Mill Road Capital

Mill Road Capital Management LLC is a private equity firm based in Greenwich, Connecticut, with an additional office in South San Francisco, California. Founded in 2004, the firm specializes in growth capital, mature investments, and buyouts, particularly in the realm of micro-cap companies. It targets investments in publicly traded companies with a total enterprise value of $250 million or less, focusing on those with market capitalizations between $50 million and $200 million. Mill Road Capital is particularly interested in sectors such as retail, manufacturing, business services, and consumer products, and it primarily invests in companies headquartered in the United States and Canada.

Sarah Heberle

Principal

Scott Isenburg

Associate

Justin C. Jacobs

Managing Director

Thomas E. Lynch

Senior Managing Director

Lisa M. McGovern

MD, CFO and Chief Compliance Officer

James McNamara

Senior Associate

Deven H. Petito

Principal

Sean Quinn

Principal

Mario Robbins

Associate

James D. White

Managing Director

Eric T. Yanagi

Managing Director

12 past transactions

Lignetics

Private Equity Round in 2018
Lignetics is a manufacturing company that specializes in providing wood pallets. It provides eco-friendly offerings includes premium wood pellets, densified logs and bricks, and fire starters for efficient heating. It also offers BBQ pellets that naturally seal in wood-fired flavor And highly-absorbent animal bedding that ensures warmth and comfort.

Noodles & Company

Post in 2017
Noodles & Company operates fast-casual restaurants across the United States, specializing in a diverse menu that includes cooked-to-order noodle dishes, pasta, soups, salads, and appetizers. Founded in 1995 and headquartered in Broomfield, Colorado, the company has expanded its footprint to include 389 company-owned and 68 franchised locations in 29 states and the District of Columbia as of December 31, 2019. In addition to its dine-in options, Noodles & Company offers pick-up and delivery services, catering, and gift cards. The company also engages its customers through an ECLUB community, providing members with exclusive news, invitations, and promotions.

Swiss Water

Post in 2016
Swiss Water Process removes caffeine from coffee for leading coffee roasters throughout the United States and 56 different countries around the world. As the only consumer-branded decaffeination process, Swiss Water Process stands for environmentally responsible, chemical-free caffeine removal for Specialty Coffees.

Mother's Market & Kitchen

Acquisition in 2016
Mother's Market & Kitchen is a pioneer in the organic and natural grocery segment with seven retail stores spread throughout Orange County, California. Mother's is distinguished by its culture of commitment to organic and natural products and healthy lifestyles.The company's stores carry a wide selection of organic and natural products, and Mother's is well-known in the local area for its high quality organic produce, specialized and knowledgeable customer service and comprehensive offering of vitamins, minerals and supplements.

Skullcandy

Acquisition in 2016
Skullcandy Inc. designs, markets, and distributes audio and gaming products under the Skullcandy and Astro Gaming brands in the United States and internationally. It offers audio and gaming headphones, earbuds, speakers, sports performance products, women's offerings, and other audio accessories. It sells its products through specialty, consumer electronics, sporting goods, mobile phones, and big box retailers; and third party distributors, as well as through its skullcandy.com, skullcandy.tv, ca.skullcandy.com, eu.skullcandy.com, uk.skullcandy.com, 2xl.com, astrogaming.com, astrogaming.co.uk, and astrogaming.fr Websites. The company was founded in 2003 and is headquartered in Park City, Utah. As of September 29, 2016, Skullcandy, Inc. was taken private.

RG Barry

Acquisition in 2014
R.G. Barry Corporation is engaged in developing brands and marketing products in three areas of the retail accessories category. These products include footwear, such as slippers and sandals; foot and shoe care products, such as cushioned insoles; and handbags, tote bags and travel products. The Company operates in two segments: Footwear segment and Accessories segment. The Company’s Footwear segment includes slippers and sandals. The Company’s Accessories segment includes foot and shoe care products, handbags, tote bags and travel products. The Company’s Footwear and Accessories segment consists of three individual business units (BU) footwear; foot and shoe care products; handbags, tote bags and travel products. The Company’s products are primarily sold in North America by a cross-section of retailers of varying size and classification.

PRT

Acquisition in 2012
PRT Growing Services Ltd. is North America's largest producer of container-grown forest seedlings, operating a network of 13 nurseries across Canada and the United States, including locations in British Columbia, Alberta, Saskatchewan, Ontario, and Oregon. The company has the capacity to custom grow over 180 million seedlings and offers a comprehensive range of reforestation services. These services include seed processing, specialized seed treatments, and propagation of both forest seedlings and non-forestry plants. Additionally, PRT provides quality testing, cold storage, shipping, tree planting, and field-performance assessment and enhancement services. Founded in 1988 and headquartered in Victoria, Canada, PRT Growing Services Ltd. was previously known as PRT Forest Regeneration Income Fund until it rebranded in 2011. The company transitioned to private ownership in 2012.

NTS

Post in 2011
National Technical Systems (NTS) is a publicly held company providing a wide range of product design consulting services, testing and certification services, and supply chain management solutions. It specializes in the fields of consulting, and product design, and supply chain management. It was founded in 1961 and headquartered in Calabasas, California.
Motherhood Maternity gives the young, fun, mom-to-be expertly designed and on-trend wardrobe essentials that embrace her own sense of style, so she remains confident in how she looks and how she feels. Informed Sales Associates will help her put it all together and all at a tremendous value.

Rubio's Restaurants

Acquisition in 2010
Rubio's Restaurants operates a regional chain of approximately 200 fast casual Mexican restaurants primarily located in California, Arizona, Colorado, Utah, and Nevada, with a notable concentration in San Diego and surrounding areas. Founded in 1983 and headquartered in Carlsbad, California, Rubio's specializes in Baja-inspired coastal cuisine, offering a diverse menu that includes fish tacos, lobster burritos, shrimp quesadillas, and grilled marinated chicken and steak. The restaurants also feature handmade guacamole, a variety of salads, and seafood options such as blackened tilapia and wild salmon. In addition to its food offerings, Rubio's provides craft beer and sangria beverages, as well as catering services for various events, enhancing its appeal to a broad customer base.

Physicians Formula

Debt Financing in 2010
Physicians Formula is a cosmetics company based in Azusa, California, known for its innovative approach in the mass market prestige, or "masstige," sector. Founded in 1937, the brand develops, markets, and distributes premium-priced products designed to address specific skin imperfections rather than simply following fashion trends. This focus on problem-solving has garnered a loyal and rapidly growing consumer base, contributing to its reputation for high perceived quality in the masstige market. Physicians Formula's product lineup includes a variety of everyday cosmetics such as face powders, bronzers, concealers, blushes, foundations, eye shadows, eyeliners, brow makeup, and mascaras. The brand's products are widely available in major retail chains, including Wal-Mart, Target, CVS, and RiteAid.

Vision7 International

Acquisition in 2009
Vision7 International is a fully integrated marketing communications company that serves various well-known brands in North America and worldwide. Vision 7 International has four operating divisions: Cossette, Vision 7 Media, Citizen Relations and The Camps Collective. Cossette is a leading marketing communications agency in Canada, providing fully integrated advertising services. Cossette has offices in Quebec City, Montreal, Toronto, Vancouver, Halifax and Chicago. Vision7 Media is Canada’s largest independent media planning, buying group, operating primarily under the Cossette Media and Jungle Media brands; Citizen Relations is a leading public relations company with an international presence (US, Canada, UK and Asia) and multiple global partnerships; The Camps Collective is a digital-based agency group that focuses on advertising, digital marketing, Internet communications and social media.
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