M&A daily wrap: Kainos, Monroe, Ampersand Capital, Grant Thornton, New Water Capital
Kainos Capital has acquired sauce provider Bonewerks Culinarte’. The target, founded in 1998 and located in Green Bay, Wisconsin, makes glace and demi-glace sauce base products that are delivered fully prepared and allows chefs to save time and labor. Benowerks' sauces come in beef, pork, lamb, duckling, chicken and veal flavors, and can be used as is or in other sauces. The company serves upscale restaurants, hotels and catering venues. Financial terms of the deal were not disclosed. Dallas-based Kainos invests up to $150 million in businesses in the food and beverage and consumer sectors. The firm raised its second fund, at $895 million, in 2016. Kainos co-founder Sarah Bradley is one of Mergers & Acquisitions' Most Influential Women in Mid-Market M&A.
Lower middle market private equity firm New Water Capital LP made an investment in Pegasus Foods, a Los Angeles-based contract manufacturer of frozen appetizers and snacks. The target, founded in 1998, works with consumer packagers, retailers, grocery stores, and quick service restaurants. Financial terms were not disclosed.
Pharos Capital Group has formed Verdi Oncology through the purchase of oncology practice Horizon Oncology out of Lafayette, Indiana. The firm partnered with industry executive Wes Chapman, who will be Verdi's CEO. Horizon marks Pharos' eighth deal out of its third fund which closed at $545 million.
American Physician Partners bought Norheast Tennessee Emergency Physicians. Financial Terms were not disclosed. Edgemont Capital Partners advised the target.
S3 Ventures sold video content production company Invodo to Frontenac Co.-backed Industrial Color Studios for undisclosed terms. Petsky Prunier advised Invodo.
RV retailer Camping World Holdings Inc. (NYSE: CWH) agreed to acquire B&B RV Center in Anderson, California. Camping World said the deal is part of the company's strategy to grow geographically through acquisitions. Financial terms were not disclosed.
Boston-based healthcare focused middle market private equity firm Amspersand Capital Partners raised its ninth fund at $450 million. The firm invests in businesses that have between $10 million to $100 million in revenue. Goodwin Procter LLP represented Ampersand.
Monroe Capital closed a new loan obligation (CLO) fund at $456 million, marking the second type fund it raised in the last 12 months. Read the full story here.
About two-third of M&A transactions fail to create shareholder value, according to Grant Thornton's review of past M&A deals financial performance. The main reasons include a lack of thorough due diligence and problems during integration, including technology and people-based challenges. About 41 percent of buyers and 43 percent of sellers say they find it difficult to assess the full value of the company they are trying to buy or sell, according to the report.
Richard Hooper has been named CEO of SK Capital-backed Tri-Tex, a Saint-Eustache, Quebec-based producer of adhesives and sealants. He replaces Natalie Laham, who will stay with the company as a minority shareholder. Hooper was mostly the CEO of chemicals company SummitReheis, which was sold to Elementis Plc in 2017. SK Capital invested in Tri-Tex in 2017.
Andy Hurd was hired by healthcare focused private equity firm Cressey & Co. as an operating partner in Chicago. Hurd mostly recently served as CEO of healthcare analytics company MedeAnalytics, which was acquired by Thoma Bravo in 2015.