Vestar Capital Partners Invests in Presence Marketing
NEW YORK, NEW YORK – On August 26, 2016, Vestar Capital Partners completed a minority equity investment in Presence Marketing, the leading national sales broker of natural and organic food, beverage and personal care products.
Founded in 1990 by Bill Weiland, who continues as majority owner, chairman and chief executive officer, Presence is headquartered in South Barrington, IL, with more than 500 employees throughout the United States. Presence is the only national sales broker dedicated exclusively to natural and organic products, providing best-in-class sales brokerage services in one of the fastest-growing segments in consumer products.
“Bill Weiland is a legendary leader in the natural and organic segment of the consumer products industry. Under his leadership, Presence has built an array of services that offers a difficult-to-replicate value proposition for their manufacturing and retail partners,” said Jim Kelley, a managing director and founding partner of Vestar. “Natural and organic food and beverage products are continuing to gain share of at-home dining, and the business expansion opportunities available to Presence provide additional upside to an already highly attractive business. We are delighted to become partners with Bill and the entire Presence team.”
Miguel Nistal Joins Woodstream as President & CEO
NEW YORK, NEW YORK – August 10, 2016 – Woodstream Corporation, a leading manufacturer and marketer of branded pest and animal control as well as lawn and garden products, today announced that Miguel A. Nistal has joined the company as president and chief executive officer. He replaces current President and CEO Harry E. Whaley, who will continue as a consultant to the Company, effective immediately.
Mr. Nistal, 53, comes to Woodstream from Swan Products, LLC, a maker of irrigation and watering products, a business he has run since 2009 and for which he has been president and CEO since 2013. Mr. Nistal also led the spin-off of Swan Products, a division of Tekni-Plex Corporation, formerly known as Colorite. Under his leadership, Swan Products has achieved significant increases in sales and profits, as well as efficiencies in manufacturing and inventory management and expanded e-commerce capabilities.
Woodstream’s strong portfolio of leading niche brands include Victor mouse and rat traps, Terro liquid ant bait, Havahart animal traps, Perky-pet bird feeders, and Zareba and Fi-Shock electronic animal containment products. Woodstream was acquired by Vestar Capital Partners in mid-2015.
“Miguel brings a proven track record of product innovation and operational management, as well as deep experience in branded consumer products,” said Kevin Mundt, managing director of Vestar and chairman of the Woodstream Board of Directors. “He also has demonstrated expertise in identifying and successfully integrating add-on acquisitions, which we view as an important expansion avenue for Woodstream. These strengths make him the ideal candidate to help the Company realize its next stage of growth.”
“Woodstream boasts long standing relationships with blue chip retailers, and with new product introductions and increased merchandising support on the horizon, I believe the Company is poised for additional growth,” said Mr. Nistal. “I look forward to working with the Woodstream management and Vestar teams on Woodsteam’s next chapter of development.”
Mr. Nistal’s prior positions also include serving as CEO for Keys Fitness and in several senior positions with The Stanley Works. Earlier in his career, Mr. Nistal held marketing, product management and engineering positions with Thomson Consumer Electronics and General Electric Company. He holds a BS degree in Bio-medical Engineering and Electrical Engineering and an MBA degree from Syracuse University.
Mr. Whaley, 60, has served as president of Woodstream since 1989 and has built the company from a $50 million manufacturer of primarily sporting goods equipment to a diverse $250 million branded consumer products company. He joined Woodstream in 1989 after having served the company’s parent, Ekco Group, as Vice President, Corporate Development. Prior to joining Woodstream and Ekco Group, he held positions with Centronics Corporation, Digital Equipment Corporation, and Gillette.
“Harry has been a terrific partner over the last year and has helped build Woodstream into the successful company it is today,” added Mr. Mundt. “We thank him for his many years of service to the Company and for his support in ensuring a smooth leadership transition. We wish him the best of luck in his future pursuits.”
“I am honored to have led Woodstream for the last 27 years. I never intended to stay so long, but the excellent team of people we built and a rich field of opportunities led from one exciting initiative to another. While our accomplishments as a team are many, the time is right to hand over the reins to a new leader who can continue to pursue the strategic growth of Woodstream,” said Mr. Whaley. “With Miguel and Woodstream’s existing leadership team, along with Vestar’s support, I leave the Company in excellent hands.”
About Woodstream
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 to build long-term enterprise value, with a focus on Consumer, Healthcare, and Business and Financial Services. Since Vestar’s founding in 1988, Vestar funds have completed 75 investments in companies with a total value of more than $40 billion. For more information, please visit www.vestarcapital.com
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Vestar Announces Sales of Press Ganey
NEW YORK – (BUSINESS WIRE) – Vestar announced that Press Ganey (NYSE: PGND), a healthcare performance improvement company, has entered into a definitive agreement to be acquired. Under the terms of the agreement, all of Press Ganey’s common stock will be acquired. Shareholders of record will receive $40.50 in cash per share of Press Ganey common stock, resulting in an enterprise value of approximately $2.35 billion. The offer price represents a 20% premium to the year to date volume-weighted average price and a 62% premium to the initial public offering price for the common stock.
“Press Ganey has made a tangible contribution to improving healthcare delivery by empowering patient voices,” said Norman W. Alpert, Chairman of Press Ganey and Co-President of Vestar Capital Partners.
The agreement followed the unanimous approval by Press Ganey’s Board of Directors. Completion of the transaction is subject to the expiration of a “go-shop” period, the expiration or termination of the applicable waiting period under Hart-Scott-Rodino Antitrust Improvements Act, Press Ganey shareholder approval and other customary closing conditions. The acquisition is expected to be completed during the fourth quarter of 2016.
Barclays and Goldman Sachs are acting as financial advisors to Press Ganey, and Latham & Watkins LLP and Richards, Layton & Finger, PA are serving as legal advisors to Press Ganey.
About Press Ganey
Press Ganey Holdings (NYSE: PGND) is a leading provider of patient experience measurement, performance analytics and strategic advisory solutions for health care organizations across the continuum of care. With over 30 years of experience, Press Ganey is recognized as a pioneer and thought leader in patient experience measurement and performance improvement solutions. Our mission is to help health care organizations reduce patient suffering and improve clinical quality, safety and the patient experience. As of January 1, 2016, Press Ganey served more than 26,000 health care facilities.
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 to build long-term enterprise value, with a focus on Consumer, Healthcare, and Business and Financial Services. Since Vestar’s founding in 1988, Vestar funds have completed more than 75 investments in companies with a total value of more than $40 billion.
Additional Information About the Acquisition and Where to Find It
This communication is being made in respect of the proposed transaction involving Press Ganey and an affiliate of EQT. A special stockholder meeting will be announced soon to obtain stockholder approval in connection with the proposed merger between Press Ganey and Emerald BidCo, Inc. Press Ganey expects to file with the Securities and Exchange Commission (the “SEC”) a proxy statement and other relevant documents in connection with the proposed merger. The definitive proxy statement will be sent or given to the shareholders of Press Ganey and will contain important information about the proposed transaction and related matters. INVESTORS OF PRESS GANEY ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT AND OTHER RELEVANT MATERIALS CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT PRESS GANEY, EMERALD TOPCO, INC., EMERALD BIDCO, INC. AND THE PROPOSED MERGER. Investors may obtain a free copy of these materials (when they are available) and other documents filed by Press Ganey with the SEC at the SEC’s website at www.sec.gov, at Press Ganey’s website at www.pressganey.com or by sending a written request to Press Ganey at 401 Edgewater Place, Suite 500, Wakefield, Massachusetts 01880, Attention: General Counsel and Corporate Secretary.
Participants in the Solicitation
Press Ganey and its directors, executive officers and certain other members of management and employees may be deemed to be participants in soliciting proxies from its stockholders in connection with the proposed merger. Information regarding the persons who may, under the rules of the SEC, be considered to be participants in the solicitation of Press Ganey’s stockholders in connection with the proposed merger will be set forth in Press Ganey’s definitive proxy statement for its special stockholder meeting. Additional information regarding these individuals and any direct or indirect interests they may have in the proposed merger will be set forth in the definitive proxy statement when and if it is filed with the SEC in connection with the proposed merger.
Forward-Looking Statements
Certain statements contained in this filing may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the transaction and the ability to consummate the transaction. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “believes,” “plans,” “anticipates,” “projects,” “estimates,” “expects,” “intends,” “strategy,” “future,” “opportunity,” “may,” “will,” “should,” “could,” “potential,” or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties. Forward-looking statements speak only as of the date they are made, and Press Ganey undertakes no obligation to update any of them publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation: (1) Press Ganey may be unable to obtain stockholder approval as required for the transaction; (2) conditions to the closing of the transaction may not be satisfied and required regulatory approvals may not be obtained; (3) the transaction may involve unexpected costs, liabilities or delays; (4) the business of Press Ganey may suffer as a result of uncertainty surrounding the transaction; (5) the outcome of any legal proceedings related to the transaction; (6) Press Ganey may be adversely affected by other economic, business, legislative, regulatory and/or competitive factors; (7) the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement; (8) risks that the transaction disrupts current plans and operations and the potential difficulties in employee retention as a result of the transaction; (9) the failure by Emerald BidCo, Inc. to obtain the necessary debt financing arrangements set forth in the commitment letters received in connection with the transaction; and (10) other risks to consummation of the transaction, including the risk that the transaction will not be consummated within the expected time period or at all. If the transaction is consummated, Press Ganey’s stockholders will cease to have any equity interest in Press Ganey and will have no right to participate in its earnings and future growth. Additional factors that may affect the future results of Press Ganey are set forth in its filings with the SEC, including its Annual Report on Form 10-K for the year ended December 31, 2015 and recent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC, which are available on the SEC’s website at www.sec.gov. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date thereof.
Vestar Capital Partners Acquires Mobile Technologies Inc.
NEW YORK, NEW YORK – August 8, 2016 – Vestar Capital Partners (“Vestar”), in partnership with management, announced today that it has acquired Mobile Technologies Inc. (“MTI”), a global leader in mobile device security and display technologies. Terms were not disclosed.
Founded nearly 40 years ago, MTI operates in three business segments: Retail Merchandising (innovative solutions that display, power, and secure mobile devices within the retail environment); ArmorActive (engineered solutions that empower tablets and smartphones for enterprise mobility and connectivity applications); and Global Services (installation, preventive maintenance, on-demand break-fix, and contact center services to support businesses’ retail and enterprise mobile device deployments worldwide).
“Vestar’s financial resources and strategic expertise will help MTI capitalize on its exciting growth opportunities, while continuing to meet and exceed the expectations of our valued customers,” said Chris Remy, president and chief executive officer of MTI. “Going forward, Vestar will enable us to accelerate our progress towards becoming the global leader by further investing in innovation, product development, and service capabilities.”
“We’re confident that our new partnership with Chris Remy and his outstanding management team will lead to new levels of growth and profitability for MTI,” said Robert Rosner, co-president and founding partner of Vestar. “Demand for retail merchandising display technology and enterprise mobility has a high growth outlook, and within that marketplace, MTI offers the only global, device-agnostic, turnkey solutions platform. This unique position, coupled with an outstanding management team, has primed the Company to take full advantage of the dynamic expansion opportunities at hand.”
Kirkland & Ellis LLP served as legal advisor to Vestar. Taft Stettinius & Hollister LLP served as legal advisor to MTI, and TM Capital served as financial advisor.
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 to build long-term enterprise value, with a focus on Consumer, Healthcare, and Business and Financial Services. Since Vestar’s founding in 1988, Vestar funds have completed more than 75 investments in companies with a total value of more than $40 billion. For more information, please visit www.vestarcapital.com
About Mobile Technologies Inc. (MTI)
For nearly 40 years, MTI has been a global leader in mobile device display technologies, developing solutions that deliver the highest level of merchandising security for consumer electronics and mobile enterprise applications allowing products, sales and service to be the focus, while security operates efficiently in the background. MTI is based in Portland, OR, with offices in Europe and Asia. For more information, please visit www.mobiletechinc.com/