M&A Deal Summary

Wellspring Capital Management and Gamut Capital Management Acquire Hoffmaster Group

On October 19, 2016, private equity firms Wellspring Capital Management and Gamut Capital Management acquired consumer products company Hoffmaster Group from Metalmark Capital, Arrowhead Investment Management and The Carlyle Group

Acquisition Highlights
  • This is Wellspring Capital Management’s 6th and Gamut Capital Management’s 1st transaction in the Consumer Products sector.
  • This is Wellspring Capital Management’s 35th and Gamut Capital Management’s 1st transaction in the United States.
  • This is Wellspring Capital Management’s 2nd and Gamut Capital Management’s 1st transaction in Wisconsin.

M&A Deal Summary
Date 2016-10-19
Target Hoffmaster Group
Sector Consumer Products
Buyer(s) Wellspring Capital Management
Gamut Capital Management
Sellers(s) Metalmark Capital
Arrowhead Investment Management
The Carlyle Group
Deal Type Secondary Buyout

Target

Hoffmaster Group

Oshkosh, Wisconsin, United States
Hoffmaster Group is a designer, manufacturer and supplier of decorated, premium disposable tableware (including napkins, plates, tablecovers and placemats) sold to major consumer retail and foodservice customers. The Company is highly regarded for its design and manufacturing capabilities, providing the Company with unique growth opportunities as retailers expand their seasonal and party/life celebration planograms, and as national restaurant and hospitality chains increasingly realize the branding and cost-in-use benefits of premium disposable tableware products. Hoffmaster Group was founded in 1947 and is based in Oshkosh, Wisconsin.

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Buyer(S) 2

Buyer

Wellspring Capital Management

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1995
PE ASSETS 4.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Wellspring Capital Management is a mega-sized private equity firm that focused on a variety of transaction situations. The Firm will consider buyouts of private companies, acquisitions of divisions or subsidiaries of public companies, shareholder liquidity needs, partnering with entrepreneurs for growth opportunities, and special situations. Wellspring does not have any sector preferences and is capable of pursuing transactions valued up to $1 billion. Wellspring Capital Management was formed in 1995 and is based in New York City.

DEAL STATS #
Overall 40 of 53
Sector (Consumer Products) 6 of 6
Type (Secondary Buyout) 14 of 22
State (Wisconsin) 2 of 3
Country (United States) 35 of 48
Year (2016) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-10-17 ProAmpac

Cincinnati, Ohio, United States

ProAmpac is a flexible packaging company with a comprehensive product offering. ProAmpac’s approach to sustainability – ProActive Sustainability provides innovative sustainable flexible packaging products to help our customers achieve their sustainability goals. ProAmpac was founded in 2015 and is based in Cincinnati, Ohio.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-11-29 Great Lakes Caring

Jackson, Michigan, United States

Great Lakes Home Health Services, Inc. (dba Great Lakes Caring) is a provider of home health care, hospice care, as well as home medical equipment, daily to more than 6,000 patients throughout the Midwest. Great Lakes Caring, based in Jackson, Michigan, offers a broad range of services within the continuum of in-home health care including home health, hospice, home-based primary care, palliative care and private duty services. The company was founded in 1994 by Cherilyn Deary, and has built its business on a patient-centric commitment to superior quality and innovation. Great Lakes Caring has become one of the highest rated home health and hospice companies in the country, developing and implementing its products and services throughout the Midwest. The company employs more than 2,600 health care professionals in 25 offices, providing superior quality home health care, hospice care, palliative care as well as home-based primary care and private duty services to more than 9,000 patients daily.

Sell -
Buyer

Gamut Capital Management

Category Private Equity Firm
Founded 2015
PE ASSETS 1.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Gamut Capital Management is a private equity group focused on investing $50 to $150 million in middle market US-based companies. Target sectors include agriculture, chemicals, telecom, industrials, mining, power, distribution, technology, energy and transportation. Gamut’s flexible investment strategy incorporates leveraged buy-outs, corporate carve-outs, strategic partnerships, and distressed-for-control situations. Gamut Capital Management was formed in 2015 and is based in New York City.

DEAL STATS #
Overall 1 of 9
Sector (Consumer Products) 1 of 1
Type (Secondary Buyout) 1 of 5
State (Wisconsin) 1 of 1
Country (United States) 1 of 8
Year (2016) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-07-19 JPW Industries

LaVergne, Tennessee, United States

JPW Industries is a designer, manufacturer and value-added distributor of market-leading, branded machinery, specialty shop tools and equipment for rugged applications across multiple end markets. JPW Industries was founded in 1958 and is based in LaVergne, Tennessee.

Buy -

Seller(S) 3

SELLER

Metalmark Capital

New York, New York, United States
Category Private Equity Firm
Founded 2004
PE ASSETS 8.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Metalmark Capital is an independent private equity group focused on large company transactions in a wide range of industries. Metalmark is a hands-on investment firm looking to build long-term value in its portfolio companies. Broad areas of interest include natural resources/energy, healthcare services, industrials, food, transportation, and financial services. Metalmark was established in 2004 by the former principals of Morgan Stanley Capital Partners to manage the Metalmark Capital and Morgan Stanley Capital Partners funds. Metalmark is based in New York City.

DEAL STATS #
Overall 32 of 40
Sector (Consumer Products) 1 of 1
Type (Secondary Buyout) 3 of 6
State (Wisconsin) 2 of 2
Country (United States) 31 of 37
Year (2016) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-10-17 Premier Research

Morrisville, North Carolina, United States

Premier Research is a clinical development service provider that helps highly innovative biotech and specialty pharma companies transform breakthrough ideas into reality. The company has a wealth of experience in the execution of global, regional, and local clinical development programs with a special focus on addressing unmet needs in areas such as neuroscience, oncology, pediatric, and rare disease. Premier Research was founded in 1989 and is based in Morrisville, North Carolina.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-04-06 Schafer

Arlington, Virginia, United States

Schafer Corp. is a provider of scientific, advanced engineering, and technical services and products applied to defeating critical national security threats. Schafer design, integrate, maintain, and upgraded state-of-the-art systems and programs for the military, intelligence community, Department of Homeland Security, and others. Schafer was established in 1972 and is based in Arlington, Virginia.

Sell -
SELLER

Arrowhead Investment Management

Greenwich, Connecticut, United States

Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 1996
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Arrowhead Investment Management is a provider of subordinated debt, preferred stock and non-control common equity to mid-sized businesses. Arrowhead invests alongside private equity sponsors in acquisitions, buyouts, recapitalizations and growth capital transactions. Arrowhead is a generalist investor, however the Firm tends to focus on healthcare, packaging, chemicals, consumer products, industrial manufacturing, value-added distribution and business services. Arrowhead looks to commit $10 to $100 million in transactions valued up to $500 million. Arrowhead Investment Management was formed in 1996 and is based in Greenwich, Connecticut.

DEAL STATS #
Overall 22 of 24
Sector (Consumer Products) 5 of 5
Type (Secondary Buyout) 12 of 14
State (Wisconsin) 2 of 3
Country (United States) 22 of 24
Year (2016) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-08-25 Quest Specialty Chemicals

Charleston, South Carolina, United States

Quest Specialty Chemicals, Inc.is a specialty chemicals and coatings. QSC is engaged in the formulation, manufacturing, and marketing of coatings designed to repair, restore, and preserve the assets of our customers.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-11-16 Crisis Prevention Institute

Milwaukee, Wisconsin, United States

Crisis Prevention Institute is a training organization specializing in the safe management of disruptive and assaultive behavior. CPI's training reduces the frequency and impact of incidents resulting from aggressive behavior in the workplace, improve professionals' confidence levels, help customers comply with regulatory requirements, and create a safer environment for all involved. Crisis Prevention Institute was founded in 1980 and is based in Milwaukee, Wisconsin.

Sell -
SELLER

The Carlyle Group

Washington, District of Columbia, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1987
PE ASSETS 435.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.

The Carlyle Group is a global investment firm that pursues private equity, credit, and real estate investments worldwide. Carlyle's private equity practice practice pursues buyouts, strategic minority equity investments, equity private placements, consolidations and buildups, and growth capital financings. With offices in 19 countries, Carlyle can easily target opportunities throughout North America, Europe, Asia, Australia, the Middle East/North Africa and Latin America. Broad sectors of interest include aerospace, defense, automotive and transportation, consumer, retail, energy and power, financial services, healthcare, industrial, infrastructure, technology services, business services, telecommunications and media. The Carlyle Group was formed in 1987 and is based in Washington DC.

DEAL STATS #
Overall 313 of 480
Sector (Consumer Products) 9 of 14
Type (Secondary Buyout) 63 of 117
State (Wisconsin) 3 of 4
Country (United States) 186 of 259
Year (2016) 22 of 26
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-10-18 NEOGOV

El Segundo, California, United States

NEOGOV is a talent management software platform focused on government, education and public sector clients. NEOGOV provides market major software-as-a-service (SaaS) talent management solutions to automate and streamline the recruitment, onboarding and performance evaluation processes for government and other public sector institutions. NEOGOV was founded in 2000 and is based in El Segundo, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-10-24 PNB Housing

New Delhi, India

PNB Housing is a deposit-taking housing finance companies. PNB Housing was founded in 1988 and is based in New Delhi, India.

Buy -
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