Sperry Mitchell Advises Jansy Packaging on its Sale to Eureka Growth Capital

JansyTombstone2New York, NY (November 19, 2014)Jansy Packaging, LLC (“Jansy” or the “Company”) of Congers, NY has been acquired by Eureka Growth Capital of Philadelphia, PA. Jansy’s management team will retain an equity stake in the Company. Sperry, Mitchell & Company, Inc. initiated this transaction, assisted in the negotiations, and served as exclusive financial advisor to Jansy.

Jansy Packaging (www.jansypkg.com) is a leading full-service provider of packaging design, engineering, manufacturing, and production services. Jansy combines award-winning design and development capabilities with full-range production resources to offer high-impact packaging solutions at cost-effective rates. The Company serves a rapidly growing list of blue-chip consumer brands, including Jawbone, LG, Limited Brands, NARS Cosmetics, Oakley, and Procter & Gamble. Jansy maintains offices in the New York, Chicago, and Los Angeles metro areas.

Eureka Growth Capital (www.eurekagrowth.com) is a private equity firm focused on investing in and building niche-market leaders at the lower end of the middle market. Eureka’s core focus is partnering with exceptional management teams to acquire businesses with up to $75 million in revenue across industry segments in which Eureka brings significant experience and operating resources, including business services, health care services, specialty manufacturing, and consumer products.

Sperry, Mitchell & Company (www.sperrymitchell.com) is an investment banking firm specializing in middle-market merger and acquisition advisory services. Since the firm’s founding in 1986, Sperry Mitchell has completed hundreds of transactions in a wide range of industries, with values ranging from $10 to $450 million.

 

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Private Equity Professional Digest

 

Sperry Mitchell Advises Cue & Case Sales on its Sale to Escalade

Cue & Case Tombstone1New York, NY (October 28, 2014) Cue & Case Sales Inc. (“Cue & Case” or the “Company”) of St. Augustine, FL has been acquired by Escalade, Inc. (NASDAQ:ESCA) of Evansville, IN. Sperry, Mitchell & Company, Inc. initiated this transaction, assisted in the negotiations, and served as exclusive financial advisor to Cue & Case.

Cue & Case Sales Inc. (www.cueandcase.com) is a leading designer, marketer and distributor of billiard products and accessories. Founded in 1991, the Company’s product offering includes cues, cases, cue accessories, racks, balls, lights and select gaming furniture. Cue & Case owns and markets a leading range of branded product lines, including Lucasi, Players, Rage and PureX, as well as distributes other prominent billiards brands. The Company is renowned for providing specialty billiard dealers with superior products and excellent customer service. Cue & Case will become part of Escalade Sports, a wholly-owned subsidiary of Escalade, Inc.

Escalade, Incorporated (NASDAQ:ESCA) (www.escaladeinc.com) is a global consumer products company. Its largest division, Escalade Sports, is a leading manufacturer and distributor of sporting goods and outdoor products. Escalade Sports’ brands include STIGA® and Ping-Pong® table tennis; Accudart® and Unicorn® darting; Goalrilla®, Goaliath® and Silverback® sports training equipment and basketball goal systems; and Bear Archery®, Trophy Ridge® and Cajun Bowfishing hunting products. Escalade Sports’ products are available at sporting goods retailers and independent dealers nationwide.

Sperry, Mitchell & Company, Inc. (www.sperrymitchell.com) is an investment banking firm specializing in middle-market merger and acquisition advisory services. Since the firm’s founding in 1986, Sperry Mitchell has completed hundreds of transactions in a wide range of industries, with values ranging from $10 to $450 million.

Sperry Mitchell Advises Litecontrol on its Sale to Hubbell Inc.

Litecontrol1New York, NY (April 16, 2014) Litecontrol Corp. (“Litecontrol” or the “Company”) of Plympton, MA has been acquired by Hubbell Inc. (NYSE:HUB.B) of Shelton, CT. Sperry, Mitchell & Company, Inc. served as exclusive financial advisor to Litecontrol.

Litecontrol Corp. (www.litecontrol.com) is a leading designer and manufacturer of quality architectural interior lighting fixtures.  For over 75 years, the Company has offered innovative and sustainable lighting solutions for a range of commercial and institutional buildings across the United States and worldwide. The Company’s innovative designs earned it the industry’s first Cradle to Cradle Certification in 2008. Litecontrol was founded in 1936 and is located in Plympton, Massachusetts.

Hubbell Inc. (NYSE:HUB.B) (www.hubbell.com) is an international manufacturer of quality electrical and electronic products for a broad range of non-residential and residential construction, industrial, and utility applications. With 2013 revenues of $3.2 billion, Hubbell supplies a comprehensive range of indoor and outdoor lighting products and is the largest manufacturer of residential lighting fixtures in North America. The company operates manufacturing facilities in the United States, Canada, Switzerland, Puerto Rico, Mexico, the People’s Republic of China, Italy, the United Kingdom, Brazil, and Australia. The company was founded in 1888 and is headquartered in Shelton, Connecticut.

Sperry, Mitchell & Company, Inc. (www.sperrymitchell.com) is an investment banking firm specializing in middle-market merger and acquisition advisory services. Since the firm’s founding in 1986, Sperry Mitchell has completed hundreds of transactions in a wide range of industries, with values ranging from $10 to $450 million.

 

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PE HUB

Finance Monthly

Sperry Mitchell Advises Susquehanna Services on its Sale to Specialty Waste Operating Partners

Susquehanna1New York, NY (March 17, 2014) Susquehanna Services, Inc. (“Susquehanna” or the “Company”) of Swoyersville, PA has been acquired by Specialty Waste Operating Partners (“SWOP”), a private investment group. Sperry, Mitchell & Company, Inc. initiated this transaction, assisted in the negotiations, and served as exclusive financial advisor to Susquehanna.

Susquehanna Services Inc. (www.sspugmill.net) is a leading provider of solids processing services for oil and natural gas drilling operations. The Company uses a proprietary system to process drill cuttings for disposal during the drilling phase of oil and gas development. Founded in 2010, the Company is a rapidly growing energy services platform, with operations in the Marcellus, Utica, and Green River (WY) shale formations. Susquehanna’s founder and President, Mr. John Yarosz, will retain his position and an equity stake in the Company.

Specialty Waste Operating Partners is a private investment group focused on opportunities in the oilfield fluid handling, treatment and disposal sector. SWOP is backed by an array of leading private equity investment firms, including Paine & Partners and Tinicum Incorporated.

Sperry, Mitchell & Company, Inc. (www.sperrymitchell.com) is an investment banking firm specializing in middle-market merger and acquisition advisory services. Since the firm’s founding in 1986, Sperry Mitchell has completed hundreds of transactions in a wide range of industries, with values ranging from $10 to $450 million.

 

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Oil & Gas Financial Journal

PR Newswire

 

 

Sperry Mitchell Advises Colite Outdoor on its Sale to Top Media Holdings S.A.

Colite Outdoor Tombstone1New York, NY (February 4, 2014)Colite Outdoor, LLC (“Colite Outdoor” or the “Company”) has been acquired by Top Media Holdings S.A. (“Top Media”) of Panamá City, Panamá. Sperry, Mitchell & Company, Inc. initiated this transaction, assisted in the negotiations, and served as exclusive financial advisor to Colite Outdoor.

Colite Outdoor, LLC (www.coliteoutdoor.com) is the largest regional outdoor advertising company in Central America. With an inventory of over 500 large-format display faces strategically positioned within Central America’s most populated areas and heavily traveled roadways, Colite Outdoor provides advertisers with the most extensive market coverage of any operator in the region. The Company’s clients have included Coca-Cola, HSBC, McDonald’s, Reebok, Visa, Pizza Hut, Levis, Toyota, Unilever, Pepsi, Citibank, and Procter & Gamble.

Top Media Holdings (www.topmedia.com.pa) is the leading Out-of-Home advertising company in Panamá. Top Media offers advertisers a variety of high-impact advertising options, such as billboards, banners, and airport and shopping center displays.

Sperry, Mitchell & Company, Inc. (www.sperrymitchell.com) is an investment banking firm specializing in middle-market merger and acquisition advisory services. Since the firm’s founding in 1986, Sperry Mitchell has completed hundreds of transactions in a wide range of industries, with values ranging from $10 to $450 million.

 

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Out of Home Magazine

 

Sperry Mitchell Advises Capewell on its Sale to CapitalWorks LLC

Capewell Tombstone Tombstone1New York, NY (February 3, 2014) Capewell Components Company, LLC (the “Company”), a portfolio company of New York-based Meriwether Capital, LLC, has been acquired by CapitalWorks LLC of Cleveland, OH. Sperry, Mitchell & Company initiated this transaction, assisted in the negotiations, and served as exclusive financial advisor to Capewell Components Company.

Capewell Components Company, LLC (www.capewellcorp.com) is a leading designer and manufacturer of specialized industrial, commercial and military components and tools. The Company offers some of the most comprehensive engineered product lines in its respective markets, with a growing portfolio of over 2,800 branded products. Founded in 1881, the Company has locations in the U.S., China, and Europe. Capewell Components Company operates under three divisions:

The Capewell division (www.capewell.com) engages in the design and manufacture of aerial delivery and life support systems for the aerospace and defense industry.

The M.H. Rhodes Cramer division (www.mhrhodes.com) operates as a designer and manufacturer of quality electrical and mechanical timers and motors for commercial and industrial customers.

The Ripley division (www.ripley-tools.com) is recognized as a leading designer and manufacturer of cable preparation hand tools for the CATV, Telecom, Fiber Optic, and Electrical Transmission & Distribution markets.

CapitalWorks LLC (www.capitalworks.net) is a private equity firm focused on investments in well-run profitable lower middle-market companies. The firm provides management teams with the capital and support needed to grow their businesses.

Meriwether Capital, LLC (www.meriwethercapital.net) is a private investment firm based in New York City backed by members of the Rockefeller family. The firm was founded in 1976 to acquire middle-market manufacturing, distribution, and service companies for long-term investment. Capewell Components Company had been owned by Meriwether since 1981.

Sperry, Mitchell & Company, Inc. (www.sperrymitchell.com) is an investment banking firm specializing in middle-market merger and acquisition advisory services. Since the firm’s founding in 1986, Sperry Mitchell has completed hundreds of transactions in a wide range of industries, with values ranging from $10 to $450 million.

 

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PE HUB

Cabling Install & Maintenance

Sperry Mitchell Advises Valterra Products on its Sale to Scott Capital Partners

Valterra1New York, NY (May 31, 2013)Valterra Products, Inc. (“Valterra” or the “Company”) of Mission Hills, CA has been recapitalized by Scott Capital Partners, LLC (“Scott Capital”) of Rowayton, CT. Sperry, Mitchell & Company, Inc. initiated this transaction, assisted in the negotiations, and served as exclusive financial advisor to Valterra Products, Inc.

Valterra (www.valterra.com) is a leading designer and manufacturer of brand name fluid control products to the Recreational Vehicle (“RV”), Pool & Spa, and Industrial markets. The Company offers one of the most comprehensive lines in its respective markets, with a portfolio of over 3,500 products and accessories. Valterra’s suite of products includes valves, fittings, regulators, hoses, test kits, pumps, filters and cleaning accessories.  Its products are sold to a large and diverse base of over 1,200 customers both in the U.S. and internationally.

Scott Capital (www.scottcap.net) is a private investment firm that focuses on companies that offer the opportunity for solid, achievable growth and capital appreciation.  The firm believes in creating value by partnering with existing management teams and by taking a distinct long-term “buy and build” view with each portfolio company investment.  Scott Capital assists its partner companies with a range of operational and strategic support activities.

Sperry, Mitchell & Company, Inc. (www.sperrymitchell.com) is an investment banking firm specializing in middle-market merger and acquisition advisory services. Since the firm’s founding in 1986, Sperry Mitchell has completed hundreds of transactions in a wide range of industries, with values ranging from $10 to $450 million.

 

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RV Business

Private Equity and Venture Capital

Sperry Mitchell Advises Alex Toys on its Sale to Propel Equity Partners

Alex Tombstone Tombstone1New York, NY (May 28, 2013) Panline USA, Inc. d/b/a ALEX Toys (“ALEX” or the “Company”) of Northvale, NJ has been acquired by Propel Equity Partners of Greenwich, CT. Sperry, Mitchell & Company, Inc. initiated this transaction, assisted in the negotiations, and served as exclusive financial advisor to ALEX Toys.

ALEX Toys (www.alextoys.com) is a leading designer and producer of toys and children’s lifestyle products. ALEX products cater to the upscale specialty toy market and are sold in over 80 countries through retail stores, catalogs, and websites. The Company has received over 300 awards from toy experts and influential consumer magazines. ALEX was founded in 1986 by Richard and Nurit Amdur.

Propel Equity Partners (www.propelequity.com) is a private equity firm focused on investments in branded consumer products companies. Founded in 2012, Propel provides hands-on management to portfolio companies to professionalize operations, accelerate sales growth, and improve margins. Propel believes in building value by partnering with existing management to energize brands and invigorate new product innovation.

Sperry, Mitchell & Company, Inc. (www.sperrymitchell.com) is an investment banking firm specializing in middle-market merger and acquisition advisory services. Since the firm’s founding in 1986, Sperry Mitchell has completed hundreds of transactions in a wide range of industries, with values ranging from $10 to $450 million.

 

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Mergers & Acquisitions

Sperry Mitchell Finds Success In Europe

Morgan Construction Co. had been in the wire rod mill-making business for 120 years, or five generations of family ownership until New York investment bank Sperry Mitchell & Co. sold the steel equipment manufacturer to Austria’s Siemens VAI Metals Technologies for $165 million this spring.

Sperry Mitchell, a husband-and-wife boutique formed by Paul Sperry and Beatrice Mitchell, has four letter-of-intent proposals from private equity firms which, considering the frozen state of the credit markets, isn’t an insignificant accomplishment. Yet, it’s the selling of family held businesses like Morgan that has epitomized the strong cross-border interest the M&A boutique has garnered from European strategics this year. One such deal that happened at the beginning of the year involved the $36 million purchase by Ireland’s Clondalkin Group, a portfolio company of New York’s Warburg Pincus, of Sperry Mitchell client Accutech Films, a Coldwater, Ohio-based company.

Perhaps more importantly, the cross-border transactions are proof that the unique sell side-only approach that Sperry and his wife, who Sperry calls “the rainmaker,” works. …

 

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High Beam Research

 

Bloomberg Business: “One Stellar Seller”

Beatrice H. Mitchell, principal at New York investment boutique Sperry Mitchell, has been in the trenches making deals for small-business owners for 20 years. There may be no absolutely fail-safe way to prevent deals from crumbling, but Mitchell says sellers can increase their odds of success by hiring a good team. Then expect the unexpected.

Q: How often do deals fall apart?

A: In my experience, about 10% of the time. The most common reason is that a client doesn’t hit his numbers. Say a client has projected $5 million in earnings this year. Instead, he loses money because his company is importing from China, and suddenly the price of goods in China rises.

The buyer will want to renegotiate for a lower sale price. In those cases, a seller almost always walks away from the deal.

Q: What causes buyers to change their minds and back out?

A: In a seller’s market like this, buyers behave very carefully. But one reason is that the buyer doesn’t get all its financing. We tell them to find bridge financing. You don’t let your client take the hit.

Q: When deals collapse, second-choice buyers often lowball. Should sellers accept those bids?

A: If the second bid is within the range of what we thought the company was worth, we often recommend they do.

Some sellers will say: “Let’s take it off the market.” But that’s not a good situation. If you have to go back to the market, you often need to wait at least a year.

Q: Why do you tell sellers to hire a lawyer they haven’t worked with before?

A: A lawyer who has worked with a company for years has a vested interest in the deal not going through because he’s going to lose a client. So sometimes an attorney that has a long relationship with a company will take an extreme position, and that’s where the nail biting comes in. We refer sellers to a lawyer experienced in mergers and acquisitions.

Q: What questions should sellers ask potential brokers or bankers?

A: What are the last couple of deals you’ve done? At what multiples were they done? Can we talk to the sellers and buyers? Then ask about the firm’s success rate — what percentage of deals do they close? When you do talk to the sellers, ask how close the price they eventually got was to the value the banker had put on their company. That tells you if the banker is giving a realistic appraisal of your company, [or] if they’re just trying to get your business by quoting a high valuation.

By: Virginia Munger Kahn

 

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Bloomberg Business