Cherry Tree & Associates | Notable M&A Transactions, May 2024
Justin Krabben
VP Investment Banking | Helping Business Owners Maximize Value | Industrial, Consumer, IT-Services, Technology
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National Safety Apparel Acquired by Blue Point Capital Partners
Blue Point Capital Partners has acquired National Safety Apparel (NSA), a manufacturer of high-performance personal protective equipment and safety products for electrical, industrial, and service applications. The partnership with Blue Point aims to drive organic growth, introduce new products, expand geographically, and pursue strategic M&A while maintaining NSA's commitment to worker safety.
2.0 Ventures Acquires Majority Stake in Feat Clothing
2.0 Ventures has acquired a majority stake in Feat Clothing, an e-commerce focused athleisure apparel brand, highlighting its commitment to driving growth and innovation within the consumer goods sector. Feat was co-founded by Taylor Offer in 2014 and valued at $75 million during its latest funding round in March 2022. With this acquisition, Offer transitions to a position on the Board; however, Feat's fundamental principles, product offering, distribution channels, and team remain unchanged.
Clean Juice Acquired by BRIX Holdings
BRIX Holdings, a multi-brand franchising portfolio group backed by majority investor JAMCO, has acquired Clean Juice, the USDA-certified organic juice bar franchise. The acquisition is a crucial step in BRIX's strategy to build a top-tier franchisor portfolio. BRIX plans to open around 10 Clean Juice locations by year-end and 15-20 more in 2025, focusing on improving store design, operations, menu, and supply chain to deliver organic juices and meals to customers nationwide. Additionally, BRIX aims to expand Clean Juice's bottled products into grocery and convenience stores.
Viactiv Acquired by Doctor’s Best Inc.
Guardion Health Sciences (Nasdaq: GHSI) has completed the sale of its Viactiv business, which develops chewable health supplements, to Doctor’s Best for $17.2 million. This transaction reaffirms Doctor’s Best’s dedication to investing in synergistic opportunities that yield manufacturing and marketing benefits. Leveraging Viactiv's brand strength, Doctor’s Best aims to broaden their global footprint and offer an extended range of premium products to their customers.
Platinum Equity Portfolio Company HC Companies Acquires Classic Home & Garden
HC Companies, a manufacturer of horticultural containers backed by Platinum Equity, has announced the acquisition of Classic Home & Garden (CHG), a provider of decorative and functional lawn and garden products. This acquisition creates a synergistic "one-stop shop" for horticulture growers, retailers, and distributors as both businesses expect to benefit from efficiencies, customer acquisition, channel penetration, and product innovation. Platinum Equity plans to evaluate additional M&A opportunities in the lawn and garden sector as they strive to establish a best-in-class, diversified player of scale in the broader horticultural industry.
Restaurant Brands International Acquires Carrols Restaurant Group
Restaurant Brands International (NYSE: QSR) has completed the acquisition of all issued and outstanding shares of Carrols Restaurant Group (NASDAQ: TAST) for $9.55 per share, or a total enterprise value of approximately $1.0 billion. With this acquisition, RBI adds the largest U.S. Burger King franchisee, encompassing 1,023 Burger King restaurants, into its portfolio as part of its “Reclaim the Flame” plan. RBI plans to invest $500 million to reimage over 600 Carrols restaurants before refranchising most of the acquired portfolio to smaller franchise operators over the next seven years.
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ltra Pet Acquired by Oil-Dri
Oil-Dri Corporation (NYSE: ODC), a manufacturer of sorbent minerals including clay-based cat litter, acquired Ultra Pet Company, a supplier of silica gel-based crystal cat litter, for $46 million. The addition of Ultra Pet unlocks the ability for Oil-Dri to expand their customer base, establish new relationships, and broaden their range of product offerings.
Kent Outdoors Sells Kona Bikes to Kona’s Original Founders
After selling the Kona Bikes brand, a manufacturer of bicycles ranging from mountain bikes to electric bikes, to Kent Outdoors in 2022, the original founders of Kona Bikes have bought the brand back from Kent Outdoors. The Kona Bikes divestiture stems from Kent’s recent strategic initiatives, allowing them to focus on and invest in core brands, key accounts, and product development.
Atlantic Coca-Cola Bottling Company Acquired Trenton Coca-Cola Bottling Company
Atlantic Coca-Cola Bottling Company, an independent distributor of Coca-Cola products, has acquired Trenton Coca-Cola Bottling Company. This acquisition strengthens their commitment to customers, employees, and communities while honoring their shared histories. Plans include re-branding Trenton Coca-Cola Bottling Company to Atlantic Coca-Cola Bottling Company and focusing on growth opportunities through reinvestment and exceeding customer expectations. Upon integration, the combined company will boast 875 employees and nearly 18 million cases in volume across ten territories spanning five states.
SuperStroke Acquires Lamkin Grips
SuperStroke, the leading putter grip company, has acquired Lamkin Grips, a manufacturer of premium golf club grips with a century-long heritage of innovation and quality. This acquisition enhances SuperStroke's offerings with Lamkin's advanced technology for optimal feel and performance. Lamkin's commitment to breakthrough design aligns with SuperStroke's dedication to providing the best performance tools for golfers. This acquisition marks a new chapter for SuperStroke as they look to expand their portfolio and solidify their leadership in the golf grip market.
Imperial Acquires Pukka
Imperial, a leading headwear manufacturer founded in 1916 and backed by CPC, has completed the acquisition of Pukka, a custom headwear manufacturer, while retaining Pukka's management team and operations. This strategic move allows both brands to maintain their unique identities, with Imperial offering traditional styling and Pukka delivering innovative energy to distinct audiences. The partnership is set to leverage CPC's resources to accelerate growth and operational initiatives for both brands.
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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
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Cherry Tree & Associates is a private investment banking firm headquartered in Minneapolis. Our firm specializes in serving middle market companies and their owners, whether private, public, or divisions of larger corporations.
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