Blackford Capital has acquired Snowhite Textile and Furnishings. This acquisition is Blackford’s latest investment from its National Growth Practice, which invests in companies throughout the United States.
Snowhite Textile and Furnishings is a provider of design, procurement, and project management services used to deliver furniture, fixture and equipment (FF&E); operating supplies; and other equipment to companies operating in the hospitality industry. Customers include La Quinta, Choice, Wyndham, and Hilton, among many others. Snowhite’s team, which includes experienced designers and project managers, operates out of a facility in Addison, IL that features model showrooms for customers to view room, lobby, breakfast and meeting room design options. The company was founded in 1985 by Dick Kapadia as a supplier of towels and linens to local hotels (www.esnowhite.com).
“Snowhite has a long history of serving the hospitality industry,” said Martin Stein, Founder and Managing Director of Blackford Capital. “Snowhite is known throughout the industry for its quality, customer service, and design capabilities. We see opportunities to leverage these strengths to grow the business and provide superior FF&E products to a broader set of customers. By partnering with the Snowhite team and incoming CEO Greg Kadens, a veteran in the space, we are confident that we can build upon Snowhite’s legacy as a leader in FF&E.”
Mr. Kadens, who has an extensive background in the hospitality industry, joined Snowhite in January. Most recently he was the President of Kalamazoo Outdoor Gourmet (based in Chicago), a maker of high-end outdoor kitchen equipment. Earlier in his career he held senior management positions with Kiefer Swim Products (Zion, IL), Block and Company (Wheeling, IL) and American Hotel Register (Vernon Hills, IL) where he was the Vice President of Furniture, Fixtures and Equipment from February 2007 to March 2012.
“I am thrilled to be partnering with Blackford Capital and the Snowhite team,” said Mr. Kadens, Snowhite’s new CEO. “We expect Snowhite to continue its reputation for strong design capabilities and customer service, and we anticipate that our partnership with Blackford will allow us to expand our team and enhance our product and service offerings. Ultimately, this will allow us to better serve our customers.”
Blackford Capital invests in middle-market manufacturing, distribution, and service companies in both mature and growing industries. Target companies will have revenues of $20 million to $100 million and EBITDAs of $2 million to $20 million. Blackford currently has 13 portfolio companies located across the United States. The firm has offices in Grand Rapids, MI (headquarters) and Santa Monica, CA (www.blackfordcapital.com).
Debt financing was provided by West Suburban Bank (www.westsuburbanbank.com) based in Lombard, IL.
© 2017 Private Equity Professional | March 24, 2017
