Mazzone advised General Building Maintenance with respect to its sale to Pritchard Industries
Mazzone & Associates (“Mazzone”) is pleased to announce that it acted as the exclusive financial advisor to General Building Maintenance (“GBM” or the “Company”) with respect to its sale to Pritchard Industries (“Pritchard”).
Reflecting on the transaction, Sunny K. Park, founder of GBM, noted, “I am very proud of GBM and all that we have accomplished, and I believe that Pritchard will successfully continue the legacy I have built. I selected Mazzone to advise GBM because I knew they would be relentless in pursuing the best possible deal for us.”
Mazzone & Associates (“Mazzone”) is pleased to announce that it acted as the exclusive financial advisor to General Building Maintenance (“GBM” or the “Company”) with respect to its sale to Pritchard Industries (“Pritchard”).
Reflecting on the transaction, Sunny K. Park, founder of GBM, noted, “I am very proud of GBM and all that we have accomplished, and I believe that Pritchard will successfully continue the legacy I have built. I selected Mazzone to advise GBM because I knew they would be relentless in pursuing the best possible deal for us.”
Dom Mazzone, Managing Director at Mazzone, noted, “Mr. Park spent his career building GBM, and it was an honor to assist him in selecting a new owner and successfully transition the business.”
About Pritchard Industries
Founded in 1986, Pritchard Industries is a full-service provider of building services and facility maintenance. Pritchard maintains facilities from 2,000 square feet to 3.5 million square feet and currently provides services for commercial office buildings, major corporate facilities, financial institutions, industrial and manufacturing plants, data centers, educational facilities, medical complexes, and sports and entertainment arenas across 30 states.
Industry Insights: Global Packaging Industry, Fall 2022
After a banner year for acquisitions in 2021, everyone anticipated a decrease in deal activity. Indeed, broader measures for 2022 suggest deal activity will be down as much as 20%versus 2021. Anecdotally, greater availability among providers of QOEs and Rep & Warranty Insurance indicates capacity in these support industries, which further supports a sense of a softer market.
Transaction Activity Resilient in the Face of Challenges
After a banner year for acquisitions in 2021, everyone anticipated a decrease in deal activity. Indeed, broader measures for 2022 suggest deal activity will be down as much as 20%versus 2021. Anecdotally, greater availability among providers of QOEs and Rep & Warranty Insurance indicates capacity in these support industries, which further supports a sense of a softer market.
Year-to-date through July, however, our universe of packaging transactions was up 3% from where we were in July 2021. Early returns from July and August suggest that this trend continued through the summer. As volumes in Q4-2021 were unusually strong, we anticipate overall annual volumes to remain essentially flat with 2021 by year end.
How is this possible, given the headwinds of increasing inflation and interest rates, geopolitical unrest, and continued labor and supply chain issues?
Recent Packaging Industry Transactions
Mazzone advises Guardian Fueling Technologies on securing a growth investment from Prudential Private Capital
Mazzone & Associates (“Mazzone”) is pleased to announce that it acted as exclusive financial advisor to Guardian Fueling Technologies, LLC (“Guardian”) with respect to its recapitalization and growth investment from Prudential Private Capital (“Prudential”).
Mazzone & Associates (“Mazzone”) is pleased to announce that it acted as exclusive financial advisor to Guardian Fueling Technologies, LLC (“Guardian”) with respect to its recapitalization and growth investment from Prudential Private Capital (“Prudential”).
Reflecting on the transaction, Joey Batchelor, CEO of Guardian, noted, “We are excited about our new partnership with Prudential and their ability to help us achieve our growth goals. The Mazzone team proved to be invaluable in assisting us in efficiently selecting a capital provider to support our next phase of growth.”
Ben Turnipseed, a Vice President with Prudential Private Capital commented, “It was great to work with both Guardian and the Mazzone team to construct a capital structure that positions Guardian to continue to pursue their next phase of growth. We are excited to partner with Joey and the team and pleased to reinforce our commitment to investing in growth finance.”
Dom Mazzone, Managing Director at Mazzone, noted, “Joey and his team have built a best-in-class organization. It was an honor to work with their team and assist them in selecting a partner. We believe Guardian is poised for tremendous success.”
About Guardian
Founded in 1972, Guardian is a Jacksonville, Florida-based servicer, installer, and distributor of fuel dispensing and storage equipment for retail, commercial, industrial, and marine fueling stations. For more information, please visit guardianfueltech.com.
About Prudential Private Capital
For nearly 100 years, Prudential Private Capital has been partnering with a wide range of corporations, sponsors, and institutions to provide valuable insights and customized capital solutions that enable them to achieve their growth and funding goals. In an industry where capital can seem like a commodity and relationships are often fleeting and transactional, we are known for building enduring local partnerships based on a steady and patient commitment to our partners’ long-term capital needs. With regional teams in 15 offices around the world, we manage a portfolio of $95.8 billion for our partners. All data as of June 30, 2022. For more information, please visit prudentialprivatecapital.com.
Mazzone & Associates advised Mativ (NYSE: MATV) on the sale of the Filtrexx, Inc. product division to MKB Company, a portfolio company of Kurtz Bros., Inc.
Mazzone & Associates (“Mazzone”) is pleased to announce that it acted as exclusive financial advisor to Mativ Holdings, Inc. (NYSE: MATV), (“Mativ”) on its sale of the product arm of Filtrexx, Inc. (“Filtrexx”) to MKB Company, a portfolio company of Kurtz Bros., Inc.
Mazzone & Associates (“Mazzone”) is pleased to announce that it acted as exclusive financial advisor to Mativ Holdings, Inc. (NYSE: MATV), (“Mativ”) on its sale of the product arm of Filtrexx, Inc. (“Filtrexx”) to MKB Company, a portfolio company of Kurtz Bros., Inc.
Filtrexx, headquartered in Akron, OH, is a manufacturer and installer of sustainable sediment and erosion control products. The company, founded in 2001, was formerly a subsidiary of Conwed Plastics, which was acquired by Mativ in 2017.
MKB, a leading provider of environmental control products and services is backed by Kurtz Bros., Inc. For years, MKB and Filtrexx have worked separately to create products and services, as well as educate the industry on the most effective and durable stormwater BMPs in the market. The unification of the two organizations will combine both company’s product lines to bring the best erosion and stormwater control product offerings to the industry nationwide. Expanded resources, readily available products, extended reach, expanded manufacturing locations, and combined service are just a few benefits MKB and Filtrexx will bring to the market.
“The combination of these two organizations and their product lines will bring the best erosion and stormwater control product offering to the industry nationwide. We are excited by the possibilities!” says Rick Costello, Vice President of Strategy at MKB Company.
Jonathan White, Managing Director at Mazzone, highlighted, “We are pleased to have the opportunity to work directly with the Filtrexx and Mativ management teams and guide them through the carveout of the Filtrexx division. We are excited to see MKB and Filtrexx come together in providing best-in-class infrastructure solutions to the U.S. market and beyond.”
Stuart Sanford, Director at Mazzone, and Ryan Durham, Associate at Mazzone, were lead team members on this transaction.
Terms of the transaction were not disclosed.
About Filtrexx
Filtrexx International is a global leader in Sustainable Best Management Practice (BMP) solutions for use in erosion and sediment control, stormwater management, pollutant removal, and low-impact development to protect soil, water, and environment. Filtrexx has an extensive network of partners and distributors to serve customers across the globe. www.filtrexx.com
About MKB Company
A holding company of Kurtz Brothers, MKB Company is a leading provider of products and services in the environmental control market. Their products are used in perimeter control, sediment management, erosion control, and pollution control markets. As an industry leader committed to excellence in customer satisfaction, they continue to manufacture innovative products and solutions that allow contractors and distributors to serve customers looking for better environmental outcomes. www.mkbcompany.com
About Mativ
Mativ Holdings, Inc. is a global leader in specialty materials headquartered in Alpharetta, Georgia. The company offers a wide range of critical components and engineered solutions to solve our customers’ most complex challenges. With over 7,500 employees worldwide, we manufacture on four continents and generate sales in more than 100 countries. The company’s two operating segments, Advanced Technical Materials and Fiber-Based Solutions, target premium applications across diversified and growing end-markets, from filtration to healthcare to sustainable packaging. Our broad portfolio of technologies combines polymers, fibers, and resins to optimize the performance of our customers’ products across multiple stages of the value chain. Our leading positions are a testament to our best-in-class global manufacturing, supply chain, and materials science capabilities. We drive innovation and enhance performance, finding potential in the impossible. www.mativ.com
Mazzone & Associates advised DentalPost, Inc. on its sale to itrac, LLC, a portfolio company of 424 Capital and HealthEdge Investment Partners
Mazzone is pleased to announce that it acted as exclusive financial advisor to DentalPost Inc. (“DentalPost”) on its sale to itrac LLC (“itrac”), a portfolio company of 424 Capital and HealthEdge Investment Partners.
Mazzone & Associates (“Mazzone”) is pleased to announce that it acted as exclusive financial advisor to DentalPost Inc. (“DentalPost”) on its sale to itrac, LLC (“itrac”), a portfolio company of 424 Capital and HealthEdge Investment Partners.
DentalPost, headquartered in Atlanta, Georgia, is a technology-powered human resources solution offering recruitment, interview management, and career development resources for dental professionals and practices. DentalPost was founded in 2005 by Tonya Lanthier, a career dental hygienist-turned-entrepreneur that led the company from its inception to its current position as the premier provider of HR technology in the dental industry. Ms. Lanthier will remain with the company post-closing as President of DentalPost.
“At DentalPost, we have long envisioned the future of the ideal dental team being driven by smart, technology-enabled data and team management tools. Being a part of itrac’s first-class marketing technology investment portfolio positions us to further elevate and expand HR and team management solutions to propel the dental industry forward,” said Ms. Lanthier. She continued, “I am grateful to the Mazzone team for orchestrating this process. Going through the sale of a business that you’ve dedicated a meaningful portion of your life to can be an overwhelming experience. The team at Mazzone kept us educated and informed throughout the process, and found us an ideal partner in itrac.”
itrac, a leading provider of marketing technology (“MarTech”) and associated services to dentists across the U.S., has been backed by 424 Capital and HealthEdge Investment Partners since 2018. Following the appointment of Steve Karasick as itrac’s CEO in early 2021, the company has embarked on an aggressive M&A strategy, including the acquisitions of Local Search for Dentists in January 2021, SmartBox in March 2021, and now DentalPost in May 2021. DentalPost’s recruiting platform is a strategic addition to itrac’s suite of marketing, training, club software, and MarTech offerings.
Steve Karasick, CEO of itrac, stated, “we are excited about the combination of itrac’s existing products with DentalPost, SmartBox, and Local Search for Dentists, creating a market leading provider of outsourced marketing services, MarTech, training, and recruiting for independent dentists across the country. DentalPost, SmartBox, and Local Search for Dentists have each impressed us with their respective customers, outstanding commitment to quality services, company values, and helping dentists thrive. Partnering together, we believe the combination of teams, solutions, and support we can bring to dentistry is second to none.”
Dom Mazzone, Managing Partner of Mazzone & Associates, commented, “this transaction is the culmination of nearly two decades of innovation and tireless work put in by the folks at DentalPost, and it was our pleasure to deliver an excellent result for Tonya, Kyle, and the rest of the team. We believe that DentalPost will be at home in the itrac family, and we look forward to following the future success of the combined company.”
Terms of the transaction were not disclosed.
About DentalPost
DentalPost, headquartered in Atlanta, Georgia, is a technology-powered human resources solution offering recruitment, interview management, and career development resources for dental professionals and practices. The company operates the dental industry’s premier recruitment platform, enabling dental offices nationwide to streamline hiring through best-in-class online and mobile solutions. As the industry’s single largest user base of dental professionals, DentalPost helps dental hiring managers source more candidates, increase retention and make smarter hiring decisions using assessment-driven hiring and screening tools.
About itrac
With offices in Oregon, Texas, Indiana, Georgia, and Florida, itrac is one of the leading and longest-standing dental marketing agencies in the US, offering a suite of marketing technology (“MarTech”), outsourced marketing, training, and club software solutions to assist dentists and their practices achieve their goals.
About HealthEdge Investment Partners
HealthEdge Investment Partners, LLC is an operating-oriented private equity firm founded in 2005 that focuses exclusively on the healthcare industry. HealthEdge seeks to achieve superior returns by investing in businesses that benefit from the knowledge, experience, and network of relationships of its partners. HealthEdge’s partners have more than 100 years of combined operating experience in healthcare as CEOs and investors. For more information on HealthEdge, please visit healthedgepartners.com.
About 424 Capital
424 Capital is a growth capital partner that invests in lower middle-market companies within technology and tech-enabled services. 424 Capital works in partnership with founders and management teams to accelerate and scale for long-term growth. Focusing primarily on investments in healthcare and renewable energy, we invest in, empower, and enable companies to step up, stand out, and make a difference in the world. For more information about 424 Capital, please visit 424capital.com.
Managing Director Jonathan White Featured at AIMCAL Executive Leadership Conference
On April 5th, Mazzone presented at the Executive Leadership Conference for AIMCAL (Association of International Metallizers, Coaters, and Laminators).
On April 5th, Mazzone presented at the Executive Leadership Conference for AIMCAL (Association of International Metallizers, Coaters, and Laminators). We discussed our view on the M&A market for Web Converting, focusing on how to position to take advantage of this very active market. It was great to meet senior leaders of the industry at this event, and we trust that everyone at the event in Charlotte found the information useful. Thanks to the team at AIMCAL for putting on a great event! If you’d like view the presentation, please reach out to Jonathan White at jwhite@mazzoneib.com.
Industry Insights: Global Packaging Industry, Winter 2022
2021 was remarkable for the economy, the transaction market overall, and specifically for the Packaging Transaction Market. Packaging companies benefitted from robust demand which grew pipelines and revenue forecasts, with many companies producing record results. There were challenges, however, as many struggled to keep up with material price increases, unavailability of key components, delays in expansion plans and labor shortages.
2021 was remarkable for the economy, the transaction market overall, and specifically for the Packaging Transaction Market. Packaging companies benefitted from robust demand which grew pipelines and revenue forecasts, with many companies producing record results. There were challenges, however, as many struggled to keep up with material price increases, unavailability of key components, delays in expansion plans and labor shortages. The transaction market looked beyond these issues, however, with our recorded deal volume up 45% in 2021 to a total of 444 deals. To be sure, some of this is a reporting bias as every year brings better data collection. Nevertheless, all market participants agreed that 2021 was an unusually elevated level of activity.
Recent Packaging Industry Transactions
Mazzone Continues to Build Cross-Border Advisory Experience
Mazzone & Associates continues to build on its international experience with these recently completed transactions:
Mazzone’s distinguishing experience includes a broad selection of international transactions. Dom Mazzone, founder of Mazzone & Associates, began his international business experience at The Home Depot, where, among other deals, he led the acquisition of the largest building products retailer in Mexico. Mazzone & Associates continues to build on its international experience with these recently completed transactions:
October 2021
February 2021
December 2019
July 2019
Packaging Industry Activity Spotlight: Sponsor Market, Q1 2022
Mazzone & Associates will be releasing its Winter 2022 Packaging Industry Insights in the coming weeks, but in preparation for The Association for Corporate Growth's (ACG) M&A South 2022 taking place in Atlanta February 7-9, we wanted to preview 2021's activity in Packaging as it relates to the Sponsor Market. If you are attending M&A South 2022, we would be pleased to speak with you regarding our experience and expertise in the Packaging Market.
Mazzone & Associates will be releasing its Winter 2022 Packaging Industry Insights in the coming weeks, but in preparation for The Association for Corporate Growth's (ACG) M&A South 2022 taking place in Atlanta February 7-9, we wanted to preview 2021's activity in Packaging as it relates to the Sponsor Market. If you are attending M&A South 2022, we would be pleased to speak with you regarding our experience and expertise in the Packaging Market.
Recent Packaging Industry Transactions
Mazzone & Associates at ACG’s M&A South 2022
Mazzone & Associates is pleased to be an exhibitor at The Association of Corporate Growth’s (ACG) M&A South 2022 Conference (formerly Atlanta ACG Capital Connection). This live event presents the opportunity for intermediaries, corporate development officers, accountants, lawyers, senior lenders and other deal makers to meet and greet live with top private equity and mezzanine capital providers.
Mazzone & Associates is pleased to be an exhibitor at The Association of Corporate Growth’s (ACG) M&A South 2022 Conference (formerly Atlanta ACG Capital Connection). This live event presents the opportunity for intermediaries, corporate development officers, accountants, lawyers, senior lenders and other deal makers to meet and greet live with top private equity and mezzanine capital providers.
If you are attending the event, please visit us at our exhibitor table H1. If you would like to connect with one of our professionals one-on-one, please reach out to our Executive Administrator Sara Ellen Brown at sbrown@mazzoneib.com to schedule a meeting.
M&A South 2022 will be held February 7-9, 2022 in Alpharetta, GA at the Hotel at Avalon.
The Hotel at Avalon, Autograph Collection
9000 Avalon Blvd.
Alpharetta, GA 30009
(678) 722-3600
To view the full agenda, click here.
To register, click here.
For information on venue safety, click here.
About M&A South
M&A South is the premier networking event in the southeast for participants in all facets of corporate growth and middle market deal making. The event presents the opportunity for intermediaries, corporate development officers, accountants, lawyers, senior lenders and other deal makers to meet and greet with top private equity and mezzanine capital providers. Exhibitors include approximately 200 private equity groups, investment banks and mezzanine capital funds.
M&A Insights: Labor Dynamics
Owners and Managers need to prepare strategies for answering this issue to not only grow their businesses, but also to make the most of transactions.
As part of our year-end review, we reflected on how the current labor dynamic is impacting many of our clients. Those in manufacturing know how difficult it was in 2021 to maintain, much less expand, the workforce to meet increased demands from customers. This problem was echoed in McKinsey’s 2021 year-in-review highlights, which pointed to a September 2021 survey in which “40% of employees said that are at least somewhat likely to quit in the net three to six months.” Wow. Even if off by 50%, wow. The labor shortage has been a long time coming, and per McKinsey’s study, is not going away.
This has implications in the M&A space as well. Last year, a potential acquirer of a sell-side client indicated that “he had a backlog and he had production lines – he just needed workers,” and that this was in part driving his interest in a transaction. Our client had a great work culture which attracted employees and provided low employee turnover – which shielded them from the worst of the labor crisis. For transactions, labor pressure raises the profile of workforce retention and automation to support growth in the face of scarcity of labor. Owners and Managers need to prepare strategies for answering this issue to not only grow their businesses, but also to make the most of transactions.
Mazzone advises Rayven Inc. on its sale to Duraco Specialty Tapes
Mazzone & Associates (“Mazzone”) is pleased to announce that it acted as exclusive financial advisor to Rayven Inc. (“Rayven”), a developer and manufacturer of engineered packaging coatings, tapes, and release liners, on its sale to Duraco Specialty Tapes (“Duraco”), a leading manufacturer of pressure-sensitive tapes and specialty materials.
Mazzone & Associates (“Mazzone”) is pleased to announce that it acted as exclusive financial advisor to Rayven Inc. (“Rayven”), a developer and manufacturer of engineered packaging coatings, tapes, and release liners, on its sale to Duraco Specialty Tapes (“Duraco”), a leading provider of pressure-sensitive tapes, labels and coated films.
Rayven, headquartered in St. Paul, Minnesota, offers custom developed, niche release liners, coated functional films, and pressure-sensitive adhesive tapes to a diverse portfolio of high-value end markets including flexible packaging, medical device, specialty building, and graphics.
“We are excited to partner with the strong operational teams at Duraco and OpenGate, who share our culture and entrepreneurial values, as well as our drive to create and deliver innovative products for our customers,” said Rayven President Joe Heinemann, who will remain in that role. "Our thanks to the Mazzone team for guiding our family through this process. Their insight and advice were instrumental in assuring a smooth process and a successful sale.”
OpenGate Capital acquired Duraco in June 2019 as a corporate carveout from Essentra PLC and has since completed four add-on acquisitions with Infinity Tapes in February 2020, Filmquest Group in March 2021, 3 Sigma in November 2021 and now Rayven.
The combination of these acquisitions and organic investments have significantly advanced Duraco’s core capabilities across formulation, coating, converting and distribution. With these investments, the Company is now positioned as an integrated, turnkey solutions provider in its markets with technology, product portfolio and capacity to drive growth with existing and future customers.
Ed Byczynski, Chief Executive Officer of Duraco, stated “The addition of Rayven builds on Duraco’s leadership position as a high-quality, custom manufacturer of coated flexible packaging film, niche release liners and specialty tapes in North America, and will expand Duraco’s developmental capabilities and add coating capacity to support the ongoing growth of the collective businesses.”
“Rayven is the latest testament to our focus on add-on investments as an accelerator of growth,” said Andrew Nikou, OpenGate Capital’s Founder and CEO. “The combination of Rayven’s operational capabilities, along with Duraco’s strong operating expertise and its seasoned management team will drive continued commercial growth into new markets.”
About Rayven
Rayven Inc. has over 60 years of experience manufacturing custom silicone release liners and PSA products. Founded in 1954, Rayven grew from one coating line for producing polyester label stock, to 2 manufacturing plants; one in St. Paul, Minnesota and its newest facility in Owatonna, Minnesota. Rayven supplies finished material ranging from letter sized sheets to slit rolls of all sizes.
About Duraco Specialty Tapes
Duraco is B2B manufacturer of pressure-sensitive tapes and specialty materials, which are sold into highly attractive end markets including Point-of-Purchase displays, appliances, transit packaging, construction, signage and HVAC. Duraco’s application- specific tapes are strong alternatives to mechanical fasteners and traditional glues offering longevity, strength, efficiencies in customer’s assembly operations and breadth of substrates. In 2020, Duraco expanded its capabilities with the acquisition of Infinity Tapes, a leading manufacturer of customized adhesive products serving the high growth industrial and transit packaging end markets. Duraco is headquartered in Forest Park, IL. With warehousing locations throughout the United States and Canada, Duraco has a workforce of over 200employees and has been maintaining loyal relationships for over 40 years and is continuously growing with over 6,800 customers. To learn more about Duraco, please visit www.duraco.com.
About OpenGate Capital
OpenGate Capital is a global private equity firm specializing in the acquisition and operation of businesses to create new value through operational improvements, innovation, and growth. Established in 2005, OpenGate Capital is headquartered in Los Angeles, California with a European office in Paris, France. OpenGate’s professionals possess the critical skills needed to acquire, transition, operate, build, and scale successful businesses. To date, OpenGate Capital has executed more than 30 acquisitions across North America and Europe. To learn more about OpenGate, please visit www.opengatecapital.com.
More Recent Packaging Industry Transactions
Mazzone advises BouMatic, LLC with respect to the acquisition of SAC Group
Mazzone & Associates (“Mazzone”) is pleased to announce that it acted as exclusive financial advisor to BouMatic, LLC (“BouMatic”), a global leader in the dairy equipment and robotics space, with respect to BouMatic’s acquisition of substantially all of the assets of SAC Group (“SAC”), a Denmark-based manufacturer of milking equipment.
Mazzone & Associates (“Mazzone”) is pleased to announce that it acted as exclusive financial advisor to BouMatic, LLC (“BouMatic”), a global leader in the dairy equipment and robotics space, with respect to BouMatic’s acquisition of substantially all of the assets of SAC Group (“SAC”), a Denmark-based manufacturer of milking equipment.
Carsten Nielsen, General Manager of BouMatic Europe, stated, “We’re excited to join forces with SAC; this partnership brings unprecedented opportunities in line with our strategy to grow globally and expands our reach to partner up with dairy farmers worldwide. Our thanks to the Mazzone team, who provided sound strategic guidance and deal coordination throughout the process.”
BouMatic CFO Ken Artz added, “The combination of BouMatic and SAC yields significant growth potential that goes beyond what would have occurred as standalone companies. The Mazzone team assisted in organizing the transaction process and was instrumental in providing diligence support.”
Reflecting on the transaction, John Kotts, Owner of BouMatic, noted, “We are excited to welcome SAC Group into the BouMatic family; as a combined company, BouMatic and SAC will drive the future of the dairy industry for decades to come. I’ve personally worked with one principal at Mazzone for over 20 years, and the Mazzone team proved yet again to be experts in negotiating, structuring, and executing cross-border transactions.”
Maury Bell, Managing Director at Mazzone & Associates, commented, “BouMatic is a premier player in the global milking equipment space, and the acquisition of SAC only further solidifies the company’s market-leading position. It was a pleasure to work with the BouMatic team and Mr. Kotts, and we are pleased to have completed another successful transaction for BouMatic.”
About BouMatic
BouMatic is a leading global manufacturer of dairy equipment and robotics with more than 400 employees across its six locations. The company is headquartered in Madison, Wisconsin, with additional operations in Texas, Denmark, The Netherlands, Belgium, and France. BouMatic’s product catalogue ranges from cow ID, health, and traffic systems to milk collection systems, along with management and automation systems, milk cooling systems, on-farm hygiene, cleaning technologies for dairy plants, and manure handling systems. BouMatic’s products are currently marketed in more than 45 countries worldwide. For more information, please visit www.boumatic.com.
Going forward, BouMatic is seeking additional acquisitions that will expand the company’s footprint, enhance its product suite, and introduce innovative solutions to the dairy industry. Please contact Maury Bell at mbell@mazzoneib.com or Dustin Dawson at ddawson@mazzoneib.com with any prospective opportunities.
About SAC Group
Founded in 1938, SAC produces both traditional and automatic milking systems that are easy to use and maintain, are good for the animals, and are ergonomically optimal. SAC also operates Netherlands-based dairy knowledge center, Hokofarm Group, that places additional focus on data-driven milking and feeding technology. In addition to Hokofarm Group in the Netherlands and headquarters in Denmark, SAC maintains operations in Russia and France.
Mazzone & Associates advises ValorBridge Partners on its investment in and the subsequent recapitalization of Fine Parking Group
Chris Amburgy, CEO of FINE, stated, “We are excited to partner with ValorBridge and look forward to introducing FINE’s signature quality-focused approach to new markets across the country. Mazzone & Associates proved to be creative and considerate in structuring a solution that achieved our desired outcome, both on the initial transaction and on the debt recap.”
Mazzone & Associates (“Mazzone”) is pleased to announce that it acted as the exclusive financial advisor to ValorBridge Partners (“ValorBridge”) with respect to ValorBridge’s investment in Fine Parking Group (“FINE” or the “Company”) and the subsequent recapitalization of the FINE’s senior debt.
Chris Amburgy, CEO of FINE, stated, “We are excited to partner with ValorBridge and look forward to introducing FINE’s signature quality-focused approach to new markets across the country. Mazzone & Associates proved to be creative and considerate in structuring a solution that achieved our desired outcome, both on the initial transaction and on the debt recap.”
Reflecting on the transaction, Christopher Durham, General Manager of ValorBridge, noted, “We are excited about our new partnership with Chris Amburgy, Charles Billera, and the FINE team and look forward to supporting them in their next phase of growth. The Mazzone team conducted yet another smooth transaction from start to finish and ultimately delivered another strong portfolio company for ValorBridge.”
About FINE Parking Group
FINE Parking Group is the owner and operator of four premium off-airport parking facilities located at Denver International Airport, Tulsa International Airport, and William P. Hobby and George Bush Intercontinental Airports in Houston. FINE’s broad array of service offerings, including auto detailing, valet services, and rewards programs, sets it apart from other off-airport parking options, and has facilitated the growth of a loyal customer base across the Company’s geographies.
Going forward, FINE is actively seeking opportunities for the acquisition or development of airport and urban parking facilities in markets with favorable and sustainable growth characteristics. Please contact Dustin Dawson at ddawson@mazzoneib.com with any prospective opportunities.
About ValorBridge Partners
ValorBridge Partners is an Atlanta-based private evergreen holding company that owns, operates, and invests in healthcare, financial services, real estate, and industrial supplies and service companies. With a track record spanning over two decades, ValorBridge’s uncommon combination of substantial entrepreneurial, operational, and classic value investing experiences, as well as its long-term orientation as an investor, have positioned the company as a strong partner in providing capital to growing companies. ValorBridge also offers a wealth of strategic guidance and experience gained from successfully growing companies at all stages of the business life cycle.
Industry Insights: Global Packaging Update Fall 2021
2021 has witnessed remarkable rebounds for the economy generally, the transaction market overall, and specifically for the Packaging Transaction Market. The economy rebounded particularly well through mid-year 2021, with the US GDP growing over 6% in each of Q1 and Q2 and defying the rise of the delta variant, inflationary pressures, supply chain disruptions, and a disconnect between labor demand and willing workers. This success was mirrored in the deal-making marketplace, particularly among financial sponsors (Private Equity), which drove volumes that will surpass 2019's former annual record [i]. Acquirers are riding the high economy, a very favorable lending environment, and sellers seeking to avoid a potential increase in tax rates in 2022.
2021 has witnessed remarkable rebounds for the economy generally, the transaction market overall, and specifically for the Packaging Transaction Market. The economy rebounded particularly well through mid-year 2021, with the US GDP growing over 6% in each of Q1 and Q2 and defying the rise of the delta variant, inflationary pressures, supply chain disruptions, and a disconnect between labor demand and willing workers. This success was mirrored in the deal-making marketplace, particularly among financial sponsors (Private Equity), which drove volumes that will surpass 2019's former annual record [i]. Acquirers are riding the high economy, a very favorable lending environment, and sellers seeking to avoid a potential increase in tax rates in 2022.
Mazzone Advises UMI on its sale to The Dupps Company
Reflecting on the transaction, Jessica Colbert, President and owner of UMI, noted, “We are excited about continuing the legacy of my Dad, Edward Hill, and the next phase of growth for UMI as part of The Dupps Company. We value the long relationship UMI has had with the Mazzone team and appreciate their continued advice and value they drove for us over the years, including through this transaction with The Dupps Company.”
Mazzone & Associates (“Mazzone”) is pleased to announce that it acted as the exclusive financial advisor to Universal Maintenance Inc. (“UMI”) with respect to its sale to The Dupps Company on September 1, 2021.
Reflecting on the transaction, Jessica Colbert, President and owner of UMI, noted, “We are excited about continuing the legacy of my Dad, Edward Hill, and the next phase of growth for UMI as part of The Dupps Company. We value the long relationship UMI has had with the Mazzone team and appreciate their continued advice and value they drove for us over the years, including through this transaction with The Dupps Company.”
Bill Gehr, CFO of The Dupps Company commented, “We are thrilled to help build upon the legacy of UMI and work with Ms. Colbert and the UMI team to continue the strong service and growth of UMI as part of The Dupps Company. Thanks to Mazzone & Associates for its help working with us to facilitate a smooth transaction process from due diligence through closing.”
About Universal Maintenance Inc.
Universal Maintenance Inc. is an engineering, design and construction project management company with an established reputation for providing manufacturing plants a turn-key service solution — everything from engineering, design, fabrication, installation to maintenance. UMI works mostly in the growing poultry industry.
About The Dupps Company
The Dupps Company is a worldwide leader in protein recycling systems and service. From its founding, Dupps has focused on renewable resources, starting with the ‘original recyclers’ — those rendering companies around the world that recycle millions of tons of animal byproducts every year. Dupps offers a comprehensive range of protein co-products processing equipment, service and support for red meat, poultry and fishmeal applications.
Mazzone Advises ValorBridge on its Investment in Brightlink
Sean Dwyer, CEO of Brightlink commented, “We are thrilled to partner with ValorBridge for growth capital as it allows us the flexibility to continue scaling our business and meet growing market demand. This is exciting news for the entire Brightlink team, our customers and our partners. Thanks to ValorBridge’s investment, we will be able to keep up with the growing demand of our market and will have the ability to continue scaling towards a bright future.”
Mazzone & Associates (“Mazzone”) is pleased to announce that it acted as the exclusive financial advisor to ValorBridge Partners (“ValorBridge”) with respect to its investment in Brightlink Communications (“Brightlink” or the “Company”).
Reflecting on the transaction, Christopher Durham, General Manager of ValorBridge, noted, “We are excited about our new partnership with Brightlink and look forward to supporting them in their next phase of growth. The Mazzone team drove value by introducing us to the management team and creatively structuring a win-win deal for us and Brightlink.”
Sean Dwyer, CEO of Brightlink commented, “We are thrilled to partner with ValorBridge for growth capital as it allows us the flexibility to continue scaling our business and meet growing market demand. This is exciting news for the entire Brightlink team, our customers and our partners. Thanks to ValorBridge’s investment, we will be able to keep up with the growing demand of our market and will have the ability to continue scaling towards a bright future.”
Dom Mazzone, Managing Director at Mazzone, noted, “Brightlink has established a solid market position and is poised to benefit from evolving demand for communication tools and services. We are excited to see Brightlink leverage ValorBridge’s capital and resources to continue Brightlink’s exponential growth.”
Founded in 2004 and headquartered in Atlanta, Georgia, ValorBridge is a holding company that owns several affiliated operating companies. ValorBridge’s uncommon combination of substantial entrepreneurial, operational and classic value investing experiences, as well as its long-term orientation as an investment partner, has positioned it as a strong partner in providing capital to growing companies. ValorBridge also offers a wealth of strategic guidance and experience gained from successfully growing companies at all stages of the business life cycle.
Headquartered in Atlanta, Georgia, Brightlink is a leading communications platform and technology company that delivers voice, messaging, analytics, and cloud-based solutions. The Company’s cutting-edge Communications Platform as a Service (CPaaS) platform, cloud-based applications, managed white-label hosted PBX and Unified Communications as a Service (UCaaS) solutions, and network services are used by companies ranging from small to mid-sized businesses to the largest enterprises and communication service providers around the globe.
Market Review: Sustainability in Packaging
In this summary, we highlight trends, developments and M&A activity within the sustainable packaging market including key trends in the supply chain and in regulation, mergers and acquisitions activity, and investment opportunities within the sustainable ecosystem.
Mazzone and Associates understands the key trends and pitfalls in the sustainable packaging market with recent deal experience as well as long-standing industry knowledge. In this summary, we highlight trends, developments and M&A activity within the sustainable packaging market including key trends in the supply chain and in regulation, case studies in mergers and acquisitions activity, and investment opportunities within the sustainable ecosystem.
Recent Packaging Industry Transactions:
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M&A Insights: Inequity in Sales of Minority, Woman and Veteran Owned Businesses
In order to level set the playing field for minority, woman and veteran owned businesses (“MWVOBs”), those businesses can “check the box” to be given preferential designations to bid for contracts to provide goods or services to the government or large corporations. This has helped MWVOBs drive sales growth they may have otherwise struggled to compete to land.
In order to level set the playing field for minority, woman and veteran owned businesses (“MWVOBs”), those businesses can “check the box” to be given preferential designations to bid for contracts to provide goods or services to the government or large corporations. This has helped MWVOBs drive sales growth they may have otherwise struggled to compete to land.
However, as issue arises when MWVOBs want to sell their business. Often, a significant portion of a MWVOB is derived from them “checking the box.” The dilemma is that most poential buyers of MWVOBs cannot check the same box and, therefore, are legitimately concerned that the revenues derived from “checking the box” will go away after closing. Consequently, most potential buyers either offer lower than market valuations (i.e., lower than market prices) or do not bid at all. A handful of minority and woman owned private equity funds have been formed, but they are capitalists aware of this market phenomenon and try to simply bid slightly higher than already low bids thereby not really providing a better market for these businesses.
My solution is twofold. First, legislatively allow the buyer of a MWVOB to continuing “checking the box” just as the prior owner did, thereby allowing the buyer to pay a more fulsome purchase price at closing to that minority, woman or veteran owner. This solution allows these designations to give more complete value to the owners of MWVOBs and creates more long-term capital for investment by prior MWVOB owners.
Second, any MWVOB owner who sells, mergers, liquidates or otherwise disposed of her or his business, whether by selling a majority of the shares or assets, can no longer use that designation. The purpose of this provision is to minimize shams and persons who are using this system meant to level the playing field as a new playground for inequity.
This solution is not perfect. This solution is a practical approach to solving a market inequity for owners of MWVOBs without creating additional inequities in the system.
Mazzone & Associates Advises Roplast on its Sale to PreZero
Robert Bateman, retired CEO and co-founder of Roplast, reflected on the transaction: “We are quite satisfied with the result and Roplast’s new partnership with PreZero. In these uncertain times, the Mazzone team proved invaluable, providing guidance and driving the marketing process with domestic and international parties. I doubt whether anyone could have advised us better.”
Mazzone & Associates (“Mazzone”) is pleased to announce that it acted as the exclusive financial advisor to Roplast Industries, Inc. (“Roplast” or the “Company”) with respect to its sale to PreZero US (“PreZero”), a subsidiary of the parent company Schwarz Group, headquartered in Neckarsulm, Germany. The terms of the transaction were not disclosed.
PreZero and Roplast come together just as increasing U.S. legislation will be requiring more recycled content in packaging. As noted by PreZero’s press release, this transaction reflects “PreZero’s business goal to vertically integrate and deliver its closed loop solutions to support the circular economy.”
Robert Bateman, retired CEO and co-founder of Roplast, reflected on the transaction: “We are quite satisfied with the result and Roplast’s new partnership with PreZero. In these uncertain times, the Mazzone team proved invaluable, providing guidance and driving the marketing process with domestic and international parties. I doubt whether anyone could have advised us better.”
Robert Berman, co-founder of Roplast, commented “We are excited for Roplast and its future prospects with its new partner. The Mazzone team did a great job at understanding our business and market position in sustainable packaging. They were extremely thorough and did an outstanding job guiding our team and ensuring the transaction ran smoothly for all parties.”
Jonathan White, Managing Director at Mazzone & Associates, noted “We invested significant time to identify the right partner for our client. We found a great fit in Schwarz and PreZero, as they will build and enhance the sustainable product lines that are important to shareholders, management, and customers.”
Stuart Sanford, Vice President at Mazzone & Associates added “This is a great outcome for all parties. It is even more impressive if you consider that the deal was completed with an international buyer during the COVID-19 pandemic, which disrupted sustainability regulations, supply chains, and customers’ forecasts.”
Founded in 1989, Roplast is a leader in providing sustainable flexible packaging in the form of polyethylene film, bags and other flexible packaging. Based in Oroville, CA, the Company is a leader in providing certified recycled content in its packaging for its customers as well as developing closed loop solutions for the circular economy. Roplast manufactures, converts, and prints its products for a variety of markets.
