G2 Transaction: G2 Capital Advisors Served As The Exclusive Buy-Side Advisor To Stonewall Kitchen, A Portfolio Company Of Audax Private Equity, On Its Acquisition Of Michel Design Works

BOSTON, Nov. 2, 2021 /PRNewswire/ --

CLIENT
Stonewall Kitchen LLC ("Stonewall Kitchen" or the "Company") manufactures and markets branded specialty food and home goods products. The York, Maine-based Company's portfolio consists of the flagship Stonewall Kitchen brand; Tillen Farms pickled vegetables and cocktail cherries; Napa Valley Naturals oils and vinegars; Montebello organic pasta; Urban Accents spice mixes, seasonings, and sauces; Vermont Coffee Company organic coffee; and Village Candle fragranced candles, gifts and accessories. The Company has more than 8,500 wholesale accounts nationwide and internationally, a thriving catalog and online direct-to-consumer business, and eleven company stores throughout New England including the flagship campus featuring a store, cafe and cooking school in York.

SITUATION
Premier specialty foods and home goods producer Stonewall Kitchen, joined forces with financial partner, Audax Private Equity ("Audax") in 2019. Since being founded in 1991, Stonewall Kitchen grew from working in local farmers markets to an expansive national network of wholesale, retail, and E-commerce channels. Following the partnership with Audax, Stonewall Kitchen sought to expand their Family of Brands through a targeted M&A strategy focused on high quality, best-in-class companies within tangential product categories.

ENGAGEMENT
G2 Capital Advisors, LLC ("G2") served as the exclusive financial advisor to Stonewall Kitchen leading a high-touch buy-side effort focused on identifying and engaging with companies that have a strong market presence and quality products within the specialty foods and home goods markets. This segment of the market is a focus area for G2 through its Consumer Retail practice.

OUTCOME
G2's mandate with Stonewall Kitchen led to the acquisition of Michel Design Works, which added an enhanced product offering, additional sales channels, and strong operational talent. Together, Stonewall Kitchen and Michel Design Works will leverage a larger national footprint and product expertise to continue to deliver the highest quality of goods to their customers.

John Stiker, CEO of Stonewall Kitchen, commented "We are thrilled to welcome Michel Design Works to our growing family of specialty brands. Quality and creativity are at the forefront of everything they do, and their extensive product offering within the home goods space perfectly complements our brands and core values. They are a tremendous addition to the curated collection of brands that we're bringing together for our customers and guests. It is not always easy to find businesses that complement each other like Michel Design Works and Stonewall Kitchen, but the team at G2 did a great job identifying this opportunity and supporting our team through the process."

"The combination of Stonewall Kitchen and Michel Design Works is a great outcome for all parties involved. Given Stonewall Kitchen's focus on engaging with companies who are best-in-class, Michel Design Works proved to be a natural fit. They are known in the market for their long tradition of excellence just like Stonewall Kitchen and we look forward to watching these companies flourish as a result of their new partnership." said Andrew Keleher, Vice President at G2 Capital Advisors.

About G2 Capital Advisors
G2 Capital Advisors provides M&A, capital markets and restructuring advisory services to the middle market. We offer integrated, multi-product and sector-focused services by pairing highly experienced C-level executives with specialist investment bankers. We aspire to be the trusted advisor of choice to our clients including corporations and institutional investors.

About Stonewall Kitchen:
Stonewall Kitchen is a leading specialty food and home goods producer headquartered in York, Maine. Founded in 1991 by partners Jonathan King and Jim Stott, the two established the Stonewall Kitchen brand by selling jams and jellies at local farmers' markets with a flavorful line of distinctive and high quality products. Over time, they expanded the brand to include sauces, condiments, crackers and baking mixes, always focusing on innovative product development, beautiful packaging, and exceptional guest service. Today, Stonewall Kitchen is the premier specialty food and home goods platform in North America, home to a family of premium quality brands including the flagship Stonewall Kitchen brand; the Vermont Coffee Company brand of high quality, non-GMO, certified organic coffee; the Urban Accents brand of globally-inspired spice mixes, seasonings, and sauces; the Village Candle brand of fragranced candles, gifts and accessories; the Tillen Farms brand of pickled vegetables and cocktail cherries; the Napa Valley Naturals brand of olive oils, culinary oils, balsamic vinegars and wine vinegars; the Montebello brand of artisan organic pasta imported from Italy; the Vermont Village brand of organic apple sauce and apple cider vinegars; and the Legal Sea Foods brand of restaurant-quality seafood sauces and condiments. The company boasts more than 8,500 wholesale accounts nationwide and internationally; a thriving catalog and online division; a cooking school and café in York, Maine; and eleven retail Company Stores throughout New England. As winners of many prestigious awards from the Specialty Food Association and the recipient of the coveted Outstanding Product Line Honors, Stonewall Kitchen is proud to be one of the most awarded specialty food companies in the country.

About Michel Design Works
Michel Design Works is a comprehensive gift, home and lifestyle brand bringing beautiful, high quality and affordable items for every room in the house. Over its 35+ year history, Michel Design Works has crafted a brand celebrating beauty and fragrances of the natural world. Today, the Company is well-known for its cohesive collection of fragrant consumable items offered in vibrant, intricately designed packaging. The high quality of its products, which marry exceptional tactile feel, scent and proprietary imagery with attractive price points, makes Michel Design Works an accessible luxury for personal use–while beautiful packaging guarantees the perfect gift for any occasion. MDW's core product portfolio consists of Bath & Body soaps and lotions; Kitchen & Décor aprons, trays, and kitchen towels; Home Fragrance candles and sprays; and Coordinated Tabletop napkins and serveware.

About Audax Private Equity
Audax Group is a leading alternative investment manager with offices in Boston, New York, and San Francisco. Since its founding in 1999, the firm has raised over $27 billion in capital across its Private Equity and Private Debt businesses. Audax Private Equity has invested over $7 billion in more than 140 platforms and over 1,000 add-on companies, and is currently investing out of its $3.5 billion, sixth private equity fund. Through its disciplined Buy & Build approach, Audax Private Equity seeks to help platform companies execute add-on acquisitions that fuel revenue growth, optimize operations, and significantly increase equity value. With more than 300 employees, Audax is a leading capital partner for North American middle market companies. For more information, visit the Audax Private Equity website: http://www.audaxprivateequity.com or follow us on LinkedIn.

CONTACTS ON THIS DEAL:
Patricia M. Reinhardt, Managing Director: T: 508.287.7065 E: [email protected]

Peter Reed, Director: T: 617.918.7972 E: [email protected]

Andrew Keleher, Vice President: T: 860.748.6480 E: [email protected]

Matt Ball, Senior Associate: T: 617.918.7933: [email protected]

Aaron Levy, Senior Analyst: T: 857.250.2767 E: [email protected]

HEAD OF CONSUMER & RETAIL:
Brian Cohen, Managing Director, Head of Consumer & Retail: T: 914.980.6384 E: [email protected]

MEDIA RELATIONS:
Jennifer Johnson, Vice President, Marketing T: 978.204.8050 E: [email protected]

SOURCE G2 Capital Advisors

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