M&A Deal Summary

Tilley Distribution Acquires Phoenix Aromas

On December 9, 2021, Tilley Distribution acquired distribution company Phoenix Aromas from Caymus Equity Partners and Gemini Investors

Acquisition Highlights
  • This is Tilley Distribution’s 2nd transaction in the Distribution sector.
  • This is Tilley Distribution’s 2nd transaction in the United States.
  • This is Tilley Distribution’s 1st transaction in New Jersey.

M&A Deal Summary
Date 2021-12-09
Target Phoenix Aromas
Sector Distribution
Buyer(s) Tilley Distribution
Sellers(s) Caymus Equity Partners
Gemini Investors
Deal Type Add-on Acquisition

Target

Phoenix Aromas

Norwood, New Jersey, United States
Phoenix Aromas is a value-added distributor of essential oils, aroma chemicals, absolutes, and oleoresins. These flavor and fragrance components serve as the foundation of hundreds of end products in the growing markets of food & beverage, fragrance, and personal care. Phoenix Aromas was founded in 1994 and is based in Norwood, New Jersey.

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Buyer(S) 1

Buyer

Tilley Distribution

Baltimore, Maryland, United States
Category Company
Founded 1952
Sector Distribution
DESCRIPTION

Tilley Distribution is a specialty chemical and lubricant distributor with value-added capabilities including storage, blending, packaging and regulatory and technical support. The Company operates two North American facilities and offers a comprehensive portfolio of value-added services, including regulatory and technical support, custom formulation, lab QA/QC testing, liquid and dry blending, storage and packaging and repackaging. Tilley Distribution was founded in 1952 and is based in Baltimore, Maryland.

DEAL STATS #
Overall 2 of 3
Sector (Distribution) 2 of 3
Type (Add-on Acquisition) 2 of 3
State (New Jersey) 1 of 2
Country (United States) 2 of 3
Year (2021) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-02 Ingredients Solutions

Waldo, Maine, United States

Ingredients Solutions is a value-added ingredient distributor that offers product and application solutions across food and beverage, personal care, and animal nutrition markets. The Company offers a comprehensive line of hydrocolloid products with a wide variety of in-use functions including thickening, gelling, emulsifying, and stabilization of foods, personal care, cosmetics, and pharmaceutical products. Ingredients Solutions retains a technical team capable of supporting the development of new products for demanding applications with value-added services, including regulatory and technical support, custom formulation, lab QA/QC testing, dry blending, storage, and packaging. Ingredients Solutions was formed in 1992 and is based in Waldo, Maine.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-05 Callahan

Palmyra, New Jersey, United States

Callahan is a regional distributor of high-quality ingredients and compounds serving a diverse set of end markets including, food and beverage, personal care and cosmetics, pharmaceuticals and nutraceuticals, HI&I (household institutional and industrial), and CASE (coatings, adhesives, sealants, and elastomers). Callahan was founded in 1958 and is based in Palmyra, New Jersey.

Buy -

Seller(S) 2

SELLER

Caymus Equity Partners

Investor Investor Investor Investor

Category Private Equity Firm
Founded 2001
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Caymus Equity Partners LLC is a private equity firm that looks to partner with management to acquire and grow profitable, lower middle-market companies valued between $10 and $100 million. The Firm looks for situations where companies lack the resources, capital, and strategic guidance needed to realize their full potential. Sectors of interest include business services, healthcare services, consumer products/services, and industrials. Caymus Equity Partners was formed in 2001 and is based in Atlanta, Georgia.

DEAL STATS #
Overall 8 of 10
Sector (Distribution) 2 of 2
Type (Add-on Acquisition) 4 of 5
State (New Jersey) 2 of 3
Country (United States) 8 of 10
Year (2021) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-05-31 Colorado Barricade

Denver, Colorado, United States

Colorado Barricade is a full-service provider of roadway safety, pavement marking, traffic control, and sign installation solutions for commercial customers, utility contractors, and roadway infrastructure maintenance providers. Colorado Barricade was founded in 1970 and is based in Denver, Colorado.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-07-01 Overland Vehicle Systems

Santa Fe Springs, California, United States

Overland Vehicle Systems is a supplier of outdoor and automotive aftermarket parts and accessories for Overlanding and off-roading enthusiasts. Overland Vehicle Systems was founded in 2019 and is based in Santa Fe Springs, California.

Buy -
SELLER

Gemini Investors

Wellesley, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1993
PE ASSETS 700M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Gemini Investors is a middle-market private equity firm that targets investments in growing and established businesses. Areas of interest include technology, business services, consumer services, healthcare, education, manufacturing and distribution. Gemini looks for companies with $5 to $50 million in annual revenue and typically makes investments of $3 to $8 million in the form of preferred stock and/or subordinated debt. Prospective transaction types include growth capital, recapitalization and buyout situations. Gemini Investors was formed in 1993 and is based in Wellesley, Massachusetts.

DEAL STATS #
Overall 43 of 48
Sector (Distribution) 3 of 3
Type (Add-on Acquisition) 20 of 23
State (New Jersey) 2 of 2
Country (United States) 43 of 48
Year (2021) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-02 360 Physical Therapy

Chandler, Arizona, United States

360 Physical Therapy operates outpatient physical therapy clinics that treat a wide range of orthopedic, chronic pain, neuropathic, and vestibular disorders. 360 Physical Therapy was founded in 2001 and is based in Chandler, Arizona.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-03-07 Catalina Finer Foods

Tampa, Florida, United States

Catalina Finer Foods is a manufacturer of authentic Cuban and Caribbean cuisine including varieties of croquettes, stuffed potato balls, tamales, stuffed cassava, and other ancillary products. Catalina Finer Foods was founded in 1974 and is based in Tampa, Florida.

Buy -
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