Windjammer Capital Investors has sold its portfolio company Automatic Bar Controls, a maker of beverage dispensing systems, to The Middleby Corporation. Windjammer, in partnership with management, acquired Automatic Bar in June 2005 through the firm’s second fund.
Automatic Bar Controls (DBA Wunder-Bar) is a manufacturer of beverage dispensing systems used in the foodservice industry. Wunder-Bar equipment is used by restaurant chains, convenience stores, and foodservice operations for the dispensing of carbonated and non-carbonated soft drinks, iced tea and other beverages and sauces. The company is headquartered in Vacaville, CA (www.wunderbar.com).
During Windjammer’s ownership, management and the board developed and executed on a strategy to drive growth through both new product introductions and a reduced overall cost structure through a variety of lean manufacturing initiatives. Key to the company’s success was the combination of management’s industry experience and sound execution, partnered with a number of Windjammer resources, including the appointment of a successful industry executive to augment the board of directors.
Windjammer Capital Investors makes control investments in middle market businesses with EBITDAs from $10 million to $40 million. Sectors of interest include advanced manufacturing, specialty distribution and business services. With a consistent focus on the middle market, the firm has completed investments in 49 platform companies over the past 22 years. Windjammer is currently investing out of its Windjammer Senior Equity Fund IV with capital commitments in excess of $725 million. The firm was founded in 1990 and is based in Newport Beach, CA and Waltham, MA (www.windjammercapital.com).
The Middleby Corporation (Nasdaq: MIDD) develops, manufactures, markets and services a line of cooking and processing equipment used in the commercial, industrial processing and residential markets. The company was founded in 1888 and is headquartered near Chicago in Elgin, IL (www.middleby.com).
Sagent Advisors, an investment bank headquartered in New York (www.sagentadvisors.com ), acted as the exclusive financial advisor to Wunder-Bar during the sale process.
© 2014 PEPD • Private Equity’s Leading News Magazine • 1-22-14