Divestiture • Food

TPG Angelo Gordon Acquires White Hen Pantry

On December 1, 2003, private equity firm TPG Angelo Gordon acquired food company White Hen Pantry from Clark Retail Enterprises

Acquisition Context
  • This is TPG Angelo Gordon’s 1st transaction in the Food sector.
  • This is TPG Angelo Gordon’s 3rd transaction in the United States.
  • This is TPG Angelo Gordon’s 1st transaction in Illinois.
Investment Fate
  • White Hen Pantry was sold to a strategic buyer in 2006.

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M&A Deal Summary

Date December 1, 2003
Target White Hen Pantry
Sector Food
Buyer(s) TPG Angelo Gordon
Sellers(s) Clark Retail Enterprises
Deal Type Divestiture

Target Company

White Hen Pantry

Lombard, Illinois, United States
White Hen Pantry, Inc. is a eading convenience store chain in mid-west with over 270 locations nation widePartnered with senior management and a distressed fund to acquire the business out of the Clark Retail bankruptcy
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Buyer Overview 1

Buyer

TPG Angelo Gordon

New York, New York, United States

Category Private Equity Firm
Founded 1988
PE ASSETS 78.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Angelo, Gordon's Private Equity Group is the private equity arm of asset manager Angele, Gordon & Co. AG's private equity group focuses on acquiring assets from financially distressed sellers or from larger corporations. Prospective transactions include forced sales, management-led buyouts, private company recapitalizations, corporate carve-outs, asset pool purchases, and other complex situations. The Group prefers control when considering opportunities and generally looks to commit $25 to $125 million of capital in transactions valued up to $500 million. Broad sectors of interest include specialty finance, retail, consumer, healthcare services/facilities, real estate, and business services. Angelo, Gordon's Private Equity group is based in New York City.


Deal Context for Buyer #
Overall 4 of 22
Sector: Food 1 of 2
Type: Divestiture 1 of 3
State: Illinois 1 of 1
Country: United States 3 of 18
Year: 2003 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2003-01-01 America s Water Heater Rentals

Canonsburg, Pennsylvania, United States

America's Water Heater Rentals LLC is a residential water heater rental business with 85,000 customers in 14 states. Partnered with a fundless sponsor to purchase this non-core business from a large, Midwest utility

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-01-01 Nations Rent

Fort Lauderdale, Florida, United States

Nations Rent is one of the largest equipment rental companies in the US with 265 rental centers in 26 states Part of an investment group that funded the company’s plan of reorganization exiting bankruptcy

Buy -

Seller Profile 1

SELLER

Clark Retail Enterprises

Jackson, Michigan, United States

Category Company
Sector Retail
DESCRIPTION

Clark Retail Enterprises, Inc. and its parent, Clark Retail Group, Inc. today filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code.


Deal Context for Seller #
Overall 1 of 1
Sector: Food 1 of 1
Type: Divestiture 1 of 1
State: Illinois 1 of 1
Country: United States 1 of 1
Year: 2003 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2001-01-01 White Hen Pantry

Lombard, Illinois, United States

White Hen Pantry, Inc. is a eading convenience store chain in mid-west with over 270 locations nation widePartnered with senior management and a distressed fund to acquire the business out of the Clark Retail bankruptcy

Buy -