PE Today: Audax Exits Stonewall Kitchen, Knockaround Sunglasses Secures Growth Equity
Plus, One Equity acquires auto glass business, and Halifax divests TriMech stake
Read the top headlines from Monday, March 14, 2022 below:
Audax Sells Stonewall Kitchen to TA Associates
Food and home goods brand Stonewall Kitchen has been sold to TA Associates, Audax Private Equity announced Monday (March 14). Audax first acquired Stonewall in 2019 and has since fueled five add-on acquisitions, including that of Urban Accents and Vermont Coffee Company. Financial terms of the deal were not disclosed, and TA Associates did not provide a statement on its plans for the business. According to Audax managing director Jay Mitchell, “Between add-on acquisitions and organic growth, [Stonewall] more than tripled in size over the past three years.”
T-street Capital, Kidd & Co Lead Growth Investment for Knockaround Sunglasses
Brand Holdings, which targets direct-to-consumer e-commerce acquisitions with backing from T-street Capital and Kidd & Co., announced that it completed a growth equity investment in sunglasses brand Knockaround. Based in San Diego, Knockaround designs and manufactured sunglasses and other accessories. Through the investment, Brand Holdings chairman and CEO Jeffrey R. Hennion will take the lead as CEO of Knockaround; in a statement Hennion pointed to “a huge opportunity to leverage the infrastructure at Brand Holdings” to fuel growth for the sunglasses company.
Related content: Consumer Products M&A—How to Come Out Looking Great
One Equity Agrees to Auto Glass Acquisition
Middle market private equity firm One Equity Partners said in a press release Monday it reached an agreement to acquire aftermarket auto glass distributor PGW Auto Glass. The business is currently owned by an LKQ Corporation subsidiary. Financial terms of the deal were not disclosed. OEP managing director Steve Lunau said, “The North American auto glass sector is witnessing unprecedented levels of advancement and innovation,” adding that PGW is headed for its “next phase of growth.”
Halifax Sells Majority Stake in TriMech to Sentinel Capital Partners
Middle market private equity firm The Halifax Group announced Monday it sold a majority stake in engineering design and manufacturing solutions company TriMech to Sentinel Capital Partners about two years after initially acquiring the business. Financial terms of the sale were not revealed.
