M&A Deal Summary

Ronin Equity Partners, Stephens Capital Partners and Northwood Ventures Acquire Due North

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

Acquisition Highlights
  • This is Ronin Equity Partners’ 1st, Stephens Capital Partners’ 3rd and Northwood Ventures’ 2nd transaction in the Manufacturing sector.
  • This is Ronin Equity Partners’ 1st, Stephens Capital Partners’ 1st and Northwood Ventures’ 2nd transaction in Canada.
  • This is Ronin Equity Partners’ 1st, Stephens Capital Partners’ 1st and Northwood Ventures’ 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
Northwood Ventures
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 is based in Georgetown, Ontario.

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Buyer(S) 3

Buyer
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
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 -
Buyer

Northwood Ventures

Syosset, New York, United States

Investor Investor Investor


Category Private Equity Firm
Founded 1983
PE ASSETS 100M USD
Size Small
Type Sector Agnostic
DESCRIPTION

Northwood Ventures is a private investment firm that invests at all stages of company development, including venture, buyout, consolidation, growth, recapitalization, and turnaround situations. Northwood prefers opportunities located within the US and will consider both minority and control situations. Northwood's typical investment ranges from $5 to $15 million. Target sectors include telecommunications, manufacturing, retailing/consumer, financial services, and service-oriented business industries. Northwood Ventures was formed in 1983 and is based in Syosset, New York.


DEAL STATS #
Overall 63 of 71
Sector (Manufacturing) 2 of 2
Type (Consolidation) 1 of 1
State (Ontario) 1 of 2
Country (Canada) 2 of 3
Year (2021) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-01 Community Broadcasters

Needham, Massachusetts, United States

Community Broadcasters operates 15 radio stations across four clusters in upstate New York. Community Broadcasters was founded in 2006 and is based in Needham, Massachusetts.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-17 Danforth Advisors

Waltham, Massachusetts, United States

Danforth Advisors is an integrated and scalable “one-stop-shop” solution for life science companies for all operations from the controller through CFO performing activities ranging from accounting and operational finance services to financial planning and analysis, M&A and IPO readiness. Danforth Advisors has served as a strategic and trusted thought partner to over 300 clients across all stages of a company’s life cycle. Danforth Advisors was founded in 2011 and is based in Waltham, Massachusetts.

Sell -