Mistral Equity Partners today closed on its first deal, with a leveraged buyout of Ohio chipmaker Shearer’s. That would be potato chips, not silicon.
A source tells peHUB that Mistral acquired a majority stake in Shearer’s from private equity firm Winston Partners, with company management rolling over its existing equity stake. Debt was provided by National City Bank and a business development company called Prospect (I’m sure there’s more to the name, I just don’t know it). Edgeview Partners ran the process.
Mistral was formed in early 2007 as a spinout from Trimaran Capital Partners, and focuses on consumer and retail plays. It’s in the midst of raising its first fund with a $500 million target, but already has secured more than half of that. It also has filed for a SPAC, in order to do one “outsized” deal.
Shearer’s is based in Bewster, Ohio, and provides both branded and private-label salty snacks to the Ohio and Western Pennsylvania markets. Expect Mistral to help grow the private-label business, but to keep the branded efforts local.