M&A Deal Summary

Southeastern Mills Acquires JMH Premium

On December 12, 2019, Southeastern Mills acquired food company JMH Premium from Barings Private Equity, Mill City Capital and Northstar Capital

Acquisition Highlights
  • This is Southeastern Mills’ 1st transaction in the Food sector.
  • This is Southeastern Mills’ 1st transaction in the United States.
  • This is Southeastern Mills’ 1st transaction in Utah.

M&A Deal Summary
Date 2019-12-12
Target JMH Premium
Sector Food
Buyer(s) Southeastern Mills
Sellers(s) Barings Private Equity
Mill City Capital
Northstar Capital
Deal Type Add-on Acquisition

Target

JMH Premium

Salt Lake City, Utah, United States
JMH International LLC develops and manufactures a broad range of soup bases, sweet and savory flavor bases, stock concentrates, sauces, gravy mixes, dessert preparations, seasoning blends, powdered drink mixes, and dry complete meals. The Company, a leader in developing food flavoring systems, provides custom formulations and culinary solutions to the food industry, selling to customers in the foodservice, ingredient, specialty retail and co-manufacturing channels. JMH International was founded in 1982 and is based in Salt Lake City, Utah.

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Buyer(S) 1

Buyer

Southeastern Mills

Rome, Georgia, United States
Category Company
Founded 1941
Sector Food
DESCRIPTION

Southeastern Mills, Inc. is a supplies food processors, foodservice distributors and restaurant chains, and consumers in the United States.

DEAL STATS #
Overall 1 of 1
Sector (Food) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (Utah) 1 of 1
Country (United States) 1 of 1
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-12-14 Southeastern Mills - North American Coatings & Seasonings Business

Rome, Georgia, United States

Southeastern Mills, Inc. - North American Coatings & Seasonings Business manufactures coatings and seasonings at its strategically located manufacturing base in Rome, Georgia.

Sell -

Seller(S) 3

SELLER

Barings Private Equity

Investor Investor

Category Private Equity Firm
Founded 1991
PE ASSETS 5.7B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Barings Private Equity is the private equity arm of global asset management firm Barings. The Group looks to invest in mezzanine, distressed, and other private equity transactions including secondaries and funds. Sectors of interest include manufacturing, business services, distribution, consumer products, consumer services, food products, packaging, and healthcare. Barings Private Equity was originally established in 1991 and is based in Charlotte, North Carolina.

DEAL STATS #
Overall 31 of 37
Sector (Food) 2 of 2
Type (Add-on Acquisition) 19 of 23
State (Utah) 2 of 2
Country (United States) 28 of 33
Year (2019) 7 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-21 Team Drive-Away

Olathe, Kansas, United States

Team Drive-Away, Inc. is a non-asset-based commercial vehicle logistics provider specializing in matching professional drivers with moves of used and new heavy-haul Class 8 trucks for sellers and buyers as well as moves to reposition and optimize fleets. Team Drive-Away was founded in 2007 and is based in Olathe, Kansas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-12-19 Wireless Infrastructure Group

Bellshill, United Kingdom

Wireless Infrastructure Group Ltd. is a telecoms infrastructure company involved in the ownership and management of mobile cell sites in the UK and Europe. WIG acquires, manages and operates wireless cell sites (rooftop or greenfield masts or towers) for wireless service providers. Wireless Infrastructure Group Ltd. was established in 1995 and is based in Bellshill, United Kingdom.

Sell £575M
SELLER

Mill City Capital

Wayzata, Minnesota, United States

Investor Investor Investor Investor

Category Private Equity Firm
Founded 2010
Size Small
Type Sector Agnostic
DESCRIPTION

Mill City Capital is a private equity firm that makes control investments in lower middle market companies with enterprise values ranging between $15 and $100 million. Mill City concentrates on businesses located in the upper Midwest. Areas of interest include industrial products/services, machinery, distribution, consumer products, and food. Mill City Capital is based in Minneapolis, Minnesota.

DEAL STATS #
Overall 3 of 7
Sector (Food) 2 of 2
Type (Add-on Acquisition) 2 of 2
State (Utah) 1 of 1
Country (United States) 3 of 5
Year (2019) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-12-10 Impact Confections

Janesville, Wisconsin, United States

Impact Confections, Inc. is a manufacturer and marketer of branded and niche confectionary products such as Warheads branded candy (the leading sour hard candy brand in the U.S.), seasonal chocolate, and confections, interactive kids confections, and 3-D lollipops. Impact Confections was founded in 1981 and is based in Janesville, Wisconsin.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-06-01 Command Fishing & Pipe Recovery

Leduc, Alberta, Canada

Command Fishing & Pipe Recovery is an independent oilfield service business that offers fishing, rental, and pipe recovery services to oil and gas producers. Command Fishing & Pipe Recovery is based in Leduc, Alberta.

Sell -
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 52 of 80
Sector (Food) 3 of 4
Type (Add-on Acquisition) 16 of 27
State (Utah) 1 of 1
Country (United States) 50 of 76
Year (2019) 6 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-12-12 Gary Platt

Reno, Nevada, United States

Gary Platt is a designer, manufacturer, and marketer of specialty seating products sold primarily to the gaming industry. Gary Platt was founded in 1998 and is based in Reno, Nevada.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-02-04 LMG Holdings

Blue Ash, Ohio, United States

LMG Holdings is a provider of ignition interlock devices (IIDs) used to help prevent drunk driving. LMG operates three market-leading brands: LifeSafer, Monitech and Guardian, and serves clients and monitoring agencies in the U.S. and Canada through its network of more than 1,500 authorized service centers. LMG Holdings was founded in 1991 and is based in Blue Ash, Ohio.

Sell -
Mergr

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