Cherry Tree & Associates | Notable M&A Transactions, October 2021
Blackstone Acquires a Majority Stake in SPANX at $1.2 Billion Valuation

SPANX, a mission-driven womenswear founded by Sara Blakely in 2000, announced it received a majority investment from funds managed by Blackstone, a leading global investment business, at a valuation of $1.2 billion. The acquisition will enable SPANX to accelerate its already digital transformation and strong online presence in the e-commerce channel and expand its global footprint. Blackstone has also committed to create an all-female SPANX board of directors.
Swift Prepared Foods Acquires Sunnyvalley Smoked Meats for $90 Million

Swift Prepared Foods, a consumer packaged goods company and subsidiary of JBS USA, announced the acquisition of California-based Sunnyvalley Smoked Meats, producer of smoked meat products for sale to retail and wholesale customers, for $90 million. Sunnyvalley gross revenues are $150 million annually and the purchase includes one product facility in Manteca, CA. The acquisition is consistent with Swift’s strategy of expanding its portfolio of value-added brands.
Italian Dairy Group Granarolo Buys U.S. Cheese Producer Calabro Cheese

Calabro Cheese, a producer of ricotta, mozzarella, and other fresh dairy products based in East Haven, CT, announced it had sold to Granarolo S.p.A, an Italian cheese manufacturer. Terms were not disclosed. Calabro reported sales of $25 million in 2020 and will serve as a strategic platform for Granarolo to build upon and distribute its products in the United States.
Mason Wells Sells Whitehall Specialties to Irish Dairy Cooperative Ornua

Ornua, an Irish dairy cooperative, completed its acquisition of Whitehall Specialties, WI-based maker of custom cheese products, from private equity firm Mason Wells for an undisclosed sum . Best known for its brand Kerrygold, the acquisition complements Ornua’s U.S. ingredients division and is central to its long-term growth strategy in the U.S. cheese market. Whitehall Specialties is based in Wisconsin and employs over 450 people across four locations. Mason Wells originally invested in the business in 2012.
Compass Diversified-Backed Marucci Sports Acquires Lizard Skins

Marucci Sports, a subsidiary of Compass Diversified (NYSE: CODI) and a leading designer and manufacturer of baseball and softball equipment and apparel, acquired Lizard Skins for an undisclosed price. Lizard Skins is a designer and seller of branded grip products and protective equipment for a variety of sports, including athletes in the Tour de France, MLB, and NHL. The add-on builds upon Marucci’s leading position in diamond sports while developing the company’s presence in new sports markets such as hockey and cycling.
Dorel Industries Sells Bike Business to Pon Holdings for $810 Million

Dorel Industries, Montreal-based seller of juvenile products, bicycles and home products, announced it entered into a definitive agreement to sell its portfolio of bike brands, including Cannondale, Schwinn and Mongoose, to Pon Holdings B.V., a Dutch mobility group, for $810 million in cash. Dorel will retain its juvenile and furniture divisions and expects to use the net proceeds to strengthen its balance sheet, return capital to shareholders.
a.k.a Brands Completes Acquisition of DTC Men’s Fashion Brand, mnml

a.k.a Brands Holding Corp, a publicly-traded brand accelerator of DTC fashion brands, acquired all of the equity interests of mnml, a high-growth men’s streetwear brand for $48.6 million of combined cash and equity. Founded in 2016, mnml reported $20 million in net revenue and generated double-digit EBITDA margin. The transaction aligns with a.k.a. Brands strategy of acquiring high-growing, DTC fashion brands focused on the Gen Z and millennial audience.
Hairstory Receives Growth Investment from Summit Partners

Hairstory, an Irvington, NY-based “clean” sustainable hair care brand, announced it received a minority investment from Summit Partners, a global growth equity investor. Founded in 2015, the partnership will enable Hairstory to accelerate investments in sustainable formulations and packaging and expand its brand / image among hairstylists and consumers.
PE-Backed Wellbeam Consumer Health Acquires TruSkin 

Wellbeam Consumer Health, a portfolio of ecommerce-focused wellness brands backed by American Pacific Group, acquired TruSkin, a leading plant-based skincare brand, for an undisclosed price. TruSkin was founded in 2013 and currently has the #1 best-selling facial serum on Amazon. This transaction represents Wellbeam’s 3rd acquisition since American Pacific acquired its majority stake in January 2021 and now has three brands in leadership positions in distinct wellness categories.
MN-Based Revol Greens Acquires BJ’S Produce

Revol Greens, the largest greenhouse lettuce producer in the U.S. with headquarters in Owatonna, MN, acquired BJ’s Produce, an Athens, GA-based greenhouse operation operating under the widely recognized Living Fresh brand, for an undisclosed price. With existing locations in Minnesota, California and Texas, the move establishes Revol’s first East Coast greenhouse operation and brings the company closer to meeting its goal to reach all Americans with its products.

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 Merritt Jackley.

Prepared by:
Merritt Jackley, Vice President

Phone: 952.253.6015

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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