Lincoln International Represents Flatout in its Recapitalization with North Castle Partners
CHICAGO, February 26, 2010 – Lincoln International, a global mid-market investment bank, today announced that Flatout, Inc. (“Flatout” or the “Company”) has been recapitalized by co-founders Stacey and Mike Marsh in partnership with North Castle Partners (“North Castle”), and Glencoe Capital’s Michigan Opportunities Fund. Terms of the transaction were not disclosed.
Founded over 10 years ago by entrepreneurs Stacey and Mike Marsh in Saline, Michigan, Flatout manufactures and markets healthy, premium flatbreads, wraps, and snack crisps sold under its own Flatout brand to the grocery, mass, club store and food-service channels. The superior taste and nutrition profile of Flatout, along with the success of its marketing partnerships, has resulted in a strong and loyal following among diet and health-oriented consumers. The Company has also garnered numerous awards from health magazine editors and bloggers.
North Castle Managing Director Lou Marinaccio said, “By leveraging our prior experience in the food and beverage industry from our successes with EAS and Naked Juice and current investment in Nutrition Solutions, a platform including Atkins and Bora Bora, we will expand Flatout’s consumer base, product portfolio and distribution while building a national, household brand.”
Lincoln remains highly active in the food and beverage market, with Flatout representing its 9th transaction in the industry in the last two years. Lincoln used its extensive food industry knowledge and relationships to provide expert advice and attractive alternatives to the Company. “We are excited to partner with Flatout’s founders to further enhance the strong Flatout brand and its excellent products,” said Jon Canarick of North Castle. “Lincoln did an excellent job positioning the Company to highlight its unique value proposition.” Grant Thornton performed sell-side accounting due diligence to expedite the transaction and mitigate financing risk.
About Flatout
Flatout is an established healthy, premium brand of distinctive flatbreads and other related flatbread products sold under the Flatout Brand through retail grocery, mass market, club store and other channels. Flatout enjoys strong brand recognition with weight-conscious and health-minded consumers targeting enthusiast groups such as Best Life Diet and Weight Watchers, particularly because of its delicious taste and lower calorie, high protein, and high fiber nutritional profile. Flatout is the official flatbread of the Best Life Diet, a program created by Bob Greene, Oprah’s personal trainer. Flatout’s innovative, branded and patented products provide a healthy alternative to traditional breads and are applicable to a wide variety of unique and convenient culinary uses such as sandwich wraps, hamburger rolls, pinwheels, flatbread pizza and quesadillas. Flatout has a loyal retail presence with a diverse national customer base. Flatout produces all of its products in a highly efficient manufacturing facility in Saline, Michigan. In 2009, Flatout introduced two new product lines, FOLDit™, a creative foldable artisan flatbread, and EdgeOn™ Crisps, a healthy baked snack chip based on Flatout’s core flatbread product.
About North Castle Partners
North Castle Partners is a leading private equity firm focused on investments in consumer-driven product and service businesses that benefit from “Healthy Living and Aging” trends. North Castle is a hands-on, value-added investor in high-growth, middle market companies in the (i) aesthetics & personal care, (ii) consumer health, (iii) fitness & recreation, (iv) home & leisure and (v) nutrition industries. North Castle’s current portfolio includes such well-known brands as Atkins, Bora-Bora, glominerals, Mineral Fusion, Red Door Spas, Performance Bicycles, Cascade Helmets, World Health and Octane Fitness. Prior portfolio company holdings include Equinox Fitness, EAS, Enzymatic Therapy, CRC Health Group, Doctor’s Dermatologic Formula, Naked Juice Company and Avalon Natural Products. North Castle and its operating advisors partner with management to bring a wide range of strategic and operational capabilities, as well as an extensive knowledge base and network to build world-class companies. North Castle is headquartered in Greenwich, CT. For more information, visit www.northcastlepartners.com.
About Glencoe Capital and Michigan Opportunities Fund
Founded in 1993, Glencoe Capital is a private equity firm focused on lead-sponsored acquisitions and growth equity investments in lower middle-market companies. A participant in the InvestMichigan! initiative established by the state of Michigan in 2008, Glencoe’s Michigan Opportunities Fund represents a groundbreaking partnership between public and private sectors, leveraging equity capital to make lead-sponsored acquisitions and growth equity investments in companies in Michigan or with the prospect of expanding operations into the state. The firm has offices in Chicago and in Birmingham, Mich. More information is at www.glencap.com.
About Lincoln International
Lincoln International specializes in merger and acquisition advisory services, private capital raising, U.K. pensions advisory services and providing restructuring advice, fairness opinions and valuations for leading organizations involved in mid-market transactions. With offices in Chicago, Frankfurt, London, Los Angeles, Madrid, New York, Paris, Tokyo and Vienna, and strategic partnerships with China Everbright in China and ICICI Securities, Inc. in India, Lincoln International has strong local knowledge and contacts in the key global economies. The organization provides clients with senior-level attention, in-depth industry expertise and integrated resources. By being focused and independent, Lincoln International serves its clients without conflicts of interest. More information about Lincoln International can be obtained at www.lincolninternational.com.
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