Sperry Mitchell Advises Revel Bikes on its Partnership with Next Sparc Growth Partners

New York, NY (November 30, 2021)Revel Bikes (“Revel”) of Carbondale, CO has partnered with Next Sparc Growth Partners (“Next Sparc”) of Chagrin Falls, OH. Sperry, Mitchell & Company initiated this transaction, assisted in the negotiations, and served as exclusive financial advisor to Revel Bikes.

Revel Bikes (www.revelbikes.com) is a leading designer and manufacturer of premium mountain bikes. Founded in 2016 by Adam Miller, Revel worked with Chris Canfield to bring his legendary Canfield Balance Formula (“CBF”) suspension platform to carbon fiber mountain bikes. Indeed, Revel is the only brand offering CBF on high-end carbon bikes. The use of CBF suspension, combined with exceptional attention to detail in product development and industry-leading customer service, has led Revel to rapid growth.

On the basis of numerous outstanding reviews and awards in all major cycling publications, Revel has grown to be a prominent player in the high-end mountain bike space in only a few short years. Indeed, the Rascal won Outside Magazine’s “Best Overall Mountain Bike of 2020,” and the Ranger won Outside Magazine’s “Best Short-Travel Cross-Country Mountain Bike of 2021.”

“I couldn’t be more thrilled to partner with Next Sparc. I have been amazed at the success we have had in the last three years with Revel Bikes, and my goal is for our success and growth continue at an even greater trajectory,” said Adam Miller, CEO of Revel. “This long-term partnership with Next Sparc will ensure Revel grows into one of the leading mountain bike brands in the industry. Our focus has always been on
making the best products, offering the best service, and having the most fun. Working with our new partners is the next step to continuing that mission.”

Next Sparc Growth Partners (www.nextsparc.com) is a Cleveland-based, family office that makes direct investments in rapidly growing founder-led businesses. The firm is guided by its investment philosophy: “To build exceptional businesses and teams for the long term, and accelerate lasting, sustainable growth, rather than focusing on short-term exit strategies.”

“This partnership was right in our wheelhouse, no pun intended,” says James Carey, Partner and Head of Business Development at Next Sparc. “Our goal is to build partnerships with like-minded founders who are ready to experience how business building expertise and proven entrepreneurial best practices can be the indelible ‘Sparc’ that takes their business to the next level.”

Sperry, Mitchell & Company (www.sperrymitchell.com) is an investment banking firm specializing in sell-side, middle-market merger & 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 $20 to $500 million.

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Sperry Mitchell Advises ECP-PF on its sale to TowerBrook Capital Partners

New York, NY (October 25, 2021) ECP-PF Holdings Group, Inc. (“ECP-PF”) of Orange, CT, a portfolio company of Exaltare Capital Management (“Exaltare”) of Boston, MA, has been acquired by TowerBrook Capital Partners L.P. (“TowerBrook”) of New York, NY. Sperry, Mitchell & Company assisted in negotiations and served as financial advisor to ECP-PF. DLA Piper served as legal representative to ECP-PF in the transaction.

ECP-PF is one of the largest developers and operators of fitness clubs under the Planet Fitness brand, operating 108 locations and serving approximately 600,000 members in six U.S. states and three Canadian provinces. The business was formed by Exaltare Capital Management, a Boston, MA-based private equity firm.

Planet Fitness is one of the largest and fastest-growing franchisors and operators of fitness clubs in North America. As of June 30, 2021, Planet Fitness had more than 14.8 million members and 2,170 clubs in the United States, Puerto Rico, Canada, Panama, Mexico, and Australia. The company’s mission is to enhance people’s lives by providing a high-quality fitness experience in a welcoming, non-intimidating environment, called the Judgement Free Zone.

As part of the transaction, Omar Simmons, Founder and former Executive Chairman of ECP-PF and Managing Director of Exaltare Capital Management, will retain a stake in the business and stay on the Board of Directors.

Mr. Simmons stated, “I am extremely proud of the business we have built over the last nine years and am excited to stay involved, as both an investor and Board member. I believe adding TowerBrook as a partner is a pivotal next step in our evolution as ECP-PF continues to grow its platform and fulfill and extend its mission: to serve people of all fitness levels in an affordable, inclusive, and welcoming environment.”

TowerBrook Capital Partners (www.towerbrook.com) TowerBrook Capital Partners is a purpose-driven investment management firm headquartered in New York and London. The firm has raised in excess of $17.4 billion to date and invests in private equity and structured opportunities through its family of funds. TowerBrook’s value creation strategy aims to transform the capabilities and prospects of the businesses in which it invests.

Exaltare Capital Management (www.exaltarecapital.com) Exaltare Capital Management is a private equity firm that focuses on franchise and consumer businesses. Exaltare seeks not only to invest capital, but also expertise, energy and network in differentiated, niche leading businesses.

Sperry, Mitchell & Company (www.sperrymitchell.com) is an investment banking firm specializing in sell-side, middle-market merger & acquisition advisory services. Since the firm’s founding in 1986, Sperry Mitchell has completed hundreds of transactions in a wide range of industries.

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Sperry Mitchell Advises Douglas Machines on its sale to CNL Strategic Capital

New York, NY (October 7, 2021) Douglas Machines Corp. (“Douglas”) of Clearwater, FL, a portfolio company of KODA Enterprises Group (“KODA”) of Waltham, MA, has been acquired by a newly-formed holding company in partnership with CNL Strategic Capital, LLC (“CNL”), which is sub-managed by Levine Leichtman Strategic Capital, LLC (“LLSC”). Sperry, Mitchell & Company initiated this transaction, assisted in negotiations, and served as exclusive financial advisor to Douglas. Burns & Levinson served as Douglas’ legal representative for the transaction. Honigman served as legal representative for the buyer.

Douglas (www.dougmac.com) is a leading provider of innovative and highly effective commercial cleaning and sanitizing systems to the food, pet food, nutraceutical and industrial end markets. Customers leverage Douglas’ equipment to ensure compliance with the increasingly stringent regulatory cleaning requirements pertaining to food safety.

Paul Claro, Douglas’ CEO, stated, “Douglas has a long history of manufacturing the highest quality products which our customers rely on to run their operations effectively.  My team and I are excited to partner with CNL Strategic Capital to build upon our current momentum and accelerate our growth initiatives going forward. I look forward to our collaboration and the additional value-added resources they will bring to our business as we continue to provide our customers mission-critical systems.”

CNL Strategic Capital (www.cnlstrategiccapital.com) is a publicly registered, non-traded limited liability company that seeks to provide current income and long-term appreciation to individuals by acquiring controlling equity stakes in combination with loan positions in durable and growing middle-market businesses. The company is externally managed by CNL Strategic Capital Management, LLC and Levine Leichtman Strategic Capital, LLC.

Levine Leichtman Strategic Capital is an affiliate of Levine Leichtman Capital Partners, LLC (“LLCP”) (www.llcp.com), a middle-market private equity firm with a 38-year track record of successfully investing across various targeted sectors, including franchising, professional services, education and engineered products.  LLCP utilizes a differentiated Structured Private Equity investment strategy, combining debt and equity capital investments in portfolio companies.

KODA Enterprises Group (www.koda.com) is a middle market private investment firm that concentrates on companies in niche markets that have the potential to benefit from the financial strength and operational expertise KODA provides to its portfolio companies.

Sperry, Mitchell & Company (www.sperrymitchell.com) is an investment banking firm specializing in sell-side, middle-market merger & 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 $20 to $500 million.

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Sperry Mitchell Advises dBm on its Sale to Maury Microwave

New York, NY (October 5, 2021) dBmCORP, Inc. (“dBm”) of Oakland, NJ has been acquired by Maury Microwave, Inc. (“Maury”) of Ontario, CA, a portfolio company of Artemis Capital Partners (“Artemis”), headquartered in Boston, MA. Sperry, Mitchell & Company initiated this transaction, assisted in negotiations, and served as exclusive financial advisor to dBm. Hirschler Fleischer served as dBm’s legal representative for the transaction.

dBm (www.dbmcorp.com) is a leading designer and manufacturer of wireless link emulation equipment used for research & development, qualification and production verification testing in the satellite and wireless communication industries. dBm’s best-in-class technology empowers its customers to accurately test the performance of their mission-critical, space-based communication systems by emulating signal propagation through the atmosphere and non-linear distortion caused by electronic hardware. “We are excited to work together to address the next generation of satellite communication requirements,” said Dale Sydnor, President of dBm. “With Maury’s help, we will expand our footprint both within the United States and abroad, while focusing on ensuring our customers feel supported and continue to put their faith in dBm as a trusted partner.”

Michael Howo, President and Chief Executive Officer of Maury stated “dBm is widely recognized as a leader in SATCOM link emulation. This directly supports our vision of an interconnected world where wireless technologies are reliable and efficient. We look forward to leveraging both companies’ technical competencies and resources to accelerate development and extend our market reach to help our customers build better products thereby ensuring reliable and efficient satellite communications.”

Maury Microwave (www.maurymw.com) designs and manufactures state-of-the-art RF measurement and interconnect solutions that enable the world’s leading wireless communication technologies and networks to get better, faster, and stronger.

Artemis Capital Partners (www.artemislp.com) is a specialized private equity firm focused on acquiring and partnering with differentiated Industrial Tech companies, whose people and products enable and accelerate a healthier, safer, more connected, mobile, productive, and equitable world.

Sperry, Mitchell & Company (www.sperrymitchell.com) is an investment banking firm specializing in sell-side, middle-market merger & 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 $20 to $500 million.


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Sperry Mitchell Advises Dynamic Automation & Robotics on its Sale to ATC Automation, a TASI Group business unit

New York, NY (September 14, 2021) Make-All Corporation dba Dynamic Automation & Robotics (“Dynamic”) of Simi Valley, CA has been acquired by ATC Automation (“ATC”) of Cookeville, TN, a business unit of TASI Group.  Sperry, Mitchell & Company initiated this transaction, assisted in negotiations, and served as exclusive financial advisor to Dynamic.

Make-All Corporation dba Dynamic Automation & Robotics (www.dynamicautomation.com) is a leading provider of advanced automation solutions for the life sciences and general industrial end-markets. Dynamic designs, engineers, integrates, and supports advanced robotics & automation systems for a range of applications, including handling, assembly, dispensing, inspection, packaging, and labeling. Dynamic is an authorized FANUC integrator.

ATC Automation (www.atcautomation.com) is a manufacturer and integrator of automated production assembly and test systems. ATC’s products include lean manufacturing and manual work cells, conveyors, rotary dial indexers, robotic assembly systems, and leak testing systems. ATC Automation is a business unit of the TASI Group.

TASI Group (www.tasigroup.com) designs, manufactures and services test, measurement, inspection and automated assembly systems for the transportation, life sciences, food & beverage, consumer goods, industrial and pharmaceutical markets. TASI Group is headquartered in Marlborough, MA, and is a portfolio company of Berwind Corporation.

Berwind Corporation (www.berwind.com) is a fifth-generation, family-owned investment management firm based in Philadelphia, PA.

Sperry, Mitchell & Company (www.sperrymitchell.com) is an investment banking firm specializing in sell-side, 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 $20 to $550 million.

Sperry Mitchell Advises MedLit Graphics on its Sale to TCG Legacy, a CORE Industrial Partners portfolio company

New York, NY (July 15, 2021) MedLit Graphics, Inc. (“MedLit”) of Windsor, NJ has been acquired by TCG Legacy Holdings LLC (“TCG”), a portfolio company of CORE Industrial Partners, LLC (“CORE Industrial Partners”).  Sperry, Mitchell & Company initiated this transaction, assisted in the negotiations, and served as exclusive financial advisor to MedLit.

Lakshman Samala and Rao Ponugoti, Co-Presidents of MedLit, said, “Since MedLit’s inception, we’ve been committed to providing outstanding speed, quality, and service for our customers with the goal of building the business into a leader in pharmaceutical packaging. We’ve now reached a critical turning point in our growth trajectory, and we believe that leveraging TCG Legacy’s complementary capabilities will yield immediate benefits for our customers and will help us take MedLit to the next level.”

Together, MedLit and TCG Legacy will create a robust platform that serves both brand-name and generic pharmaceutical companies. The combination will expand the overall scope and breadth of capabilities to service both production and marketing applications for pharmaceutical customers.

MedLit Graphics, Inc. (www.medlitgraphics.com) a leading provider of packaging & labeling solutions to the pharmaceutical industry. The Company’s comprehensive product offering includes outserts & inserts, container / product labels, medication guides, and folding cartons. MedLit operates a premier line of sophisticated packaging equipment that enables the Company to provide high-quality products to customers on short lead times.

TCG Legacy (www.tcglegacy.com) is a full-service marketing solutions provider offering a broad range of cross-media marketing, graphics, printing and packaging services. TCG Legacy primarily serves the pharmaceutical and higher education end markets, including specialized pharmaceutical application providers and some of the most prestigious higher education institutions in the United States, from its manufacturing facility in Raleigh, NC.

CORE Industrial Partners (www.coreipfund.com) is a Chicago-based private equity firm with more than $700 million of capital commitments investing in North American lower middle-market manufacturing, industrial technology and services businesses. CORE’s team is comprised of highly experienced former CEOs and investment professionals with shared beliefs, deep experience, and a proven track record of building market-leading businesses. With capital, insight, and operational expertise, CORE partners with management teams and strives to build best-in-class companies with lasting results.

Sperry, Mitchell & Company (www.sperrymitchell.com) is an investment banking firm specializing in sell-side, 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 $15 to $450 million.

Private Equity Profits Podcast with Seth Greene Episode 003 Beatrice Mitchell

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Selling Your Portfolio Business Post Covid with Beatrice Mitchell!

VIDEO: Beatrice Mitchell Leads a Panel at the 2021 Mergers & Acquisitions’ Most Influential Speak Conference

Mergers & Acquisitions’ 2021 Most Influential Women Speak Conference was held virtually on February 24th, 2021. The Program featured keynote presentations, fireside chats, interactive panel discussions, and breakout sessions. The Conference covered the most important industry trends and themes, such as: Promoting & Implementing Diversity in M&A, Maximizing Deal Flow, Picking Winners in the COVID Era, and Managing Risk Across Your Portfolio. Beatrice Mitchell of Sperry, Mitchell & Co. led a panel discussion on Starting Your Own Firm, which included panelists Marilyn Adler from Mizzen Capital, Jeri Harman of Avante Capital Partners and Suzanne Yoon Kinzie Capital Partners.

Sperry Mitchell Advises Planar Monolithics Industries on its Sale to Quantic Electronics

New York, NY (March 8, 2021) Planar Monolithics Industries, Inc. (“PMI”) of Frederick, MD has been acquired by Quantic Electronics (“Quantic”), a portfolio company of Arcline Investment Management (“Arcline”). Sperry, Mitchell & Company initiated this transaction, assisted in negotiations, and served as exclusive financial advisor to PMI. Hirschler Fleischer served as PMI’s legal representative for the transaction.

PMI was founded by Dr. Ashok (Ash) Gorwara in 1989. For over three decades, PMI has been a leading supplier of custom, high-reliability MIC/MMIC components and subsystems for applications in space, military, communications, commercial, and consumer electronics systems. This acquisition marks the next chapter in a highly distinguished career for Dr. Gorwara. “I am extremely happy with this outstanding outcome for PMI, my dedicated staff and myself,” said Dr. Gorwara. “The Sperry Mitchell team was critical to the success of this transaction. Their involvement allowed me and my management team to focus on running the business while they drove the deal process forward. When obstacles were encountered, the Sperry Mitchell team was always available and prepared with creative solutions that were agreeable to all parties and led to a positive result for everyone involved in the transaction.”

Sebastian Palacio, General Manager of PMI stated, “PMI will carry on the legacy of its founder, Dr. Ash. The company was founded to take advantage of the burgeoning demand for monolithic-based products using Hybrid MIC/MMIC technology innovations. For the last 30 years, we have been dedicated to developing new technology and products that solve our customers’ difficult design challenges. I would like to thank all the employees that have contributed to our years of success, and I look forward to working as part of the Quantic family to write our next chapter.”

Quantic Electronics. (www.quanticnow.com) is an electronic components company focused on defining and delivering the future of mission-critical electronics. The firm has over a century of combined experience as reliable problem-solvers and trusted partners in military, aerospace, industrial and commercial markets.

Arcline Investment Management (www.arcline.com) is a growth-oriented private equity firm that seeks to invest in thriving middle market businesses with structurally recurring revenue streams in high value industries. Arcline’s differentiated investment strategy combines deep business model expertise, proactive thematic research, an unrelenting focus on the upside and a collaborative, management-first approach to value creation. The firm’s primary sectors of interest include defense, aerospace, critical infrastructure services, industrial & biopharmaceutical technology, life sciences and specialty materials. Launched in 2019, Arcline currently has $4.3 billion in cumulative capital commitments. The firm’s more than 35 professionals are predominantly based in New York and San Francisco.

Sperry, Mitchell & Company (www.sperrymitchell.com) is an investment banking firm specializing in sell-side, middle-market merger & 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.

Beatrice Mitchell Has Been Recognized as One of the Most Influential Women in Mid-Market M&A

For the fifth year, Mergers & Acquisitions has recognized Beatrice Mitchell as one of the Most influential Women in Mid-Market M&A.

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