Edward Don & Company Announces Investment by Vestar Capital Partners
WOODRIDGE, IL – March 2, 2017 – Edward Don & Company (“DON”), the world’s leading distributor of foodservice equipment and supplies, announced today that it is pleased to bring in a new capital investor, Vestar Capital Partners, to fund DON’s future growth, with a primary focus on geographic expansion and acquisitions. Terms of the investment were not disclosed. The transaction is expected to close in the first quarter of 2017.
Following Vestar’s investment, the Don family and members of senior management will retain a significant ownership stake in the company. Steve Don will remain CEO of the Company, and his senior management team will also remain in place. Owned and operated by the Don family since 1921, Edward Don & Company is the chosen supplier to all types of foodservice businesses including independent restaurants, national chains, health care, hospitality, country clubs, schools and universities, government institutions, and foodservice management.
“We were pleased to be selected by the Don family as a value-added capital partner to help the business grow. DON is the premier platform in the foodservice equipment and supplies industry and the only nationwide, fully integrated solution for customers today. Its management team, customer service organization, and state-of-the-art technology provide an unparalleled platform on which to build,” said Rob Rosner, co-president and founding partner of Vestar.
“For more than 95 years, DON has put customers first, delivering everything but the food,” said Steve Don, CEO. “In Vestar, we found a partner who not only brings fresh capital to the business but also has a deep appreciation for the customers, employees, and culture that have made us who we are today. Customers can expect the same high level of foodservice expertise, customer service and quality, innovative products from DON as we move forward with Vestar.”
“With Vestar’s deep expertise in the foodservice industry and our long history of working closely with family-owned businesses, we believe we can be a value-added partner to Edward Don & Company. We are excited to work with Steve and build on the success he and his family have had thus far,” said John Stephens, managing director and co-head of the Business Services and Industrial Products Group of Vestar.
Wells Fargo Securities, LLC acted as exclusive financial advisor to DON and Horwood Marcus & Berk served as legal counsel. Latham & Watkins LLP served as legal counsel to Vestar.
About Vestar Capital Partners
Vestar Capital Partners is a leading U.S. middle-market private equity firm specializing in management buyouts and growth capital investments. Vestar invests and collaborates with incumbent management teams and private owners to build long-term enterprise value, with a focus on Consumer, Healthcare, and Business Services and Industrial Products. Since Vestar’s founding in 1988, Vestar funds have completed 78 investments in companies with a total value of more than $46 billion. For more information, please visit www.vestarcapital.com.
About Edward Don & Company
Owned and operated by the Don family since 1921, Edward Don & Company is the world’s leading distributor of foodservice equipment and supplies. Headquartered in Woodridge, IL, the company is the chosen supplier to all types of foodservice businesses including independent restaurants, national chains, health care, hospitality, country clubs, schools and universities, government institutions, and foodservice management. DON, with approximately 1,100 employees, operates a nationwide distribution network supported by six full-service distribution centers – in Philadelphia, Ft. Lauderdale, Atlanta, Chicago, Dallas, and Los Angeles – and also owns and operates its own transportation fleet. DON serves national and multi-unit account programs with flexible, customized solutions that meet the needs of both the corporate office and the individual units. DON’s Foodservice Equipment Division offers full service kitchen design, equipment purchasing, and installation. For more information, please visit www.don.com
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Media Contacts for Vestar Capital Partners:
Owen Blicksilver Public Relations, Inc.