Gen Cap Exits Avanti Products

Avanti Products, a portfolio company of Gen Cap America since November 2012, has been sold to The Legacy Companies.

Avanti Products is a designer and distributor of compact consumer appliances, specializing in refrigerators, wine and beer coolers, microwaves, gas and electric ranges, water dispensers, laundry machines and other compact appliances. Avanti performs in-house design, engineering and quality control work; however, 99% of its products are manufactured overseas.Customers of the company include distributors, wholesalers, retailers, hotels, and online merchants. The company’s products are used by college students (dorm rooms), retirees (for RV outfitting), and in commercial industries such as restaurants, offices, and the hospitality industry. Avanti Products, led by CEO Richard Ladd, was founded in 1973 and is headquartered in Miami, FL (www.avantiproducts.com).

“Avanti has been providing quality products at a great value for 45 years,” said Mr. Ladd. “Our partnership with Gen Cap provided us with the resources and support needed to build on our strong foundation and expand both our product line and our customer base. We truly valued our partnership with Gen Cap, and we believe their support was a strong contributor to our growth over the last six years.”

“In the lower middle market, success is as much about partnering with exceptional teams as it is about finding great companies,” said Matt Lane, a managing director at Gen Cap. “Richard Ladd and the team at Avanti is a perfect example – they were the cornerstone of Avanti’s achievements during our investment. We are confident they will continue their track record of success going forward.”

Gen Cap America invests in companies with revenues between $5 million and $100 million that are active in the manufacturing, distribution or service sectors. The firm is currently investing through Southwest Fund VII, a $250 million fund which had a final close at its hard cap in January 2017. Gen Cap was founded in 1985 and is based in Nashville (www.gencapamerica.com).

“Avanti has been an excellent example of our firm’s long history of teaming with existing management in lower middle market companies,” said Barney Byrd, president of Gen Cap.

The Legacy Companies, the buyer of Avanti, designs, manufactures and markets a wide range of food service equipment, home appliances and kitchen tools, and accessories. The Legacy Companies was founded in 1998 and is based in Fort Lauderdale, FL (www.TheLegacyCompanies.com).

© 2019 Private Equity Professional | March 8, 2019

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