2024 | Industrials
Advised
on the acquisition of
Overview of Transaction:
December 6, 2024 – Five Star Holdings, Inc. (“Five Star”, a TJC LP company), an integrated group of manufacturing companies focused on flexible packaging, printed films, bag making, post-consumer resins, and sustainability solutions, has acquired Anduro Manufacturing (“Anduro”).
Founded in 2007, Anduro is a leading producer of woven polypropylene packaging for pet food, animal nutrition, bird feed, home-and-garden, pet and cat litter, and a variety of industrial products. Operating from its new 150,000 sq.ft. manufacturing facility in San Pedro Sula, Honduras, Anduro leverages its strategic location near Central America’s largest and most advanced port to provide rapid transit to its primarily US-based clients, in full compliance with FDA and GFSI standards.
Five Star is a leading flexible packaging manufacturer serving top consumer brands across pet food, food & beverage, household, and other recession-resistant categories. With five integrated business units and deep expertise in extrusion, printing, lamination, and converting – including recyclable structures – Five Star delivers innovative, sustainable packaging solutions to Fortune 500 CPGs and major national retailers.
Five Star is majority-owned by TJC LP (“TJC”; www.tjclp.com). TJC, formerly known as The Jordan Company, has worked for more than 40 years with CEOs, founders and entrepreneurs across a range of industries including Consumer & Healthcare, Diversified Industrials, Industrial Technology, Logistics & Supply Chain and Technology & Infrastructure. With $31.4 billion in assets under management as of June 30, 2024, TJC is managed by a senior leadership team that has invested together for over 22 years across more than 80 investments. TJC has offices in New York, Chicago, Miami and Stamford.
Strategic Rationale:
Expand Capacity Leadership: Significantly expands Five Star’s capacity leadership in woven-PP bags pinch bottom bags
Geographic Diversification: Anduro’s new, state-of-the-art 150,000 SqFt facility in San Pedro Sula, Honduras enhances Five Star’s security of supply and will become Five Star’s “Short-Run Center of Excellence”
Synergies and Opportunities: Five Star will be able to drive significant purchasing, production, and labor cost synergies, while accessing new potential customers and markets
Cobaltum Role / Results
Cobaltum acted as the exclusive financial advisor to Five Star
Cobaltum advised Five Star in the negotiation, structuring and execution of the acquisition of Anduro from the Datelle family and other shareholders
Cobaltum was instrumental in achieving a successful closing, managing a complex, cross-border transaction with an extended negotiation process and delicate competitive dynamics
Cobaltum’s hands-on transaction management approach, working in tight coordination with Five Star’s management team, was key to successfully closing the transaction