Harris Williams Advises Brady Industries on its Sale to Individual FoodService

Rhea-AI Summary

Harris Williams has successfully advised Brady Industries on its acquisition by Individual FoodService, a move that positions Brady as a leading distributor in foodservice disposables and janitorial products. This transaction reflects a strong investor interest in the specialty distribution sector, emphasizing operational excellence and customer service. Brady has a rich history since 1947 and operates over 26 locations across the U.S. AMCP, Brady's parent company, manages $1.8 billion in assets and focuses on middle-market transactions. This partnership marks a significant growth opportunity for both companies.

Positive

• Merger creates a leading distributor in foodservice disposables and JanSan products.
• Strong investor interest noted in specialty distribution sector.
• Brady's operational excellence and customer service highlighted.

Negative

• None.

Harris Williams, a global investment bank specializing in M&A advisory services, announces it advised Brady Industries (Brady), a portfolio company of A&M Capital Partners (AMCP), on its sale to Individual FoodService (IFS), a portfolio company of Kelso & Company (Kelso). Brady is a full-line janitorial supply, equipment and foodservice distributor. The transaction was led by Bob Baltimore, Graham Gillam, Pete Morgan and Maury Nolen of the Harris Williams Specialty Distribution Group.

“The combination of Brady and IFS creates a leading distributor of foodservice disposables and JanSan products within a specialty distribution industry with strong investor interest for high quality assets,” said Bob Baltimore, a managing director at Harris Williams. “Brady and IFS now bring together two companies that stand out for their customer service, immense product expertise, operational excellence and devoted leadership teams.”

“It was a pleasure working with the teams at Brady and AMCP during this transaction,” added Graham Gillam, a director at Harris Williams. “We look forward to seeing what Brady accomplishes in partnership with IFS during this next chapter of growth.”

Brady has been pioneering the way products and solutions are delivered to cleaning and foodservice professionals since 1947. At the heart of Brady’s operation is a community-minded culture driven by a workforce of more than 500 employees currently in 26 locations throughout Arizona, Arkansas, California, Colorado, Idaho, Kansas, Maryland, Missouri, Nevada, New Mexico, Oklahoma, Texas, Tennessee, Utah and Washington, D.C., including its original Las Vegas headquarters. Brady’s approach to partnership is unique by providing integrated customer support, expertise, technical support and service across a full spectrum of customer needs including extensive facility offerings, complete dish machine and laundry machine service, equipment sales, rentals and service, and foodservice supplies. Brady provides these specialized solutions for customers in key commercial market segments including hospitality, education, healthcare, government, building service contractors and more.

AMCP is Alvarez & Marsal Capital’s flagship investment strategy focused on middle market control transactions in North America with total assets under management of $1.8 billion. AMCP has a strong and referenceable track record of serving as a trusted partner to founders, corporates and management teams, providing the capital and strategic assistance required to take businesses to the next level of success. AMCP invests in businesses across a wide range of sectors including business services, industrials, manufacturing, food and beverage, healthcare, consumer and retail, government services, financial services, and energy services.

Headquartered in Bell, California, IFS distributes paper, plastic, packaging, food, janitorial, sanitation and smallware products to restaurants, healthcare facilities, hospitality establishments, schools and universities, government institutions, wholesalers, food processors, and foodservice management institutions. Since its early beginnings as one of the very first Dixie cup distributors in Southern California, IFS has dedicated itself to offering a broad and unique array of goods at competitive prices with a heavy emphasis on integrity, while providing clients with excellent, honest service through comprehensive industry, product and supply chain expertise.

Kelso is one of the oldest and most established firms specializing in private equity investing. Since 1980, Kelso has invested over $15 billion of equity capital in 130 transactions. Kelso was founded by the inventor of the Employee Stock Ownership Plan (ESOP) and, as a result, the principles of partnership and alignment of interest serve as the foundation of the firm’s investment philosophy. Kelso benefits from a successful investment track record, deep sector expertise, a long-tenured and stable investing team, and a reputation as a preferred partner to management teams and corporates. Kelso has significant experience investing in distribution, having deployed over $2 billion of equity capital in the sector. The firm is based in New York.

Harris Williams, an investment bank specializing in M&A advisory services, advocates for sellers and buyers of companies worldwide through critical milestones and provides thoughtful advice during the lives of their businesses. By collaborating as one firm across Industry Groups and geographies, the firm helps its clients achieve outcomes that support their objectives and strategically create value. Harris Williams is committed to execution excellence and to building enduring, valued relationships that are based on mutual trust. Harris Williams is a subsidiary of the PNC Financial Services Group, Inc. (NYSE: PNC).

Harris Williams’ Specialty Distribution Group has experience across a variety of sectors, including automotive and heavy duty aftermarket; building products; consumer; electrical and communications; foodservice; healthcare; industrial; and technology. For more information on the firm’s Specialty Distribution Group, visit the Specialty Distribution Group’s section of the Harris Williams’ website.

Harris Williams LLC is a registered broker-dealer and member of FINRA and SIPC. Harris Williams & Co. Ltd is a private limited company incorporated under English law with its registered office at 8th Floor, 20 Farringdon Street, London EC4A 4AB, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. Corporate Finance Advisors GmbH is registered in the commercial register of the local court of Frankfurt am Main, Germany, under HRB 107540. The registered address is Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany (email address: hwgermany@harriswilliams.com). Geschäftsführer/Directors: Jeffery H. Perkins, Paul Poggi. (VAT No. DE321666994). Harris Williams is a trade name under which Harris Williams LLC, Harris Williams & Co. Ltd and Harris Williams & Co. Corporate Finance Advisors GmbH conduct business.

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FAQ

What was the transaction involving Brady Industries and Individual FoodService?

Harris Williams advised Brady Industries on its acquisition by Individual FoodService, enhancing its position in the foodservice distribution market.

Who advised on the sale of Brady Industries?

Harris Williams, a global investment bank specializing in M&A advisory, provided advisory services for the sale.

When was the acquisition of Brady Industries by Individual FoodService announced?

The acquisition was announced on January 4, 2021.

What does Brady Industries do?

Brady Industries is a full-line janitorial supply and foodservice distributor, serving various commercial market segments.

What is the significance of the merger for shareholders of PNC?

The merger indicates strategic growth and market expansion in the specialty distribution sector, potentially enhancing shareholder value.