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BOSTON
CHICAGO
LONDON
LOS ANGELES
PHILADELPHIA
SAN DIEGO
SILICON VALLEY
TAMPA
Q2 2015 FOOD & BEVERAGE
CONTACTS Thomas Elliott Managing Director (813) 251-7285 [email protected] Shawn Keenan Vice President (813) 251-7299 [email protected] Daniel Schultz Director of Business Development (617) 619-3368 [email protected]
MERGER & ACQUISITION ACTIVITY
2014 proved to be one of the strongest years on record for mergers and acquisitions in the food
& beverage industry. Reflective of economic conditions, the industry witnessed increasing
activity almost every year since the recession. The one exception was 2013, during which the
number of transactions declined, a result of the capital gains tax increase in January of that year.
Activity rebounded in 2014, posting a 14% increase to 305 transactions. This activity reflects the
strong interest in food & beverage businesses, making them attractive acquisition targets with
the ability to draw healthy valuations.
2015 OUTLOOK
M&A activity in the food & beverage industry is off to a strong start in 2015, with 94 transactions
reported midway through Q2. The industry has consistently grown year over year, even during
challenging economic times, and as a result buyers and investors are attracted to the resiliency of
the sector.
Capstone expects robust activity in the industry to persist in the near-term, with middle market
deals driven by eager, well-capitalized buyers backed by a growing economy. We expect that
2015 will yield strong opportunities for privately held middle market companies. In fact, the
M&A cycle appears to be entering its “boom” phase, during which activity – and valuation
premiums – typically rise sharply, resulting in a very attractive seller’s market.
223
267
309
260
210
261 283
300
268
305
94
0
50
100
150
200
250
300
350
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Q2 2015
Food & Beverage Transactions
Source: Capital IQ Transactions in the U.S. or Canada
With limited organic
growth opportunities,
companies in the industry
are actively looking to
acquire other providers in
an effort to boost sales
and profits.
Capstone Partners LLC 2
Food & Beverage Q2 2015
M&A TRENDS & DRIVERS
M&A activity in the food & beverage industry is expected to continue to be robust in
2015, supported by strong industry and market fundamentals. Several themes are
contributing to the high level of M&A activity in the industry, including the following.
Industry Size and Consistent Growth – On the one hand, investors are attracted to
the food & beverage industry by its huge size and consistent growth. The industry is
large, with sales divided evenly between retail and foodservice. Although economic
slumps do have an adverse impact on the industry’s sales, the sector is relatively
insulated compared to other industries, as food & beverage products continue to be
essential to consumers in spite of changes in the economy. On the other hand,
industry growth is stagnating, and is projected to rise only at about the same rate as
the population, 1%, providing little year-over-year revenue growth. With limited
organic growth opportunities, companies in the industry are actively looking to
acquire others in an effort to boost sales and profits.
A Bifurcated Market – The food & beverage industry is undergoing substantial
change, and the market has become bifurcated due to divergent consumer
preferences. On one end of the spectrum are the consumers who are willing to pay
more for higher-quality items, especially those emphasizing health benefits, natural
ingredients and convenience. On the other end are consumers who are still
recovering from the recent economic downturn and who continue to seek out
products that offer the best value, including private label items. Overall, consumer
preferences in the U.S. and other developed markets are shifting toward high quality,
nutritional products including pre-packaged and home-cooked food. As a result of
the market’s bifurcation, industry participants are expected to focus on product
differentiation to increase their market share. Catering to the needs of increasingly
divergent consumer groups has added to the complexity of the market, resulting in a
focused M&A strategy for industry participants.
Sources: Bloomberg, Food Institute Report, Organic Trade Association, Marketline
Food & Beverage Sales
$669.6 $673.3 $711.0 $748.3 $772.2 $792.3
$646.1 $649.1 $680.5 $700.7 $711.4 $734.2
$312.4 $320.6 $327.3 $334.6
$341.5 $348.8
$0.0
$200.0
$400.0
$600.0
$800.0
$1,000.0
$1,200.0
$1,400.0
$1,600.0
$1,800.0
$2,000.0
2009 2010 2011 2012 2013 2014
$ B
illio
ns
Retail Food Sales Foodservice Sales Beverage Sales
Many of the sector’s
strategic transactions are
driven by the goal of
creating synergies that
reduce costs, and gaining
access to higher growth
segments, both important
strategies in a challenging
environment.
Capstone Partners LLC 3
Food & Beverage Q2 2015
M&A TRENDS & DRIVERS (Continued)
Buyers Target “Hot” Product Categories – With new product development and
introductions critical to success in the industry, companies that have distinguished
themselves in the market with popular brands and products are highly sought-after
acquisition targets by buyers looking to enhance their product portfolios. Examples
of popular food & beverage product categories include specialty, healthy/functional,
ethnic, non-GMO products, sports and nutrition products, protein-based snacks,
convenience foods, and private labels. With some of these categories expanding at
double-digit rates, they have become attractive targets in an otherwise slow-growth
industry.
Popularity of Healthy Foods & Beverages – Valuation multiples are elevated for
health and nutrition companies, reflecting consumers' insatiable demand for good-
for-you and healthier foods & beverage. The tastes of upscale buyers are changing,
calling for alternatives they consider "less processed," with simpler ingredients,
health oriented branding, convenience, and sustainability. Also prominent are
products marketed as allergen-free or gluten-free, no additives or preservatives, or
containing antioxidants. And because this trend is being embraced by millennials, it
is only expected to be more pronounced in the coming years. Factors such as the
aging population, heightened allergen awareness, and growing concern about GMOs
and food additives are also credited with boosting this segment. In order to fully
participate in this sector’s growth, companies are looking to make acquisitions in the
healthy products segment. As a result, there have been several recent examples of
“mainstream” food & beverage companies acquiring health & nutrition targets.
New Focus on Smaller Brands – The competitive landscape of the food & beverage
industry has changed dramatically, in that small niche brands are readily accepted by
large retailers and mass merchandisers, where they are competing effectively against
the leading brands of established food giants. Where once “bigger is better” was the
preferred food & beverage strategy, today companies are looking for niche brands
that cater to specific consumer preferences, and they are making acquisitions to add
such brands to their portfolios.
Synergies Drive Transactions & Valuations – M&A transactions in the food &
beverage industry are very targeted and highly strategic. Common strategies
employed by buyers include acquiring a business that sells a product or brand related
to one of the buyer’s own, expansion into a new geographic market (including U.S.
companies looking to expand into emerging markets), international players wishing
to move into the U.S., consolidation to take advantage of economies of scale and
increased clout with large food retailers, and larger companies purchasing smaller
enterprises with innovative products or advanced capabilities and systems. Many of
the sector’s strategic transactions are driven by the goals of creating synergies that
reduce costs and gaining access to higher growth segments, both important
strategies in a challenging environment.
M&A TRENDS & DRIVERS (Continued)
Market Supports Both Mega Deals and Middle-Market Transactions – A wide range
of acquisitions are occurring in the industry, with buyers targeting everything from
small, single-product companies to large corporations with a full stable of product
categories and brand names. Acquisitions of all sizes provide a way for buyers to gain
market share and bolster growth. While large targets enjoy advantages in economies
of scale and strong brand recognition, smaller targets can provide buyers with
specialized or unique products. Examples of blockbuster deals in the industry include
Tyson Food’s purchase of The Hillshire Brands Company for $8.5 billion and the
recently announced acquisition of Kraft Foods Group by H.J. Heinz Company in a
transaction valued at $54 billion. The newly named Kraft Heinz Company will be the
3rd largest food and beverage company in North America and the 5th largest food
and beverage company in the world.
Despite these headliner deals, most of the transactions in this fragmented industry
are completed in the middle market and smaller categories, where large consumer
products companies are looking to add new products and successful brands.
Changing buying patterns favor smaller entrepreneurial brands, as consumers' new
demands have not been met quickly enough by the large multinationals, who are
now making smaller acquisitions to keep up with changing demand.
Corporate Buyers Are Active – Corporate buyers have been very active in the
industry, as they continue to seek acquisitions that help to expand their product
offerings and/or geographic footprints. We have seen strong interest from all types
of buyers, including large food & beverage companies that are actively adding new
products and successful brands to their portfolio. Foreign companies have also been
active, as they look to expand their footprint in the lucrative U.S. market.
Private Equity is Very Interested in the Sector – Private equity firms are attracted to
the fragmented nature and relative stability of the food & beverage industry, and
they continue to make platform and add-on acquisitions in the sector, performing
roll-ups of multiple targets that combined have greater scope, scale and improved
standing in this highly competitive industry. Generally speaking, these buyers look
for investments with good market visibility, excellent growth potential, a track-record
of profitable growth and a strong management team. Collectively, private equity
groups have an abundance of cash that needs to be deployed, and their transactions
are supported by low interest rates and ready access to debt. Private equity
fundraising remained elevated in 2014 at $189 billion, and private equity firms now
have a significant backlog of capital to invest, estimated at $535 billion.
Looking forward, Capstone expects middle-market companies in the food & beverage
industry to remain in high demand and we believe 2015 will prove to be a seller’s
market. We expect positive operating results for many target companies in the
sector, resulting in a strong level of buyer interest and healthy transaction multiples.
The following table provides a sampling of transactions in the industry, reflecting the
healthy M&A environment for food & beverage product companies.
Despite these headliner
deals, most of the
transactions in this
fragmented industry are
completed in the middle
market and smaller
categories, where large
consumer products
companies are looking to
add new products and
successful brands.
Capstone Partners LLC 4
Food & Beverage Q2 2015
SELECTED FOOD & BEVERAGE M&A TRANSACTIONS
Capstone Partners LLC 5
Food & Beverage Q2 2015
Enterprise EV / LTM
Date Target Acquiror Target Business Description Value (mm)
Revenue EBITDA
5/25/2015 Sun Valley Farms Houweling's Nurseries Produces tomatoes. - - -
05/21/2015 Reïva Global Genius Properties Produces natural and healthy food products and beverages.
- - -
05/12/2015 Wenner Bread Products EUROPASTRY Produces baked frozen dough, and fully-baked bread products to foodservice and retail bakeries.
- - -
05/12/2015 Blake's All Natural Food ConAgra Foods Offers natural and organic food products. - - -
05/06/2015 Aamicola Crystal Clear Blue Summit Waters Manufactures bottled water. - - -
05/06/2015 Sunrise Farms Charles River Laboratories
Offers poultry processing services and distributes poultry products.
- - -
05/04/2015 Presteve Foods Tricor Pacific Capital Processes and supplies fresh and frozen fish products in North America and internationally.
- - -
05/01/2015 Gold Standard Baking Tricor Pacific Capital Manufactures and supplies thaw-and-serve baked goods.
- - -
04/27/15 Prairie Meats Golden Opportunities Fund
Produces fresh and frozen meat products. - - -
04/16/15 BAI Brands Dr Pepper Snapple Group
Produces antioxidant infusion drinks. - - -
04/10/15 Baker Boys Ginsburg Bakery Co-packs a variety of breads for companies in the North East Region of the United States.
- - -
04/07/15 Kencraft BBX Sweet Holdings Offers lollipops, sugar eggs, bubblegum, candy canes, suckers, and candy sticks.
- - -
04/02/15 B&R Liquid Adventure
American Brewing Company
Manufactures non-alcoholic beverages. - - -
03/31/15 American Beverage Corporation
Harvest Hill Beverage Company
Produces and markets ready to drink cocktails, non-alcoholic cocktail mixers and fruit drinks.
$55.0 0.5x 6.0x
03/30/15 Angel's Share Brands
Bacardi Produces and offers bourbon whiskey. - - -
03/27/15 Gehl Foods Wind Point Partners Produces dairy products. - - -
03/25/15 Kraft Foods Group H.J. Heinz Holding Corporation
Produces consumer packaged foods and beverages. $53,739.0 3.0x 22.6x
03/13/15 Flatout T. Marzetti Company Manufactures and sells flatbreads. $92.0 2.0x -
03/11/15 Sager Creek Vegetable Company
Del Monte Foods Produces and distributes canned vegetables. $75.0 0.3x -
03/09/15 Brand Aromatics McCormick & Company
Manufactures and markets savory flavors, seasonings and culinary bases for food applications.
$63.0 2.3x 10.0x
03/06/15 The Butcher Block Les Spécialités Prodal
Produces artisanal meats and cheeses. - - -
03/04/15 Empire Kosher Poultry
The Hain Celestial Group
Produces kosher poultry products. - - -
02/28/15 Ritual Wellness Project Juice Produces and distributes organic juices. - - -
SELECTED FOOD & BEVERAGE M&A TRANSACTIONS (CONTINUED)
Capstone Partners LLC 6
Food & Beverage Q2 2015
Enterprise EV / LTM
Date Target Acquiror Target Business Description Value (mm)
Revenue EBITDA
02/16/15 Enjoy Life Foods Mondelez International
Engages in the production of snacks that are free from allergens.
- - -
02/10/15 Van De Vries Spice Corporation
Frontenac Company Imports and processes ingredients for food manufacturing, bakery and food distribution industries.
- - -
02/09/15 Lakeview Farms Falcon Investment Advisors
Produces and sells sour cream, dips and desserts. - - -
02/04/15 Distant Lands Coffee Company
ITO EN Grows, harvests, processes and roasts coffee. $83.2 0.6x -
02/02/15 Saputo Bakery Group
Canada Bread Company
Manufactures and markets snack-cake and bakery products for the retail segment in Canada.
$103.4 - -
12/04/14 The Allan Candy Company
Hershey Canada Produces and distributes chocolate and sugar confectionery products.
$24.8 - -
12/02/14 Orange-Co Alico Produces and markets citrus fruits in Florida. $274.0 - -
12/02/14 Talenti Gelato e Sorbetto
Unilever Produces gelatos and sorbettos in the United States. - - -
11/21/14 Noosa Yoghurt Advent International Corporation
Produces flavored yogurt. - - -
11/14/14 Garden Protein International
Pinnacle Foods Manufactures plant based meat-like foods. $154.8 - -
11/05/14 Windsor Quality Food Company
Ajinomoto North America
Produces and markets frozen ethnic foods and appetizers.
$800.0 1.2x -
11/01/14 American Blanching Nuts Distributor of America
Produces peanut butter, peanut granules, peanut paste and blanched peanuts.
$128.0 - -
10/31/14 Harrell Nut Company Golden Peanut and Tree Nuts
Provides pecan processing services. $89.0 - -
10/31/14 So Delicious Dairy Free
The WhiteWave Foods Company
Produces dairy free frozen desserts, beverages and creamers.
$195.0 1.7x -
10/28/14 Teasdale Foods Snow Phipps Group Produces shelf stable food products. - - -
10/24/14 Best Maid Cookie The New French Bakery
Produces and markets cookies, brownies and bars. - - -
10/24/14 Village Tea Company Distribution
AccelPath Provides tea products sourced from growers in Asia, Africa and North America.
- - -
10/21/14 Annie's General Mills Produces and distributes natural and organic food products.
$821.4 4.0x 38.6x
10/01/14 Musashi and PowerBar
Post Holdings Produces health supplements, protein powders, functional bars and amino acids.
$150.0 - -
10/01/14 Angie's Artisan Treats
TPG Growth Produces and sells classic, caramel, lite and white cheddar kettle corn.
- - -
09/26/14 Daily's Foods Triumph Foods Produces smoked and processed meat products for the retail and food service markets.
$145.0 - -
09/19/14 Southern Tier Brewing Company
Ulysses Management Manufactures beer and ale. - - -
09/17/14 Hispanic Specialty Brands
Dream Foods International
Provides Mexican foods. - - -
SELECTED FOOD & BEVERAGE M&A TRANSACTIONS (CONTINUED)
Capstone Partners LLC 7
Food & Beverage Q2 2015
Enterprise EV / LTM
Date Target Acquiror Target Business Description Value (mm)
Revenue EBITDA
09/03/14 Dobake Bakeries Gordon Brothers Group
Produces fully prepared, fresh and frozen bakery products.
- - -
09/02/14 Sahale Snacks The J. M. Smucker Company
Produces nuts and dried fruits snacks in the United States.
$80.0 - -
08/31/14 Rudi’s Organic Bakery
The Hain Celestial Group
Produces natural, organic and gluten-free breads, buns, bagels, tortillas, wraps and soft pretzels.
$61.3 - -
08/28/14 The Hillshire Brands Company
Tyson Foods Manufactures and markets convenient food products worldwide.
$8,543.1 2.1x 15.8x
08/22/14 Lucini Italia Company
Molinos USA Manufactures and sells Italian gourmet foods. $29.5 - -
08/19/14 Lodi Olive Oil Company
Coldani Olive Ranch Grows olives, and produces and sells olive oil. - - -
08/18/14 Tate's Bake Shop
The Riverside Company
Produces baking products. - - -
08/18/14 Nature's Best KeHE Distributors Operates as a wholesaler-distributor of health and natural food products.
- - -
08/08/14 Première Moisson Metro Produces baked goods, pastries, charcuteries, ready-to-eat dishes and gourmet specialties.
- - -
08/01/14 Mighty Leaf Tea Company
Peet's Coffee & Tea Produces and distributes tea products. - - -
07/31/14 Leo's Foods Wise Foods Produces corn and flour tortillas for the food service, retail and private label markets.
- - -
07/31/14 Faribault Foods Arizona Canning Company
Produces and supplies beans, soups, beverages, pastas and vegetables.
- - -
07/29/14 Flagstone Foods Bay Valley Foods Purchases, prepares, packages, distributes and sells private label healthy snacks in North America.
$875.0 1.2x 16.1x
07/14/14 All Market Reignwood Group Produces and supplies coconut water in the United States.
$664.0 - -
07/04/14 Apple & Eve Lassonde Industries Produces and markets natural fruit juices. $147.9 0.9x 10.8x
07/01/14 Truco Enterprises Insignia Capital Group
Provides Southwestern Mexican Style snacks and drink mixes in the United States.
- - -
07/01/14 Pacific Northwest Kale Chips Company
Made In Nature Manufactures kale chips. - - -
07/01/14 Quincy Street Indiana Packers Corporation
Produces and markets pork products. - - -
06/30/14 Conopco Mizkan Holdings Comprises two pasta sauce brands, Ragu and Bertolli and associated production facilities.
$2,150.0 3.6x -
06/30/14 Vegetable Juices Naturex Société Anonyme
Processes, produces and markets vegetable juice blends and natural vegetable flavors and ingredients.
- - -
06/30/14 S-L Snacks Shearer's Foods Comprises a cookies and crackers brand and two manufacturing facilities.
$430.0 - -
06/27/14 Clement Pappas & Co. Lassonde Industries Processes cranberry sauces and beverages including a line of organic products primarily for private label.
$185.0 - -
06/02/14 MFI Holding Corporation
Post Holdings Processes and distributes food products in the United States and internationally.
$2,499.5 - 10.5x
SELECTED FOOD & BEVERAGE M&A TRANSACTIONS (CONTINUED)
Capstone Partners LLC 8
Food & Beverage Q2 2015
Enterprise EV / LTM
Date Target Acquiror Target Business Description Value (mm)
Revenue EBITDA
05/30/14 PFF Capital Group Treehouse Foods Produces food and beverage products, including broth, soups and gravies.
$154.3 - -
05/06/14 New Frontiers Natural Marketplace
Whole Foods Market Operates a chain of natural and organic food stores. - - -
05/29/14 FoodCrafters Group A.C. Simmonds and Sons
Produces wholesale baked goods & specialty food products for the international market and private label.
- - -
05/23/14 Canada Bread Company
Grupo Bimbo Manufactures and distributes fresh and frozen bakery products.
$1,375.6 1.0x 8.4x
05/15/14 Van's International Foods
The Hillshire Brands Company
Produces and sells gluten free food products primarily for breakfast.
$165.0 - -
05/05/14 Klement's Sausage Company
Tall Tree Foods Holdings
Produces sausages, and meat and deli products. - - -
05/05/14 Rubschlager Baking Corporation
Weston Foods Produces breads. $10.0 - -
04/28/14 Charter Baking Company
The Hain Celestial Group
Engages in the production and distribution of organic and natural bread and baked goods.
$61.3 - -
04/23/14 Specialty Brands of America
B&G Foods North America
Manufactures and sells specialty foods. $155.0 - -
04/15/14 Medallion Foods Shearer's Foods Manufactures corn-based snack products, including tortilla chips, corn chips and extruded corn products.
$33.5 - -
04/07/14 The Manischewitz Company
Sankaty Advisors Manufactures processed kosher food products. - - -
04/03/14 Goudas Food Products & Investments
A.C. Simmonds and Sons
Imports and produces food products for sale in supermarkets and retailers.
$16.6 0.6x -
04/02/14 Pineridge Bakery ARYZTA AG Produces and markets frozen and fresh specialty baked goods.
$340.0 1.6x -
04/01/14 Cooperstown Brewing Company
Northern Eagle Beverages
Brews premium ales, porters and stouts. - - -
03/12/14 Simply Omega Function-O Foods Produces beef products that are naturally rich with Omega-3 fatty acids.
- - -
02/25/14 Lettieri's Greencore Group Manufactures cooked and merchandised food products. $37.7 1.0x 8.1x
02/24/14 CitraSource Frutarom USA Provides citrus products to flavor and ingredient companies.
$7.5 1.1x -
02/14/14 Head Country Gladstone Investment Corporation
Manufactures and markets barbeque sauces, seasonings and marinades.
- - -
02/11/14 The Switch Beverage Company
Apple & Eve Manufactures and markets carbonated juices. - - -
02/07/14 Corn Flour Producers Bunge North America Produces corn flours for the production of tortillas, chips, shells, tamales and other food products.
$12.0 - -
02/01/14 Golden Boy Foods Post Holdings Produces and markets food products. $300.6 - -
LTM = last twelve months; EV = enterprise value Sources: Capstone Partners LLC research; Capital IQ; public filings and press releases
Capstone Partners’ bankers have completed several transactions within the consumer products space. These transactions
span the major categories of manufacturing, contract manufacturing, retail and wholesale and include a variety of
companies offering a diversity of products such as food & beverage items, tobacco, pet products, juvenile products, drugs
and neutraceuticals, and recreation products. Capstone’s experience in the sector provides us with insight into the
valuable attributes and likely valuation of a target company, the active buyers in the industry and the nuances of
transactions in this space.
has divested
has been acquired by has been
acquired by has recapitalized with
has been acquired by
has been acquired by
has been acquired by
a portfolio company of
has been acquired by
has been acquired by
has been acquired by
Capstone Partners LLC 9
CAPSTONE PARTNERS: COMPLETED CONSUMER PRODUCTS TRANSACTIONS
has been acquired by
has been acquired by
strategic joint venture
has been acquired by
a portfolio company of
Food & Beverage Q2 2015
A Branded Organic Food Company
CONFIDENTIAL
corporate sale (IN PROCESS)
Contract Manufacturer of Supplements and
Nutritional Products
CONFIDENTIAL
corporate sale (IN PROCESS)
Crystals International
North Atlantic Trading Company
Tom Elliott, Managing Director
[email protected] • (813) 251-7285
Tom Elliott is responsible for managing the firm's investment banking activities in the
Southeastern United States. Tom joined Capstone through the merger of his firm,
EQV Capital Group, Inc., a middle market M&A boutique headquartered in Tampa,
Florida. While operating EQV, Tom focused on providing middle market business
owners with sophisticated financial and strategic advisory services in the areas of exit
planning, valuations, recapitalizations and merger & acquisition transactions.
Prior to founding EQV, Mr. Elliott spent 12 years with the Southeast Regional office of
Citigroup Capital Strategies. Prior to Citigroup, he worked as a Corporate Finance
consultant, responsible for assisting private companies with capital raising activities
ranging from venture capital funding to initial public offerings. Tom also spent four
years working as a CPA for Ernst & Young. Tom has worked with clients across a
variety of industries, including consumer products. Tom specializes in maximizing
shareholder value in private company sales and recapitalizations. He earned his MBA
from the University of Michigan and a BBA in Accounting from the University of
Notre Dame.
Shawn Keenan, Vice President
[email protected] • (813) 251-7299
Shawn Keenan is focused on providing strategic advisory services for clients in the
Food and Beverage sector. Prior to joining Capstone, Shawn was a Vice President
with Raymond James & Associates investment banking. There he participated in
numerous merger and acquisition advisory as well as capital offering assignments
resulting in over $2 billion of proceeds for clients. Shawn started his eight year career
in investment banking after graduating with his MBA from the Kellogg School of
Management at Northwestern University. Prior to attending graduate school, he
spent seven years as an officer in the United States Navy, achieving the rank of
Lieutenant. Shawn attended the University of Florida on a Naval ROTC scholarship
and graduated with a Bachelors of Arts in Business Administration.
Daniel Schultz, Director of Business Development
[email protected] • (617) 619-3368
Dan oversees Capstone’s national business development and industry coverage
activities, working closely with current and prospective clients of the firm on matters
related to corporate sales, recapitalizations, mergers & acquisitions and growth
financings. Prior to spearheading the firm’s business development and market
initiatives, he was a Vice President in Capstone’s M&A group, managing numerous
successful transactions across a variety of industries. Dan also gained hands-on
transaction experience as an investment banker at Headwaters MB. He started his
career with Ernst & Young’s National Professional AABS practice in New York and
later worked in Assurance and Advisory Business Services in the Denver office. Dan
received a BE in Biomedical Engineering with a Business Minor from Vanderbilt
University. He earned an MBA and a Master of Accountancy from the Daniels College
of Business at the University of Denver.
Capstone Partners LLC 10
Food & Beverage Q2 2015
THE FOOD & BEVERAGE TEAM
ABOUT CAPSTONE PARTNERS
Capstone Partners LLC is a premier investment banking firm dedicated to serving
the corporate finance needs of middle market business owners, investors and
creditors. The firm provides corporate sale & divestiture, merger & acquisition,
private placement, corporate restructuring, valuation and financial advisory
services. Capstone maintains various industry specialties including one in the Food
& Beverage sector. The firm also has a merchant banking capability to actively co-
invest in transactions. Headquartered in Boston, Capstone has offices in Chicago,
London, Los Angeles, Philadelphia, San Diego, Silicon Valley and Tampa.
© 2015 Capstone Partners LLC. All rights reserved.
World Class Wall Street Expertise. Built for the Middle Market.
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For more information
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please visit
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