True North Mergers & Acquisitions Facilitates Sale of Smead Manufacturing to TOPS

MINNEAPOLIS, MINNESOTA / ACCESS Newswire / June 19, 2025 / True North Mergers & Acquisitions served as the exclusive financial advisor to Smead Manufacturing ("Smead") in connection with a strategic sale to TOPS Products, LLC ("TOPS"). Specific terms of the transaction, which closed on June 1, 2025, were not disclosed.

True North had previously advised Smead in its strategic acquisition of UBrands in 2017.

Founded in 1906, Smead drove the revolution of office organization. From manufacturing the first Bandless File System to mass-producing over 2 million wallets for the Armed Forces during WWII, Smead has demonstrated an ability to adapt and evolve as a business while maintaining the highest quality craftsmanship. Like Smead, TOPS has a distinct heritage, multi-generational history, and shares Smead's core values, including employee-first initiatives, workplace safety, and social responsibility.

"Smead fits perfectly into the TOPS family of brands," said Matt Roberts, Chief Executive Officer of TOPS. "Smead makes great products and has for over a century, and its industry expertise, coupled with an unwavering commitment to their employees and customers, mirrors what we believe we've built here at TOPS. We're honored to be entrusted to carry on the Smead legacy of quality and innovation that has defined the brand for over a century."

"After nearly 120 years as a family-owned business, I'm proud to usher in this new chapter for Smead with the right home to build upon what we've created," said Casey Avent, CEO of Smead. "Joining TOPS is the next step in a line of strategic decisions we've made to do what's best for the Smead business and our exceptional team. I am confident this decision will preserve Smead's unwavering tradition of quality and innovation while enhancing its leadership position in the market. With TOPS' backing, customers will continue to enjoy the same top-tier products and services they've come to expect from Smead for the next 100 years."

"We were honored to work with Smead again. Working with a company with this kind of legacy was amazing," said Chris Jones, CEO of True North M&A. "We help a lot of manufacturing companies sell. But only a few have this kind of history and well-known brand. If you work in an office, or home office, chances are you've used many of their products."

About True North M&A

True North Mergers & Acquisitions is a national sell-side and buy-side advisory firm headquartered in Minneapolis that provides solutions to lower middle market companies. TNMA's senior professionals have experience across a broad range of industries, helping business owners maximize their life's work when they are ready to exit.

SOURCE: True North Mergers and Acquisitions