Today's Letter
Good afternoon all –

Today’s Great Quote” continues its run today with words of wisdom from Chinese general Sun Tzu, the author of The Art of War. Check it out all the way at the bottom of Morning Coffee.

Victor Capital has made an investment in Rizzo Group, a New York-based building code, zoning, land use and sustainability consulting firm. Both founder Charles Rizzo and CEO Stephen Rizzo are retaining an ownership interest in the company and will continue to manage the business.

The interesting part of Rizzo is the sustainability piece which helps building owners reduce carbon emissions. Back in April, New York City passed the Climate Mobilization Act that requires real estate owners to reduce the carbon emissions of their New York City-based buildings (that are larger than 25,000 sq. ft.) by 40% by 2030. Similar laws are expected in other major cities soon. It’s so nice when the government writes more rules and you’re in the compliance business. Sure, it’s a green thing too (and I don’t mean money) but, frankly, I’m on information overload on climate change so let’s move on.
More than 125 of you joined our webinar this morning on deal sourcing. The presentations were very informative (based on the emails I’ve gotten today). Thanks to Nadim Malik of Sutton Place Strategies, Ian Larkin of Maranon Capital, Richard Prestegaard of High Road Capital, Charlotte Franson of Capstone Headwaters, and our moderator David Toll of Private Equity Career News. The next PEP webinar will be coming up in November. Stay tuned.

Yesterday’s big read... Wayne Wu and the team at San Francisco-based VMG have formed Velocity Snack Brands to acquire the Popchips brand in North America and in most international markets except for the UK and Europe. If you didn’t know, VMG stands for velocity made good a term used in yacht racing to indicate the speed of a sailboat towards (or from) the direction of the wind. Popchips makes all-natural, popped chips (of course) in a bunch of flavors and was founded in 2007 with a headquarters near Los Angeles in Playa Vista, CA. Amit Pandhi, former CEO of frozen dessert brand Arctic Zero, leads Velocity.

Have a great day everyone.

John P. McNulty
Publisher
Private Equity Professional
Questions or comments? Contact me at John@peprofessional.com
October 10, 2019 | Year 12 | Volume 10 | Issue 8
Victor Invests in Rizzo Group
Victor Capital Partners has made an investment in Rizzo Group, a building code, zoning and land use consulting firm. Rizzo Group is a provider of building code compliance services, special inspection services, and sustainability advisory services to large commercial property owners, real estate and corporate asset managers, corporate tenants, universities, and technology companies across… Read More
DFW and Chief Invests in Regulatory Consultant
DFW Capital Partners has partnered with Chief Capital to make a growth investment in consulting firm Regulatory and Quality Solutions (R&Q). R&Q provides regulatory and product quality consulting services to medical device companies and combination product companies to assist in navigating the medical device regulatory landscape, produce a safe and effective… Read More
Ares Closes Another CoolSys Add-on
Source Refrigeration Holdings (DBA CoolSys), a portfolio company of Ares Management and the parent company of refrigeration and HVAC companies nationwide, has acquired Building Air Services. Building Air Services provides heating, ventilation, air conditioning and refrigeration services (HVAC-R) to commercial customers – including Dollar Tree, Petco, AutoNation, Office Depot, and FedEx – throughout Florida, North Carolina… Read More
New Managing Director at ORIX
ORIX Capital Partners has hired Craig Kahler as a managing director. Mr. Kahler will be active with ORIX’s middle-market private equity business, designing and executing strategies to leverage its capabilities and competitive advantages, overseeing the New York-based investment team’s activities, and maintaining and developing client relationships. Mr. Kahler will also serve on the firm’s investment committee… Read More
VMG Forms Velocity Snack Brands, Buys Popchips
VMG Partners has formed Velocity Snack Brands to acquire the Popchips brand in North America and most international markets outside of the United Kingdom and Europe. The brand was acquired from Verlinvest, a consumer-focused private equity firm. Popchips is a salty snack food company that produces and markets all-natural, popped chips in various flavors under… Read More
Levine Leichtman Exits Nobles Worldwide
Levine Leichtman Capital Partners (LLCP) has sold Nobles Worldwide to publicly traded Ducommun. LLCP acquired Nobles Worldwide in March 2014. Nobles is a supplier of ammunition handling systems used in military aircraft, helicopters, ground vehicles and shipboard systems. The company’s products include ammunition chutes, magazines, gun mounts and weapon… Read More
Audax Closes Carve-Out of EIS
Audax Private Equity has closed its acquisition of EIS, the electrical specialties group of Motion Industries, from publicly traded Genuine Parts Company. EIS is a distributor of process materials, production supplies, specialty wire and cable, and fabricated parts to more than 20,000 customers in the electrical OEM, motor, transformer, generator repair and assembly… Read More
Kidd & Company Keeps Growing RV Dealer Platform
Family RV Group, a specialty retailer of new and used recreational vehicles and a portfolio company of Kidd & Company, has acquired Candy’s Campers. Candy’s Campers operates two recreational vehicles (RV) dealerships near Bowling Green in Scottsville, KT and near Nashville in Murfreesboro, TN. The company sells new and used RVs, related services, parts and… Read More
Brynwood Adds Brands to Hometown Food
Hometown Food Company, a portfolio company of Brynwood Partners, has acquired the Arrowhead Mills and SunSpire brands from The Hain Celestial Group for $15 million. Arrowhead Mills competes primarily in the organic baking and breakfast categories and its product portfolio includes baking and dessert mixes; beans, grains, and seeds; cold and hot cereals; flours; and… Read More
Carroll Capital Buys Elevator Service
Carroll Capital has acquired Elevator Service, Inc. (ESI) in partnership with its management team from owner Nate McFadden. ESI is a provider of maintenance and testing, repair, and elevator modernization services. The company’s service area includes the Michigan cities of Grand Rapids, Lansing, Ann Arbor, Kalamazoo and Battle Creek and ESI maintains and repairs elevators… Read More
Acquisition Opportunity
An East Coast-headquartered provider of consulting and engineering services to the United States government, including the Department of State and Department of Homeland Security, is reviewing strategic opportunities. Annual revenues exceed $120 million with 18% EBITDA margins. Click HERE for more information.
Sverica Races to Hard Cap Close
After three months in the market, Sverica Capital Management has held a first and final close of its fifth fund, Sverica Capital Partners V LP. The new fund was oversubscribed and closed at its hard cap with $450 million of capital commitments. Sverica invests from $10 million to $40 million in US or Canadian-based companies with enterprise values up to $150 million… Read More
One Equity Closes New Fund
One Equity Partners (OEP) has held a final closing of its seventh fund, One Equity Partners VII LP, with $1.75 billion in total capital commitments. This is the largest fund that OEP has ever raised. Limited partners in the new fund include pension funds, financial institutions, family offices, asset managers, fund of funds, insurance companies, foundations, and high net worth individuals… Read More
Vestar Takes Minority Stake in Simple Mills
Vestar Capital Partners has agreed to make a minority investment in natural foods company Simple Mills. Simple Mills is a provider of more than 30 baking mixes, crackers, cookies, bars and frostings that are free of gluten, grains, soy and genetically modified ingredients. According to the company, it is the number one clean-label baking mix… Read More
AVALT Buys Gutter Services Company
Incline Equity Partners has sold Ned Stevens, a provider of residential exterior services, to AVALT, a Boston-based family office. Ned Stevens provides a range of gutter related services including cleaning, protection, repair, and installation. The company also cleans roofs, siding, decks, windows, fences, patios and walkways… Read More
Fulcrum Invests in Media Resources
Fulcrum Capital Partners has made an investment in Media Resources, a designer, maker and installer of commercial signage. Media Resources was founded in 1967 as Grant Signs Services which installed and maintained commercial signage. Today, the company is active in making digital billboards and indoor signage, providing sign installation and maintenance, and… Read More [ PEP Member Only] [ Join PEP]
TA Acquires Wealth Enhancement Group
TA Associates has acquired Wealth Enhancement Group from Lightyear Capital which has been the majority owner of the company since June 2015. Wealth Enhancement Group’s services include financial planning, estate planning, retirement income planning, insurance, tax strategies and investment management services. The company manages more than $11 billion… Read More [ PEP Member Only] [ Join PEP]
Career Opportunity
The New York State Common Retirement Fund, steward to a $210 billion pension plan, seeks a deputy chief investment officer to join its 80-person investment division. In this position, which can be based in either Albany or New York, New York, you'll supervise investment staff, evaluate investment strategies across asset classes, and make presentations on performance and related matters to the state comptroller and other officials. The retirement fund's portfolio includes a roughly $20 billion private-equity portfolio and an $18 billion real-assets portfolio; the state runs both an emerging-manager program and an in-state private-equity program. More here.

For a complete rundown of the week’s top private-equity jobs subscribe to Private Equity Career News.
Today's Great Quote
“If you know the enemy and know yourself, you need not fear the result of a hundred battles. If you know yourself but not the enemy, for every victory gained you will also suffer a defeat. If you know neither the enemy nor yourself, you will succumb in every battle.” – Sun Tzu
Private Equity Professional has been serving the private equity industry since 2007 and is published by Sun Business Media, LLC. Questions or comments? Email our publisher John McNulty at John@peprofessional.com.