2017: M&A Acquisition Activity

The following is a summary of the major acquisitions that occurred in the food and beverage industry in 2017.

Legend

  • Date: The date the buyer acquired the target or brand, as reported in public sources.
  • Price: The price paid for the company being acquired.
  • Buyer: The company that acquired the target or brand.
  • Target: The company or brand that was acquired. For example, if Ford Motor Company acquired Audi, Ford Motor Company is the buyer, Volkswagen is the seller, and the target is Audi.
  • Location: The location of the target (i.e., the company or brand that was acquired).
  • Seller: The company that owned the target company or brand that was acquired. For example, if Volkswagen sold Audi, Volkswagen is the seller, and the target is Audi.
  • Purpose: The primary reason the buyer acquired the target or brand.
  • Details: Specific details regarding the transaction, such as the form of consideration (e.g., cash, stock, notes, etc.) and/or any contingent payments (e.g., earnouts, etc.).

Food Manufacturing M&A – General

Danone Acquired The WhiteWave Foods Co. (Packaged Food and Beverages)

Date:April 14, 2017 
Price:$12.5 Billion
Buyer:Danone – A French multinational food-product corporation based in Paris. It was founded in Barcelona, Spain.
Target:The WhiteWave Foods Co. – A consumer packaged food and beverage company headquartered in White Plains, New York, U.S. It manufactures, markets, distributes, and sells branded premium dairy products, beverages, plant-based foods, coffee creamers, and organic produce throughout Europe and North America.
Location:Colorado, USA
Purpose:Danone and WhiteWave will operate as a strategic business unit named DanoneWave, including the North American businesses of WhiteWave and Danone Dairy, led by CEO Lorna Davis.
Details:According to the agreement terms, WhiteWave shareholders received $56.25 per share in cash. WhiteWave common stock was delisted from the New York Stock Exchange and ceased trading.

Tyson Foods, Inc. Acquired AdvancePierre Foods Holdings (Proteins and Sandwiches)

Date:April 25, 2017
Price:$4.2 Billion 
Buyer:Tyson Foods, Inc. – An American multinational corporation headquartered in Springdale, Arkansas, operating in the food industry. Tyson is the world’s second-largest processor and marketer of chicken, pork, and beef.
Target:AdvancePierre Foods Holdings – The top national producer of ready-to-eat dinner and lunch sandwiches, sandwich components, and snacks.
Location:Ohio, USA
Purpose:The transaction will support Tyson Foods’ strategy to sustainably provide food worldwide with the fastest-growing portfolio of protein-packed products.
Details:The company finalized a tender offer to purchase all the outstanding shares of common stock of AdvancePierre for $40.25 per share in cash, without interest.

Amazon Acquired Whole Foods (High-End Supermarket)

Date:June 23, 2017 
Price:$13.7 Billion
Buyer:Amazon – An American multinational technology company specializing in cloud computing, e-commerce, digital streaming, online advertising, and artificial intelligence.
Target:Whole Foods – An upscale American multinational supermarket chain based in Austin,
Location:Texas, USA
Purpose:The acquisition reflected the sheer magnitude of the grocery business at approximately $800 billion in annual spending in the U.S. to turn Amazon into a more prominent player in the food and beverage industry. 
Details:The deal instantly transformed Amazon, the company that pioneered online shopping, into a merchant with brick-and-mortar outposts in hundreds of communities across the country.

Post Holdings Inc. Acquired Weetabix Ltd. (Packaged Food and Cereal)

Date:April 18, 2017
Price:£1.4 Billion ($1.7 Billion)
Buyer:Post Holdings Inc. – A consumer packaged goods holding company. 
Target:Weetabix Ltd. – A top UK-based packaged food company that mainly produces ready-to-eat cereal products for private and branded labels.
Location:Burton Latimer, UK
Purpose:Combining Weetabix and Post created a diversified international food company with substantial free cash flow generation. It allowed Post to fund its expansion over the long term, including international cross-selling opportunities through the addition of Post products in select global markets, and the continued growth of Weetabix in North America.
Details:The transaction was completed in Post’s fiscal fourth quarter in accordance with limited closing conditions, including the expiration of waiting periods under U.S. antitrust laws.

HGGC LLC Acquired Nutraceutical International Corp (Nutritional Supplements and Health Foods)

Date:May 22, 2017 
Price:$446 Million
Buyer:HGGC LLC – A prominent middle market private equity firm holding $4.3 billion in total capital commitments.
Target:Nutraceutical International Corp – An integrated marketer, manufacturer, distributor, and retailer of natural products and branded nutritional supplements primarily for domestic natural food and health stores.
Location:Utah, USA
Purpose:Les Brown, executive chairman, and former COO and managing director of HGGC, said, “We are confident there is a tremendous opportunity for the company to continue to build on its strong market position and to bring more great products to its loyal customers.”
Details:Piper Sandler served as the exclusive financial advisor to HGGC. After the closing, Nutraceutical’s common stock stopped trading and was removed from the NASDAQ Stock Exchange listing.

Maple Leaf Foods Acquired Lightlife Foods (Plant-Based Foods)

Date:February 21, 2017 
Price:$140 Million 
Buyer:Maple Leaf Foods – A Canadian consumer packaged meats company. Its head office is in Mississauga, Ontario.
Target:Lightlife Foods Inc. – A leading manufacturer and brand of refrigerated plant-based protein foods in the United States. 
Location:Massachusetts, USA
Purpose:“Expanding into the fast-growing plant-based proteins market is one of Maple Leaf’s strategic growth platforms and supports our commitment to become a leader in sustainability,” said Michael McCain, President and CEO.
Details:The transaction was financed from cash on hand. Based on current operating results, the acquisition is expected to be accretive to Maple Leaf’s earnings in 2017. The deal will close in March, subject to customary U.S. regulatory review.

Unilever Acquired Sir Kensington’s (Natural and Organic Condiments)

Date:April 20, 2017
Price:$140 Million
Buyer:Unilever – A UK multinational consumer goods company based in London, England. Unilever products include food, ice cream, and condiments, as well as cleaning, personal care, and beauty goods.
Target:Sir Kensington’s – A leading New York-based producer of condiments available in the natural and organic marketplace.
Location:London, UK
Purpose:“Sir Kensington’s is an innovative business with outstanding products and a leader in the organic and natural marketplace. We look forward to leveraging our joint understanding of food trends and consumer preferences to significantly grow the business.” said Kees Kruythoff, President of Unilever, North America.
Details:Co-founders Scott Norton and Mark Ramadan will continue to lead at Sir Kensington’s.

Palladium Equity Partners Advisor Acquired Kar Nut Products Co. (Nuts and Trail Mix)

Date:March 31, 2017
Price:Undisclosed Amount
Buyer:Palladium Equity Partners Advisor – A private investment firm with approximately $2.0 billion in assets under management
Target:Kar Nut Products Co. – A well-known manufacturer of branded trail mix marketed under the nationally-recognized Kar’s and Second Nature brands. 
Location:Michigan, USA
Purpose:Palladium seeks to partner with Kar’s management team with the goal of further expanding the company’s market reach through a range of opportunities, including geographic and channel expansion, new product innovation, and potential acquisitions in the snack food category.
Details:Deloitte Corporate Finance served as financial advisor to Kar’s on the transaction. Dawda Mann served as the company’s legal advisor. Kirkland & Ellis served as the legal advisor for Palladium.

Dcoop SCA Acquired Pompeian, Inc. (Olive Oil Importer)

Date:March 30, 2017
Price:Undisclosed Amount
Buyer:Dcoop SCA – The biggest olive oil cooperative in the world.
Target:Pompeian, Inc. – A food company founded in Baltimore in 1906 that produced America’s first national brand of imported extra virgin olive oil.
Location:Maryland, USA
Purpose:This deal allowed both companies to bolster their position in the United States, a market with a trend of increasing olive oil consumption that currently absorbs a volume of more than 300,000 tons per year.
Details:Under this agreement, both groups shared a 50% stake in Mercaoleo, which possesses two bottling plants in Antequera, Malaga, a 25% stake in Qorteba Internacional, the refinery and olive oil storage of Alcolea, Córdoba, and a 50% stake in the Pompeian Group.

Landec Corp. Acquired O Olive Oil, Inc. (Specialty Olive Oils and Wine Vinegars)

Date:March 2, 2017 
Price:$10 Million
Buyer:Landec Corp. – A top innovator of diversified health and wellness solutions in the biomaterials and packaged food markets. 
Target:O Olive Oil, Inc. – A California-based specialty olive oil and wine vinegar maker. 
Location:California, USA
Purpose:Molly Hemmeter, Landec’s President, and CEO, commented, “Landec’s mission is to create innovative products that support each person’s unique health and wellness journey. The oil and vinegar markets are currently experiencing a dramatic shift in consumer behavior from conventional to natural and organic oils and vinegars, and O Olive is uniquely positioned to take advantage of this transition.”
Details:Aspect Consumer Partners acted as exclusive financial advisors to O Olive in the transaction.

Palermo Villa, Inc. Acquired Connie’s Naturals (Frozen Pizza)

Date:February 16, 2017 
Price:Undisclosed Amount
Buyer:Palermo Villa, Inc. – A Milwaukee-based frozen pizza manufacturer. 
Target:Connie’s Naturals – A Carol Stream, Illinois-based frozen pizza company
Location:Illinois, USA
Purpose:With the transaction, Connie’s frozen pizza became part of Palermo’s brands, including Palermo’s Pizza, Screamin’ Sicilian, P’mos, and Urban Pie Pizza Co.
Details:Palermo Villa, Inc. acquired the assets of Connie’s Naturals LLC. The acquisition did not include Connie’s restaurants located throughout Illinois.

Food Manufacturing M&A – Snacks

Kainos Capital Acquired Country Fresh Inc. (Fresh-Cut Fruits and Snacks)

Date:April 4, 2017
Price:Undisclosed Amount
Buyer:Kainos Capital – A middle market private equity firm focusing on the consumer and food sector.
Target:Country Fresh, Inc. – A Woodlands, Texas-based provider of fresh-cut vegetables, fruit, and snack foods.
Location:Texas, USA
Details:The terms of the transactions were not disclosed. 

Cemoi Chocolatier SAS Acquired Chris Candies, Inc. (Organic Low-Sugar Candy)

Date:March 6, 2017 
Price:Undisclosed Amount
Buyer:Cemoi Chocolatier SAS – A french supplier and branded chocolate maker. 
Target:Chris Candies, Inc. – A Pittsburgh, Pennsylvania-based private label and contract manufacturing company with premium, organic, and low-sugar offerings.
Location:Pennsylvania, USA
Purpose:Chris Candies, owned by private investors, said they will help CÉMOI “to reinforce its position in North America on its historical know-how.” 
Details:Cemoi has acquired the company from private investors.

Alcoholic Beverages M&A

Davos Brand Acquired Sombra Mezcal (Tequila)

Date:March 30, 2017
Price:Undisclosed Amount
Buyer:Davos Brand – An award-winning portfolio of craft spirits and Japanese sake. 
Target:Sombra Mezcal – A brand of artisanal mezcal, a spirit handcrafted in the traditions of Oaxaca. 
Location:Oaxaca, Mexico
Purpose:“I’m super excited to go ‘all-in’ with Davos Brands – the team shares my vision and passion for craft spirits of the highest quality. I have no doubt that with Davos’ continued leadership, these brands will achieve their true potential,” said Richard Betts, the founder of Sombra Mezcal and Astral Tequila. 
Details:The transaction encompasses the full worldwide intellectual property rights to the brand as well as the state-of-the-art Sombra Mezcal palenque, a Mezcal distillery in Oaxaca, Mexico.

E&J Gallo Winery Inc. Acquired Stagecoach Vineyard (Vineyard and Winery)

Date:March 23, 2017 
Price:Undisclosed Amount 
Buyer:E&J Gallo Winery Inc. – A winery and distributor headquartered in Modesto, California.
Target:Stagecoach Vineyard – A Napa Valley vineyard known for its rolling hills, dramatic terrain, and long reputation for extraordinary wine grapes.
Location:California, USA 
Purpose: “While my decision to sell was not simple, I was delighted to find a buyer that is committed to continuing the tradition of excellence and the pursuit of enhancing the world-class vineyard I have created,” said Stagecoach Vineyard founder Jan Krupp.
Details:Zepponi & Company served as the financial advisor to Stagecoach Vineyards. The terms of the deal were confidential. 

The Legacy Cos. Acquired Vinturi, Inc. (Wine and Spirits Accessories)

Date:March 3, 2017 
Price:Undisclosed Amount
Buyer:The Legacy Cos. – A top consumer product and food service company that designs, produces, and markets a diverse portfolio of products.
Target:Vinturi, Inc. – A innovative producer of wine accessories, including red and white wine aerators, the Vinturi Tower, and the Vinturi Spirit. 
Location:California, USA
Purpose:Neal Asbury, CEO of The Legacy Companies said, “To add another product line to Legacy that combines form and function for an overall improved consumer experience represents our continued commitment to delivering superior and functional products.”
Details:Legacy will add the wine accessories company to their housewares group of brands, including EdgeCraft, Chef’sChoice, Excalibur Dehydrators, West Bend, Nautilus, Yonanas, Zeroll, and Omega Juicers and Blenders.

Non-Alcoholic Beverages M&A

The Lavazza Group Acquired Kicking Horse Coffee Co. (Organic Coffee Roaster)

Date:May 24, 2017 
Price:$215 Million Canadian
Buyer:The Lavazza Group – An Italian coffee producer owned by the same family for four generations.
Target:Kicking Horse Coffee Co. – A Canadian leader in the organic and fair trade coffee segment.
Location:British Columbia, Canada
Seller:Swander Pace Capital – A leading private equity firm specializing in consumer products companies. 
Purpose:“It has been an absolute privilege to work with Elana, the team, and this incredible brand as we expanded its footprint in stores across North America. The brand’s success and growth momentum in North America speaks for itself,” added Rob DesMarais, managing director at Swander Pace Capital. “We are now excited to watch the company thrive as it enters this new chapter with Lavazza.”
Details:This acquisition provides Lavazza with 80% of the company. Elana Rosenfeld, who founded the company in 1996, will stay as a shareholder with a share of 20% and will continue to manage the company as CEO.

Farmer Brothers Co. Acquired West Coast Coffee Co., Inc. (Coffee Roaster)

Date:February 7, 2017
Price:$14.5 Million
Buyer:Farmer Brothers Co. – An American coffee food service company based in Northlake, Texas, specializing in manufacturing and distributing coffee, tea, and approximately 300 other foodservice items for restaurants and other establishments.
Target:West Coast Coffee Co., Inc. – A producer of high-quality, specialty-grade coffee. 
Location:Oregon, USA 
Purpose:“We are excited to welcome West Coast Coffee to Farmer Brothers,” said Mike Keown, CEO of Farmer Brothers. He added, “Their focus on quality products and customer service, combined with their coffee expertise, make the business a great strategic and cultural fit for Farmer Brothers.”
Details:The deal included the potential for an additional $1 million payment based on its future sales performance.

Coffee Holding Co., Acquired Comfort Foods, Inc. (Coffee Manufacturer)

Date:February 24, 2017
Price:$2.3 Million
Buyer:Coffee Holding Co. – A top U.S. integrated wholesale coffee roaster and dealer offering a various coffee products for all consumer preferences, tastes, and price points.
Target:Comfort Foods, Inc. – A medium-sized regional roaster manufacturing private-label and branded coffee for food service and retail customers predominantly in the northeast.
Location:Massachusetts, USA
Purpose:We are excited to bring Comfort Foods and its Harmony Bay brand coffee into our already diverse portfolio of strong regional retail coffee brands,” said Andrew Gordon, President and CEO of Coffee Holding.
Details:Coffee Holding Co. acquired 100% of the capital stock of Comfort Foods, which had roughly $7.3 million in trailing twelve month revenues.

New Age Beverages Corp Acquired Marley Beverage Co (Ready-to-Drink Coffee and Tea)

Date:March 29, 2017
Price:Undisclosed Amount 
Buyer:New Age Beverages Corp – Founded in 2003, New Age is a healthy, functional beverage company based in Colorado.
Target:Marley Beverage Co. – A line of natural, delicious beverages created in partnership with Bob Marley’s family.
Location:Michigan, USA
Purpose:The deal enhanced the New Age Healthy functional beverage line and fulfilled an important niche in the company’s portfolio.
Details:The transaction consisted of 2.85 million shares of common stock, plus a potential earnout based on performance in return for all the assets of the Marley Beverage Company. The Marley Beverage Company paid $1.0 million in management fees to the company under the terms of the management agreement.

New Age Beverages Corp. Acquired Maverick Brands (Organic Coconut Water)

Date:March 31, 2017 
Price:Undisclosed Amount 
Buyer:New Age Beverages Corp. – A Colorado-based healthy and organic products company to inspire and educate consumers to live healthily.
Target:Maverick Brands – A producer of healthy, delicious functional beverages. Its flagship brand, Coco Libre, is the market leader in organic, non-GMO certified, no-sugar-added coconut water.
Location:California, USA
Purpose:The acquisition fills a significant gap to complete the company’s functional beverages portfolio, brings in the number one multi-serve brand, and provides an excellent organic coconut water source for some of the company’s planned new products.
Details:The transaction included both cash and shares of common stock in New Age Beverages in return for 100% of the assets and interests of Maverick Brands, LLC and their portfolio of products within the Coco-Libre® franchise. The specific terms of the deal were confidential, with the final closing of the transaction subject to specific closing conditions.

PT’s Coffee Roasing Co. Acquired Bird Rock Coffee Roasters, Inc. (Roasted Coffee)

Date:March 9, 2017
Price:Undisclosed Amount
Buyer:PT’s Coffee Roasting Co. – A wholesale supply of specialty grade coffee.
Target:Bird Rock Coffee Roasters, Inc. – A coffee shop that sells roasted coffee in single origin, blends, organic, limited roasts, and other varieties.
Location:California, USA
Purpose:Both company brands will remain distinct and intact, and the buyer plans to expand the Bird Rock brand with new locations, new coffee offerings, and other new products. The goal of the venture is to further develop the retail and wholesale efforts of the Bird Rock Coffee Roasters brand.
Details:The merger will allow PT’s to take a primary leadership role and financial stake in Bird Rock Coffee Roasters.

Wholesale & Distribution M&A

Hamburg Coffee Co Acquired Intercontinental Coffee Trading (Wholesale Green Coffee Beans)

Date:February 24, 2017
Price:Undisclosed Amount
Buyer:Hamburg Coffee Co – A top European coffee trading company founded in 1987 by Bent Dietrich.
Target:Intercontinental Coffee Trading – An importer of wholesale green coffee beans based in San Diego.
Location:California, USA
Purpose:Lisa Colon said, “I believe strongly that this new partnership will provide ICT with the resources to continue our focus on growth, sustainability, and delivering excellent customer service to our clients nationwide.”
Details:Hamburg Coffee Company will be a majority stakeholder in Intercontinental Coffee Trading.

Dairy M&A

LAG Holdings Inc. Acquired Karoun Dairies, Inc. (Ethnic Cheeses and Dairy Products)

Date:May 2, 2017
Price:$130 Million 
Buyer:LAG Holdings Inc. – A global producer and distributor of dairy products.
Target:Karoun Dairies, Inc. – An American producer and distributor of yogurt, branded ethnic cheeses, and cultured dairy products. 
Location:California, USA
Purpose:Rostom Baghdassarian, CEO of Karoun, commented, “After years of working towards the successful execution of growth initiatives for our business and carefully nurturing our multiple brands and hundreds of SKUs, we were excited to find the right partner in Parmalat. Lincoln’s deep familiarity with the universe of potential acquirers in the food and beverage space was an immense help as we sought guidance on this important decision. We are ecstatic with the outcome of this process for our family, our employees, and our customers.”
Details:Lincoln International was the financial advisor to Karoun, working closely with the family and management team during the sale process.

Land O’Lakes Inc. Acquired Vermont Butter & Cheese Creamery, Inc. (Butter and Cheeses)

Date:March 29, 2017 
Price:Undisclosed Amount
Buyer:Land O’Lakes Inc. – A U.S. member-owned agricultural cooperative headquartered in Arden Hills, Minnesota, with a focus on the dairy industry.
Target:Vermont Butter & Cheese Creamery Inc. – A creamery and artisanal cheese and butter maker in Websterville, Vermont.
Location:Vermont, USA
Purpose:Land O’Lakes, Inc. purchased Vermont Creamery to accelerate growth with its trusted brands and innovative products.
Details:Vermont Creamery will be an independently operated subsidiary of Land O’Lakes and continue to produce its award-winning fresh and aged goat cheeses, cultured butter, and fresh dairy at its creamery in Websterville, Vermont.

Meat M&A

Blue Apron LLC Acquired BN Ranch (Meat Ranches and Farms)

Date:March 23, 2017 
Price:Undisclosed Amount
Buyer:Blue Apron LLC – Blue Apron Inc. is an American ingredient and recipe meal kit company founded in 2012 and operating exclusively in the United States.
Target:BN Ranch – A top provider of sustainable, responsibly raised beef, lamb, and poultry, based in Bolinas, California. 
Location:California, USA
Purpose“By acquiring BN Ranch and bringing Bill onto our team, we are furthering our vision to build a better food system by making high-quality, responsibly raised meat accessible to home chefs across the country,” said Matt Wadiak, co-founder and COO of Blue Apron.
Details:Blue Apron acquired the BN Ranch brand, supported by the BN Ranch staff of experts and a global network of ranches and farms. Bill Niman joined the Blue Apron team as the founder and president of BN Ranch. Along with providing meat for Blue Apron, BN Ranch continues to supply its institutional, retail, and restaurant customers.

JBS USA LLC Acquired Plumrose USA (Bacon, Ham, and Deli Meat)

Date:May 1, 2017 
Price:$230 Million 
Buyer:JBS USA LLC – A prominent beef and pork processor in the U.S. that also processes beef in Canada and beef and lamb in Australia.
Target:Plumrose USA – A U.S.-based bacon, ham, and deli meat business.
Location:Illinois, USA
Purpose:“Today’s announcement is further demonstration of our commitment to disciplined growth through strategic acquisitions that further diversify our product portfolio, expand our branded offerings and strengthen our direct relationship with consumers,” said Andre Nogueira, CEO of JBS USA Food Company.
Details:Barclays acted as financial advisor to JBS in this transaction. Squire Patton Boggs acted as legal advisor to JBS.

Restaurants M&A

Freeman Spogli Acquires Café Rio Mexican Grill (Mexican Fast-Casual Restaurants)

Date:September 8, 2017 
Price:Undisclosed Amount 
Buyer:IsoBev Inc. – A premium beverage producer. All its beverages and pharmaceutical-grade bulk products are plant-based and contain clean label ingredients from non-GMO sources.
Target:Cafe Rio Mexican Grill – A fast-casual restaurant chain that offers Mexican cuisine headquartered in Salt Lake City with branches in Arizona, Colorado, California, Idaho, Montana, Maryland, Utah, Nevada, Virginia, Wyoming, and Washington. 
Location:Utah, USA
Purpose:“Through our new partnership with Freeman Spogli, we will be able to leverage their team’s extensive experience growing restaurant concepts as we look to expand Cafe Rio in both existing and new markets,” said Dave Gagnon, Chief Executive Officer of Cafe Rio.
Details:The company was acquired from Karp Reilly, who invested in the business in 2004. Piper Jaffray acted as exclusive financial advisors to Cafe Rio and KarpReilly. The terms of the transaction were confidential.

Caribou Coffee Acquired Bruegger’s Bagels (Fast-Casual Bakeries and Restaurants)

Date:August 24, 2017 
Price:Undisclosed Amount
Buyer:Caribou Coffee – An American coffee company and coffeehouse chain founded in 1992 with headquarters in Brooklyn Center, Minnesota. 
Target:Bruegger’s Bagels – A fast-casual restaurant and bakery that produces bagels.
Location:Vermont, USA
Purpose:Olivier Poirot, chief executive officer of Le Duff America, said, “The recent transactions strongly reinforce our balance sheet and shift our mindset so we can focus on our French heritage brands, including the upcoming U.S. launch of Brioche Doree and continued growth in North America through franchising.”
Details:The financial terms of the transaction were undisclosed.

Advent International Acquired First Watch (Breakfast and Lunch Chain)

Date:July 27, 2017
Price:Undisclosed Amount
Buyer:Advent International – A private equity firm.
Target:First Watch Restaurant – An American breakfast and lunch chain based in Bradenton, Florida. 
Location:Florida, USA
Purpose:Tricia Patrick, Managing Director at Advent, said, “First Watch is strongly aligned with trends toward healthier eating and better ingredients, and positioned to not only grow within existing markets but also to expand the unique concept to guests in new geographies.”
Details:The transaction marks Advent’s second U.S. restaurant acquisition since buying The Coffee Bean & Tea Leaf in September 2013. 

Perpetual Capital Partners and CR3 Partners Acquired Garden Fresh (Buffet Restaurant Chain)

Date:August 14, 2017
Price:Undisclosed Amount
Buyer:Perpetual Capital and CR3 Partners – An operationally-focused private equity firm that invests in North American middle market companies.
Target:Garden Fresh Restaurant – Specializes in soup, pasta, and salads with 97 units across nine states.
Location:California, USA
Purpose:“Souplantation and Sweet Tomatoes are uniquely positioned with an extremely loyal customer base and dedicated restaurant teams,” said CR3 Partners Gene Baldwin, interim CEO of Garden Fresh.
Details:The company emerged from bankruptcy in January 2017 under the control of Cerberus Capital Management. CR3, which assisted in restructuring and operational efforts, will continue its relationship with Garden Fresh as part of the transaction.

Partners Group Acquires 17 Buffalo Wild Wings Locations (Casual Dining and Sports Restaurants)

Date:July 26, 2017
Price:Undisclosed Amount
Buyer:Partners Group Holding AG – A Swiss-based global private equity firm with $127 billion in assets under management in private equity, private infrastructure, private real estate, and private debt.
Target: 17 Buffalo Wild Wings Locations – Buffalo Wild Wings is a casual dining and sports bar restaurant with approximately 1,220 locations worldwide.
Location:Indiana, USA
Purpose:The deal encompasses further store openings within existing markets, additional franchise acquisitions, and facility improvements at existing outlets.
Details:The transaction marks the second Partners Group investment in the Buffalo Wild Wings concept, previously acquiring 139 Taco Bell and Buffalo Wild Wings units across five states in 2015.

Farming and Agriculture M&A

The Pictsweet Co. Acquired Fresh Frozen Foods (Frozen Vegetables)

Date:March 23, 2017
Price:$23.7 Million
Buyer:The Pictsweet Co. – A family-owned, family-run frozen vegetable business four generations strong.
Target:Fresh Frozen Foods – A frozen vegetable supplier and processor. 
Location:Georgia, USA
Seller:Inventure Foods – A food manufacturer and marketer. 
Purpose:Inventure Foods chief executive officer Terry McDaniel said, “The sale of Fresh Frozen Foods represents a significant milestone in our efforts to enhance shareholder value.”
Details:The cash transaction was valued at $23.7 million. 

7 Lallemand, Inc. Acquired Nova Microbial Technologies (Feed Additives)

Date:March 2, 2017
Price:Undisclosed Amount
Buyer:7 Lallemand, Inc. – A global leader in the developing, producing, and marketing of specialty ingredients, yeast, and bacteria.
Target:Nova Microbial Technologies – Manufactures and distributes unique feed additives of the highest quality to livestock producers, veterinarians, premix blenders, and feed manufacturers to improve animal performance and health.
Location:Nebraska, USA
Purpose:The deal forwards Lallemand’s mission to provide natural microbial products and services for optimized animal performance and well-being. The combined portfolios will allow for potential synergies and prospects for innovation in the United States and globally.

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