M&A Deal Summary

Tilia Holdings and True West Capital Partners Acquire Wheat Montana

On April 1, 2021, private equity firms Tilia Holdings and True West Capital Partners acquired food company Wheat Montana from Northstar Capital, River Associates and OneWest Bank

Acquisition Highlights
  • This is Tilia Holdings’ 2nd and True West Capital Partners’ 2nd transaction in the Food sector.
  • This is Tilia Holdings’ 6th and True West Capital Partners’ 12th transaction in the United States.
  • This is Tilia Holdings’ 1st and True West Capital Partners’ 1st transaction in Montana.

M&A Deal Summary

Date 2021-04-01
Target Wheat Montana
Sector Food
Buyer(s) Tilia Holdings
True West Capital Partners
Sellers(s) Northstar Capital
River Associates
OneWest Bank
Deal Type Secondary Buyout

Target

Wheat Montana

Three Forks, Montana, United States
Wheat Montana is a provider of premium, branded mill, and bakery products. The Company offers a variety of non-GMO, chemical-free grains and whole grain flours, mixes, and fresh and frozen bread products to retail and wholesale customers throughout the United States. Wheat Montana is based in Three Forks, Montana.

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Buyer(S) 2

DESCRIPTION

Tilia Holdings is a private equity firm focused on investing in outsourced business-to-business services providers that serve the food industry. Specific areas of interest include companies that offer regulatory compliance, quality, supply chain integrity or food safety services. The Firm targets companies with at least $10 million of revenue and at least $5 million of EBITDA. Tilia Holdings was established in 2017 and is headquartered in Chicago, Illinois.


DEAL STATS #
Overall 7 of 9
Sector (Food) 2 of 2
Type (Secondary Buyout) 3 of 5
State (Montana) 1 of 1
Country (United States) 6 of 8
Year (2021) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-08-14 Ellison Bakery

Fort Wayne, Indiana, United States

Ellison Bakery is a producer of cookies, snack bars, crunch and inclusion, and other products for the industrial market, foodservice industry, and retail and private label space. Ellison Bakery was founded in 1945 and is based in Fort Wayne, Indiana.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-05-04 NutriScience USA

Milford, Connecticut, United States

NutriScience USA develops and markets branded, highly differentiated nutritional ingredients that are sold to a variety of customers including blue-chip supplement and wellness brands. NutriScience USA was founded in 1993 and is based in Milford, Connecticut.

Buy -
DESCRIPTION

True West Capital Partners is a private investment firm focused on lower middle-market company investments in the Western US. The Firm looks to commit $5 to $25 million into profitable businesses to support acquisitions, growth initiatives, buyouts, recapitalizations, and refinancings. True West does not have any sector preferences, but does avoid real estate, startups and project financings. True West Capital Partners was formed in 2009 and is headquartered in Los Angeles, California.


DEAL STATS #
Overall 12 of 20
Sector (Food) 2 of 2
Type (Secondary Buyout) 2 of 2
State (Montana) 1 of 1
Country (United States) 12 of 20
Year (2021) 4 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-22 Create & Cultivate

Los Angeles, California, United States

Create & Cultivate is an experiential and digital media company fostering a community of ambitious women looking to create and cultivate the career of their dreams. Create & Cultivate was founded in 2010 and is based in Los Angeles, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-05-24 InSite Telecom

Orange, California, United States

InSite Telecom is a provider of specialized construction, installation, and maintenance services to the wireless and wireline telecommunications industry. InSite Telecom was founded in 2003 and is based in Orange, California.

Buy -

Seller(S) 3

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 57 of 80
Sector (Food) 4 of 4
Type (Secondary Buyout) 21 of 26
State (Montana) 1 of 1
Country (United States) 55 of 76
Year (2021) 2 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-24 Pelco Products

Edmond, Oklahoma, United States

Pelco Products specializes in designing, engineering, manufacturing and distributing the finest products. Pelco manufactures traffic signal hardware, utility products, and decorative outdoor lighting. Pelco Products was founded in 1985 and is based in Edmond, Oklahoma.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-21 MBH Settlement Group

Chantilly, Virginia, United States

MBH Settlement Group is a provider of residential real estate Title and Settlement Services, Mortgage Lending, and the practice of law in Virginia, Maryland, and the District of Columbia. MBH Settlement Group was founded in 1994 and is based in Chantilly, Virginia.

Sell -
SELLER

River Associates

Chattanooga, Tennessee, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1989
PE ASSETS 1.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

River Associates is a private equity firm that targets buyouts, divestitures and recapitalizations of lower middle-market companies. River looks for investments in manufacturing, high-margin distribution, industrial services and 'non-faddish' retail companies. The Firm focuses on companies located in the US and Canada with minimum sales of $15 million and EBITDA of $3 to $12 million. River Associates avoids investing in heavily regulated industries as well as start-up, high-technology, commodity or natural resource companies. River Associates was formed in 1989 and is based in Chattanooga, Tennessee.


DEAL STATS #
Overall 22 of 25
Sector (Food) 1 of 1
Type (Secondary Buyout) 12 of 13
State (Montana) 1 of 1
Country (United States) 21 of 24
Year (2021) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-24 Pelco Products

Edmond, Oklahoma, United States

Pelco Products specializes in designing, engineering, manufacturing and distributing the finest products. Pelco manufactures traffic signal hardware, utility products, and decorative outdoor lighting. Pelco Products was founded in 1985 and is based in Edmond, Oklahoma.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-12 Hoskin Scientific

Burnaby, British Columbia, Canada

Hoskin Scientific is a value-added distributor of essential test, measurement, and monitoring equipment serving the environmental, geotechnical, and processing markets throughout Canada. Hoskin Scientific was founded in 1946 and is based in Burnaby, British Columbia.

Buy -
SELLER

OneWest Bank

Pasadena, California, United States

Category Company
Sector Financial Services
DESCRIPTION

OneWest Bank is a provider of financial services.


DEAL STATS #
Overall 1 of 1
Sector (Food) 1 of 1
Type (Secondary Buyout) 1 of 1
State (Montana) 1 of 1
Country (United States) 1 of 1
Year (2021) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-07-09 Mikawaya

Vernon, California, United States

Mikawaya, Inc. is a producer of Japanese pastries and specialty frozen desserts.

Buy -