Charlesbank Buys Peacock Engineering from Behrman

Charlesbank Capital Partners has acquired Peacock Engineering Co., a portfolio company of Behrman Capital. Financial terms weren’t announced. Geneva, Ill.-based Peacock provides processing and packaging services for consumer companies like ConAgra Foods, General Mills and Kraft. Both Charlesbank and Behrman are PE firms. News of the deal was disclosed by Harris Williams which advised Peacock.

PRESS RELEASE

Harris Williams & Co. announces that Peacock Engineering Company, LLC (Peacock), a portfolio company of Behrman Capital (Behrman), has been acquired by Charlesbank Capital Partners (Charlesbank). Harris Williams & Co. acted as the exclusive financial advisor to Peacock. The transaction was led by Hiter Harris, Bob Baltimore, David Kennedy and Chris Burnham from the firm’s Richmond office. Terms were not disclosed.

“Peacock’s value-added contract packaging services play a critical role in the supply chain of leading consumer food companies. The company has created a strong competitive advantage that has resulted in significant and longstanding relationships with its customers. We are excited about our role in helping Peacock find its new partner and we believe Peacock is well positioned to capitalize on favorable industry trends and pursue its many attractive growth initiatives,” said Hiter Harris, managing director and co-founder of Harris Williams & Co.

Founded by Harold Peacock in 1942, Peacock provides a full range of contract packaging services to the nation’s leading consumer product food companies, including Annie’s Organic, ConAgra Foods, General Mills, Gerber, Kellogg’s, Kraft, Land O’Lakes, Nestle, Sara Lee, Tootsie Roll, Unilever and Wrigley. Peacock specializes in refrigerated, frozen and shelf-stable primary processing and packaging, as well as secondary kit assembly and promotional packaging in both refrigerated and ambient environments. Peacock operates out of four state-of-the-art facilities totaling over 1.2 million square feet located in the greater Chicago area, with USDA certification at two of its facilities.

Based in New York City and San Francisco, Behrman was founded in 1991 by Grant G. and Darryl G. Behrman. The firm invests in management buyouts, leveraged buildups and recapitalizations of established growth businesses. The company’s investments are primarily focused in five industries: defense, specialty manufacturing, outsourcing, healthcare and information technology. The firm currently has a combined capital base in excess of $2.0 billion.

Based in Boston and New York, Charlesbank is a middle market private equity investment firm managing more than $2 billion of capital. Charlesbank focuses on management-led buyouts and growth capital financings, typically investing $50 million to $150 million per transaction in companies with enterprise values of $100 million to $750 million. The firm seeks to partner with strong management teams to build companies with sustainable competitive advantages and excellent prospects for growth.

Harris Williams & Co. (www.harriswilliams.com), a member of The PNC Financial Services Group, Inc. (NYSE:PNC), is the premier middle market advisor with a two-decade legacy of sell side excellence serving clients worldwide. The firm is focused exclusively on the middle market providing sell side and acquisition advisory, restructuring advisory, board advisory, private placements and capital markets advisory services.

Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, an Appointed Representative of Sturgeon Ventures LLP, which is authorized and regulated by the Financial Services Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business in the U.S. and Europe, respectively.