Vestar Capital Partners has agreed to acquire Woodstream from Brockway Moran & Partners and CHS Capital. No financial terms were disclosed for the transaction that is expected to be completed in the second quarter of this year. Headquartered in Lititz, Pennsylvania, Woodstream is a maker of branded pest control and lawn and garden products.
NEW YORK–(BUSINESS WIRE)–Vestar Capital Partners (“Vestar”), Brockway Moran & Partners (“Brockway Moran”) and CHS Capital announced today that Vestar has signed a definitive agreement to acquire Woodstream, a leading manufacturer and marketer of branded pest and animal control as well as lawn and garden products, from Brockway Moran and CHS Capital. Terms were not disclosed. The transaction is expected to close in the second quarter of 2015.
Woodstream, through a broad portfolio of leading niche brands, services the lawn and garden, birding, pet, rodent control, hobby farm and animal control needs of consumers. Woodstream’s brands include Victor mouse and rat traps, Terro liquid ant bait, Perky-pet bird feeders, and Zareba and Fi-Shock electronic animal and hobby farming fencing, among others.
“We have strategically assembled a portfolio of leading brands to better serve our retail partners in important niche, destination categories,” said Harry Whaley, president and chief executive officer of Woodstream. “We are very pleased to have partnered with Brockway Moran & Partners and CHS Capital. Going forward, Vestar’s experience in branded consumer products and track record of supporting its portfolio companies in building companies through add-on acquisitions will be critically important to Woodstream.”
“We look forward to partnering with Harry Whaley and Woodstream’s excellent management team,” said Brian O’Connor, managing director of Vestar and co-head of the Consumer Group. “We believe Woodstream will continue to achieve strong growth by investing in its leading brands, particularly Victor and Terro, and by continuing its strategy of pursuing complementary acquisitions.”
“During our long history with Woodstream, the Company completed 11 strategic add-on acquisitions and expanded significantly in a number of ways,” said Lawrence I. Shagrin, a partner at Brockway Moran & Partners. “We have enjoyed our collaboration with Woodstream and are confident that Vestar will be an excellent value-added partner given their significant capabilities.”
The Senior Secured Loan Program (SSLP), jointly managed by affiliates of GE Capital and Ares Capital Corporation, provided commitments for the debt financing for the transaction. Kirkland & Ellis LLP acted as the legal advisor to Vestar in this transaction. William Blair & Company, Peter W. Klein, P.A. and Faegre Baker Daniels LLP represented Woodstream in the transaction.
Woodstream, headquartered in Lititz, Pennsylvania, is a global manufacturer and marketer of a broad portfolio of branded pest control and lawn & garden products, under brands such as Victor®, Terro®, Perky-Pet®, Havahart®, Safer®, Sweeney’s® and Mosquito Magnet®, among others. The company’s products, which have leading market share positions within their respective segments, are sold at more than 100,000 retail locations and to professional pest control providers throughout the United States, Canada, the United Kingdom, and other international markets.
About Vestar Capital Partners
Vestar Capital Partners is a leading U.S. middle-market private equity firm currently managing approximately $5 billion in capital. Specializing in management buyouts and growth capital investments, Vestar invests and collaborates with incumbent management teams and private owners in a creative, flexible and entrepreneurial way to build long-term enterprise value. Vestar has extensive experience investing across a wide variety of industries including Consumer, Healthcare, Diversified Industries, and Financial Services. Since Vestar’s founding in 1988, Vestar funds have completed more than 70 investments in companies with a total value of more than $40 billion. For more information, please visit www.vestarcapital.com.
About Brockway Moran & Partners
Brockway Moran & Partners has raised over $1.3 billion of equity through three private equity funds and is currently managing the investments of Brockway Moran & Partners Fund II, L.P. and Brockway Moran & Partners Fund III, L.P. The firm owns, in partnership with management, portfolio companies which operate in industries including Healthcare, Education, Consumer, and Distribution. The principals of the firm have a record of productively working with management teams to build companies into larger and more diverse enterprises. Since 1998, the firm has completed over 85 transactions and has significant committed equity capital available for acquisitions complementary to its portfolio companies. For more information, visit www.brockwaymoran.com.
About CHS Capital
CHS Capital is a Chicago-based private equity firm with 25 years of experience investing in the middle market. Through partnerships with strong management teams, CHS Capital aims to accelerate earnings growth and drive value creation through human capital initiatives, performance improvement actions and strategic growth activities. Throughout its history, CHS Capital has made investments in over 395 businesses and invested $2.9 billion of capital. For additional information, please visit www.chsonline.com.