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Smead Manufacturing, a family-owned and woman-led business, has been a household name in office products for over a century. Known for its loyal customer base and exquisite craftsmanship, the company evolved across multiple generations while remaining deeply committed to quality and service.
To identify strategic growth opportunities, Smead partnered with True North Mergers & Acquisitions. This partnership had previously led to the 2017 acquisition of UBrands–an innovative stationery and organizational products company that helped Smead expand its multi-channel presence and reach younger consumers.
However, this time Smead wouldn’t be acquiring a company. Instead, they were looking to True North Mergers & Acquisitions to lead a sell-side process that would protect Smead’s hard-earned reputation and value. Here’s how our team guided them through this transformational journey.
During a pivotal period of growth, Smead engaged our team as its exclusive acquisition advisor, and we guided them through a buy-side process aimed at identifying targets that could offer:
- Product innovation
- Access to a younger demographic
- Supply chain and customer synergies
Out of more than 200 prospects, UBrands emerged as the ideal fit. This 2017 acquisition not only increased Smead’s profitability–it helped modernize its product and brand appeal.
This strategic groundwork positioned Smead as an attractive acquisition target for other companies, drawing interest from many in 2024.
We created a robust Confidential Information Memorandum (CIM) that captured Smead’s market position, recent growth, and rich legacy. With help from this CIM, we were able to quickly and effectively highlight Smead’s value for potential acquirers.
Our experts conducted a formal process to not only maintain competitive tension but also to ensure the deal would meet Smead’s financial and emotional objectives.
We managed communications, led negotiations, and helped navigate complex acquisition mechanics–including reps and warranties, due diligence, and working capital adjustments. And all while minimizing business disruptions.
We needed to balance financial objectives with legacy wants. That meant more than just price was involved; We’d be looking for:
- Strong transition and integration planning
- A buyer aligned with Smead’s mission and culture
- Teams that honored the company’s history but also knew where to take it for future growth
The resulting deal was a win for all parties: Smead achieved a meaningful exit, and TOPS added a well-known, high-quality brand to its portfolio.
The sale of Smead to TOPS marked the culmination of a multi-year journey led by our True North Mergers & Acquisitions team. From the 2017 UBrand acquisition to the 2025 strategic exit, we played a central role in guiding Smead through major transitions.
Through our structured, expertly negotiated sale, we ensured Smead’s legacy would not only continue, but grow.
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