Staple Street Capital has acquired Delaware Valley Floral Group (DVFG) in partnership with the founding Wilkins family which will maintain an equity interest in the company.
DVFG is the largest supplier of fresh cut flowers and floral supplies across the Northeast and Mid-Atlantic regions and is one of the largest floral distribution and logistics company in the United States.
DVFG’s products, which are sold to retail florists, supermarkets, and mass retailers, include cut flowers, foliage and blooming plants, fresh cut greens, floral supplies, and selected gourmet products including bottled beverages, cheese, cookies, teas, coffee, and sausages.
DVFG, led by CEO Jack Chidester, is a third-generation family-owned business founded in 1959. The company has more than 350 employees and is headquartered near Philadelphia in Sewell, New Jersey, with additional sales and fulfillment facilities in New Jersey, Florida, and California. DVFG also has 11 distribution centers in the Northeast in New Jersey, New York, Maryland, Pennsylvania, Massachusetts, Connecticut, Virgina, and Ohio.
“In seeking the right partner, we were determined to find a firm that understood our core values, customer-first mindset, and passion for the pursuit of operational excellence. We are excited to embark on this journey with Staple Street, as they have a proven track record of empowering companies to reach new heights while preserving their unique identity and values,” said Mr. Chidester. “This partnership represents a significant milestone for our company and opens up a world of new growth possibilities moving forward.”
“We are thrilled to partner with the DVFG management team and to build upon the company’s strong foundation,” said Staple Street in a released statement. “From our first meeting, we felt a strong cultural alignment with the family and had a shared vision for the exciting growth opportunities for the business.”
Staple Street makes control investments of $25 million to $125 million in companies with revenues of $50 million to $500 million. Industries of interest include automotive; business services; chemicals; communications, media, and technology; consumer and retail; distribution and logistics; energy; financial services; healthcare; industrial and manufacturing. Staple Street was co-founded by Stephen Owens and Hootan Yaghoobzadeh and is based in New York City.
Staple Street is actively seeking other investment opportunities in the wholesale florist distribution sector as add-ons or independent platforms.
TM Capital was the financial advisor to DVFG on this transaction.
© 2023 Private Equity Professional | September 12, 2023
