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Audax Sells TriMark to Warburg Pincus

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trimark nf1Audax Group has completed the sale of TriMark USA, a supplier of foodservice equipment, to Warburg Pincus.  Audax acquired TriMark from Bradford Equities in November 2006.

TriMark USA is a provider of equipment and supplies to the restaurant, institutional, government, hospitality, entertainment, and other foodservice markets.  Products include kitchen equipment; kitchen supplies; dinnerware; glassware; flatware; bar equipment and supplies; buffet and catering; furniture; disposables; janitorials; and chemicals.  The company is headquartered in South Attleboro, MA (www.trimarkusa.com).

During the term of Audax’ ownership, TriMark completed six add-on acquisitions and revenue has grown from $260 to over $1 billion.  “Audax Group’s expertise in helping us execute our buy and build strategy was essential for growing TriMark into the largest player in the industry,” said Jerry Hyman, CEO of TriMark.

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.  Audax has over $6 billion in assets under management in its private equity, mezzanine, and senior debt businesses. The firm was founded in 1999 and has offices in Boston and New York (www.audaxgroup.com).

Geoffrey Rehnert nf3“Jerry and the TriMark team have done an exceptional job growing the company organically and through six acquisitions to create the clear leader in the industry and a company capable of serving both local markets and national accounts,” said Geoffrey Rehnert, Co-CEO of Audax Group.  “We wish TriMark continued success on the next leg of growth with its new partner.”

Warburg Pincus has more than $35 billion in assets under management and has raised 13 private equity funds which have invested more than $48 billion in approximately 700 companies in 35 countries. The firm was founded in 1966 and is headquartered in New York with offices in Amsterdam, Beijing, Frankfurt, Hong Kong, London, Luxembourg, Port Louis, Mumbai, San Francisco, Sao Paulo and Shanghai (www.warburgpincus.com).

Jefferies & Company and Wells Fargo advised TriMark.  Ropes and Gray served as legal counsel to TriMark, and Kirkland and Ellis served as legal counsel for Warburg Pincus.

© 2014 PEPD • Private Equity’s Leading News Magazine • 8-26-14

Windjammer Exits Automatic Bar Controls

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wunder nfWindjammer 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.

postmix_energyAutomatic 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

Summit Partners Acquires Parts Town

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partstown nfSummit Partners has made a majority investment in Parts Town, a distributor of repair and maintenance equipment parts for the restaurant and foodservice equipment sectors. Parts Town’s founder Bill Reedy, CEO Steve Snower, and the management team will remain sizeable shareholders in the company.

The strategy of Parts Town is to partner with manufacturers of commercial cooking, refrigeration, ice, and beverage equipment to improve their parts supply chain, improve customer service, and grow parts sales. Parts Town has been recognized by Inc. Magazine as one of America’s fastest-growing private companies for five consecutive years. Parts Town was founded in 1987 and is based near Chicago in Addison, IL (www.partstown.com).

“Parts Town is changing the distribution channel by providing manufacturing partners with technology, customer service and logistical support to improve sales and customer retention,” said Joe Trustey, a Managing Director with Summit Partners.

Summit Partners provides private equity and venture capital for growth companies. Founded in 1984, Summit has raised more than $15 billion in capital and has provided equity, recapitalization, and management buyout financing to more than 380 companies across a range of industries. Summit Partners has offices in Boston, Palo Alto, London, and Mumbai (www.summitpartners.com).

“We welcome this partnership with Summit Partners,” said Parts Town CEO Steve Snower. “Our company prides itself on a culture of change, innovation, and accomplishment. Summit shares our core values and the ambition we have for this business. Our new investors bring decades of experience building, growing, and leading world-class companies. I look forward to partnering with them to scale Parts Town to new levels of success.”

Weil Gotshal & Manges provided legal counsel and Ernst & Young provided accounting services to Summit Partners. Kirkland & Ellis served as legal counsel and Metronome Partners provided financial advisory services to Parts Town.

© 2014 PEPD • Private Equity’s Leading News Magazine • 1-15-14

KRG Capital Partners Acquires Franklin Machine Products

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Diversified Foodservice Supply, a portfolio company of KRG Capital Partners, has acquired Franklin Machine Products, a distributor of foodservice repair parts.

Franklin Machine Products (FMP) was founded in 1918 and is a distributor of foodservice repair parts and accessory items.  FMP has more than 13,000 SKU’s and operates out of 160,000 square feet of facility space in Lumberton, NJ (headquarters) and Las Vegas, NV (www.fmponline.com).

Diversified Foodservice Supply is a distributor parts, supplies, equipment, and accessories used in the foodservice industry.  The company services many markets including restaurant equipment and supplies dealers, service agencies, restaurants, and institutions. The company is headquartered in Mt. Prospect, IL and has five distribution facilities located across the United States (www.allpointsfps.com)

KRG specializes in acquiring and recapitalizing unique and profitable middle-market companies. Since inception, KRG has invested in 44 platform companies and has completed 131 add-on acquisitions for those platforms.  Founded in 1996, KRG has over $4 billion of capital under management and is based in Denver (www.krgcapital.com).

© 2012 PEPD • Private Equity’s Leading News Magazine • 12-12-12

Warburg Pincus Exits Scotsman Industries

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ALI Group, a designer, manufacturer, marketer and servicer of commercial and institutional foodservice equipment, has reached an agreement to acquire Scotsman Industries, the largest commercial ice machine company in the world, from Warburg Pincus.

In May 2009, Warburg Pincus completed the $160 million acquisition of Scotsman Industries from The Manitowoc Company.  The Manitowoc Company had acquired the global ice machine businesses comprising Scotsman Industries as part of its 2008 acquisition of Enodis but was subsequently required to divest the businesses to satisfy regulatory conditions of various jurisdictions related to the Enodis acquisition.

Scotsman Industries is the largest global manufacturer of commercial ice machines with related products including storage bins, ice and water dispensers, industrial ice machines, high-end residential ice machines, blast chillers and commercial refrigeration units. The company’s products are sold under two global brands, Scotsman and Ice-O-Matic, and a number of regional brands.  Scotsman distributes its products in more than 100 countries to a range of end market customers that include quick-service and full-service restaurants, hotels and hospitality venues, health care facilities, food retailers and education, government and military facilities. The company has five manufacturing facilities, over 800 employees, 10 sales offices, 1,000-plus distributors, and more than 5,000 service technicians.  Scotsman Industries is based in Vernon Hills, IL (www.scotsmanindustries.com).

“Chairman and Chief Executive Officer, David McCulloch, and the Scotsman management team have built a terrific business and we are proud to have been associated with them.  We are pleased that they will be joining forces with the ALI Group, a world-class provider in the foodservice equipment industry, which will enable them to build on their success,” said Warburg Pincus’ Managing Director, David Barr.

Warburg Pincus has more than $30 billion in assets under management and has raised 13 private equity funds which have invested more than $40 billion in approximately 650 companies in 30 countries. The firm was founded in 1966 and is headquartered in New York with offices in Amsterdam, Beijing, Frankfurt, Hong Kong, London, Luxembourg, Mauritius, Mumbai, San Francisco, Sao Paulo and Shanghai (www.warburgpincus.com).

The ALI Group designs, manufactures, markets and services a line of commercial and institutional foodservice equipment used by major restaurant and hotel chains, independent restaurants, hospitals, schools, airports, correctional institutions, and canteens.  The Group employs over 7,000 people in 24 countries and has 48 manufacturing facilities in 14 countries and sales and service subsidiaries in Europe, North America, Russia, Japan, China, the Middle East, Australia and New Zealand.  The ALI Group is headquartered in Milan, Italy (www.aligroup.it)

Brookwood Associates acted as financial advisors to the ALI Group.  Alston & Bird acted as legal advisors for the ALI Group.  Willkie Farr & Gallagher acted as legal advisors to Scotsman Industries.

© 2012 PEPD • Private Equity’s Leading News Magazine • 11-7-12

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