Palm Beach Capital has closed on its investment in Harold Levinson Associates, a full-line distributor to convenience stores and tobacco shops. The investment was made through Palm Beach Capital Fund III, a $133.5 million fund raised in 2011.
Harold Levinson Associates is a distributor to the convenience store industry and provides candy, cigarettes and cigars, and frozen and refrigerated foods, as well as its own Island Coffee brand of coffee products to approximately 12,500 customers located throughout the United States. Currently ranked as the 6th largest wholesaler to the convenience store industry, the company services its customers from six distribution centers located in New York, Massachusetts, Connecticut, New Jersey and Pennsylvania. The company was founded in 1977 and is headquartered on Long Island in Farmingdale, NY (www.hladist.com).
Palm Beach Capital makes control and non-control investments of $3 million to $20 million in companies with enterprise values from $10 million to $100 million and that have a minimum EBITDA of $3 million. The firm is both industry and location agnostic. Since founding in 2001, Palm Beach Capital has made investments in 41 companies and has approximately $325 million in total assets under management. The firm was founded in 2001 and has offices in West Palm Beach and Tampa (www.pbcap.com).
2014 PEPD • Private Equity’s Leading News Magazine • 10-6-14