EagleTree Capital acquires Lignetics from Taglich Private Equity and Mill Road Capital

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NEW YORK–(COMMERCIAL THREAD) – Lignetics Inc. (“Lignetics”), the largest consumer-focused manufacturer of wood pellets in the United States, and EagleTree Capital (“EagleTree”), on behalf of its private equity fund EagleTree Partners V , announced today that EagleTree has acquired Lignetics from Taglich Private Equity and Mill Road Capital. Lignetics will be a new platform investment in the EagleTree portfolio, and Lignetics’ operations, management team and staff will remain unchanged after the investment in EagleTree. Co-investors including Alpha Associates, Bullingham Capital, Farol Asset Management, Manulife Investment Management, Misland Capital, Northwestern Mutual Capital and Thrivent Financial are investing alongside EagleTree. Terms of the transaction were not disclosed.

Based in Louisville, Colorado, Lignetics is the largest consumer-focused manufacturer of wood pellets in the United States, with a production capacity of nearly 1.4 million tonnes per year. Lignetics has been recycling wood waste into home heating pellets since 1983 and premium barbecue pellets since 1990. Each year, Lignetics diverts more than 2,000,000 tonnes of wood waste, or more than 100,000 truckloads, towards renewable, sustainable and value-added consumer products. Today, Lignetics is dedicated to providing innovative products to its consumers under various brands including Green Supreme (home heating), Lignetics (home heating), Bear Mountain BBQ (home grills), Lumber Jack Grilling Pellets (home grills) ) and Catalyst Pet. (high performance durable cat litter). The company is committed to providing the highest quality eco-friendly and 100% natural products across all of its business lines and brand portfolio.

“We are delighted to partner with EagleTree and leverage their extensive consumer product expertise to further accelerate our growth,” said Brett Jordan, CEO of Lignetics. “The EagleTree partnership will allow us to expand our manufacturing capacity to better serve our customers who depend on Lignetics for home heating. We see incredible growth opportunities in our barbecue pellet brands, Catalyst cat litter and other new products in development, and we look forward to working with EagleTree to continue to execute our strategy. I would like to thank Taglich PE and Mill Road Capital and in particular Will Morris and Doug Hailey for their tremendous support and commitment to our shared vision. Together we have created an industry leading company and I look forward to building on that success with the EagleTree team.

“We are delighted to add Lignetics to the EagleTree portfolio and to partner with Brett Jordan and the excellent Lignetics leadership team. Lignetics has established a market leadership position in the consumer wood pellet industry, recycling more than 2,000,000 tonnes of wood waste per year into sustainable, all-natural products. We are confident the company is well positioned to take advantage of favorable winds in the pellet home heating, pellet grill and wood-based pet litter markets, ”said George L. Majoros, Jr. ., co-manager at EagleTree. “We believe that Lignetics’ next phase of growth will bring substantial value to its customers, partners and employees, and we look forward to supporting their tremendous momentum.

“It has been a pleasure to partner with Brett and the Lignetics management team over the past few years,” said William Morris, Managing Director of Taglich Private Equity. “We are proud of the company we have built together, delighted that Lignetics has found a solid home with EagleTree and are excited about what the future holds for the team. ”

“We are proud of the company that the Lignetics team has built and grateful for the hard work and dedication of its employees,” said Justin Jacobs, Managing Director of Mill Road Capital. “The Taglich Private Equity team have been excellent partners and we look forward to Lignetics’ continued success with EagleTree.

The Raymond James Consumer Investment Banking team acted as exclusive financial advisor, Dentons Durham Jones Pinegar acted as legal advisor and Moss Adams acted as due diligence advisor to Lignetics. Jones Day acted as legal counsel and Alvarez & Marsal acted as due diligence advisor to EagleTree.

About lignetics

Lignetics, headquartered in Louisville, Colorado, is the largest residential wood pellet manufacturing company in the United States. premium all-natural high performance cat litter. Lignetics delivers these innovative all-natural products through national retail partners and direct to consumers through the only national network of wood pellet manufacturing plants spread across the United States and Canada with 22 factory locations. different. For more information on Lignetics and all of its products, visit www.lignetics.com.

About EagleTree Capital

EagleTree Capital is a New York-based mid-size private equity firm with $ 4.8 billion in assets under management as of December 31, 2020. The company has completed over 35 private equity investments and over 75 transactions complementary over the past 20 years. years. EagleTree invests primarily in North America in the following sectors: media and business services, consumer, water and specialty industries. For more information visit www.eagletree.com.

About Taglich Private Equity

Taglich Private Equity is a New York-based, value-driven financial sponsor that focuses on investing in the lower middle market. They specialize in recapitalizations, executive buyouts and majority equity investments, targeting manufacturing, business services and consumer products companies. TPE focuses on finding solid investment opportunities, leveraging a company’s strengths, identifying new market opportunities and providing strategic support to relevant management teams. TPE seeks to partner with leadership teams who can leverage their expertise and experience to maximize their business’s growth potential and create long-term value. For more information, please visit www.taglichpe.com.

About Mill Road Capital

Mill Road Capital is a private equity firm focused on investing and partnering with small publicly traded companies in the United States and Canada. Since its founding in 2004, the company has successfully executed its investment strategy of identifying and partnering with management teams focused on long-term value creation. The sponsors of the Mill Road funds include a prominent and well-respected group of state and corporate pension funds, foundations and endowments. Mill Road’s current portfolio consists of companies across a wide range of industries including retail, manufacturing, business services and consumer products.


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