Mill Road Capital

Mill Road Capital Management LLC is a private equity firm established in 2004, headquartered in Greenwich, Connecticut, with an additional office in South San Francisco, California. The firm specializes in growth capital, buyout investments, and focuses primarily on micro-cap companies, specifically those with a total enterprise value of $250 million or less. Mill Road Capital targets publicly traded companies with market capitalizations ranging from $50 million to $200 million, investing in sectors such as retail, manufacturing, business services, and consumer products. The firm is recognized for its commitment to investing in high-quality businesses primarily located in the United States and Canada. As a Registered Investment Adviser, Mill Road Capital aims to support the growth and development of its portfolio companies through strategic investments.

Colin Dampier

Associate

Greg Gittes

Senior Associate

Linda Helen Hanauer

Managing Director and CFO

Sarah Heberle

Managing Director

Scott Isenburg

Senior Associate

Thomas E. Lynch

Founder and Senior Managing Director

James McNamara

Senior Associate

Deven H. Petito

Managing Director

Pierce Roberts

Director

Eric Yanagi

Managing Director and Head of San Francisco Office

12 past transactions

Lignetics

Private Equity Round in 2018
Lignetics is a manufacturing company focused on producing wood-based products for heating and recreational use. The company specializes in eco-friendly offerings, including premium wood pellets, densified logs, and fire starters, which are designed for efficient home heating. In addition to these products, Lignetics also provides BBQ pellets that enhance the flavor of grilled foods and highly absorbent animal bedding that ensures warmth and comfort for pets. Through its diverse range of products, Lignetics aims to meet the needs of environmentally conscious consumers seeking sustainable options for heating and outdoor cooking.

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 prominent retailer in the organic and natural grocery sector, operating seven stores across Orange County, California. The company is recognized for its commitment to promoting organic and healthy lifestyles, offering a diverse selection of high-quality organic produce, fruits, vegetables, and plant-based products. Customers can find a variety of healthy snacks, beverages, and dairy alternatives, as well as a comprehensive range of vitamins, minerals, and supplements. Mother's Market & Kitchen is distinguished by its knowledgeable customer service and dedication to providing access to gluten-free and health-conscious food options.

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 a leading producer of container-grown forest seedlings in North America, operating 13 nurseries across Canada and the United States. Established in 1988 and headquartered in Victoria, Canada, the company specializes in a wide range of reforestation services, including seed processing, specialized seed treatments, and the propagation of both forest and non-forestry plants. Additionally, PRT offers advanced techniques such as seedling propagation from somatic embryos. Its services extend to quality testing, cold storage, shipping, tree planting, and field-performance assessments to enhance reforestation efforts. With the capacity to custom grow over 180 million seedlings, PRT is committed to meeting the diverse reforestation needs of its customers.

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.
Destination Maternity Corporation is a retailer specializing in maternity apparel and related accessories. As of September 2019, the company operated approximately 1,108 retail locations, including 474 stores across the United States, Canada, and Puerto Rico under the brands Motherhood Maternity, A Pea in the Pod, and Destination Maternity. It also managed 634 leased department locations and 184 international franchised stores. The Motherhood Maternity brand focuses on affordable maternity wear, while A Pea in the Pod offers designer label options. Destination Maternity stores carry products from both brands, as well as a range of maternity-related accessories and health products. In addition to its physical retail presence, the company sells merchandise online through its websites and various retail partners. Founded in 1982 and headquartered in Moorestown, New Jersey, Destination Maternity Corporation underwent a name change from Mothers Work, Inc. in 2008. The company filed for reorganization under Chapter 11 in October 2019.

Rubio's Restaurants

Acquisition in 2010
Rubio's Restaurants, Inc. is a regional chain of fast casual Mexican restaurants operating in California, Arizona, Colorado, Utah, and Nevada, with a significant presence in San Diego and surrounding areas. Founded in 1983 and headquartered in Carlsbad, California, the company specializes in coastal-inspired cuisine, featuring menu items such as grilled marinated chicken and steak, fish tacos, lobster burritos, and handmade guacamole. In addition to its diverse food offerings, Rubio's provides craft beer and sangria options, as well as catering services for various events. The restaurant chain emphasizes bold and distinctive flavors, catering to a wide range of customer preferences.

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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