M&A Deal Summary

TA Associates Acquires Stonewall Kitchen

On March 14, 2022, private equity firm TA Associates acquired food company Stonewall Kitchen from Audax Private Equity and Yukon Partners

Acquisition Highlights
  • This is TA Associates’ 4th transaction in the Food sector.
  • This is TA Associates’ 250th transaction in the United States.
  • This is TA Associates’ 1st transaction in Maine.

M&A Deal Summary
Date 2022-03-14
Target Stonewall Kitchen
Sector Food
Buyer(s) TA Associates
Sellers(s) Audax Private Equity
Yukon Partners
Deal Type Secondary Buyout

Target

Stonewall Kitchen

York, Maine, United States
Stonewall Kitchen is a specialty food and home goods producer selling jams and jellies at local farmers' markets with a flavorful line of distinctive and high-quality products. Stonewall expanded the brand to include sauces, condiments, crackers, and baking mixes, always focusing on innovative product development, beautiful packaging, and exceptional guest service. Stonewall Kitchen was founded in 1991 and is based in York, Maine.

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Buyer(S) 1

Buyer

TA Associates

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1968
PE ASSETS 65.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

TA Associates is a private equity firm that targets investments in middle-market and large companies around the world. TA will consider control or minority investments in profitable companies and looks to commit between $70 and $500 million per transaction. TA proactively reaches out to companies directly in sourcing potential investment opportunities. Prospective businesses are generally valued between $100 million and $3 billion. Areas of interest include technology, software, communications, financial services, healthcare, business services, semiconductors/electronics, and consumer products/services. In addition to investing equity capital, TA also makes subordinated debt investments. TA's geographic preference is North America, Asia/Pacific, and Europe. TA Associates was formed in 1968 and is based in Boston, Massachusetts.

DEAL STATS #
Overall 339 of 364
Sector (Food) 4 of 4
Type (Secondary Buyout) 58 of 69
State (Maine) 1 of 1
Country (United States) 250 of 263
Year (2022) 3 of 15
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-02-28 PetPeople

Columbus, Ohio, United States

PetPeople is a retailer of natural and high-quality pet food and supplies, operating 42 stores throughout Ohio, Indiana, Michigan, Illinois and North Carolina. PetPeople stores carry the finest natural pet foods on the market and are committed to providing outstanding customer service and building long-term relationships with their customers. PetPeople associates are pet enthusiasts who engage and educate customers by sharing ideas and providing solutions. PetPeople was founded in 1997 and is based in Columbus, Ohio.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-03-15 Veracode

Burlington, Massachusetts, United States

Veracode develops products to help secure web, mobile and third-party applications across the software development lifecycle. Veracode's complete set of offerings help customers reduce the risk of data breaches, increase the speed of secure software delivery, meet compliance requirements, and cost effectively secure their software assets- whether that’s software they make, buy or sell. Veracode was founded in 2005 and is based in Burlington, Massachusetts.

Buy $2.5B

Seller(S) 2

SELLER

Audax Private Equity

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1999
PE ASSETS 19.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Audax Private Equity is a private equity firm focused on acquiring control positions in a variety of mid to large North American headquartered companies. The Firm segments its activities into lower middle-market and larger scale investing. Within its larger group, Audax targets profitable businesses valued up to $800 million and within its lower middle-market group, the Firm seeks companies valued up to $125 million. Sectors of interest include business services, consumer products/services, financial services, healthcare services, industrial services, software, and technology. Audax has a special interest in businesses that can benefit from a buy and build investment strategy for growth. Audax Private Equity was formed in 1999 and is based in Boston, Massachusetts.

DEAL STATS #
Overall 92 of 102
Sector (Food) 1 of 1
Type (Secondary Buyout) 52 of 55
State (Maine) 1 of 1
Country (United States) 87 of 97
Year (2022) 5 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-03-14 Lifemark

Toronto, Ontario, Canada

Lifemark is a provider of physiotherapy and rehabilitation treatment to patients in over 100 clinics as well as long-term care centers, retirement homes, and communities across Canada. Lifemark was founded in 1998 and is based in Toronto, Ontario.

Sell CA$845M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-03-15 Flow Control Holdings

Cincinnati, Illinois, United States

Flow Control Holdings specialize in highly engineered sanitary and high purity flow components for market-critical applications within the food, beverage, and pharmaceutical industries. Flow Control Holdings was founded in 2018 and is based in Cincinnati, Illinois.

Buy -
SELLER

Yukon Partners

Minneapolis, Minnesota, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 2008
PE ASSETS 640M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Yukon Partners is a mezzanine finance firm that works with private equity sponsors to fund a variety of investment situations. Yukon looks to invest $10 to $40 million to support buyouts, recapitalizations, take privates, and refinancings. Sectors of interest include automotive, building products, business services, consumer products, food/beverages, healthcare products/services, industrial manufacturing, niche manufacturing, and transportation/logistics. Prospective companies generally have revenues of $30 to $500 million and are profitable with EBITDA of $5 to $50 million. Yukon Partners was formed in 2008 and is based in Minneapolis, Minnesota.

DEAL STATS #
Overall 24 of 28
Sector (Food) 1 of 1
Type (Secondary Buyout) 13 of 17
State (Maine) 1 of 1
Country (United States) 23 of 27
Year (2022) 2 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-02-08 Midwest Paper Group

Combined Locks, Wisconsin, United States

Midwest Paper Group is a manufacturer and distributor of recycled containerboard, natural kraft & bleached packaging, and printing & writing grades. Midwest Paper was founded in 1889 and is based in Combined Locks, Wisconsin.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-03-21 RTC Aerospace

Chatsworth, California, United States

RTC Aerospace is a provider of precision manufacturing of hydraulic landing and other precision components to aerospace and defense customers. RTC Aerospace was formed in 1957 and is based in Chatsworth, California.

Sell -
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