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Mergers & Acquisitions

Best of the Middle Market: Private Equity

By Deal Staff
|
Published: July 23rd, 2020

Our next installment of the Best of the Middle Market series, we run down the nominees for our private deals of the year, as well as select dealmakers and firms in the sector.

Financial buyers in the middle market were active, with the largest of PE firms creeping down into the sub-$500 million deal range more often than in years past. Meanwhile, firms that were once confined to growth investments or the lower middle market, crept up into the mighty middle to take on the oversized peers, with varying degrees of success.

From manufacturing to technology to services, private equity in the middle market in 2019 helped bring mom-and-pop business scale while taking once-maligned corporate assets and refreshing those brands. The trends continue into 2020, albeit amid uncertainty in the markets. And with record amounts of dry powder still left to deploy, we expect the middle market to be just as active in the future, perhaps with a few tweaks to valuations.

For more on the awards, or to have your firm profiled as part of the series, please contact Jenney.Smith@thedeal.com or check out the shortlist for more information.

Featured dealmaker in Private Equity

Jeffrey Poss

Willkie’s co-chairman of the firm’s private equity group Jeff Poss has guided some of the firm’s most active acquirers.
Full profile

Featured Deals in the Middle Market 

*Private Equity deals of the year*

anvil

One Equity Partners sells Anvil International to Smith-Cooper International
Target: Anvil International LLC/One Equity Partners LLC
Investment Adviser:
JPMorgan Chase & Co.
BlackArch Partners LP
Outside Counsel:
Dechert LLP
PR Firm:
Stanton Public Relations & Marketing LLC
Acquirers:
Smith-Cooper International Inc./Tailwind Capital LLC and Barings LLC
Investment Adviser:
Barclays
Outside Counsel:
Davis Polk & Wardwell LLP
PR Firm:
Sard Verbinnen & Co. LLC
Description: Smith-Cooper International Inc., which is backed by Tailwind Capital LLC and Barings LLC, acquired Anvil International LLC from One Equity Partners LLC for an undisclosed sum. The deal, which was announced on April 24, 2019, closed on May 30, 2019. North Kingstown, R.I.-based Anvil, which was founded in 1850, is a hardware products manufacturer. One Equity Partners earned a gross return multiple of 3.3 times on the sale, a source familiar with the transaction told The Deal at the time.
Deal Memo
Awards Information

elemica

Eurazeo leads management buyout of Elemica from Thoma Bravo
Target/Seller: Elemica Inc./Thoma Bravo LLC
Investment Adviser:
Aeris Partners LLC
Outside Counsel:
Kirkland & Ellis LLP
Acquirer: Eurazeo Capital IV
Investment Adviser:
Evercore Inc.
Description: Eurazeo SE in partnership with Elemica’s management acquired Elemica Inc. from Thoma Bravo LLC for approximately $240 million. The deal was announced on August 2, 2019 and closed thereafter on Sept. 19, 2019. A digital supply network, Elemica was founded in 1999 and headquartered in Wayne, Pa. For Thoma Bravo the sale provides an exit from a business that it acquired in 2016 from eight oil and petrol companies. Those companies, including Bayer AG and Royal Dutch Shell plc, founded the operation in 2000 to improve management of their own process manufacturing activities.
Deal Memo
Awards Information

Perfect snacks

Mondelez takes over Perfect Snacks from VMG
Target/Seller: Perfect Bar LLC/VMG Partners
Investment Adviser:
Piper Jaffray & Co.
Outside Counsel:
Greenberg Traurig LLP
Acquirer: Mondelez International Inc.
Outside Counsel:
Baker & McKenzie LLP
Description: Mondelez International Inc. acquired a majority interest in Perfect Bar LLC, or Perfect Snacks, for an undisclosed sum. The deal was announced on June 19, 2019 and closed on July 16, 2019. California-based Perfect Snacks — founded in 2005 and known for its Perfect Bar — reported about $70 million in 2018 revenues, according to a company statement.
Deal Memo
Awards Information

viteos

Intertrust acquires Viteos from Public Pension Capital and FiveW Capital
Target/Sellers: Viteos Fund Services LLC/
Public Pension Capital LLC and FiveW Capital LLC
Investment Adviser:
Jefferies LLC
Macquarie Capital (USA) Inc.
Outside Counsel:
Dechert LLP
Trilegal
Acquirer:
Intertrust NV
Investment Adviser:
Deutsche Bank AG
Counsel to I-bank:
Allen & Overy LLP
Outside Counsel:
Simpson Thacher & Bartlett LLP
Stibbe
Description:
Description: Intertrust NV acquired Viteos Fund Services LLC from FiveW Capital LLC, Public Pension Capital LLC and Viteos management for $330 million. The deal was announced on June 17, 2019 and closed that day. Viteos, founded in 2003, is a financial software solutions provider. The transaction was funded through debt (new $150 million term loan plus RCF) and cash on balance sheet with $11 million. PPC and FiveW acquired Viteos in 2017 for an undisclosed amount.
Deal Memo
Awards Information

Yellowstone

Harvest Partners acquires Yellowstone Landscaping
Target/Seller:
Yellowstone Landscape Group Inc./CIVC Partners LP
Investment Adviser:
Harris Williams & Co.
Outside Counsel:
Moore & Van Allen PLLC
Kirkland & Ellis LLP
Acquirer: Harvest Partners LP
Investment Adviser:
Piper Jaffray & Co.
William Blair & Co. LLC
Outside Counsel:
Ropes & Gray LLP
PR Firm:
Lambert Blicksilver
Description: Harvest Partners LP has acquired Yellowstone Landscape Group Inc. from CIVC Partners LP for an undisclosed amount. The deal was announced on November 1, 2019 and closed that day. Founded in 2008, Yellowstone Landscaping, which is based in Florida, was initially acquired by CIVC in 2015.
Deal Memo
Awards Information

Nominees for other categories can be found here.

To have your firm profiled as part of the series, please contact Jenney.Smith@thedeal.com or check out the shortlist for more information.

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