Cherry Tree & Associates | Notable M&A Transactions, June 2024
Justin Krabben
VP Investment Banking | Helping Business Owners Maximize Value | Industrial, Consumer, IT-Services, Technology
Consortium Brand Partners Acquires Outdoor Voices
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Consortium Brand Partners (CBP), a consumer-focused investment manager, has completed the acquisition of Outdoor Voices (OV), a prominent athleisure lifestyle brand. This marks CBP's second acquisition following its announcement of a majority stake in Draper James. CBP aims to capitalize on OV's category growth and global expansion opportunities, leveraging owned channels for increased market penetration and brand visibility. The acquisition positions OV for continued growth domestically and internationally under CBP's strategic guidance and operational expertise.
Primo Water and BlueTrition Merge
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Primo Water Corporation (NYSE: PRMW) and BlueTriton Brands, Inc. will merge to form a leading North American pure-play healthy hydration company. Upon completion, Primo Water shareholders will hold 43% of the fully diluted shares of the combined company ("NewCo"), with BlueTriton shareholders owning the remaining 57%. The merger aims to capitalize on complementary strengths, creating a diversified leader in the healthy hydration sector with significant operating and financial presence. The combined entity is expected to generate $6.5 billion in net revenue and $1.5 billion in adjusted EBITDA for the twelve months ending March 31, 2024, including $200 million in estimated cost synergies.
Aaron’s Company Acquired by IQVentures
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The Aaron's Company, a well-known retailer of furniture, electronics, and appliances, will be acquired by fintech leader IQVentures Holdings for $10.10 per share, valuing the deal at around $504 million. This price reflects a 34% premium over Aaron's closing share price on June 14, 2024. The Aaron's Company will benefit from IQVentures' expertise and market-drive solutions, aiming to enhance its omni-channel strategy and operational efficiency. The deal is anticipated to close by year-end, making The Aaron's Company a privately held entity while continuing to operate under its existing brand.
Marquee Brands Acquires totes Isotoner Corporation
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Marquee Brands, a brand accelerator, and Randa Apparel & Accessories (RAA), a global apparel and lifestyle accessories company, have announced the acquisition of totes Isotoner Corporation (totes). Renowned as a market leader in innovative weather-related accessories, totes Isotoner is known for umbrellas, gloves and seasonal footwear. ?This strategic move leverages RAA's operational excellence to expand product offerings and distribution channels, enhancing customer satisfaction and retail partnerships.
L Catterton Acquires Stripes Beauty
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L Catterton, a prominent consumer-focused investment firm, has announced its acquisition of Stripes Beauty, a personal care and beauty products brand. With L Catterton's backing, Stripes Beauty plans to expand its market presence, enhance its product offerings, and strengthen its distribution channels, including DTC platforms and new retail partnerships like QVC and Canada.
Southern ITS International (OTC PINK:SITS) Acquired Majority Stake in Kinzie LLC
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Southern ITS International, Inc., an e-commerce focused holding company, has acquired an 80% stake in Kinzie LLC, a dynamic e-commerce enterprise. This acquisition marks a significant move for Southern ITS as it enhances its presence in the e-commerce space. Southern ITS plans to leverage its network and expertise to scale Kinzie's operations and enhance its market presence, aligning with its strategy to diversify its investment portfolio and capitalize on the e-commerce industry.
ArchStar Capital Acquires Attic Breeze
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ArchStar Capital has completed the acquisition of Attic Breeze, a prominent manufacturer of high-quality solar-powered attic fans and accessories. This partnership aims to capitalize on synergies in technology and market reach, ?expand Attic Breeze’s product innovation, and drive future growth and market penetration by leveraging ArchStar’s resources.
Urth Apparel Inc. Acquires Paper Cape
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Urth Apparel Inc., an apparel manufacturer and e-commerce retailer, has acquired Paper Cape, a renowned brand in the baby apparel industry known for its elegance and superior craftsmanship. This strategic approach expands Urth Apparel's market presence and strengthens its commitment to offering high-quality products to design-conscious parents. The acquisition aims to build on Paper Cape's legacy of excellence, ensuring continued delivery of premium baby goods to customers.
Nutrisco Acquired LiveMore
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Nutrisco, a global agricultural products company, has acquired majority ownership of LiveMore Superfoods, an American family business known for its innovative fruit and vegetable smoothie blends. LiveMore aims to improve health through nutritious products like their signature LiveMore Smoothie Cup, available at major U.S. retailers. ?Nutrisco’s calculated approach will enhance LiveMore’s global presence and leverage Nutrisco’s resources and expertise in sourcing and packaging value-added ingredients.
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Express Acquired by PHOENIX, a New Joint Venture Led by WHP Global
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PHOENIX, a new retail operating platform led by WHP Global, has received court approval to acquire a majority of Express, Inc. operations. PHOENIX will manage all direct-to-consumer commerce in the U.S. for Express and Bonobos. The transaction aims to revitalize Express and Bonobos financially, ensuring the continuity of over 450 physical stores, e-commerce operations, and preserving nearly 7,000 jobs nationwide. WHP believes the restructuring initiatives completed during the Chapter 11 process position Express for robust future growth, benefiting stakeholders including vendors, licensees, landlords, and employees.
Yellow Wood Partners Completes Acquisition of Elida Beauty from Unilver
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Yellow Wood Partners LLC has completed the acquisition of Elida Beauty brands from Unilever (NYSE: UL). The acquisition includes a portfolio of well-known consumer brands such as Q-tips, Caress, Ponds, St. Ives, Impulse, Noxzema, Monsavon, and Timotei. Yellow Wood plans to leverage its operational expertise to drive synergies and accelerate growth for Elida Beauty as an independent entity. This transaction enhances Yellow Wood's diverse portfolio, which now boasts over 50 consumer brands with combined retail sales of approximately $3 billion.
AUA Private Equity Partners’ Portfolio Company Western Smokehouse Partners Acquires Golden Valley Natural
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AUA Private Equity Partners’ portfolio company, Western Smokehouse Partners, LLC, has acquired substantially all the assets of Golden Valley Natural, LLC, a family-owned company specializing in all-natural and organic jerky. This acquisition expands Western Smokehouse Partners’ market presence and offerings in the meat snack industry.
BioLite Acquires MPowered
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BioLite, an innovator in off-grid energy products, has acquired MPOWERD, a solar lighting and charging company. This acquisition allows BioLite to enhance its impact, leveraging MPOWERD’s expertise and expanding its reach in both market and humanitarian-driven partnerships. By combining forces, BioLite aims to become the leading energy brand in the outdoor industry, continuing to provide essential energy access to millions of people living off-grid.
Yates Gear Acquired by Vertical Supply Group, a Gridiron Capital Portfolio Company
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Gridiron Capital’s portfolio company Vertical Supply Group (VSG) acquired Yates Gear, a leading manufacturer of fall protection products. Yates, known for its innovation and durability in climbing, rescue, and tactical equipment, marks VSG’s fifth acquisition in the fall protection sector. The addition of Yates expands VSG’s market presence and complements its existing brands like Sterling and Notch, enhancing its global safety solutions offerings.
Lassonde Industries Inc. Acquires Summer Garden Food Manufacturing for $235 Million
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Lassonde Industries Inc. (TSX: LAS.A), a diversified North American food and beverage company, is acquiring The Zidian Group, for $235 million, with an additional potential payment of up to $45 million based on financial targets. Summer Garden Food Manufacturing is a U.S.-based producer of premium sauces and condiments. The acquisition includes Summer Garden's strong portfolio of over 250 products, including tomato and cream-based pasta sauces, BBQ sauces, and dressings, positioning Lassonde to expand its specialty food segment and enhance its manufacturing capabilities.
Aurora World Acquires Mary Meyer
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Aurora World, a global leader in gift plush and plush toys, has successfully acquired Mary Meyer, a manufacturer of high-quality baby plush products. This strategic move combines Aurora's global reach and manufacturing expertise with Mary Meyer's 90-plus-year legacy in safe and innovative baby plush toys. The acquisition provides expanded product offerings, enhanced distribution capabilities, and continued innovation in the plush toy market. Under Aurora's stewardship, Mary Meyer will maintain its identity while benefiting from synergies to reach more families worldwide with beloved plush companions.
Newport Craft Distilling Acquires KEEL Vodka
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Newport Craft Distilling has acquired KEEL Vodka. This strategic addition integrates KEEL Vodka into Newport Craft's award-winning portfolio, enhancing their offerings to meet diverse consumer preferences. The acquisition reaffirms Newport Craft's commitment to Rhode Island, bringing production of KEEL Vodka back home and creating local job opportunities. This partnership merges KEEL's innovative legacy with Newport Craft's artisanal craftsmanship, setting a new standard for quality spirits.
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CHERRY TREE CONSUMER 250 INDEX PERFORMANCE
CHERRY TREE CONSUMER 250 INDEX METRICS BY SUB-SECTOR
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For a confidential discussion about your company's strategic alternatives for exiting, merging, acquiring, or obtaining venture / growth financing, and how trends in the consumer sector affect your prospects, please contact Justin Krabben.
Prepared by:
Justin Krabben, Vice President
Phone: 952.253.6036