Olympus Partners has acquired G.E.T. Enterprises, a provider of servingware and drinkware used in the foodservice industry. The buy of G.E.T. Enterprises is Olympus’ fifth investment out of its $2.3 billion sixth fund.
G.E.T. Enterprises’ products are by commercial foodservice providers in the restaurants, hotels, casinos, colleges and universities, nightclubs, and cruise lines sectors. The company has more than 3,500 SKUs and its products are made from melamine as well as ceramic, glass, and other disposable materials. G.E.T. Enterprises is headquartered in Houston (www.get-melamine.com).
“We are enthusiastic about the opportunity to partner with Olympus to continue to grow organically and to continue our acquisition strategy,” said Ms. Modaro, CEO of G.E.T. Enterprises.
Olympus has previously been active in servingware and drinkware industry. In August 2015 it sold The Waddington Group – a manufacturer of disposable drinkware, dinnerware, servingware, and cutlery – to Jarden Corporation for$1.35 billion. Olympus acquired Waddington from Seven Mile Capital Partners in October 2012.
“G.E.T. is a market leading player in the evolving food service industry that provides its customers differentiated products with a clear path to continued growth,” said Mike Horgan, Partner at Olympus. “We look forward to working with the very talented management team lead by CEO Heidi Modaro to help support the growth of the company through continued investment in the business and through strategic acquisitions.”
Olympus Partners, with $5.5 billion of capital under management, provides equity capital for middle market management buyouts and for companies needing capital for expansion. Sectors of interest include restaurants, consumer products, healthcare services, financial services, packaging and business services. The firm was founded in 1988 and is based in Stamford (www.olympuspartners.com).
Working on this transaction for Olympus, in addition to Mr. Horgan, was partner Manu Bettegowda, principal Chase Ormond, and associate Sam Greenberg.
Debt financing was provided by Antares Capital (www.antarescapital.com), Bank of Ireland (www.bankofireland.com), Varagon Capital (www.varagon.com), Rabobank (www.rabobankamerica.com) and NewStar Financial (newstarfinancialinc.com).
Legal counsel was provided to Olympus by Benjamin Clinger and Matthew Goulding from Kirkland & Ellis (www.kirkland.com).
© 2016 Private Equity Professional • 2-17-16