Silver Oak Services Partners has completed the sale of its equity interest in Accent Food Services to Audax Private Equity.
Accent is a route-based distributor of fresh food, snacks and break room refreshment services to customers throughout Texas. Products include 
coffee and tea; filtered water and ice; fresh foods, snacks, sodas, juices and meals; sandwiches, wraps, and salads; and an array of sodas, juices and waters. The company’s products are sold through both vending machine and self-checkout formats. Accent was founded by Tom and Rhonda Hawkins in 1994 and is headquartered in Austin (www.accentfoods.com).
Silver Oak first invested in Accent in December 2008. During the term of Silver Oak’s ownership, Accent completed 16 acquisitions, built a best-in-class management team, invested in technology to improve operating efficiencies, expanded into three new geographies, and launched a new micro-market service line. Micro-markets are self-serve and give employees 24/7 access to fresh food and healthy beverages, along with traditional snacks. This line of business is seen by many as the future of retail convenience/vending services.
“We are extremely proud of our partnership with the Accent management team,” said Greg Barr, Managing Partner at Silver Oak. “They have fundamentally transformed the business over the last eight years while driving significant top and bottom-line growth. Accent is well positioned for the future and we wish them well as they continue to expand their geographic footprint.”
Silver Oak Services Partners makes control investments of $10 million to $30 million in companies with revenues from $15 million to $150 million and EBITDAs from $3 million to $20 million. As the firm name implies, sectors of interest include business, healthcare, and consumer services. Silver Oak was founded in 2005 and is based in the Chicago suburb of Evanston (www.silveroaksp.com).
“Silver Oak has been an excellent partner,” said Josh Rosenberg, CEO of Accent. “With their active support and guidance, we experienced significant growth while enhancing the value we bring to our customers. We look forward to working with Audax in an effort to continue building upon this success.”
“Accent is a leader in the micro market, vending, and refreshment services industry. We look forward to working with Josh Rosenberg and the Accent team to continue building a leading platform through organic growth and add-on acquisitions,” said Geoffrey Rehnert, Co-CEO of Audax.
The Audax Group makes control investments of $10 million to $100 million in middle market companies with transaction values of $25 million to $500 million. Sectors of interest include industrial manufacturing; energy; outsourced industrial services; consumer products; healthcare devices and services; non-asset based logistics; technology; aerospace & defense; business services; and direct marketing. The firm was founded in 1999 and has offices in Boston, New York and Menlo Park (www.audaxgroup.com).
Accent and Silver Oak were advised by Lincoln International and Locke Lord. Ropes & Gray provided legal services to Audax.
© 2016 Private Equity Professional | December 7, 2016
