Industry: Food & Consumer

MINNEAPOLIS, MN, February 21, 2025 – Northborne Partners is pleased to announce that it served as the exclusive financial advisor to Mercer Culinary (“Mercer”), in connection with its acquisition by CFS Brands, a portfolio company of TJC. Financial terms were not disclosed.

Founded in 1976 and headquartered in Ronkonkoma, New York, Mercer is a leading provider of professional and commercial grade cutlery, kitchen tools and smallwares to the foodservice and culinary education markets. The Company also operates a well-known premium barware brand, Barfly Mixology Gear, which provides a complete line of barware essentials and accessories to professionals and home enthusiasts.

CFS Brands provides a comprehensive portfolio of products to the hygiene, healthcare and foodservice industries. The acquisition of Mercer will enhance CFS Brands’ product offering, allowing customers further access to a broad and deep lineup of foodservice products and solutions.

Paul Jevnick, Managing Director at Northborne, commented “Mercer has been a market leader in the foodservice industry for decades, and we are honored to have worked with the owners and management to find the right partner for the company moving forward, leveraging Northborne’s industry knowledge and our extensive experience working with family-owned businesses. It has been a privilege to advise the Mercer team on this transaction, and we look forward to seeing Mercer’s continued success under CFS Brands’ ownership.”

Mercer Chief Operating Officer David Wasserman added, “This is a tremendous opportunity to elevate the Mercer and Barfly brands even further. The future looks very bright, and we cannot wait to get started on our new path.”

About Northborne’s involvement, Michael Wallick, Founder and CEO of Mercer Culinary said, “Northborne was an invaluable partner throughout this process. The team’s guidance, based on deep industry experience, was instrumental in allowing Mercer to navigate complex negotiations and ultimately complete the transaction to support Mercer’s continued growth. We are excited to see the next chapter unfold under CFS ownership.”

Bond, Schoeneck & King PLLC served as legal advisor to Mercer.

About Northborne Partners

Northborne Partners is a preeminent middle market investment banking firm focused on providing M&A advisory services to companies in the food & consumer, healthcare, industrials and business services sectors. It specializes in advising private-equity-owned and closely held businesses on complex sell-side transactions. Northborne Partners is headquartered in Minneapolis, MN. For more information, please visit https://northborne.com/.

About Mercer Culinary

Mercer Culinary is a leading supplier of cutlery, smallwares, barware and apparel to the foodservice and culinary education markets. Through a broad offering of products and brands, Mercer consistently provides solutions that fulfill its foodservice and culinary education customers’ everchanging and dynamic needs. Based in Ronkonkoma, NY with multiple distribution points, Mercer is able to be a global supplier to the markets it serves. For more information, please visit https://www.mercerculinary.com/.

About CFS Brands

CFS Brands is a U.S.-based manufacturer of products for the hygiene, foodservice, and healthcare industries. CFS Brands operates Carlisle FoodService Products, San Jamar, Dinex, Sparta, WipesPlus, Araven, El Castor, Jofel, Snap Drape, Marko, Winco, Bar Maid, G.E.T., Elite Global Solutions, AyrKing, and Piper brands globally. Based in Oklahoma City, Oklahoma, CFS Brands employs more than 1,800 people across its headquarters, seven manufacturing locations, and eleven distribution centers worldwide. For more information, please visit https://www.cfsbrands.com/.

About TJC

TJC, L.P. (formerly known as The Jordan Company), founded in 1982, is a middle-market private equity firm that has raised funds with original capital commitments in excess of $23 billion and a 41-year track record of investing in and contributing to the growth of many businesses across a wide range of industries including Diversified Industrials; Technology, Telecom & Power; Logistics & Supply Chain and Consumer & Healthcare. The senior investment team has been investing together for over 20 years and is supported by the Operations Management Group, which was established in 1988 to initiate and support operational improvements in portfolio companies. TJC has offices in New York, Miami, Chicago, and Stamford. For more information, please visit http://www.tjclp.com.

Minneapolis, MN – November 20, 2024 – Northborne Partners is pleased to announce that it served as the exclusive financial advisor to Branding Iron Holdings (“Branding Iron”), an industry-leading provider of branded and private label protein products, in connection with its acquisition by Kingswood Capital Management, LP (“Kingswood”). Financial terms were not disclosed.

Branding Iron manufactures a diverse set of protein products for the food service, retail, and chain restaurant channels from its headquarters in Sauget, IL and facilities in Rochester, MN and Sauk Rapids, MN. The Company has a sixty-year legacy as a leading supplier of frozen beef patties, refrigerated beef patties, portioned and bulk products, breaded products, pork products, and other protein products. Andy Touchette has been promoted from Chief Operating Officer to Chief Executive Officer effective as of the Closing.

Paul Jevnick, Managing Director at Northborne, commented, “Branding Iron has built an exceptional reputation in the protein industry through its long-standing commitment to providing the highest quality product and top-tier service to its customers. It has been a privilege working with the owners and the management team, led by Andy Touchette, to find an ideal partner to take the company to the next level. We are delighted to have been involved in this important transaction for Branding Iron and look forward to seeing the business continue to flourish under Kingswood’s ownership.”

“We are proud of what we have built at Branding Iron and are highly confident that customers will continue to enjoy the quality and service they have grown accustomed to, while we seek out ways to improve upon our excellent standards of delivery. We are excited about preserving our tremendous culture and look forward to our future partnership with Kingswood,” said Andy Touchette. Regarding Northborne’s involvement, he added, “The Northborne team was a trusted partner and advisor throughout this process as Branding Iron explored strategic options. Their guidance, based on deep expertise and experience in the food industry, was vital in helping us achieve this excellent outcome.”

Stinson LLP served as legal advisor to Branding Iron.

About Northborne Partners

Northborne Partners is a preeminent middle market investment banking firm focused on providing M&A advisory services to companies in the food & consumer, healthcare and industrials sectors, among others. It specializes in advising private-equity-owned and closely-held businesses on complex sell-side transactions. Northborne Partners is headquartered in Minneapolis, MN. For more information, please visit northborne.com.

About Branding Iron Holdings

Branding Iron Holdings is an innovative, customer-centered protein manufacturer with legacy back to 1960 when Red Holten formed Holten Meats. The Company was effectively formed in 2007 when Holten Meats merged with Rochester Meat Company (founded in 1971). Since then, the Company has been committed to providing an innovative and delicious breadth of protein products to satisfy customers’ unique needs and challenges through safe and efficient processes and unrivaled, personable relationships. For more information, please visit https://www.bih-us.com.

About Kingswood Capital Management, LP

Kingswood Capital Management, LP partners with leading companies in the middle market which stand to benefit from its capital and extensive operating resources. Kingswood embraces complexity and believes it is well-positioned to support businesses at inflection points in their development to enhance value. Based in Los Angeles, Kingswood is a cohesive, entrepreneurial team with a long history of shared success developing “win-win” partnerships with its portfolio companies and management teams. For more information, please visit

www.kingswood-capital.com

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MINNEAPOLIS, MN – November 29, 2022 – Northborne Partners acted as the exclusive financial advisor to Solgen Power (“Solgen”) in connection with an investment received from The Edgewater Funds (“Edgewater”). The transaction closed earlier this year; financial terms were not disclosed.

Solgen is a leading residential solar installation company with a rapidly growing presence in the Pacific Northwest, Southwest and Midwest markets. The company provides homeowners with a full-service solar offering from electric bill reviews and custom system design through system engineering and installation. Solgen’s installation services are supported by its unique, in-house solar financing platform (Loanhomi) that allows customers to conveniently apply for solar loans at market competitive rates, as well as by other ancillary services including insulation and roofing. Solgen’s leadership team is excited to partner with Edgewater as they continue to enter new markets and build a national solar brand.

Edgewater is a Chicago-based private equity firm that partners with high quality middle market companies where it can add substantial value and accelerate growth through its invested capital, experience and broad network.

Mark Horvick, Managing Director at Northborne, said, “Some businesses you have to see and feel to truly understand. Solgen is one those businesses. Before visiting Solgen for the first time, I watched a recap of their inside sales team draft (video here: https://youtu.be/mMIXSxBn40U). After visiting Solgen a number of times, I can say without hesitation, that every day at Solgen is a bit like ‘draft day’. Solgen’s Co-Founders, Chris Lee and Daryl Kelly, have built an incredible culture that serves as the foundation of an equally incredible business. It has been a pleasure to work with them and see how a positive, team-oriented work environment is driving this business to new heights.”

Chris Lee, Co-Founder & Chief Executive Officer of Solgen noted, “We are extremely excited about Edgewater’s investment and the impact it will have on the path ahead for Solgen and our team. Their experience and partnership will accelerate our plans for continued growth and vision for Solgen to become the national leader in the solar industry.” Regarding Northborne’s involvement in the transaction, Daryl Kelly, Co-Founder & Chief Operating Officer of Solgen, said, “Northborne was an excellent partner and advisor to Solgen throughout this process. They listened to our goals and provided thoughtful, strategic guidance to help the company and shareholders achieve this excellent outcome.”

Karr Tuttle Campbell served as legal counsel to Solgen.

About Northborne Partners

Northborne is a preeminent middle market investment banking firm focused on providing M&A advisory services to companies in the food & consumer, healthcare and industrials sectors, among others. It focuses on advising private business owners in the sale of their companies and has decades of experience sitting across the table from the most seasoned strategic and private equity buyers in the world. Northborne Partners is headquartered in Minneapolis, MN. For more information, please visit https://northborne.com/.

About Solgen Power

Solgen is a leading residential solar installation provider based in Pasco, WA, with operations in the Pacific Northwest, Southwest and Midwest markets. The company’s full-service solar installation offering, in-house financing platform and ancillary service offering (including insulation and roofing) provide a comprehensive solar solution to its customer base, and differentiation in the fast-growing solar industry. The company has installed more than 520,000 solar panels since being founded in 2017 and continues to rapidly grow in its markets. For more information, please visit https://solgenpower.com/.

About The Edgewater Funds

Edgewater is a Chicago-based private equity firm with over $3 billion of capital commitments raised since 2001. Edgewater provides capital and experience to outstanding growth companies, with a focus on funding high quality middle market companies where it can add substantial value through its capital, experience and broad network. Edgewater is able to structure both growth equity (minority) and buyout investments to accommodate the needs of each investment situation. For more information, please visit https://www.edgewaterfunds.com/.

About Karr Tuttle Campbell

Karr Tuttle Campbell is a Seattle-based law firm offering a wide range of legal services to individuals, closely held businesses, public corporations and local governments. For almost 120-years, the firm has maintained an outstanding local and national litigation and business practice serving nearly every possible sector. Built on a strong foundation of service and knowledge of Washington states core industries, Karr Tuttle Campbell continues to grow and evolve with the market and client needs, applying innovative solutions and advancing legal trends covering a wide range of industries and practice areas. For more information, please visit www.karrtuttle.com.