Ferrero-related Company to Acquire Nonni’s Bakery
WEXFORD, Pa., July 24, 2024 – Nonni’s Bakery (or the “Company”), a leading maker of artisanal biscotti type cookies and related snacks, announced today that CTH Invest SA, a Ferrero-related company, has agreed to acquire the Company from Vestar Capital Partners, a leading U.S. middle-market private equity firm. Terms of the transaction were not disclosed.
Founded in 1988, Nonni’s Bakery manufactures premium artisanal biscotti and baked goods specializing in indulgent chocolate and inclusions-enhanced biscotti and “Cantuccini-type” cookies. In addition to its signature biscotti, Nonni’s Bakery’s portfolio includes brands such as Nonni’s THINaddictives, Nonni’s Bites, La Dolce Vita, and its recently launched Nonni’s Snackers. Nonni’s Bakery has leveraged its premium biscotti expertise rooted in its Italian heritage to become a leading biscotti company in the U.S. Based in Wexford, Pennsylvania, the Company operates four manufacturing plants and has approximately 350 employees.
“The coming together of Nonni’s Bakery with the Ferrero extended family returns Nonni’s to its Italian roots and plants our great brands into the most fertile soil for continued growth and development,” said Mark Kleinman, CEO of Nonni’s.
The planned acquisition would strengthen the Ferrero presence in North America and continue its growth in the sweet-packaged food industry globally.
Houlihan Lokey served as financial advisor and Latham & Watkins LLP served as legal advisor to Nonni’s Bakery and Vestar Capital Partners.
About Nonni's Bakery
Nonni's Bakery is the artisan bakery for premium snack lovers, serving up a variety of high-quality baked goods that range from indulgent biscotti to better-for-you crisps. Nonni's Bakery delivers distinctive, satisfying textures and flavors worth savoring, baked from contemporary Italian recipes that celebrate the Italian spirit of eating and living well. For more information, please visit nonnis.com.
About CTH Invest SA
CTH Invest SA is a Ferrero-related Belgian Holding Company that owns iconic brands including Michel et Augustin in France, Burton’s Biscuit Company and Fox’s Biscuits in the UK, Kelsen Group in Denmark and Delacre Biscuits in Belgium.
Ferrero Group and its related parties is the third largest player in the worldwide chocolate confectionery industry.
Stratus Acquires Priority LLC, formerly Priority Sign, a Provider of Turnkey Brand Implementation Services
CLEVELAND, June 11, 2024 /PRNewswire/ -- Stratus, the leading facilities services and brand implementation services firm, today announced the acquisition of Priority LLC ("Priority"), from Rubelmann Capital. Headquartered in Sheboygan, WI, Priority is a global turnkey brand implementation provider. Terms of the transaction were not disclosed.
The addition of Priority brings together two branding leaders with complementary strengths and business models. By integrating the expertise, resources, and client base of Priority, Stratus is positioned to deliver further value to customers and expands its footprint in key markets. This acquisition represents the fourth strategic acquisition executed by Stratus since 2021.
"This acquisition aligns seamlessly with our strategic vision for growth while also combining two teams with very similar core values. Our customers will also benefit from the addition of Priority through an expanded global presence and combined expertise. It's a 'win' for everyone, and we welcome the Priority team to Stratus," said Tim Eippert, CEO of Stratus.
Founded in 1997, Priority helps companies brand their spaces through signage, graphics, and branded environments. The company has worked with well-known global companies across many business segments including financial services, fitness, telecommunications, restaurant, retail, healthcare, and corporate facilities.
"We've spent decades building this business and driving growth. This combination builds upon the strong foundation we've created and will seek to unlock the growth potential for our team by enhancing our service offerings to better meet the evolving needs of our customers," said Jody Linnig, CEO of Priority.
Godfrey & Kahn represented Stratus in the transaction. Citizens M&A Advisory served as exclusive financial advisor and Haynes and Boone represented Priority in the transaction.
About Stratus
Stratus is a leading brand implementation and facilities services company offering signage solutions, energy services, repair and maintenance programs, and refresh and remodel capabilities across 50 states and 24 countries. With more than 50,000 projects completed annually, the Company provides versatile solutions for some of the world's largest and most recognized brands. Headquartered in Mentor, Ohio, Stratus has additional operations centers in Illinois, Texas, Florida, and New Jersey and production facilities in Texas, South Carolina, and Illinois. Stratus is a portfolio company of Vestar Capital Partners. For more information, please visit www.stratusunlimited.com.
Tech24 Strengthens its Board of Directors with Three New Members
GREENVILLE, S.C., May 1, 2024 /PRNewswire/ -- Tech24 (or "the Company"), a national industry leader in commercial foodservice equipment repair and maintenance, announced today that Steve Don, Jennifer Mintman and Bill Viveen all recently joined the Company's Board of Directors. Tech24 is backed by private investment firms Vestar Capital Partners ("Vestar") and HCI Equity Partners ("HCI").
"Steve, Jennifer, and Bill all possess specific, differentiated skillsets gained from decades in their respective fields that will be advantageous to the Tech24 leadership team as it looks to accelerate organic and acquisitive growth while continuing to provide excellent service to its customers," said Nikhil Bhat, Co-Head of Investments at Vestar, and Doug McCormick, Managing Partner and CIO of HCI. "All three are executives we've worked with over the years, and we are confident that they will add immediate value to the Board."
Mr. Don is the CEO and President of Edward Don & Company (DON), a leading distributor of foodservice equipment and supplies and former Vestar portfolio company, bringing to the Board significant experience both with foodservice customers and in the commercial kitchen equipment space.
Ms. Mintman is a Senior Advisor at Vestar, and previously was the Chief Strategy Officer of Brightview, the nation's largest commercial landscaping services company. She was also the former General Manager of GE Consumer Home Services, a consumer appliance repair and replacement parts and service business, and brings to the Board decades of experience in route-based facility services.
Mr. Viveen is CEO of HCI's latest technical service rollup focused on the residential lawn care treatment market. He is also the former CEO of Heartland Home Services, one of the largest residential HVAC providers in the country. He brings to the Board a strong track record of creating value in service providers through M&A, effective integration, and organic growth initiatives.
Mr. Viveen joined the Board in 2024. Mr. Don and Ms. Mintman were appointed to the Board at the time of Vestar's investment in 2023.
"I welcome Steve, Jennifer, and Bill to the Board. Their deep experience in foodservice and route-based facilities services will help us achieve our vision of becoming a premier commercial kitchen equipment repair services platform by providing an excellent customer experience from an outstanding team of technicians and employees," said Dan Rodstrom, CEO of Tech24.
Vestar Capital Partners Closes $1.2 Billion Continuation Vehicle for Circana
NEW YORK, April 23, 2024 /PRNewswire/ -- Vestar Capital Partners ("Vestar"), a leading U.S. middle-market private equity firm, today announced the closing of a $1.2 billion single-asset continuation vehicle for its stake in Circana (or the "Company"), a leading global advisor on the complexity of consumer behavior. Blackstone Strategic Partners and HarbourVest Partners acted as lead investors in the transaction.
Vestar led a recapitalization of Information Resources Inc ("IRI"), Circana's predecessor, with IRI's original control shareholder New Mountain Capital ("NMC") in 2018. In 2022, IRI merged with NPD Group ("NPD"), a Hellman & Friedman ("H&F") portfolio company, to form Circana, now jointly owned by H&F, Vestar, NMC and management.
"We're excited to reaffirm our support of Circana and its management team through this innovative transaction, which will provide important new committed capital for growth and investment. Vestar partnered with New Mountain Capital and management to drive significant value creation at IRI, and to catalyze the merger with NPD to create Circana as a leading global technology, analytics and data provider with an outstanding management team and excellent economic model," said Dan O'Connell, Founder and CEO of Vestar. "We are pleased to offer existing investors the opportunity to redeem their ownership and generate liquidity at a very attractive return, or roll their interests into the continuation vehicle, while at the same time welcoming new investors to the Vestar family who have endorsed the future opportunity for Circana."
The market-based process established an attractive alternative for existing Vestar investors to consider full and partial liquidity or rollover while providing the Company with access to committed capital for accretive initiatives.
"We are pleased to continue our partnership with Circana's management and investor group as we see many more opportunities ahead for both organic and inorganic growth," said Norm Alpert, Founding Partner and President at Vestar. "More than 7,000 brands and retailers worldwide rely on Circana's unparalleled technology, advanced analytics and cross-industry data delivered at world-class speed to gain a complete view of consumers and their markets. We believe there are abundant opportunities for Circana to deepen its relationships with existing customers, while also expanding into new markets and regions, which will be fueled by this new investment."
"Circana, including the Vestar team, has done an incredible job building a mission-critical partner for the world's leading and most innovative brands and retailers across a broad range of industries. Partnering with Vestar to drive the next chapter of the company's growth is another example of our long-standing strategy to identify and invest behind key themes like information services, while partnering with leading managers to provide custom liquidity solutions," said Patrick Jennings, Managing Director at Blackstone Strategic Partners.
"We are excited to partner with Vestar on this significant transaction, which reflects our conviction on Circana's promising future," said Dustin Willard, Managing Director at HarbourVest Partners. "Our experience executing secondary processes aligned well with Vestar in order to provide existing investors with options for liquidity or extending their ownership of a company with strong growth potential."
Evercore and Jefferies LLC served as financial advisors and Kirkland & Ellis LLP served as legal advisor to Vestar on the transaction. Proskauer Rose LLP served as legal advisor to Blackstone Strategic Partners and Sidley Austin LLP served as legal advisor to Harbourvest Partners on the transaction.
Mid-Market Deal of the Year: Vestar Capital Partners and Edward Don & Co
Buyouts
Mid-Market Deal of the Year: Vestar Capital Partners and Edward Don & Co
By Gregg Gethard
Published April 1, 2024
Vestar Capital Partners' exit of foodservice equipment and services distributor Edward Don & Co was a rarity this past year, not just because of its sterling financial results, but also because it was acquired by a publicly traded strategic investor. According to sources familiar with the deal, wholesale food distributor Sysco acquired Edward Don for $1 billion, reflective of more than 3.5x growth in the company's enterprise value. What made Vestar's investment in Edward Don so successful and unique?
Find a family business
Vestar managing director and co-head of investment Nikhil Bhat says the manager took the steps to first identify a well-known company, followed by providing resources to Edward Don's well-regarded CEO, Steve Don, whose family started the company in 1921.
Essentially, Vestar found a successful family business and kept it a family business, and then focused on growth after its investment in 2017.
According to Vestar, it acquired Edward Don through Vestar Capital Partners VI, which closed on $814 million in 2013.
"We want to invest in management teams who know how to grow their business. We provide them with more capital and our know-how to allow them to do what they want to do," says Rob Rosner, Founding Partner at Vestar.
Edward Don's motto of "Everything but the food" reflects its expertise in providing supplies like glassware, plates, tablecloths and more to its customer base of restaurants, hotels, healthcare facilities and similar entities.
According to Bhat, Edward Don showed strong organic growth due to Steve Don's skills as an operator, in addition to his great relationships with customers and vendors, which continued after Vestar's investment.
But the company lacked a presence in certain regions of the country, allowing it to target add-on companies in the Pacific Northwest and elsewhere on the West Coast.
The company had not grown through acquisitions before Vestar's investment, Bhat says.
"We and Steve saw Edward Don as a strong platform for M&A. The company already had deep relationships with smaller family-owned businesses in the industry. We came in with capital and a playbook for analyzing and structuring accretive acquisitions," Bhat says.
Add-ons during Vestar's ownership included Myers Restaurant Supply, Shervan Colonel Equipment, Atlanta Fixture & Sales Co and Smith & Greene.
Pandemic effects
Every company even remotely connected to the foodservices industry faced fierce headwinds during the 2020 pandemic and resulting social shutdown. Bhat says Edward Don didn't just manage to survive the pandemic, but its quick pivoting set it up for future success.
"Performance during the pandemic was a testament to management's operational and strategic leadership. Demand significantly declined as people stopped dining indoors. Customers stopped buying glasses and plates, shifting their spend to hand sanitizer and takeout containers," Bhat says.
Understanding this shift allowed Edward Don to still deliver for its customers while protecting its balance sheet and cashflow, avoiding having to do a "slash and burn" to maintain stability and preserving its capital, according to Bhat.
Then once dining restrictions were lifted nationwide, Edward Don had enough dry powder and capacity to meet the overnight demand from its customers.
"Management's careful planning gave Edward Don the ability to be aggressive when customer demand was coming back. The company was able to overservice and overdeliver by investing ahead of the curve. If we had waited a few months longer, the company might have missed a big part of the resurgence," Bhat says.
Edward Don was also in place to weather the struggle to find drivers and warehouse operators once restrictions were lifted - along with the increased wages potential employees were seeking for their efforts.
Bhat says the company's strong culture, while keeping an eye on adding efficiencies for its existing labor pool and infrastructure, helped Edward Don attract talent.
"The company could have pulled back more on hiring. But we believe that would have been penny wise and pound foolish. You might protect EBITDA for a month or a quarter, but that doesn't help your customers. Edward Don took a long-term view and knew it needed to maintain its investment in people and logistics infrastructure to service its customers," Bhat says.
Vestar certainly helped the company grow its business - sources familiar with Edward Don say the firm's EBITDA grew nearly 3x.
But, more importantly, Vestar changed the company's story. This new narrative brought it to the attention of Sysco - a $39.8 billion giant in the adjacent food distribution industry.
"We've always endeavored that, in addition to growing earnings, we want to create a before-and-after picture for our investments. By the time we were looking to exit, there was a clear change in the profile of the company prior to our involvement," Bhat says.
Vestar Capital Partners Announces Promotions
NEW YORK, Feb. 1, 2024 /PRNewswire/ -- Vestar Capital Partners, a leading U.S. middle-market private equity firm, today announced the promotions of Wilson Orr and Ian Singleton from Vice Presidents to Principals, and Alyssa Stropoli from Senior Associate to Vice President.
"Vestar has a long history of homegrown talent and promoting from within, and we're proud to uphold that tradition with the promotions of Wilson, Ian and Alyssa," said Dan O'Connell, Founder and CEO of Vestar. "Wilson and Ian have played an integral role in sourcing our investments and working closely with our companies' management teams, while Alyssa has added depth to our IR team. We congratulate each of them on their promotions and look forward to their continued contributions to the firm."
Mr. Orr joined Vestar in 2017 as an Associate and supports the firm's investments across its core sectors, with a particular focus on healthcare. Prior to Vestar, he was an Analyst in the Diversified Industries Investment Banking Group at J.P. Morgan. Mr. Orr graduated summa cum laude from the University of North Carolina at Chapel Hill, where he was a Robertson Scholar, and received his BS in Business Administration from the UNC Kenan-Flagler Business School.
Mr. Singleton joined Vestar in 2019 as an Associate and also supports the firm's investments across its core sectors, with a particular focus on consumer. He previously was an Associate at Ares Management's U.S. Direct Lending Group. He began his career in the Financial Sponsors Group at Citigroup. Mr. Singleton graduated magna cum laude from Duke University with a B.A. in Psychology, a minor in Economics, and a certificate in Markets and Management Studies.
Ms. Stropoli joined Vestar in 2022 as a Senior Associate and is a member of the firm's Investor Relations team. Prior to joining Vestar, she was an Associate in Investor Relations at BC Partners, and previously she was an Associate on BlackRock's High Yield Portfolio Management team. Ms. Stropoli holds a BSc in Civil Engineering from Macaulay Honors College at CUNY, City College, and is a Chartered Financial Analyst (CFA).
Circana Announces Intent to Acquire Golf Industry’s Leading Independent Market Research Firm, Golf Datatech
CHICAGO and KISSIMMEE, Fla. – Jan. 23, 2024 –Circana™, formerly IRI and The NPD Group, today announced that it has entered into an agreement to acquire Golf Datatech, the golf industry’s leading independent market research firm. Golf Datatech tracks and delivers insights into golf retail sales, inventory, pricing, distribution, and consumer behavior across the U.S., U.K., Sweden, France, and Germany. Golf Datatech’s highly complementary, valuable data assets and talented team of industry experts will augment Circana’s existing sports tracking expertise and insights, broadening Circana’s coverage of the U.S. golf market to include all major channels of retail sales, including golf specialty, green grass shops, mass retailers, sporting goods, and e-commerce.
“We are thrilled to enter into this agreement with Golf Datatech to expand Circana’s sports tracking business with deeper insights into the golf market,” said Kirk Perry, president and chief executive officer of Circana. “Golf Datatech’s market leadership, combined with Circana’s existing capabilities, will provide clients with a more comprehensive view of the market and unmatched insights to drive their growth. This acquisition supports our strategy of providing clients with a complete view of the customer, store, and wallet across categories and geographies.”
Tom Stine, a founder and one of the three principal partners at Golf Datatech, said, “We are pleased and excited to join the talented team at Circana, advancing a shared vision of accurate and timely insights that empower companies to make informed decisions. When Golf Datatech was founded in 1995, there was very little on-/off-course data available. Over the last nearly 30 years, we have carved out a unique place in the global golf industry providing unbiased insights, and we look forward to bringing our expertise and proven track record of success to Circana to be able to offer more valuable insights and solutions to clients around the world.”
The closing of the transaction is subject to customary closing conditions and is expected to be completed by March 2024. Under the terms of the agreement, Golf Datatech will operate as a wholly owned subsidiary of Circana. Circana plans to integrate Golf Datatech’s data assets into their leading Liquid Data® technology platform.
Tech24 Partners with Total Tech Corporation
GREENVILLE, SC, January 15, 2024—Tech24, a national industry leader in commercial foodservice equipment repair and maintenance, has partnered with Total Tech Corporation, a regional leader in commercial kitchen equipment, refrigeration, and HVAC repair.
Based in Silverdale, Pennsylvania, Total Tech Corporation primarily serves restaurants across the Lehigh Valley, Eastern Pennsylvania, and the entire Tri-State area, including New Jersey, New York, Maryland, and Delaware. Total Tech Corporation offers installation and repairs to all makes of commercial foodservice, refrigeration, HVAC, and plumbing equipment.
“We continue to invest in the Northeast region and believe Total Tech Corporation brings a wide range of capabilities to better serve our shared customers across several important Northeast markets,” said Tech24’s CEO, Dan Rodstrom. “We are excited to welcome Total Tech Corporation into the Tech24 family.”
“I am excited as we embark on this new chapter, said Larry Gray, President of Total Tech Corporation. “We are filled with enthusiasm about the prospects that lie ahead. Combining our resources, expertise, and support to further our commitment to our employees, innovation, and customer satisfaction. By joining forces with Tech24, we are confident that we will be able to expand our capabilities, reach new markets, and deliver even greater value to our customers.”
360training Acquires Mortgage Educators and Compliance -- Expanding Expertise in Real Estate and Mortgage Lending
AUSTIN, Texas, Jan. 8, 2024 /PRNewswire/ -- 360training.com, Inc. (360), a prominent online regulated training provider specializing in financial services education, has successfully acquired Mortgage Educators and Compliance (MEC), a leading mortgage lending training company. This strategic move aims to bolster 360's comprehensive offerings in the financial services sector and further solidify its position as a frontrunner in providing top-tier educational resources for professionals in the industry.
360's CEO, Tom Anderson, expressed enthusiasm about the acquisition, stating, "We are thrilled to welcome MEC into the 360training family. This collaboration allows us to broaden our educational portfolio and provide an even more comprehensive suite of specialized training programs tailored to meet the evolving needs of financial services professionals."
This acquisition represents a significant milestone for 360, marking a dedicated commitment to enhancing the quality and scope of education available to financial services professionals, specifically within real estate and mortgage, in the United States. The union between 360 and MEC leverages the strengths of both entities, combining their expertise, resources, and experience to offer an unparalleled array of training programs and resources.
"With the acquisition of MEC, we underscore our dedication to pioneering online education tailored specifically for the lending industry. This integration bolsters our comprehensive training solutions, enriching our offerings for professionals navigating the complexities of financial services. By combining expertise and resources, we aim to elevate our ability to equip individuals and businesses within the lending sector with specialized knowledge and tools, empowering them to navigate the intricate landscape of financial services with confidence and excellence." – Samantha Montalbano, COO of 360training
With this acquisition, 360 is set to expand its course catalog, incorporating a diverse range of mortgage lending training modules, covering crucial topics such as lending regulations, underwriting practices, loan origination, and more. These offerings will equip professionals with the necessary knowledge and skills to navigate the dynamic landscape of the mortgage industry successfully.
About Mortgage Educators & Compliance
As a leader and recognized brand for over 14 years, Mortgage Educators & Compliance (MEC) is headquartered in American Fork, UT. MEC has been approved by the Nationwide Multistate Licensing System (NMLS) since 2009, teaching tens of thousands of students nationwide every year. As a leading CE provider, MEC specializes in online mortgage and financial services professional development, offering state-approved continuing education for Mortgage Loan Originators so they can provide services in the communities they serve. Their highly-rated course curriculum is maintained by national industry experts with years of experience in their fields. These courses are structured to provide learners with a top-tier education in a format that's both convenient and adaptable to their schedule.
Beyond delivering high-quality content, they provide comprehensive access to state licensing regulations and keep learners updated with the latest industry insights, ensuring a well-rounded educational experience.
About 360training
Established in 1997, 360training.com, Inc. is a trusted leader specializing in comprehensive online training solutions for individuals and businesses across various industries, including financial services, real estate, healthcare, and environmental health and safety. With innovative technology and a commitment to quality education, they offer accredited courses fostering safe and healthy communities. 360 has delivered over 11 million training plans across multiple brands, including Meditec, AgentCampus, VanEd, OSHAcampus, OSHA.com, Hard Hat Training, AdvanceOnline Solutions, ACLS, HIPAA Exams, TIPS, and Learn2Serve. Please visit www.360training.com or our social media accounts on Facebook, Twitter, and LinkedIn to learn more.
Tech24 Partners with 1-2-3 Equipment Solutions
GREENVILLE, SC, January 9, 2024—Tech24, a national industry leader in commercial foodservice equipment repair and maintenance, has partnered with 1-2-3 Equipment Solutions, a provider of commercial HVAC, refrigeration and kitchen equipment maintenance, service and installation.
Based in Chester, Virginia, 1-2-3 Equipment Solutions primarily serves restaurant and hospitality customers across Virginia and North Carolina by offering maintenance/repair and installation/replacement of HVAC, refrigeration, and hot-side kitchen equipment. The company also provides temporary cold storage solutions for planned maintenance and unplanned emergencies.
“1-2-3 Equipment Solutions takes care of its employees and customers, values we share at Tech24,” said Tech24 CEO, Dan Rodstrom. “We are excited to welcome 1-2-3 Equipment Solutions to our growing family of companies and look forward to working with Michael Hess and his team by investing in our employees and servicing our customers.”
“I am excited to join the Tech24 family and look forward to growing the 1-2-3 Equipment Solutions brand throughout the Mid-Atlantic and Southeast region,” Michael Hess, President of 1-2-3 Equipment Solutions, added. “We have grown significantly in recent years, and I know Tech24 will provide access to the resources we need to supercharge that growth in the years to come while maintaining high-quality service for our partners. This is an exciting next step for the 1-2-3 Team, its Partners, and the history of our company. It’s going to be a fun ride!”