable companies in partnership with management. The Firm will consider opportunities throughout the US valued between $50 and $200 million. Stephens Capital will not consider venture investments or turnaround situations. Stephens Capital Partners is based in Little Rock, Arkansas.

DEAL STATS #
Overall 69 of 77
Sector (Manufacturing) 3 of 4
Type (Consolidation) 1 of 1
State (Ontario) 1 of 2
Country (Canada) 1 of 2
Year (2021) 4 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-16 Point Broadband

West Point, Georgia, United States

Point Broadband is an internet service provider to residential and business customers in rural and suburban America. Point Broadband was established in 2016 and is based in West Point, Georgia.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-24 Big Rock Sports

Graham, North Carolina, United States

Big Rock Sports is a distributor of fishing, shooting sports, and camping equipment in the U.S. The Company supplies over 100,000 SKUs to nearly 15,000 independent specialty retailers as well as select category chains and mass retailers. Big Rock Sports was formed in 1996 and is based in Graham, North Carolina.

Buy -
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