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!”
Accanto Health Appoints Dr. Tom Britton as Chief Executive Officer
ST. PAUL, Minn., Jan. 08, 2024 (GLOBE NEWSWIRE) -- Accanto Health, a national leader in eating disorder specialty care and behavioral health services, announced the appointment of veteran behavioral health executive Dr. Tom Britton as CEO this week. Accanto Health encompasses renowned brands: The Emily Program, Veritas Collaborative, and Gather Behavioral Health.
"As the awareness of eating disorders and the need for quality, compassionate care continues to grow, it's vital to have our next leader be someone who understands multi-site behavioral health care services and appreciates the unique needs of clients, families, and staff," said Dirk Miller, Executive Chair of Accanto Health and Founder of The Emily Program. "Tom's passion for behavioral health and his commitment to excellence in care and walking beside those we serve make him the right fit to lead us forward."
Britton expressed his excitement about joining Accanto Health, stating, “It is an incredible honor and privilege to join Accanto Health in the role of CEO. The merger of The Emily Program and Veritas Collaborative as well as the launch of Gather Behavioral Health has provided individuals in this country living with eating disorders comprehensive access to care and the tools necessary to enjoy a life of recovery.”
With over 30 years in the behavioral health field, Britton’s extensive clinical and leadership history aligns with Accanto Health’s longstanding commitment to delivering compassionate, evidence-based clinical and business processes, contributing to a high standard of care and positive client experience across its expanding program offerings. Previously, Britton served as CEO of American Addiction Centers and as President and CEO of Gateway Foundation. His introduction to eating disorders occurred earlier in his career when he held operational leadership positions in the eating disorders division of CRC Health, now part of Acadia Healthcare.
On a personal level, he feels passionate about behavioral health in part due to his own experience with addiction and recovery. “I believe all people hold the innate potential to improve their life and the lives of those around them,” said Britton. “I will work tirelessly with the Accanto Team to grow and expand our vision of helping all in need. We are uniquely positioned to meet the evolving needs of those we serve.”
About Accanto Health
Accanto Health, based in St. Paul, Minnesota, is a national healthcare company specializing in eating disorders and related disorders. The company includes leading eating disorder treatment brands: The Emily Program and Veritas Collaborative, and a new outpatient group practice, Gather Behavioral Health. Recognizing that one size does not fit all, Accanto Health programs provide exceptional, individualized care for children, adolescents, and adults with eating disorders and other behavioral health conditions in a gender-diverse and inclusive environment. Services incorporate an array of individual, group, and family therapy, nutrition, psychiatry, medical care, yoga, education, and support services. The company offers services across a full continuum of care, including inpatient, residential, partial hospitalization, intensive outpatient, and outpatient. If you or someone you know is struggling, call 888-364-5977 or visit accanto.com.
Inside the Exit: How Vestar Grew Foodservice Business During COVID Lockdowns and Sold it to Sysco
PE Hub
Inside the exit: How Vestar grew foodservice biz during covid lockdowns and sold it to Sysco
By Obey Martin Manayiti
Published December 14, 2023
After a six-year hold, New York headquartered Vestar Capital Partners recently sold Edward Don & Co, a Woodridge, Illinois-based distributor of foodservice equipment and supplies, to Houston-based Sysco Corporation. PE Hub caught up with Nikhil Bhat, a managing director and co-head of investments at Vestar. Bhat detailed Don's growth strategy in a fragmented sector and discussed the subsequent recovery of the dining, travel and leisure sector after the pandemic lockdowns.
What was Vestar's strategy for growing Don?
Prior to our investment, Don had been a family-owned and family-operated business. Led by CEO Steve Don, the company had an established track record of organic growth, pairing a customer-first culture with forward thinking investments in systems, infrastructure and people to build what we believed was one of the best-operated companies in the space.
Steve was looking to bring on a capital partner to help drive an inorganic growth strategy; the foodservice equipment and supply distribution industry was highly fragmented and ripe for consolidation, and we shared his and his team's view that Don would serve as a high-quality platform for acquisitive growth. So, our primary investment thesis was to catalyze an acquisition strategy to help Don expand its geographic presence and add capabilities, while continuing to invest behind organic growth.
What role did add-ons play in growing Don?
Don made four acquisitions during our partnership [Myers Restaurant Supply, Shervan Colonel Equipment, Atlanta Fixture & Sales Co and Smith & Greene]. Our approach was to fully integrate acquisitions in order to support customer service levels and facilitate tight operational execution, so it's tough to split out precisely, but acquisitions represented a significant minority of the company's earnings growth during Vestar's investment.
What drove Don's growth?
Don grew pretty much across the board but there were a couple of areas that stood out. The company did a great job servicing multi-unit accounts - basically, growing regional restaurant chains that appreciated Don's high touch, integrated service, and valued the company's ability to grow alongside them as they expanded their own footprints. For similar reasons, Don also experienced strong traction with large national customers.
From a product perspective, disposables were a meaningful growth driver - restaurants invested heavily in takeout and delivery during the pandemic, and these channels' popularity has sustained even with the return of in person dining.
During the depths of the pandemic, when supply chains were disrupted and demand was ebbing, Don maintained its investment in inventory, fill rates and service levels to make sure customers got what they needed, when they needed it.
This customer-first mentality really paid dividends when the dining, travel and leisure markets recovered.
How did the deal with Sysco come together?
For confidentiality reasons, I can't comment on the specifics of the transaction. But in general, we believe management did a great job of creating a highly strategic asset - a fully integrated leader in the foodservice equipment and supplies distribution space with strong customer relationships, high-quality systems and logistics infrastructure, and a number of attractive avenues for continued growth. Both Sysco and Don saw the value in joining forces to provide their customers with even better service and a broader product assortment, which led to a great outcome for Don and Vestar
How did Don fit into your portfolio?
Vestar employs a thematically-oriented investment and go-to-market strategy, focused on opportunities where we believe we can add differentiated value to help management teams achieve their growth ambitions. We also pride ourselves on being good partners to family- and founder-owned businesses, with an approach that's designed to support growth and value creation while enhancing, not leaving behind, the culture that made those businesses so successful in the first place. Given our thematic focus in foodservice and route-based services, and Don's history as a family-owned business with a rich culture that was key to its success, the investment was a great fit for Vestar.
Are you planning to invest in this sector again?
We plan to continue to be active in both food service and route-based services. The secular trends and value creation levers that initially attracted us to Don continue to be relevant today, and given Vestar's deep sector experience, we believe we can be value-added partners to companies and management teams in both of these markets.
To that end, in October, Vestar announced an investment in Tech24, a leading commercial foodservice equipment repair and maintenance provider. Though it's a very different business, the value creation thesis shares many similarities to what made the Don investment so successful.
Vestar also has an existing investment in Roland Foods, a leading specialty foods importer. So, while we're unlikely to find another foodservice equipment and supplies distributor that stacks up to the high bar set by Don, we're certainly planning to leverage the experience and learnings from this investment as we pursue new opportunities in adjacent spaces.
Vestar Capital Partners Completes Sale of Edward Don & Company to Sysco
NEW YORK, Dec. 4, 2023 /PRNewswire/ -- Vestar Capital Partners ("Vestar"), a leading U.S. middle-market private equity firm, announced that it has completed the sale of Edward Don & Co. ("DON" or "the Company"), a leading distributor of foodservice equipment and supplies, to Sysco Corporation. Terms of the transaction were not disclosed.
"It's been a privilege to support Steve Don and DON management to help them achieve their growth objectives," said Rob Rosner, Founding Partner at Vestar. "When we originally invested in the business, we believed we were backing one of the strongest management teams and one of the highest-quality platforms in the foodservice equipment & supplies distribution space. That thesis has proven out many times over the years, and this successful outcome is yet another proof point."
"We're incredibly proud of what DON was able to accomplish during our partnership," added Nikhil Bhat, Co-Head of Investments at Vestar. "The Company continued its long track record of successful organic growth and established itself as a premier platform in its industry, all while navigating a disruptive global pandemic. We're grateful to the DON team for their leadership and hard work over our nearly 7-year partnership together in delivering this terrific outcome."
Over the course of Vestar's investment, DON expanded its footprint, secured significant new customers, and meaningfully grew revenue and earnings. DON will operate as a standalone specialty division within Sysco, and DON CEO and President Steve Don will continue to manage the business alongside DON's leadership team.
"Vestar was a great partner to DON during a period of both unprecedented growth, but also unprecedented pandemic-related challenges, for our Company," said Mr. Don. "We appreciate Vestar's support of our customer-focused, service-oriented, integrated growth strategy over the past years, and look forward to continuing to deliver for all DON stakeholders in our exciting next chapter with Sysco."
J.P. Morgan Securities LLC and William Blair served as joint lead financial advisors to Edward Don & Company and Vestar. Kirkland & Ellis LLP served as legal advisor to Edward Don & Company and Vestar.