FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
 
Skip Navigation LinksHome / Articles / Read Article

Print

B. Riley & Co. Acts as Financial Advisor to R.W. Smith in TriMark USA Sale

Date: Jul 07, 2016 @ 07:24 AM
Filed Under: Industry News

B. Riley & Co., LLC served as the exclusive financial advisor to R.W. Smith & Co. in connection with its sale to TriMark USA, LLC. Terms of the transaction, which closed on June 30, 2016, were not disclosed.

Privately-held R.W. Smith provides foodservice supplies, equipment, and value-added services across a variety of end markets. Three generations of leadership have built the 81-year old, ESOP-owned company into a highly respected brand with leading market share in the southwest United States. R.W. Smith reported $101.9 million in sales for 2015, making it the 18th largest foodservice equipment and supplies dealer according to Foodservice Equipment & Supplies' (FE&S) 2016 Distribution Giants study. The San Diego-based company's complementary distribution, design & build and controlled environmental room divisions have cultivated independent reputations for providing turnkey solutions that help foodservice operators improve their bottom line.

"R.W. Smith's senior executives and board of directors selected B. Riley to represent the company following a thorough interview process," said Allan Keck, President of R.W. Smith. "The firm's sector expertise, history of working with privately-held businesses, and proven track record of maximizing shareholder value distinguished B. Riley as the clear choice to represent us. We are exceptionally pleased with the outcome."

B. Riley initiated, structured and negotiated the transaction on behalf of R.W. Smith. The deal team was led by Senior Managing Director Greg Presson, Director Chris Ankley, Vice President Grant Hustedt, Associate Noah Franz, and Analyst Patrick Haddan. The sale to TriMark USA, a portfolio company of private equity firm Warburg Pincus, provided the ESOP shareholders with liquidity and senior management with an opportunity to partner with the country's largest provider of equipment, supplies and design services to the foodservice industry.

"This transaction is a great result for R.W. Smith's shareholders and senior executives," said Presson. "TriMark USA represents the ideal buyer for R.W. Smith, as the partnership will allow the company to expand the scope of products and services it offers to its customer base."

South Attleboro, Massachusetts-based TriMark USA has a successful track record of acquiring privately-held companies in the foodservice equipment and supplies distribution sector. R.W. Smith's senior management team, including Allan Keck, Jay Kruger, Patrice Hagan, Gary Coburn, and Phil Summers, will continue to manage day-to-day operations.

"I am pleased to welcome R.W. Smith to the TriMark team," said Jerry Hyman, President and CEO of TriMark USA. "The acquisition complements TriMark's presence in Southern California, extends our distribution into the San Diego and Los Angeles markets, and adds depth in Texas, Arizona, and Florida."

B. Riley & Co., LLC is a leading investment bank which provides corporate finance, research, and sales & trading to corporate, institutional and high net worth individual clients. Investment banking services include initial, secondary and follow-on offerings, institutional private placements, and merger and acquisitions advisory services. The firm is nationally recognized for its highly ranked proprietary equity research. B. Riley & Co., LLC is a member of FINRA and SIPC.

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.