M&A daily wrap: Tony Pritzker-led PPC Partners, OEP, GlassRock Capital Partners, Blue Sage
PPC Partners, which was launched on April 2 by Pritzker Group Private Capital as its exclusive acquirer of middle-market companies, has announced its debut deal. PPC has acquired family-owned food products producer C.H. Guenther & Son Inc. The San Antonio, Texas-based, founded in 1851, makes artisan breads, buns, rolls, biscuits, gravy mixes, frozen appetizers, spices and desserts, under the Pioneer, Morrison, Tribeca and Sun-bird brands. Some of Guenther's customers include McDonald's Corp. (NYSE: MCD), Carl's Jr. , Hardee's and Costco Wholesale Corp. (NYSE: COST). “We believe CHG represents an excellent platform for us to accelerate our investment in the food manufacturing sector," says PPC Partners partner Michael Nelson. PPC Partners is led by Tony Pritzker, one of the heirs to the Hyatt Hotels Corp. (NYSE: H) fortune. PPC Partners invests in middle-market businesses that are valued up to $750 million.
Benefit Street Partners is buying Triangle Capital Corp.'s (NYSE: TCAP) investment portfolio for about $981 million. In addition, Barings LLC agreed to pay Triangle $85 million to become an investment advisor to the company. Triangle invests up to $50 million in middle-market companies to fund growth through a variety of debt and equity investment structures including first lien, unitranche, second lien, and mezzanine with equity components. Benefit Street is a credit-focused alternative asset management firm with over $24 billion in AUM. Barings, also an alternative investment firm, holds more than $300 billion in AUM. Houlihan Lokey and Eversheds Sutherland are advising Triangle. Ropes & Gray is representing Benefit Street, and Dechert is doing the same for Barings.
Blue Wolf Capital Partners has purchased a majority stake in the State Group, a provider of maintenance and repair services to the automotive, oil and gas, and industrial sectors. Yellow Point Equity Partners is a minority investor in the deal. Houlihan Lokey Inc. (NYSE: HLI) advised Blue Wolf, and Cowen advised the State Group. Financial terms were not disclosed.
One Equity Partners-backed Anvil International acquired FlexHead Industries and SprinkFlex from Atkore International Group Inc. (NYSE: ATKR). The targets make steel hoses and brackets for fire safety systems.
First International Bank & Trust in Watford City, N.D., has bought InterceptEFT, an electronic payments processor in Fargo, N.D. The $2.5 billion-asset unit of Watford City Bancshares said that it plans to rebrand InterceptEFT as Kotapay. Read the full story here.
InstarAGF Asset Management has purchased port terminal operator Amports from Lincolnshire Management for undisclosed terms. Amports provides port logistic services, including loading and unloading, storage and inspections. UBS Investment Bank and Kirkland & Ellis advised the target.
Altamont Capital and Makena Access Holdings-backed Kuvare US Holdings, a life and annuity business, bought United Life Insurance Co. RBC Capital Markets and Debevoise & Plimpton advised Kuvare.
Wynnchurch Capital-backed Texas Hydraulics bought the Oilgear Co. from Mason Wells. The target is a provider of hydraulic pumps and valves for heavy duty equipment. Financial terms were not disclosed.
Platte River Equity-backed Profile Products acquired Southern Athletic Fields. The target is a supplier of athletic field maintenance products such as field conditioners and infield mixes. Financial terms were not disclosed.
Radian Group Inc. (NYSE: RDN) bought title insurance company Entitle Direct Group Inc. Ballard Spahr represented the buyer.
Jeff Nahley launched Nashville-based family office GlassRock Capital Partners. Nahley previously focused on healthcare at Signal Hill, which was sold to DCS Advisory in 2017. GlassRock will make early-stage investments and later state buyout capital across the financial services, consumer, technology and healthcare sectors.
Atkore International Group Inc. (NYSE: ATKR) has sold off its commercial sprinkler businesses to a portfolio company of One Equity Partners. Read the full story here.
Jonathan Pearce and Eric Weiner have been promoted from principal to partner at Austin, Texas-based private equity firm Blue Sage Capital. They are both responsible for sourcing and executing investment opportunities, and portfolio company monitoring.
Michael Doppelt has rejoined middle-market private equity firm Irving Place Capital as a partner and head of fundraising. Doppelt was most recently with Lightyear Capital and was previously with Irving Place from 2005 to 2010.
Albert Yang has joined real estate investment firm Harrison Street Real Estate Capital in London as a head of European investor relations. Previously with Barings Real Estate, Yang will be responsible for capital raising and business development in the Europe, Middle East, and Africa (EMEA) region.
Read full coverage of Mergers & Acquisitions' 11th annual M&A Mid-Market Award winners: Campbell Soup, Huron Capital, Idera CEO Randy Jacops, LLR Partners, McGuireWoods, Stryker, Twin Brook and William Blair.