M&A Deal Summary

Solo Cup Acquires Sweetheart Cup

On December 22, 2003, Solo Cup acquired manufacturer Sweetheart Cup from Crescent Capital Group and Audax Private Debt

Acquisition Highlights
  • This is Solo Cup’s 1st transaction in the Manufacturing sector.
  • This is Solo Cup’s 1st transaction in the United States.
  • This is Solo Cup’s 1st transaction in Maryland.

M&A Deal Summary
Date 2003-12-22
Target Sweetheart Cup
Sector Manufacturing
Buyer(s) Solo Cup
Sellers(s) Crescent Capital Group
Audax Private Debt
Deal Type Add-on Acquisition

Target

Sweetheart Cup

Owings Mills, Maryland, United States
Sweetheart Cup is a manufacturer and supplier of single-service foodservice and beverage-related products in paper, plastic, and foam. Sweetheart has three separate business units: Foodservice, Packaging, and Consumer. Foodservice provides products to independent and large national chain restaurants, schools, business and industry foodservice locations, hospitals, lodging, and recreation facilities. Packaging offers a variety of paper and plastic containers for cultured and dairy products. Consumer products, packaged in retail packs, are marketed for at-home consumption in both Sweetheart and private-label brands sold by leading retailers.

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Buyer(S) 1

Buyer

Solo Cup

Lake Forest, Illinois, United States
Category Company
Founded 1936
Sector Manufacturing
Employees6,400
DESCRIPTION

Solo Cup Company is focused on the manufacture of single-use products used to serve food and beverages for the consumer/retail, foodservice and international markets. Solo has broad product offerings available in paper, plastic, foam, post-consumer recycled content and annually renewable materials, and creates brand name products under the Solo®, Sweetheart® and Bare™ by Solo® names. The Company was established in 1936 and has a global presence with facilities in Canada, Europe, Mexico, Panama and the United States.

DEAL STATS #
Overall 1 of 2
Sector (Manufacturing) 1 of 1
Type (Add-on Acquisition) 1 of 2
State (Maryland) 1 of 1
Country (United States) 1 of 2
Year (2003) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-03-31 InnoWare Plastic

Menomonee Falls, Wisconsin, United States

InnoWare (formerly Duni Corp) is a manufacturer of disposable plastic food containers and converter of premium paper products. InnoWare's complete in-house design, converting, thermoforming, printing, and embossing capabilities enable it to offer customized and distinctive products to its customers within the foodservice and retail markets. InnoWare designs and manufactures its plastic food containers in Thomaston, Georgia, and its paper tableware products in Menomonee Falls, Wisconsin. NEP partnered with Nick Clementi, a paper and plastic industry veteran, on its investment with InnoWare. Mr. Clementi currently serves on the board of directors and is non-executive Chairman at InnoWare.

Buy $24M

Seller(S) 2

SELLER

Crescent Capital Group

Los Angeles, California, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 1991
PE ASSETS 39.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Crescent Capital is a provider of debt securities to middle-market companies. Crescent looks to issue senior bank loans, high yield bonds, mezzanine debt and distressed debt to fund a variety of needs. The FIrm's direct lending group looks to provide $10 to $30 million to sponsor-backed companies that generate $5 to $35 million of EBITDA. Crescent's mezzanine practice typically provides junior capital to support buyouts, recapitalizations, and refinancings. Crescent Capital was formed in 1991 and was originally known as TCW/Crescent Mezzanine. The Firm has offices in Los Angeles, Boston, New York, and London.

DEAL STATS #
Overall 5 of 47
Sector (Manufacturing) 1 of 5
Type (Add-on Acquisition) 3 of 19
State (Maryland) 1 of 3
Country (United States) 5 of 40
Year (2003) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2002-11-01 Nycomed Pharma AG

Zurich, Switzerland

Nycomed Pharma AG is a manufacturer, marketer, and promoting a range of Rx and OTC pharmaceutical products in Europe. Nycomed offers hospital products and general practitioner medicines, as well as provides late-stage clinical development, and registration and marketing. Nycomed Pharma AG was established in 1986 and is based in Zurich, Switzerland.

Buy $1.3B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-04-30 Cincinnati Bell

Cincinnati, Ohio, United States

Cincinnati Bell, Inc. is a provider of integrated communications solutions, including local and long-distance voice, data, high-speed Internet and entertainment services. Cincinnati Bell serves customers in Greater Cincinnati and Dayton. Cincinnati Bell was founded in 1873 and is based in Cincinnati, Ohio.

Buy -
SELLER

Audax Private Debt

New York, New York, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 2000
PE ASSETS 5.4B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Audax Mezzanine is the mezzanine finance arm of the Audax Group. The Firm focuses on investing in both private and public, US-based middle market companies with a strong history of cash flows and consistent revenue growth. Audax will consider subordinated mezzanine debt commitments, second lien or junior secured debt, preferred stock and common stock. The Firm seeks to invest in companies valued between $10 and $60 million. Types of transaction include MBOs, LBOs, growth capital financings, acquisition financings, and recapitalizations.

DEAL STATS #
Overall 1 of 51
Sector (Manufacturing) 1 of 6
Type (Add-on Acquisition) 1 of 19
State (Maryland) 1 of 3
Country (United States) 1 of 51
Year (2003) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2003-12-01 ArrMaz Custom Chemicals

Mulberry, Florida, United States

ArrMaz Custom Chemicals, Inc. is a producer of process chemicals to the phosphate fertilizer mining and manufacturing industry, a manufacturer of additives to the asphalt paving market, and a growing supplier of other diversified industrial mineral flotation and surfactant chemicals.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-02-01 Priority Solutions International

Swedesboro, New Jersey, United States

Priority Solutions is a non-asset based specialty distributor serving pharmaceutical and other mission critical industries. Priority provides pharmaceutical and healthcare manufacturers with regulatory compliant premium distribution services, including the transportation of pharmaceutical samples and promotional materials to sales representatives via pre-scheduled appointments.

Buy -
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