HEARTWOOD PARTNERS REALIZES SUCCESSFUL EXIT OF OUTLOOK GROUP

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Nov 06, 2024, 09:30 ET

NORWALK, Conn., Nov. 6, 2024 /PRNewswire/ -- Heartwood Partners is pleased to announce that on November 4, 2024, Heartwood Partners II, LP ("Fund II") and affiliated entities sold Outlook Group, LLC ("Outlook" or the "Company"), a business unit of Fund II platform M&Q Holdings LLC.

Headquartered in Neenah, WI, Outlook is a leading provider of labels, converting, and packaging solutions serving the food, medical, and consumer staples markets. In addition, Outlook's Integrated Packaging division provides complete supply chain solutions, reducing customers' costs and complexity by consolidating traditional multi-step packaging processes into a single touchpoint.

Under Heartwood Partners' ownership, Outlook built-out a strong management team and invested heavily in its manufacturing capabilities, including digital Domino label presses, ultra thin-film label converting, and an upgraded Radius ERP system. These investments generated strong financial results, with Outlook's EBITDA more than tripling during Heartwood's hold period.

Outlook's CEO, Mike Jansen, commented: "In partnership with Heartwood Partners, Outlook has developed into the preferred supplier of label, converting, and packaging solutions for our customers. Heartwood's commitment to using a healthy corporate balance sheet enabled us to invest in people and processes and simultaneously drive growth and improve the overall customer experience. We are excited for the next phase of Outlook's growth."

Mark Allsteadt, Managing Partner at Heartwood Partners stated: "We are proud of what we have achieved together with Outlook Group. Through our partnership, we have helped accelerate Outlook Group's growth, strengthen its market position, and drive innovation. This successful exit underscores the value of our low-leverage strategy and commitment to building industry-leading companies. We're excited to watch Outlook Group continue to thrive and build on the strong foundation we've established together."

Finn Dixon & Herling LLP served as legal advisor and BMO Capital Markets served as financial adviser to Outlook Group and its investors.

Heartwood Partners, a middle market private equity firm founded in 1982, is differentiated by a unique lower-leverage, current cash yield approach designed to create partnership with continuing management. Our approach combines a conservative capital structure with strategic execution to support long-term growth, including organic and acquisition-driven expansion into new products, services, and end markets. In addition, we support each management team with our in-house Value Creation Specialists who provide deep, subject-matter expertise in strategic areas such as eCommerce and digital marketing, human capital and organizational design, and IT improvement and acquisition integration. We currently manage over $1.4 billion in investments and commitments as of 12/31/23, and our principals have invested in more than 100 platform and add-on acquisitions. Heartwood is currently investing from Heartwood Partners IV, LP, and is focused on founder, family and management-held businesses serving the niche manufacturing, specialty chemicals, food, agriculture, packaging, and industrial & consumer services markets. For additional information about Heartwood, please visit www.heartwoodpartners.com.

Mr. Mike Jansen is not a client or investor of Heartwood Partners, nor was he compensated for his statements herein.