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Sun Capital Partners

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Sun Capital Partners, Inc.
Company typePrivate
Founded1995; 29 years ago (1995)
HeadquartersBoca Raton, Florida, United States
Key people
Rodger Krouse (co-CEO)
Marc J. Leder (co-CEO)
ProductsPrivate Equity Funds
Websitewww.suncappart.com

Sun Capital Partners, Inc., is an American private equity firm specializing in leveraged buyouts.[1] Sun Capital was founded in 1995 by Marc J. Leder and Rodger Krouse, former classmates at the Wharton School of the University of Pennsylvania and investment bankers at Lehman Brothers.[1][2]

As of March 31, 2021, Sun Capital has approximately $13 billion of cumulative capital commitments. It has invested in more than 500 portfolio companies worldwide with revenues over $50 billion across a broad range of industries, including business services, technology, healthcare, paper and packaging, building products, general consumer, and industrial, among others.[3][4][5] Sun Capital is headquartered in Boca Raton, Florida, with additional offices in New York City and Los Angeles, and an affiliate with offices in London.[3][6]

Sun Capital's investment strategy involves a variety of proprietary operational tools to help portfolio companies grow revenue, lower costs, improve company cultures, and enhance processes.[7] Sun Capital targets platform companies with revenues between $50 million and $1.0 billion as well add-on acquisitions.[8] Sun Capital focuses on several transaction types, including corporate carve-outs, founder-owned, and sponsor-to-sponsor.[8]

History

In 2014, Private Equity International and Privcap reported that Sun Capital stood to return 9-times its investment in Emerald Performance Materials after more than tripling the portfolio company's earnings in its six years under Sun's stewardship.[9][10] Sun Capital originally formed Emerald through a corporate carveout of food ingredients and industrial specialties divisions of Lubrizol.[11]

In 2015, Sun Capital sold Point Blank Enterprises after helping the portfolio company grow revenue by adding new products and tripling exports.[12] Sun's sale of Point Blank was subsequently deemed "Turnaround Deal of the Year" by Buyouts Insider.[13] Sun Capital originally assembled Point Blank's assets through bankruptcy auction processes.[14]

In 2016, The Wall Street Journal reported that Sun Capital had returned more than 18 times its investment in Critical Flow Solutions after doubling the portfolio company's earnings in less than two years.[15] Sun originally formed Critical Flow in 2015 in a corporate carveout of three business units from Curtiss-Wright Corporation.[16] The Wall Street Journal subsequently reported that Sun Capital's sale of Admiral Petroleum Co. and Lemmen Oil Co. returned 1,530 times Sun Capital's original investment.[17]

In 2017, PitchBook highlighted Sun Capital Partners VI as one of the top six performing billion-dollar US buyout funds in the prior five years, with an internal rate of return of 65.1%.[18] PitchBook subsequently reported that Sun Capital had sold Aclara Technologies for $1.1 billion after acquiring the smart infrastructure systems provider for $130 million in 2014, sponsoring four add-on acquisitions, and helping quadruple earnings during the investment period.[19]

In 2018, The Wall Street Journal reported that "Sun Capital cashes in again on manufacturing with Robertshaw Sale" after Sun helped the appliance components manufacturer more than double earnings over four years and sold for approximately $900 million.[20]

In 2019, PE Hub reported that Sun Capital sold Horizon Group Holdings after helping the HVAC services company complete ten add-on acquisitions, enter four new markets, and increase its headcount by over 800 professionals.[21]

In 2020, PE Hub reported that Sun Capital's investment in ClearChoice Management Services looked like "a clear home run" after helping the dental implant provider approximately double earnings over three years and sell for more than $1.1 billion.[22]

In 2020, Sun Capital celebrated its 25th anniversary.[23]

In 2021, Sun Capital formalized its investment focus on the technology industry.[24]

Select investments

  • 2003: Sun Capital Partners acquired bagel chain Bruegger's Enterprises[25] and majority share of Mackie Designs.[26]
  • 2005: Sun Capital Partners acquired Creekstone Farms.[27]
  • 2005: Sun Capital Partners acquired Exopack, but following the purchase of additional international companies,[28] the company became Coveris.[29]
  • 2006: Sun Capital completed 33 transactions (both portfolio and add-on acquisitions), among which was Marsh Supermarkets of Indianapolis, Indiana, the owner/operator of 128 supermarkets/food stores, and 400 Village Pantry convenience stores, among other divisions.[30]
  • 2006: Sun Capital Partners acquired Big 10 Tire Stores.[31]
  • 2006: Sun Capital Partners acquired Del Monte Canada which it then sold it to ConAgra Foods in 2012.[32]
  • 2007: Sun Capital acquired majority stake in The Limited from L Brands in 2007 and the rest in 2010. They wrote off the investment and closed stores in 2017.[33]
  • 2007: Sun Capital Partners acquired Restaurants Unlimited Inc for an unspecified amount.[34]
  • 2007: Sun Capital Partners acquired Friendly's for $337.2 million, selling it to Amici Partners Group in 2021.[35]
  • 2008: Sun Capital Partners completed 26 transactions, including a majority interest in Gordmans, a department store chain headquartered in Omaha, Nebraska.[36]
  • 2008: Sun Capital Partners acquired Frontier Spinning Mills.[37]
  • 2008: Sun Capital Partners acquired Kellwood.[38]
  • 2008: Sun Capital Partners acquired Neckermann, one of the leading European mail-order companies. Sun Capital Partners refused to fund the restructuring of Neckermann in 2012, resulting in bankruptcy.
  • 2010: Sun Capital Partners acquired V&D, the largest Dutch warehouse chain that employed 10,000 people.[39] The chain went bankrupt in 2015 when Sun Capital Partners refused to extend additional credit.[39]
  • 2011: Sun Capital completed 33 transactions, including investment in The SCOOTER Store,[40] acquired NextPharma (UK), Polestar UK Print, the Britton Group, Vitro America, Contessa Premium Foods and Scotch and Soda (clothing), an Amsterdam-based clothing manufacturer/retailer and Kobusch-Sengewald, a German-based packaging provider. Sun Capital has also exited Bruegger's Bagels,[25] which was acquired by Groupe Le Duff and Big 10 Tires which was acquired by Pep Boys.
  • 2012: Sun Capital completed 30 transactions, including Strauss Innovation, a Germany-based home furnishing and apparel retailer, American Golf UK clothing retailer Bonmarché, CornerStone Research & Development, and Certified Power and Elix Polymers. Sun Capital has also exited Thermasys which was acquired by Wellspring Capital Management, Del Monte Canada was sold to ConAgra Foods[32] and Raybestos Powertrain was sold to Monomoy Capital Partners,[41] FRS was sold to Park-Ohio Holdings,[42] Sonneborn was sold to One Equity Partners[43][44] and Fearmans Pork was sold to Sofina Foods.[45]
  • 2012: Sun Capital acquired S&N Communications.[46]
  • 2013: Sun Capital completed eighteen acquisitions, eight exits, and two IPOs. Some transactions include: Johnny Rockets was sold to Sun Capital Partners in 2013.[47] A majority stake in food packaging company Paragon Print and Packaging was also acquired by Sun Capital Partners in 2013.[48]
  • 2014: Sun Capital completed the acquisitions of ADTI, Aclara, and Robertshaw. Sun Capital exited Wabash, Farfield Companies, Certified Power, Cornerstone, Manoir Aerospace, Emerald Performance Materials, DBA Apparel[49] and Chicago Leisure.
  • 2015: Sun Capital completed the Critical Flow Solutions, Flabeg, Flexitech, and Flamingo Horticulture acquisitions. Sun Capital exited Point Blank, VPS, Fazoli's, Vari-Form, Hickory Farms, Polestar, and LOUD Technologies, Inc.
  • 2015: Sun Capital sold Point Blank to JLL Partners.[50]
  • 2016 Sun Capital Partners exited Kellwood Company, Admiral,[51] Critical Flow Solutions[52] and Innocor.[53]
  • 2016: Sun Capital Partners acquired Furniture Factory Outlet (then known as FFO Home).[54][55]
  • 2017: Sun Capital Partners acquired BWGS,[56] Arrow Tru-Line,[57] Horizon Services,[58] AMES Taping Tools,[59] and C&K Holdings.[60]
  • 2017: Sun Capital Partners sold Creekstone Farms to Marubeni Corp.[61] and NextPharma to CapVest.[62]
  • 2018: Sun Capital Partners acquired ClearChoice Holdings,[63] Afriflora[64] and ESIM Chemicals.[65]
  • 2018: Sun Capital Partners sold Aclara,[66] Robertshaw,[67] Albéa[68] and Demilec.[69]
  • 2019: Sun Capital Partners sold Horizon Services.[70]
  • 2019: Sun Capital Partners sold Rebecca Taylor and Parker fashion brands to Vince. Sun Capital Partners also owns 75% of Vince.[71]
  • 2020: Sun Capital sold ClearChoice Dental Implant Center.[72]
  • 2020: Sun Capital Partners Foundation Donates $300,000 to South Florida Charities[73]
  • 2020: Sun Capital sold FFO Home to Franchise Group.[74][75]
  • 2021: Sun Capital Formalized its Focus on Tech Investment Vertical and Acquired its First Tech Deal, Exadel.[76][77]
  • 2021: Sun Capital Acquires Century Distribution Systems [78]
  • 2021: Sun Capital Completes Second Technology Investment, LoanLogics.[79]

References

  1. ^ a b "In a Romney Believer, Private Equity's Risks and Rewards". New York Times. Retrieved August 24, 2020.
  2. ^ "Interview With Sun Capital's Rodger Krouse". Privcap. Retrieved August 24, 2020.
  3. ^ a b "About Us". Sun Capital Partners Website. Retrieved August 24, 2020.
  4. ^ "Sun Capital raises $2.3 billion for Fund VII". PitchBook. Retrieved August 24, 2020.
  5. ^ "Paper and Packaging". Sun Capital Partners. Retrieved August 24, 2020.
  6. ^ "Contact Us". Sun Capital Partners. Retrieved August 24, 2020.
  7. ^ "Operations Strategy". Sun Capital Partners. Retrieved August 24, 2020.
  8. ^ a b "Investment Focus". Sun Capital Partners. Retrieved August 24, 2020.
  9. ^ "Sun Capital books $1bn plus exit on specialty chemicals company". Private Equity International. PEI. June 4, 2014. Retrieved November 16, 2020.
  10. ^ "Sun Capital's successful Emerald Performance Exit". Privcap. Privcap. October 27, 2014. Retrieved November 16, 2020.
  11. ^ "Lubrizol Sells Ingredients Businesses to Private Equity". Food Ingredients First. Food Ingredients First. Retrieved November 16, 2020.
  12. ^ "Sun Capital shines in buying, fixing and selling firms". Baltimore Sun. Baltimore Sun. Retrieved November 16, 2020.
  13. ^ "Deal of the Year, Turnaround, 2016". Buyoutinsider. Buyoutinsider. March 20, 2016. Retrieved November 16, 2020.
  14. ^ "Affiliate of Sun Capital Partners, Inc. Completes Sale of Point Blank Enterprises, Inc". Sun Capital Partners. Sun Capital Partners. June 2015. Retrieved November 16, 2020.
  15. ^ Kreutzer, Laura (October 13, 2016). "Sun Capital Returns More Than 18-Times Its Money on Critical Flow Sale". Wall Street Journal. WSJ. Retrieved November 16, 2020.
  16. ^ "Affiliate of Sun Capital Partners Completes Sale of Critical Flow Solutions for $210 Million". Sun Capital Partners. Sun Capital Partners. October 13, 2016. Retrieved November 16, 2020.
  17. ^ Kreutzer, Laura (December 8, 2016). "Kreutzer's Take: How Sun Capital Turned a Mini Deal Into a Mammoth Multiple". Wall Street Journal. Retrieved August 24, 2020.
  18. ^ "The top 6 billion-dollar US buyout funds of the past five years". PitchBook. Retrieved August 24, 2020.
  19. ^ "Sun Capital to exit Aclara for $1.1B". PitchBook. PitchBook. Retrieved November 16, 2020.
  20. ^ Kreutzer, Laura (January 5, 2018). "Sun Capital Cashes In Again on Manufacturing With Robertshaw Sale". Wall Street Journal. WSJ. Retrieved November 16, 2020.
  21. ^ "Sun Capital sells Horizon". PE Hub. PE Hub. November 13, 2019. Retrieved November 16, 2020.
  22. ^ "PE-backed Aspen Dental buys Sun Capital's ClearChoice in $1.1bn-plus deal". PE Hub. PE Hub. November 16, 2020. Retrieved November 16, 2020.
  23. ^ "Sun Capital Observes 25th Anniversary". May 26, 2020.
  24. ^ "Sun Capital Partners Affiliate Acquires Exadel, a Founder-Owned Software Development Leader Focused on Digital Transformation". March 4, 2021.
  25. ^ a b "How the Sun heated up bagel chain Bruegger's". Fortune. Retrieved March 20, 2017.
  26. ^ Benzuly, Sarah. "Sun Capital Infuses Mackie". MIX. Future plc. Retrieved January 4, 2019.
  27. ^ "Creekstone Farms broadens its market". kansas. Retrieved March 20, 2017.
  28. ^ Johnson, Jim. "Coveris grows through acquisitions with an eye toward smart fits - Plastics News". Plastics News. Retrieved March 20, 2017.
  29. ^ "Coveris continues to grow with new equipment". Retrieved March 20, 2017.
  30. ^ "Marsh hires Price Chopper executive as chairman, CEO". Retrieved March 20, 2017.
  31. ^ Staff, Tire Business. "BREAKING NEWS: Pep Boys buys Big 10 Tire Stores - Tire Business". Tire Business. Retrieved March 20, 2017. {{cite news}}: |first= has generic name (help)
  32. ^ a b "ConAgra Foods acquires Del Monte Canada - Canadian Packaging". Canadian Packaging. January 18, 2012. Retrieved March 20, 2017.
  33. ^ "The Limited owner almost doubles investment, but closing all stores". January 6, 2017.
  34. ^ Richman, Dan (March 28, 2007). "Restaurants Unlimited of Seattle is sold to Florida investment firm". Seattle Post-Intelligencer. Retrieved August 30, 2019.
  35. ^ Lockyer, Sarah E. (June 25, 2007). "Sun Capital offers to pay $337.2M to scoop up Friendly's". Nation's Restaurant News. Retrieved September 9, 2023.
  36. ^ Star, Lincoln Journal. "Gordmans celebrating 100 years". Fremont Tribune. Retrieved March 28, 2016.
  37. ^ "David Finnigan: Cotton Industry Provides Intriguing Investment Opportunities for Private Equity - PE Hub". PE Hub. January 19, 2012. Retrieved March 20, 2017.
  38. ^ "kellwood names jill granoff ceo". www.bizjournals.com. Retrieved March 20, 2017.
  39. ^ a b "Dutch retail chain V&D declared bankrupt". Reuters. December 31, 2015. Retrieved January 7, 2020.
  40. ^ "The Scooter Store secures financing for growth". www.bizjournals.com. February 2, 2011. Retrieved January 7, 2020.
  41. ^ Shieber, Jonathan (March 3, 2012). "Monomoy Buys Raybestos Powertrain From Sun Capital". Wall Street Journal. ISSN 0099-9660. Retrieved December 29, 2019.
  42. ^ "Southfield's Fluid Routing Solutions acquired by Park-Ohio Industries". Crain's Detroit Business. March 6, 2012. Retrieved December 29, 2019.
  43. ^ "One Equity Acquires Sonneborn From Sun | Chemical & Engineering News". cen.acs.org. Retrieved December 29, 2019.
  44. ^ Dai, Shasha (March 6, 2012). "Sun Capital Nears Deal To Sell Sonneborn To One Equity Partners". Wall Street Journal. ISSN 0099-9660. Retrieved December 29, 2019.
  45. ^ Wursthorn, Michael (April 10, 2012). "Leaving The Trough, Sun Capital Sells Hog Slaughterhouse To Sofina". Wall Street Journal. ISSN 0099-9660. Retrieved December 29, 2019.
  46. ^ "Today's Transactions:
    Sun Cap Snaps Up S&N Communications"    . Mergers & Acquisitions. Retrieved March 20, 2017.
  47. ^ Luna, Nancy (June 18, 2013). "O.C.-based burger chain Johnny Rockets sold". The Orange County Register. Retrieved June 18, 2013.
  48. ^ "Paragon Print and Packaging Completes Investment Deal with Sun Capital Partners". Paragon Print and Packaging. Archived from the original on January 7, 2014.
  49. ^ "HanesBrands Completes Acquisition of DB Apparel and Increases Full-Year Earnings Guidance | Hanesbrands Inc". ir.hanesbrands.com.
  50. ^ Pounds, Marcia Heroux. "Point Blank, bullet-proof vest maker, sold in Pompano Beach". Sun-Sentinel.com. Retrieved March 20, 2017.
  51. ^ "Sun Capital exits Admiral - PE Hub". PE Hub. November 16, 2016. Retrieved March 20, 2017.
  52. ^ "Affiliate of Sun Capital Partners Completes Sale of Critical Flow Solutions for $210 Million". www.businesswire.com. Retrieved March 20, 2017.
  53. ^ "Bain Capital Private Equity to buy Innocor from Sun Capital - PE Hub". PE Hub. December 14, 2016. Retrieved March 20, 2017.
  54. ^ "Sun Capital sees significant expansion ahead for latest acquisition". Retrieved March 20, 2017.
  55. ^ Magsam, John (February 12, 2016). "Sun Capital arm buys Arkansas-based FFO". Arkansas Online. Retrieved January 14, 2023.
  56. ^ "Sun Capital acquires BWGS - PE Hub". PE Hub. January 4, 2017. Retrieved March 20, 2017.
  57. ^ "Affiliate of Sun Capital Partners Acquires Garage Door Hardware Manufacturer Arrow Tru-Line, Inc". Retrieved March 20, 2017.
  58. ^ "Sun Capital Acquires Horizon Services". Wall Street Journal. March 7, 2017. ISSN 0099-9660. Retrieved March 20, 2017.
  59. ^ "Sun Capital buys AMES - PE Hub". PE Hub. September 18, 2017. Retrieved September 19, 2017.
  60. ^ "European Affiliate of Sun Capital Partners Acquires Electromechanical Switch Maker C&K Holdings". Retrieved February 8, 2018.
  61. ^ "Sun Capital exits Creekstone Farms - PE Hub". PE Hub. July 20, 2017. Retrieved July 26, 2017.
  62. ^ "Sun European Partners affiliate to sell NextPharma". Private Equity Wire. June 29, 2017. Retrieved February 8, 2018.
  63. ^ "south florida private equity firm- acquires dental clinique". www.bizjournals.com. Retrieved February 8, 2018.
  64. ^ Riordan, Darragh (December 20, 2017). "KKR sells rose grower Afriflora to Sun European Partners - Real Deals". Real Deals. Retrieved May 23, 2018.
  65. ^ Langworth, Hannah (May 14, 2018). "Sun European acquires agricultural chemicals maker ESIM from Ardian". Real Deals. Retrieved July 3, 2018.
  66. ^ "Sun Capital to Sell Aclara Technologies for $1.1 Billion". Retrieved February 8, 2018.
  67. ^ Kreutzer, Laura (January 5, 2018). "Sun Capital Cashes In Again on Manufacturing With Robertshaw Sale". Wall Street Journal. ISSN 0099-9660. Retrieved March 15, 2018.
  68. ^ "PAI Partners acquires Albéa from Sun Capital - PE Hub". PE Hub. March 29, 2018. Retrieved May 23, 2018.
  69. ^ "Sun Capital closes $350M Demilec exit | PitchBook". Retrieved May 23, 2018.
  70. ^ McNulty, John (November 14, 2019). "Sun Sells Horizon to New Mountain". Private Equity Professional. Retrieved December 6, 2019.
  71. ^ Dhani, Mau. "Vince Acquires Rebecca Taylor and Parker - Fashionista". fashionista.com. Retrieved October 23, 2020.
  72. ^ "Affiliate of Sun Capital Agrees to Sell ClearChoice". www.businesswire.com. November 16, 2020.
  73. ^ "Sun Capital Partners Foundation Donates $300,000 to South Florida Charities". Sun Capital Partners, Inc. | Private Equity Firm. December 2, 2020.
  74. ^ Engel, Clint (November 5, 2020). "FFO Home files for bankruptcy". Home News Now. Retrieved January 26, 2023.
  75. ^ Engel, Clint (December 29, 2020). "Franchise Group completes FFO Home purchase". Home News Now. Retrieved January 26, 2023.
  76. ^ "Sun Capital Partners Affiliate Acquires Exadel, a Founder-Owned Software Development Leader Focused on Digital Transformation". Sun Capital Partners, Inc. | Private Equity Firm. March 4, 2021.
  77. ^ "Sun Capital Partners Affiliate Acquires Exadel". Exadel. March 5, 2021.
  78. ^ "Sun Capital Partners Affiliate Completes Corporate Carve-Out Transaction, Acquires Global Supply Chain Leader, Century Distribution Systems". Sun Capital Partners, Inc. | Private Equity Firm. June 2, 2021.
  79. ^ "Sun Capital Partners Affiliate Acquires LoanLogics, Leading Digital Mortgage Solutions Provider". Sun Capital Partners, Inc. | Private Equity Firm. July 7, 2021.
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