M&A Deal Summary

Ronin Equity Partners, Cardinal Equity Partners and Landon Capital Partners Acquire Red Apple Cheese

On June 7, 2021, private equity firm Ronin Equity Partners, private equity firm Cardinal Equity Partners and family office Landon Capital Partners acquired food company Red Apple Cheese

Acquisition Highlights
  • This is Ronin Equity Partners’ 1st, Cardinal Equity Partners’ 1st and Landon Capital Partners’ 1st transaction in the Food sector.
  • This is Ronin Equity Partners’ 2nd, Cardinal Equity Partners’ 22nd and Landon Capital Partners’ 9th transaction in the United States.
  • This is Ronin Equity Partners’ 1st, Cardinal Equity Partners’ 1st and Landon Capital Partners’ 1st transaction in Wisconsin.

M&A Deal Summary
Date 2021-06-07
Target Red Apple Cheese
Sector Food
Buyer(s) Ronin Equity Partners
Cardinal Equity Partners
Landon Capital Partners
Deal Type Consolidation
Advisor(s) Katten Muchin Rosenman (Legal)

Target

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.

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Buyer(S) 3

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 2 of 5
Sector (Food) 1 of 1
Type (Consolidation) 1 of 3
State (Wisconsin) 1 of 1
Country (United States) 2 of 3
Year (2021) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-01 Komline-Sanderson

Peapack, New Jersey, United States

Komline-Sanderson is a designer and manufacturer of equipment for wastewater management, environmental control, and other industrial applications. Komline-Sanderson was founded in 1946 and is based in Peapack, New Jersey.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-07 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.

Buy -
Buyer

Cardinal Equity Partners

Indianapolis, Indiana, United States

Investor Investor Investor

Category Private Equity Firm
Founded 1993
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Cardinal Equity Partners is a privately owned partnership that targets investments in lower middle-market businesses headquartered in the central portion of the US. Cardinal looks for light manufacturing, distribution, or service businesses with $5 to $50 million in revenue and at least $1 million of EBITDA. Prospective transaction situations include management buyouts, recapitalizations, family successions, and corporate spin-offs. Cardinal prefers businesses with proven management, recurring revenue, and no major customer concentration issues. Cardinal will not invest in software, heavy manufacturing, automotive, consulting, or companies with a significant percentage of non-US sales. Cardinal Equity Partners was formed in 1993 and is based in Indianapolis, Indiana.

DEAL STATS #
Overall 22 of 24
Sector (Food) 1 of 1
Type (Consolidation) 1 of 1
State (Wisconsin) 1 of 1
Country (United States) 22 of 24
Year (2021) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-05-17 Aqua Systems

Avon, Indiana, United States

Aqua Systems is an independently-owned provider of water softeners, drinking water systems, and bottled water in the eastern half of the United States. In this Family Legacy transaction, the company founder and his son had successfully transitioned the business from a high-pressure, door-to-door sales model to high service, true retail store concept. Aqua Systems was formed in 1959 and is based in Avon, Indiana.

Sell $150M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-01 DuraMark Technologies

Westfield, Indiana, United States

DuraMark Technologies is a provider of durable safety labels, branding decals, and label kits to many of America’s top OEMs. Specializing in labels used in outdoor and other challenging work environments, DuraMark provides its customers with the industry’s best turnaround times while maintaining exemplary quality standards. DuraMark Technologies was founded in 2007 and is headquartered in Westfield, Indiana.

Buy -
Buyer

Landon Capital Partners

Investor

Category Family Office
Founded 2015
Size Small
Type Sector Agnostic
DESCRIPTION

Landon Capital Partners is a family office focused on acquiring healthcare services, niche manufacturing, business services, and food/beverage companies. Landon Capital seeks control situations and prefers US-based opportunities, although the Firm will opportunistically consider acquisitions in Europe. Target companies generally exhibit opportunities to create value, strong management, and predictable earnings. Landon Capital Partners was formed in 2015 and is based in Boston, Massachusetts, and has offices in New York and London.

DEAL STATS #
Overall 9 of 13
Sector (Food) 1 of 1
Type (Consolidation) 1 of 1
State (Wisconsin) 1 of 1
Country (United States) 9 of 12
Year (2021) 4 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-20 Fusion92

Chicago, Illinois, United States

Fusion92 is an independent marketing innovation agency that focuses on helping growth-stage and Fortune 500 companies across a number of industries including financial, CPG, telecommunications and automotive. Fusion92 was founded in 1999 and is based in Chicago, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-28 Walbro

Tucson, Arizona, United States

Walbro is a large manufacturer of carburetors and a major manufacturer of ignition systems, fuel injection and air/fuel management components, and fuel storage and delivery components for engines targeted at outdoor power equipment, marine, recreational and two-wheel applications. Walbro is based in Tucson, Arizona.

Buy -
Mergr

Product

Company

Legal