M&A Deal Summary

Sequel Holdings Acquires Red Bird

On May 1, 2023, private equity firm Sequel Holdings acquired food company Red Bird from Plexus Capital

Acquisition Highlights
  • This is Sequel Holdings’ 6th transaction in the Food sector.
  • This is Sequel Holdings’ 11th transaction in the United States.
  • This is Sequel Holdings’ 1st transaction in North Carolina.

M&A Deal Summary
Date 2023-05-01
Target Red Bird
Sector Food
Buyer(s) Sequel Holdings
Sellers(s) Plexus Capital
Deal Type Secondary Buyout

Target

Red Bird

Lexington, North Carolina, United States
Red Bird is a family-owned business that manufactures puffed peppermint candies. It also produces Thinfuls, a line of better-for-you handcrafted popcorn snacks. The company sells its branded products, as well as various private-label candy and popcorn products, across the United States in the mass, dollar, club, drug, and e-commerce channels. Red Bird was formed in 1890 and is based in Lexington, North Carolina.

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Buyer(S) 1

Buyer

Sequel Holdings

Dallas, Texas, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2002
Size Small
Type Sector Agnostic
DESCRIPTION

Sequel Holdings LP is a private equity firm specializing in equity investments in profitable middle-market businesses. Sequel focuses primarily on companies in the food, beverage, agribusiness, plastics and other industrial sectors. Sequel Holdings was formed in 2002 and is based in Dallas, Texas.

DEAL STATS #
Overall 11 of 12
Sector (Food) 6 of 6
Type (Secondary Buyout) 5 of 5
State (North Carolina) 1 of 1
Country (United States) 11 of 12
Year (2023) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-07-27 Mrs. Gerry s Kitchen

Albert Lea, Minnesota, United States

Mrs. Gerry's Kitchen is a developer, manufacturer, marketer and distributor of premium salads and side dishes for retail and foodservice customers. The company’s primary products include fresh refrigerated potato salads, pasta salads, coleslaws, macaroni and cheese and mashed potatoes. Mrs. Gerry's Kitchen was founded in 1973 and is based in Albert Lea, Minnesota.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-01-25 Star Seed

Osborne, Kansas, United States

Star Seed is a producer, conditions and markets high-quality seeds to the agriculture industry. Star Seed, Inc. is a seed distributor focused on native grasses, wildflowers, forages, cover crops, wheat, and other small grains. Star Seed was founded in 1920 and is based in Osborne, Kansas.

Sell -

Seller(S) 1

SELLER

Plexus Capital

Charlotte, North Carolina, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1995
PE ASSETS 2.2B USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Plexus Capital is a private equity firm that invests in buyouts, acquisitions, recapitalizations and growth financings in the form of junior and/or equity capital. Plexus focuses on lower middle-market businesses located in the Mid-Atlantic and Southeast areas of the US. The Firm looks for businesses companies in the business services, consumer services, manufacturing, value-added distribution, and healthcare sectors with up to $2 to $15 million of cash-flow. Plexus Capital was formed in 1995 and is based in Charlotte, North Carolina.

DEAL STATS #
Overall 40 of 41
Sector (Food) 3 of 3
Type (Secondary Buyout) 8 of 8
State (North Carolina) 7 of 7
Country (United States) 40 of 41
Year (2023) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-01-01 360 Smart Networks

Roswell, Georgia, United States

360 Smart Networks is an IT services and IT solutions company for businesses with more than 20 users in Atlanta & Charlotte. 360 Smart Networks is based in Roswell, Georgia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-10-26 Southern Elevator

Greensboro, North Carolina, United States

Southern Elevator is a provider of elevator maintenance, modernization, installation, and repair services. The company’s portfolio covers a broad range of industries, from commercial buildings to educational buildings, industrial facilities, residential complexes, healthcare facilities, and beyond. Southern Elevator is based in Greensboro, North Carolina.

Buy -
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