Private Equity Deals with Capital Allocators cover logo

Milk Specialties Global – Michael Fisch (American Securities), (S3.EP.03)

38m · Private Equity Deals with Capital Allocators · 04 Oct 08:00

Michael Fisch is the founder and CEO of American Securities, a private equity firm founded in 1994 that manages $27 billion focusing on U.S. middle market companies. Milk Specialties is a producer of dairy products for the health and wellness, sports, and functional food industries. With roots dating back to 1944, the company focuses on Whey products and ingredients that end up in recognizable brands. Our conversation covers American Securities approach to investing, Milk Specialties market niche, and the diligence and deal process.We turn to the gameplan for the business alongside existing management, growth drivers, and risk mitigation. We then go full circle discussing the sale process to exit the investment, covering the timing, auction, and case against continuation funds. For full show notes, visit the episode webpage here. Learn More Follow Ted on Twitter at@tseidesorLinkedIn Subscribe to themailing list Access Transcript withPremium Membership

The episode Milk Specialties Global – Michael Fisch (American Securities), (S3.EP.03) from the podcast Private Equity Deals with Capital Allocators has a duration of 38:18. It was first published 04 Oct 08:00. The cover art and the content belong to their respective owners.

More episodes from Private Equity Deals with Capital Allocators

Classic Deal - Burger King by 3G Capital (S3.EP.09)

3G Capital’s buyout of Burger King may be the most successful private equity deal you’ve never heard about. Over the last fourteen years, or the length of a typical private equity fund, 3G turned a $1 billion investment into $28 billion in value. The annual dividends from the investment accruing to 3G today are around 70% of its invested capital. The deal is one of the highest earning buyouts ever. 3G is an organization with a storied history. Founded by Jorge Paolo Lemann, Carlos Alberto Sicupira, and Marcel Herrmann Telles, the group created an owner-operator model of investing. They rose to prominence through building the largest beer company in the world, initially buying local brewer Brahma in 1989, expanding it and merging with a competitor to become AmBev in 1999, merging with Interbrew to become ImBev in 2004, and taking over Anheuser Busch in 2008 to become AB InBev. Twenty years ago, Alex Behring, a young star on their team, moved to the US to form 3G Capital and take the approach abroad. Burger King was the second largest hamburger fast food chain after McDonalds in 2010 when 3G took it private. What it accomplished since then has been extraordinary. My guests to discuss 3G and the deal are Alex Behring and Daniel Schwartz. Co-Managing Partners of 3G Capital. Our conversation covers the history of 3G, Alex's journey to form 3G Capital, and the 3G playbook. We then dive into the deal, covering the sourcing and deal dynamics, improving operations, growing the business, taking the company public unexpectedly, and reloading to buy Tim Horton’s, Popeye’s, and Firehouse Subs. Today’s Burger King is part of Restaurant Brands International (QSR), a public company with a $32 billion market cap and $50 billion enterprise value. This classic deal will widen your aperture on what’s possible with a long-term, compounding holding period and operational excellence. Learn More Follow Ted on Twitter at@tseidesorLinkedIn Subscribe to themailing list Access Transcript withPremium Membership

DealCloud – Ben Harrison (DealCloud), (S3. Sponsored Insight)

This Sponsored Insight features Ben Harrison, Founder and Co-President ofDealCloud, our sponsor for Season 3 of Private Equity Deals. Ben discusses how DealCloud’s vertical software supports alternative investment professionals through deal sourcing, relationship and pipeline management, and workflow efficiencies. We are incredibly grateful of DealCloud for sponsoring Private Equity Deals, and we are eager to highlight their value to the alternative investment community. Learn More Follow Ted on Twitter at@tseidesorLinkedIn Subscribe to themailing list Access Transcript withPremium Membership

Ironclad Environmental Services – Chris and Rob Michalik (Kinderhook Industries), (S3.EP.08)

On episode eight of season three of Private Equity Deals, Chris and Rob Michalik discuss Kinderhook Industries’ investment in Ironclad Environmental Services. Chris and Rob are twin brothers and co-founders of Kinderhook, a twenty-year-old private equity firm that manages $5 billion specializing in middle-market businesses across healthcare services, environmental services, and automotive/light manufacturing. Ironclad Environmental Services is a leading provider of logistics-based solutions focused on the containment of industrial waste. It has 50 branches and a fleet of 29,000 specialized rental assets that store, separate, and transport liquid and solid industrial waste. Our conversation covers Kinderhook’s identification, due diligence, and negotiation of the deal. We discuss a significant early add-on acquisition, progress-to-date, and the future of Ironclad. Learn More Follow Ted on Twitter at@tseidesorLinkedIn Subscribe to themailing list Access Transcript withPremium Membership

Hometown Food Company – Henk Hartong III (Brynwood Partners), (S3.EP.07)

Henk Hartong III is the Chairman and CEO of Brynwood Partners, a middle-market private equity firm that invests in U.S. consumer-oriented businesses, primarily in the food, beverage, and personal care sectors. Henk’s father established Brynwood in 1984, and the firm boasts an impressive forty-year track record of driving results through its hands-on operating expertise. Hometown Food Company is a manufacturer and marketer of an iconic portfolio of American baking brands that includes Pillsbury, Funfetti, Hungry Jack, Martha White, White Lily, Jim Dandy, Arrowhead Mills, Sunspire, De Wafelbakkers, and Birch Benders. Our conversation covers the creation of Hometown in 2018 through a carve-out from Smuckers, buildout of a new management team, systems, and supply chain, management of the business through the COVID pandemic, tuck-in acquisitions, and the resulting performance of the company. Learn More Follow Ted on Twitter at@tseidesorLinkedIn Subscribe to themailing list Access Transcript withPremium Membership

Silvus – Rich Caputo and Erik Fagan (The Jordan Company), (S3.EP.06)

Rich Caputo is the Chairman and Chief Executive Partner and Erik Fagan the Co-Head of Diversified Industrials at The Jordan Company, a private equity firm founded in 1982 by Jay Jordan that manages $23 billion. Silvus develops and manufactures mobile communications datalinks primarily used in law enforcement, unmanned systems, tactical, and other applications to facilitate data communication in harsh environments without needing fixed infrastructure. Our conversation covers the sourcing, diligence, purchase of Silvus, work with the management team, special characteristics of culture, and lessons learned. Learn More Follow Ted on Twitter at@tseidesorLinkedIn Subscribe to themailing list Access Transcript withPremium Membership

Every Podcast » Private Equity Deals with Capital Allocators » Milk Specialties Global – Michael Fisch (American Securities), (S3.EP.03)