Winona Capital Management Mergers and Acquisitions Summary

Growth Capital Firm Profile

Winona Capital Management’s most common sectors for investment areconsumer products (30%) and retail (18%) . The Firm’s most common investment types include growth capital (65%) and buyout (lbo, mbo, mbi) (18%). In total, Winona Capital Management has invested in 11 US states and 4 different countries.

The Firm’s most common exit type is trade sale (75%). Winona Capital Management’s largest (disclosed) exit occurred in 2016 when it sold Petsense for $116M.

Join Mergr to view Winona Capital Management’s full profile and discover more small growth capital firm investors just like it.

M&A Summary

  • M&A Total Activity25
    • M&A Buy Activity17
    • M&A Sell Activity8
  • Total Sectors Invested 7
  • Total Countries Invested 4
  • M&A Buy/Sell Connections 13
  • M&A Advisors 1

Winona Capital Management LLC

980 N. Michigan Avenue, Suite 1950,
Chicago, Illinois 60611
United States
(312) 334-8800
www.winonacapital.com
info@winonacapital.com

Winona Capital Management is a private investment firm that makes direct investments in consumer related middle-market companies. Winona targets growth companies generating sales of $10 to $100 million and EBITDA of at least $1 million. The Firm can commit up to $15 million per transaction. Specific areas of interest include niche consumer goods and services; sports, recreation and leisure; specialty manufacturing and distribution; growth-oriented, multi-unit specialty food and retail; and education services. Winona's investment horizon is five years. Winona Capital Management is based in Chicago, Illinois.


Investment Criteria

Sectors of Interest: Apparel/Textiles, Consumer Products, Consumer Services, Distribution, Education, Food, Leisure, Life Science, Manufacturing, Restaurants, Retail

Target Transaction Types: Buyout (LBO, MBO, MBI), Consolidation, Growth Capital, Secondary Buyout

Geographic Preferences: East US, Midwest US, South US, West US

Transaction Criteria Min Max
Target Revenue 10 100
Target EBITDA 1 -
Investment Size - -
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '20 '21 '22 '23 '24 '25 T
Buy (0.0/yr) # 17 - - - - - 17
Sell (0.0/yr) # 8 - - - - - 8
vol $141M $141M
  25

Most Recent M&A

Company Date Value Type
Fat Brain Toys LLC 2020-10-16 - Add-on Acquisition
Elkhorn, Nebraska · www.fatbraintoys.com
The Johnny Rockets Group, Inc. 2020-08-13 25M USD Add-on Acquisition
Lake Forest, California · www.johnnyrockets.com
LK International AG (KJUS) 2019-07-10 - Add-on Acquisition
Hünenberg, Switzerland · www.kjus.com
Fusion Education Group 2017-12-11 - Secondary Buyout
Grand Rapids, Michigan · www.fusionacademy.com
Foodberry 2017-01-24 - Growth Capital
Boston, Massachusetts · www.foodberry.co
Ancora Investment Holdings 2017-01-01 - Consolidation
Chicago, Illinois · www.ancoraholdings.com
Petsense, Inc. 2016-09-29 116M USD Add-on Acquisition
Scottsdale, Arizona · www.petsense.us
Monica Vinader Ltd. 2016-02-09 - Secondary Buyout
Docking, United Kingdom · www.monicavinader.com
Rodd & Gunn New Zealand Ltd. 2015-11-03 - Growth Capital
Auckland, New Zealand · www.roddandgunn.com
Diono LLC 2015-05-06 - Growth Capital
Sumner, Washington · www.diono.com
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Consumer Products 3 (38%) - 5 (29%) -
Apparel/Textiles 1 (13%) - 3 (18%) -
Retail 1 (13%) - 3 (18%) -
Food 2 (25%) - 2 (12%) -
Restaurants - - 2 (12%) -
Business Services 1 (13%) - 1 (6%) -
Education - - 1 (6%) -
Total 8 - 17 -

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 6 (75%) - 14 (82%) -
  Washington 2 (25%) - 2 (12%) -
  Massachusetts 1 (13%) - 2 (12%) -
  California - - 2 (12%) -
  Minnesota 1 (13%) - 1 (6%) -
  Illinois 1 (13%) - 1 (6%) -
  Colorado 1 (13%) - 1 (6%) -
  North Carolina - - 1 (6%) -
  New York - - 1 (6%) -
  Nebraska - - 1 (6%) -
  Michigan - - 1 (6%) -
  Arizona - - 1 (6%) -
United Kingdom 1 (13%) - 1 (6%) -
New Zealand 1 (13%) - 1 (6%) -
Switzerland - - 1 (6%) -
Domestic 6 (75%) - 14 (82%) -
Cross-border 2 (25%) - 3 (18%) -
Total 8 - 17 -

Acquisitions by Deal Type

Type Current # Value All-time # Value
Growth Capital 6 (75%) - 11 (65%) -
Buyout (LBO, MBO, MBI) - - 3 (18%) -
Secondary Buyout 1 (13%) - 2 (12%) -
Consolidation 1 (13%) - 1 (6%) -
Total 8 - 17 -

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 4 (50%) 141M (100%)
Secondary Sale 2 (25%) -
Trade Sale 2 (25%) -
Total 8 $141M

Top M&A Advisors

Financial Deals
Consensus Advisors LLC
 1

Deal Values

sell # Total
$100M to $1B 1 $116M
< $100M 1 $25M
TOTAL $141M
Largest Petsense, Inc.
$116M (2016-09-29)

M&A Connections

Deals
Acquired from
Investor(s)
12%
2 (12%)
Exited to
Investor(s)
25%
2 (25%)
Strategic(s)
75%
6 (75%)

Investor Summary

Investor Type

Growth Capital Firm

Size

Small

PE Assets

125M USD

Established

2006

Specialist/Generalist

Generalist

Leadership

Laird Koldyke

Co-Founder & Managing Director

Luke Reese

Co-Founder & Managing Director

Jack Yates

CFO & CCO

Jason Sowers

Director

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