Cherry Tree & Associates | Notable M&A Transactions, July 2024
Justin Krabben
Director Investment Banking | Helping Business Owners Maximize Value | Industrial, Consumer, IT-Services, Technology
EssilorLuxottica Announces $1.5 Billion Acquisition of Supreme
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EssilorLuxottica, a global eyewear manufacturer, announced it will acquire Supreme, a lifestyle apparel brand, from VF Corporation (NYSE: VF) for $1.5 billion in cash. While VF concluded there are limited synergies between Supreme and VF, EssilorLuxotica is optimistic about the opportunity as they look to preserve the brand identity and business model, connect to new audiences, and complement their licensed portfolio. The transaction is set to close by the end of 2024.
Clearwater Paper Sells Tissue Business to Sofidel for $1.06 Billion
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Clearwater Paper (NYSE: CLW) announced the sale of its consumer tissue business to Sofidel, a manufacturer of paper for hygienic and domestic use, for $1.06 billion. The acquisition of Clearwater’s tissue business allows Sofidel to achieve scale and expand products offerings.
Flip Acquires Curated for $330 Million
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Flip has acquired Curated for $330 million in stock, enhancing its social commerce platform with Curated’s expert-driven marketplace. This deal merges Flip’s innovative, video-driven shopping experience with Curated’s personalized, expert advice, aiming to more than double their combined revenues from last year. Curated will continue as an independent entity within Flip’s broader ecosystem while Curated’s CEO will join Flip as their COO.
Troy Lee Designs Acquired by Founder Troy Lee
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Troy Lee Designs, a manufacturer of bike and motocross protective gear and helmets, has been acquired by Troy Lee, the original Founder. Troy Lee Designs, acquired by 2 Ride Group in 2022, will now operate as an independent company with plans to strengthen its market positioning and enhance new product offerings.
Fitness International Acquires XSport Fitness
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Fitness International, a health club chain operator, has acquired XSport Fitness, expanding its network across the Chicagoland, New York, and Virginia markets. This acquisition includes 35 XSport Fitness locations, with all active memberships honored at their current rates. Fitness International plans to integrate these locations under its LA Fitness, Esporta Fitness, City Sports Club, or Club Studio brands.
American Exchange Group Acquired Indie Lee
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American Exchange Group (AXNY Group) has acquired clean beauty skincare brand Indie Lee. Following AXNY’s August 2023 acquisition of its first range of beauty and personal care brands, the acquisition of Indie Lee further expands their footprint in the industry. AXNY Group plans to grow Indie Lee's direct-to-consumer business and product range.
WSG Brands Acquires Von Dutch
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WSG Brands, a consumer-focused holding company, has acquired Von Dutch, the Hollywood fashion and lifestyle brand. WSG Brands aims to elevate Von Dutch, maintaining its authenticity while focusing on sustainability, global expansion, and reigniting its rebellious spirit.
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CORE Industrial Partners Announces Majority Investment in Winky Lux
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CORE Industrial Partners announced a majority growth investment in Winky Lux, a cosmetics and skincare brand. CORE's investment will support Winky Lux's ability to meet demand, scale operations, develop new products, and expand digital and retail channels. Post-transaction, Winky Lux’s management team will stay in place.
Krispy Kreme Sells Majority Stake in Insomnia Cookies
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Krispy Kreme, Inc. (NASDAQ: DNUT) sold a majority ownership stake in Insomnia Cookies, a late-night bakery concept, to Verlinvest and Mistral Equity Partners, valuing Insomnia Cookies at $350 million. Insomnia Cookies’ valuation has doubled since Krispy Kreme’s 2018 acquisition. This sale allows Krispy Kreme to focus on its core doughnut business while strengthening its balance sheet. Krispy Kreme received $127.4 million from the sale, with expectations for an additional $45 million, and will retain a 34% minority stake in Insomnia Cookies.
Darden Restaurants Announces Acquisition of Chuy’s Holdings for $605 million
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Darden Restaurants (NYSE: DRI) has agreed to acquire Chuy's Holdings (NASDAQ: CHUY) for $37.50 per share, totaling an enterprise value of approximately $605 million. Chuy's, known for its unique Tex-Mex dining experience and 101 restaurants across 15 states, will enhance Darden's diverse portfolio, which includes brands like Olive Garden and LongHorn Steakhouse.
Gridiron Capital Announces Sale of GSM Outdoors to Platinum Equity
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Gridiron Capital has announced the sale of its controlling interest in GSM Outdoors, an operator of a portfolio of outdoor brands, to Platinum Equity. GSM’s CEO and the management team will remain in their roles post-transaction, leading the company as it embarks on this new chapter of expected continued M&A consolidation, category expansion, and organic growth under Platinum Equity’s ownership.
Vista Outdoor Sells Fiber Energy Products to Lignetics, an EagleTree Capital Portfolio Company
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Vista Outdoor announced the sale of the assets of Fiber Energy, a wood pellet manufacturer, to Lignetics, a residential wood pellet manufacturer backed by EagleTree Capital. Lignetics looks enable Fiber Energy to reach its full potential by providing the necessary resources and scale.
Crown Crafts Acquires the Assets of Baby Boom Consumer Products for $18 Million
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Crown Crafts (NASDAQ: CRWS), a toddler and juvenile consumer products company, has acquired Baby Boom Consumer Products, a provider of toddler bedding and diaper bags, for $18 million. This transaction enhances Crown Crafts’ presence in toddler bedding, expands their product offerings to include diaper bags, and allows them to leverage Baby Boom’s strong portfolio of licenses. This acquisition is expected to add approximately $20 million annually to Crown Crafts’ revenue.
American Exchange Group Acquires Island Surf Company
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American Exchange Group (AXNY Group) has acquired Island Surf Company, a footwear brand known for its coastal-inspired shoes. Island Surf will become a division of White Mountain Footwear, which AXNY Group acquired in January 2023, leveraging their resources to expand its market reach, licensing, and new product development.
Woodside Ventures Acquires Goal Five
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Woodside Ventures has acquired a majority interest in Goal Five, a direct-to-consumer women’s athletic apparel brand. As part of the acquisition, Woodside has introduced a new Board, named a new CEO, and will be relocating Goal Five’s headquarters to Pittsburgh.
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