TEAM Partners has acquired Wolf Manufacturing Company, a provider of travel and comfort products. Co-investing with TEAM are Bowside Capital, Plexus Capital and Black Bear Partners.
Wolf Manufacturing Company is a manufacturer and importer of travel and comfort products including neck and travel pillows, fleece throws, stadium blankets, nursing pillows and other related products. The company sells to retailers including airport stores, mass merchandisers, drug and pharmacy stores, travel centers, specialty stores, off-price retailers, and online retailers. The company is led by CEO Jeff Wolf and President Abbye Silver. Interestingly, Wolf’s memory foam pillow was featured as Oprah’s favorite travel pillow and its fiber filled pillow was included in the 2016 Golden Globes gift bags. The company was founded more than 70 years ago and is based in Waco, TX (www.wolfmfg.com).
As part of this acquisition, Roy Whitehead has made an investment in the company and will become Wolf’s new CEO. Mr. Whitehead has over 25 years of consumer experience with companies such as Walmart, 7-Eleven, Frito Lay, Coca-Cola and Walls Industries. “Abbye Silver and Jeff Wolf have done a tremendous job building Wolf to where it is today. I look forward to working with them, our employees, customers and vendors to implement the company’s growth strategy,” said Mr. Whitehead.
“We are thrilled to become partners in this important milestone for Wolf. This is a classic TEAM investment profile – family owned business, long operating history and significant value creation potential,” said TEAM managing partner David Mann. “We have high expectations for the future direction of the company.”
As mentioned above, co-investing with TEAM in Wolf Manufacturing are Bowside Capital, headquartered in Charleston, SC (www.bowsidecapital.com); Plexus Capital, with offices in Charlotte and Raleigh, NC (www.plexuscap.com); and Black Bear Partners, based in Dallas (www.BlackBearPartners.com).
TEAM Partners invests in profitable, family owned and owner-operator businesses that have up to $100 million in revenue and have a minimum EBITDA of $1 million. Sectors of interest include consumer products, industrial and business services. The firm was founded by David Mann – previously a Partner at Brazos Private Equity Partners – and is headquartered in Dallas (www.teampartnersllc.com).
© 2016 Private Equity Professional • Private Equity’s Leading News Magazine • 3-7-16
