M&A Deal Summary

Sentinel Capital Partners Acquires Online Labels

On December 19, 2023, private equity firm Sentinel Capital Partners acquired packaging company Online Labels from Tenex Capital Management and Northstar Capital

Acquisition Highlights
  • This is Sentinel Capital Partners’ 2nd transaction in the Packaging sector.
  • This is Sentinel Capital Partners’ 87th transaction in the United States.
  • This is Sentinel Capital Partners’ 10th transaction in Florida.

M&A Deal Summary

Date 2023-12-19
Target Online Labels
Sector Packaging
Buyer(s) Sentinel Capital Partners
Sellers(s) Tenex Capital Management
Northstar Capital
Deal Type Recapitalization

Target

Online Labels

Sanford, Florida, United States
Online Labels provides a full suite of custom printed pressure sensitive, shrink sleeve, flexible packaging, and blank labels on sheets and rolls to small businesses, consumers, and middle-market brands via enterprise relationships and a direct-to-consumer e-commerce platform. Online Labels provides labeling solutions for consumer products such as food, health and beauty, and nutritional supplements, as well as numerous other products requiring primarily pressure sensitive labels. Online Labels was founded in 1980 and is based in Sanford, Florida.

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Buyer(S) 1

Buyer

Sentinel Capital Partners

New York, New York, United States

Investor Investor Investor Investor


Category Private Equity Firm
Founded 1995
PE ASSETS 11.2B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Sentinel Capital Partners is a private equity firm that targets investments in middle-market companies with strong management and 'attractive growth prospects'. Sentinel looks to invest up to $400 million of equity in companies generating EBITDA of up to $65 million. Sectors of interest include business services/outsourcing, consumer products and services, food and restaurants, franchising, and manufacturing. Prospective transaction situations include management buyouts, recapitalizations, corporate divestitures, take-privates, and growth capital financings. Sentinel Capital Partners was formed in 1995 and is based in New York, New York.


DEAL STATS #
Overall 95 of 99
Sector (Packaging) 2 of 2
Type (Recapitalization) 17 of 17
State (Florida) 10 of 10
Country (United States) 87 of 91
Year (2023) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-09-29 Worldwide Home Care

Irvine, California, United States

Worldwide Home Care operates in 8 countries: the US through Comfort Keepers; the United Kingdom through Prestige Home care, The Good Care Group, and Oxford Aunts; Ireland through Comfort Keepers; France through Amelis; Brazil through Pronep, and multiple brands in the Nordics. Worldwide Home Care is based in Irvine, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-12-20 Newk’s Eatery

Jackson, Mississippi, United States

Newk’s Eatery is a fast casual restaurant with a diverse menu of high quality, made-from-scratch sandwiches, soups, salads, and pizzas. The Newk’s Eatery system consists of 67 restaurants located in the Southeast. Newk’s Eatery was founded in 2004 and is based in Jackson, Mississippi.

Sell -

Seller(S) 2

SELLER

Tenex Capital Management

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1999
PE ASSETS 1.2B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Tenex Capital Management is a private investment group focused on acquiring control positions in profitable North American companies with $3 to $40 million of EBITDA. The Firm does not have any sector preferences and looks to commit up to $125 million per transaction. Tenex Capital Management was formed in 1999 and is based in New York City.


DEAL STATS #
Overall 24 of 25
Sector (Packaging) 2 of 2
Type (Recapitalization) 3 of 3
State (Florida) 4 of 4
Country (United States) 24 of 25
Year (2023) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-09-01 Columbia Home Services

North Richland Hills, Texas, United States

Columbia Home Services platform focuses on acquiring residential HVAC, plumbing, and electrical services companies to become a leading super-regional provider of essential home services across the full lifecycle of home ownership, focusing on repair, maintenance, replacement, and installation services throughout the US. Columbia Home Services is based in North Richland Hills, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-04-04 Fager

Camp Hill, Pennsylvania, United States

Fager distributes for customers’ plumbing, heating, cooling, and roofing needs. The Company offers a broad product offering of over 29,000 SKUs and same/next day turnaround and delivery times. Fager was formed in 1960 and is based in Camp Hill, Pennsylvania.

Buy -
SELLER

Northstar Capital

Minneapolis, Minnesota, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 1993
PE ASSETS 1.7B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Northstar Capital is a mezzanine finance firm that provides junior capital to middle-market companies operating in the value-added distribution, light manufacturing, business services, financial services, education, and specialty healthcare sectors. Northstar's typical investment size is $5 to $30 million in businesses generating sales of $20 to $300 million with an EBITDA of at least $3 million. Prospective companies have stable cash flows and sustainable margins. Investments typically have maturities of five to eight years. Northstar does not invest in start-ups, real estate development, natural resource exploration, or high technology companies. Northstar Capital was formed in 1993 and is based in Minneapolis, Minnesota.


DEAL STATS #
Overall 78 of 81
Sector (Packaging) 2 of 2
Type (Recapitalization) 2 of 2
State (Florida) 2 of 2
Country (United States) 74 of 77
Year (2023) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-12-01 HydroPeptide

Issaquah, Washington, United States

HydroPeptide is a formulator and marketer of skincare products sold primarily through more than 1,000 boutique spas and dermatology offices globally, as well as direct-to-consumer via the company’s website. HydroPeptide was founded in 2004 and is based in Issaquah, Washington.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-04-19 Dollamur

Fort Worth, Texas, United States

Dollamur is a manufacturer and supplier of branded sports surfaces. The company serves a variety of sporting markets including wrestling, gymnastics, cheerleading, martial arts, fitness, and home training. Dollamur was formed in 1996 and is based in Fort Worth, Texas.

Buy -