Richmond, Va. — Marriott & Co., a premier middle market investment banking firm based in Richmond, VA, is pleased to announce the addition of Jake Kramer as an Analyst in the firm’s Richmond headquarters.
Prior to joining Marriott & Co., Jake graduated with distinction from The Pennsylvania State University where he received a Bachelor of Science degree in Finance from the Smeal College of Business. Jake previously completed numerous summer internships in accounting and finance, including serving as a Private Equity Summer Analyst at Cypress & Kingwin Capital Group in Hong Kong, China. He was also the President and Founder of The Penn State Hedge Fund Club, as well as a member of The Penn State Investment Association.
With seven closed investment banking deals over the past two years, Marriott & Co. continues to distinguish itself as one of the most active independent boutique investment banks in advising closely-held private companies with EBITDA between $1 to $10 million.
“We are delighted to add Jake to our team and look forward to his contributions to the continued growth and success of the firm,” said Justin Marriott, Managing Director of Marriott & Co., “This addition will enable the firm to expand its already impressive client base of family-held businesses and entrepreneurial business owners across the U.S.”
About Marriott & Co.:
Headquartered in Richmond, Virginia, Marriott & Co. (www.marriott-co.com) is a premier, independent boutique investment-banking firm focused on advising closely held private companies across a wide variety of industries. The firm provides merger and acquisition advisory and capital raising services primarily to family-held businesses and entrepreneurial business owners in the middle market. Marriott & Co.’s unique entrepreneurial culture enables the firm to tailor its services to meet the needs of its clients, and the firm’s professionals have an unparalleled understanding of the challenges and opportunities facing these companies and their owners today. By delivering senior banker attention, a high-touch approach to client service and best-in-class process execution to every assignment it undertakes, Marriott & Co. has established a long track record of closing successful transactions for clients all over the U.S.
For Immediate Release
Marriott & Co. Serves as Exclusive Financial Advisor to Strategic Pharma Solutions.
Richmond, VA, January 5, 2015
Richmond, Va. — Marriott & Co., a premier middle market investment banking firm based in Richmond, VA, is pleased to announce that it served as the exclusive financial advisor to Strategic Pharma Solutions, LLC (“SPS” or the “Company”) in its recapitalization led by affiliates of Periscope Equity LLC (“Periscope”), a private equity firm based in Chicago, in a transaction that closed on December 15, 2014. Periscope partnered with management to make a significant investment in the Raleigh, NC-based company. Debt financing and an equity co-investment was provided by Indianapolis-based Centerfield Capital Partners (“Centerfield”). Terms of the transaction were not disclosed.
Founded in 2007, healthcare communications agency SPS tailors communications solutions for pharmaceutical, medical device and biotechnology companies across the United States through its digital, scientific and creative offerings. The agency also specializes in brand strategy and market development for products coming to market or currently on the market. SPS has achieved extraordinary growth under the leadership of its management team led by Founder and CEO Paul Bonavita and President Courtney Kaprelian.
“I am excited to work with Periscope and believe they are the perfect partner to assist in the growth and direction of our business in the coming years,” said CEO and Founder of SPS, Paul Bonavita, “I would also like to thank the Marriott & Co. team for their hard work and professional guidance during the transaction process. Justin and his team played a critical role in ensuring that SPS found an investment group that understands our unique business model and will add significant value in the future.”
“We are thrilled to work with Paul, Courtney and the rest of the SPS team, and we look forward to continuing to build on the success of the company for many years to come,” said Steve Jarmel, principal of Periscope, “We also enjoyed working with the Marriott & Co. team and appreciate their efforts in facilitating a smooth process and timely closing.”
Justin Marriott, Managing Director of Marriott & Co., added, “We truly enjoyed working with the entire SPS team. We are honored that SPS provided us with the opportunity to advise the company on this important milestone, and I am thrilled that we were able to have such a successful outcome.”
About Strategic Pharma Solutions:
Founded in 2007, Strategic Pharma Solutions, LLC is a Raleigh-based healthcare communications agency focused on bringing clients tailor-made, strategic solutions for their marketing and communications needs. Specializing in digital, strategy, scientific and creative, SPS boasts a scaled agency model that eliminates high overhead costs for customers. With a dedicated staff of 25 persons and a network of more than 40 diverse industry experts, SPS is able to remain nimble and flexible in its approach while keeping the client top of mind in all that we do. For more information, visit www.strategicpharmasolutions.com.
About Marriott & Co.:
Headquartered in Richmond, Virginia, Marriott & Co. (www.marriott-co.com) is a premier, independent boutique investment-banking firm focused on advising closely held private companies across a wide variety of industries. The firm provides merger and acquisition advisory and capital raising services primarily to family-held businesses and entrepreneurial business owners in the middle market. Marriott & Co.’s unique entrepreneurial culture enables the firm to tailor its services to meet the needs of its clients, and the firm’s professionals have an unparalleled understanding of the challenges and opportunities facing these companies and their owners today. By delivering senior banker attention, a high-touch approach to client service and best-in-class process execution to every assignment it undertakes, Marriott & Co. has established a long track record of closing successful transactions for clients all over the U.S.
For Immediate Release
Marriott & Co. Serves as Exclusive Financial Advisor in Management Buyout of Cox Transportation Services.
Richmond, VA, September 25, 2014
Richmond, Va. — Marriott & Co., a premier middle market investment banking firm based in Richmond, VA, is pleased to announce its advisory role in the management buyout of Cox Transportation Services, Inc. and related entities (“CTS” or the “Company”) in a transaction that closed on September 22, 2014. Marriott & Co. served as the exclusive financial advisor to the management team of CTS led by Jay Smith (the “Management Team”) and also assisted in procuring the financing for the transaction, which comprised senior debt from Capital One Bank and mezzanine debt from F.N.B Capital Partners, L.P. (“FNBCP”). Terms of the transaction were not disclosed.
Established in 1982, CTS provides freight hauling and brokerage services to customers in a diversified group of industries across the U.S. CTS specializes in transporting time-sensitive full truckload freight on a local, regional and national basis. The Company also operates a brokerage division that serves carriers and freight customers with logistics optimization services. CTS is based in Ashland, VA.
Jay Smith, President of CTS, said, “I am extremely bullish on the future of CTS, and I am thrilled about the opportunity to continue leading the Company as we embark on our next phase of growth. I would like to thank Marriott & Co. for the tremendous job they did to ensure the transaction closed on time and in a manner that positions our company for continued success with two strong new financial partners in Capital One Bank and FNBCP.”
“We are extremely excited to help support the growth and new ownership at CTS,” noted Stephen Gurgovits, Jr., Managing Partner of FNBCP. “Backing Jay Smith and his team allowed for a smooth transition of ownership. We expect Jay and the CTS team to capitalize on the increasing trucking demand in the United States through its carrier and logistical broker services.”
“We thoroughly enjoyed working with Jay Smith and the rest of the CTS team on this important transaction,” said Justin Marriott, Managing Director of Marriott & Co., “I know that the Company is poised to continue its strong growth, and we and hope to work together again in the future.”
About Cox Transportation Services:
Headquartered in Ashland, VA, Cox Transportation Services (www.truckingforamerica.com) is a leading provider of freight hauling and brokerage services to customers in a diversified group of industries across the U.S. CTS specializes in transporting time-sensitive full truckload freight on a local, regional and national basis. The Company also operates a brokerage division that serves carriers and freight customers with logistics optimization services.
About Marriott & Co.:
Headquartered in Richmond, Virginia, Marriott & Co. (www.marriott-co.com) is a premier, independent boutique investment-banking firm focused on advising closely held private companies across a wide variety of industries. The firm provides merger and acquisition advisory and capital raising services primarily to family-held businesses and entrepreneurial business owners in the middle market. Marriott & Co.’s unique entrepreneurial culture enables the firm to tailor its services to meet the needs of its clients, and the firm’s professionals have an unparalleled understanding of the challenges and opportunities facing these companies and their owners today. By delivering senior banker attention, a high-touch approach to client service and best-in-class process execution to every assignment it undertakes, Marriott & Co. has established a long track record of closing successful transactions for clients all over the U.S.
For Immediate Release
Marriott & Co. Serves as Exclusive Financial Advisor to Tidewater Fleet Supply.
Richmond, VA, August 18, 2014
Marriott & Co., a premier middle market investment banking firm based in Richmond, VA, is pleased to announce that it served as the exclusive financial advisor to Tidewater Fleet Supply, LLC (“TFS” or the “Company”) in its recapitalization led by Falcon Affiliates, LLC (“Falcon”), a private investment firm with offices in Richmond, VA and Tampa, FL, in a transaction that closed August 7, 2014. Falcon partnered with management to acquire a controlling interest in the Norfolk, VA-based company. Terms of the transaction were not disclosed.
Established in 1953, Tidewater Fleet Supply is a leading independent distributor of over 135 lines of brand name automotive, truck and heavy equipment parts to commercial and governmental customers throughout Southeastern Virginia, Central Virginia and Northeastern North Carolina. TFS has achieved extraordinary growth under the leadership of its management team led by President Allan Parrott, and has been a perennial member of Inc. Magazine’s “Inc. 500/5000” ranking of the nation’s fastest-growing private companies.
Allan Parrott, President of TFS, said, “I am thrilled about our new partnership with Falcon Affiliates and look forward to continuing to build upon the success of our company for many years to come. This is a terrific outcome for TFS, our employees and our customers, as we are now perfectly positioned to capitalize on the many exciting growth opportunities that exist in our markets. I would like to thank the Marriott & Co. team for their tireless efforts in managing an efficient process that yielded such a positive result for our company. They exceeded our expectations with the level of service and professionalism that they provided through every step of the process.”
Will Krusen, President of Falcon, added, “We are excited to partner with Allan Parrott and his management team and see tremendous growth potential for the Company in the years to come. We appreciate all of the hard work that the Marriott & Co. team put forth to facilitate due diligence and a timely closing.”
“We are honored that Allan provided us with the opportunity to advise TFS on such an important transaction,” said Justin Marriott, Managing Director of Marriott & Co., “We truly enjoyed working with him and the entire TFS team, and believe that the Company is poised to thrive under this new partnership with Falcon.”
Kaufman & Canoles provided legal advice to TFS on this transaction, and Williams Mullen provided legal advice to Falcon on this transaction. Transaction financing was provided by Xenith Bank.
About Tidewater Fleet Supply:
Headquartered in Norfolk, VA, Tidewater Fleet Supply, LLC (www.tidewaterfleetsupply.com) is a leading independent distributor of brand name automotive, truck and heavy equipment parts to commercial and governmental customers throughout Southeastern Virginia, Central Virginia and Northeastern North Carolina. The Company operates five warehouses throughout Virginia, and also manages the parts procurement for multiple municipalities and large corporations under multi-year contracts. TFS is a “one-stop shop” for its customers across a broad spectrum of vehicles, including light- and medium-duty products, as well as heavy-duty truck products. The Company offers hourly delivery service to most of its customers by utilizing its fleet of delivery trucks, creating a unique “just-in-time” delivery model that is highly convenient for its customers.
TFS was established in 1953 and has achieved significant revenue growth in recent years. The Company was ranked as one of the fastest-growing private companies in the U.S. in Inc. Magazine’s 2014 “Inc. 500/5000” ranking, marking the fourth time that TFS achieved this honor.
About Falcon Affiliates:
Falcon Affiliates is an active investor providing capital and expertise to growing enterprises in the manufacturing, distribution, and industrial and business services sectors. Falcon differentiates itself through a flexible and longer-term approach to investing, a focused portfolio, and close, complementary involvement with management. More information is available at www.falconaffiliates.com.
About Marriott & Co.:
Headquartered in Richmond, Virginia, Marriott & Co. (www.marriott-co.com) is a premier, independent boutique investment-banking firm focused on advising closely held private companies across a wide variety of industries. The firm provides merger and acquisition advisory and capital raising services primarily to family-held businesses and entrepreneurial business owners in the middle market. Marriott & Co.’s unique entrepreneurial culture enables the firm to tailor its services to meet the needs of its clients, and the firm’s professionals have an unparalleled understanding of the challenges and opportunities facing these companies and their owners today. By delivering senior banker attention, a high-touch approach to client service and best-in-class process execution to every assignment it undertakes, Marriott & Co. has established a long track record of closing successful transactions for clients all over the U.S.
For Immediate Release
Marriott & Co. Serves as Exclusive Financial Advisor to Construction Data Company.
Richmond, VA, July 8, 2014
Marriott & Co., a premier middle market investment banking firm based in Richmond, VA, is pleased to announce that it served as the exclusive financial advisor to Construction Data Company (“CDC” or the “Company”), a portfolio company of Alta Communications, a Boston-based private equity firm specializing in equity investments in media and communications companies, in its financing transaction that closed on June 26, 2014. Financing was provided by Victory Park Capital, a Chicago-based privately held registered investment advisor dedicated to alternative investing through the management of private investment funds with a focus on credit and private equity. Terms of the transaction were not disclosed.
Based in Vero Beach, FL, CDC is a leading regional provider of valuable and proprietary information about commercial construction projects in local area markets covering approximately 67% of the U.S. population throughout the Eastern and Midwestern U.S. CDC provides this valuable information on a subscription basis via an intuitive, searchable web-based platform to clients including general contractors, subcontractors, suppliers and manufacturers’ representatives.
Bill Black, CEO of CDC, said, “Marriott & Co. did a tremendous job of managing an efficient transaction process for CDC from start to finish. We are extremely pleased to have an excellent new financial partner in Victory Park Capital, and we feel that CDC is now well positioned to capitalize on the numerous growth opportunities that we see in the current environment.”
Darren Sylvia, COO and CFO of CDC, said, “Marriott & Co. did an excellent job in completing the financing assignment much quicker than anticipated and under great terms for our Company that will ensure its continued success.”
“It was an absolute pleasure representing CDC and Alta Communications on this very important transaction,” said Justin Marriott, Managing Director of Marriott & Co., “The CDC team has built an impressive business, and we are happy to have helped them secure such a solid financial partner in Victory Park for the Company going forward.”
Phil Thompson, General Partner of Alta Communications, said, “We are very pleased to announce this new partnership between CDC and Victory Park. The Alta team is excited about the future prospects of CDC and believe the Company to be well positioned to build on its market-leading strategy. Full credit is due to the Marriott team for helping us to navigate through this process and achieving such a positive outcome.”
About Construction Data Company:
Headquartered in Vero Beach, Florida, CDC is a leading regional provider of valuable and proprietary information about commercial construction projects in local area markets covering approximately 67% of the U.S. population throughout the Eastern and Midwestern U.S. CDC provides this valuable information on a subscription basis via an intuitive, searchable web-based platform to clients including general contractors, subcontractors, suppliers and manufacturers’ representatives. CDC’s subscription publications and online database are designed as a business development tool for its clients who are actively pursuing business opportunities for public and private projects in the commercial construction industry.
About Victory Park Capital:
Victory Park Capital is a privately held, registered investment advisor dedicated to alternative investing. It focuses on niche credit and private equity opportunities in middle market companies. Whether as a lender or a control investor, Victory Park Capital seeks to identify opportunities where it believes the potential for reward outweighs the risks entailed. Founded in 2007, Victory Park Capital’s headquarters are in Chicago with additional resources in New York, Boston and San Francisco.
About Marriott & Co.:
Headquartered in Richmond, Virginia, Marriott & Co. is a premier, independent boutique investment-banking firm focused on advising closely held private companies across a wide variety of industries. The firm provides merger and acquisition advisory and capital raising services primarily to family-held businesses and entrepreneurial business owners in the middle market. Marriott & Co.’s unique entrepreneurial culture enables the firm to tailor its services to meet the needs of its clients, and the firm’s professionals have an unparalleled understanding of the challenges and opportunities facing these companies and their owners today. By delivering senior banker attention, a high-touch approach to client service and best-in-class process execution to every assignment it undertakes, Marriott & Co. has established a long track record of closing successful transactions for clients all over the U.S.
For Immediate Release
Marriott & Co. Serves as Exclusive Financial Advisor to Home Care Delivered, Inc.
Richmond, VA, December 12, 2013
Marriott & Co., a premier middle market investment banking firm based in Richmond, VA, is pleased to announce that it served as the exclusive financial advisor to Home Care Delivered, Inc. (“HCD” or the “Company”) in its financing transaction that closed on December 6, 2013. The transaction included financing provided by Capital One Bank and F.N.B. Capital Partners, L.P. Proceeds from the new capital investment were used to recapitalize the Company and position it for future growth. Terms of the transaction were not disclosed.
Based in Glen Allen, Virginia, HCD is a rapidly growing specialty medical distributor that partners with physicians, home health care providers and other healthcare practitioners by providing medical supplies delivered directly to their patients’ homes anywhere across the U.S. HCD has contracts with insurance companies across the country including Medicare, most Medicaids, managed care plans and hundreds of commercial plans. HCD offers a wide array of name-brand products across multiple chronic care categories, including incontinence, diabetes, ostomy, urology, wound care and oral nutritionals, many of which are disposable in nature. These products are instrumental in assisting people to return home from a hospital stay and extend their ability to remain in the home setting. Founded in 1996, HCD has a long successful operating history and today employs over 150 employees. HCD and its leadership have been recognized for their success numerous times over the years, including being awarded a spot on Inc. Magazine’s “Inc. 5000” ranking of the nation’s fastest-growing private companies and having Gordy Fox, Chairman, CEO and President of HCD, being selected as a finalist for the Ernst & Young Entrepreneur of the Year Award.
Gordy Fox, Chairman, CEO and President of HCD, said, “Marriott & Co. did a tremendous job of managing an efficient transaction process for HCD, and we are extremely grateful for the high level of quality, integrity and professionalism that Justin and his team displayed from start to finish. We are extremely pleased to have two excellent new financial partners in Capital One Bank and F.N.B. Capital Partners as a result of this transaction, and we feel that HCD is now perfectly positioned to capitalize on the many growth opportunities that we see in the current healthcare environment.”
“It was an absolute pleasure working with HCD on this important transaction,” said Justin Marriott, Managing Director of Marriott & Co., “Gordy and the rest of the HCD team have built an impressive business over the past 17 years and we are happy to have helped them to secure such solid financial partners for the company going forward.”
About Home Care Delivered, Inc.:
Headquartered in Glen Allen, Virginia, HCD is a rapidly growing specialty medical distributor that partners with physicians, home health care providers and other healthcare practitioners by providing medical supplies to their patients, delivered directly to their homes anywhere across the U.S. HCD has contracts with hundreds of insurance companies to include Medicare, state Medicaid plans and commercial payors throughout the US. HCD offers a wide array of name-brand products across multiple chronic care categories, including incontinence, diabetes, ostomy, urology, wound care, and oral nutritionals, many of which are disposable in nature. These products are instrumental in assisting people to return home from a hospital stay or extending their ability to remain in the home setting. HCD has 5 offices in the US and distribution that enables next-day delivery for 96% of the US population. Since its founding in 1996, Home Care Delivered has served thousands of customer an is proud of its track record of providing customers with the highest quality medical supplies and for consistently providing efficient home delivery, caring customer service and educational resources that provide peace of mind to our customers knowing their needed medical supplies are a call away.
About Marriott & Co.:
Headquartered in Richmond, Virginia, Marriott & Co. is a premier, independent boutique investment banking firm focused on advising closely-held private companies across a wide variety of industries. The firm provides merger and acquisition advisory and capital raising services primarily to family-held businesses and entrepreneurial business owners in the middle market. Marriott & Co.’s unique entrepreneurial culture enables the firm to tailor its services to meet the needs of its clients, and the firm’s professionals have an unparalleled understanding of the challenges and opportunities facing these companies and their owners today. By delivering senior banker attention, a high-touch approach to client service and best-in-class process execution to every assignment it undertakes, Marriott & Co. has established a long track record of closing successful transactions for clients all over the U.S.
Thor Industries, Inc. (NYSE: THO) today announced that it acquired the assets of innovative recreational vehicle maker Livin’ Lite through a wholly-owned subsidiary. The purchase is subject to customary closing conditions and is expected to be completed by August 30, 2013.
“We are pleased to welcome Livin’ Lite to the Thor family of RV brands. Adding such a creative RV maker to Thor’s strong stable of brands will enable us to expand our industry-leading position in new product development into camping trailers and truck campers,” said Bob Martin, Thor President and Chief Executive Officer. “We see many opportunities for expanding Livin’ Lite’s market presence through the Thor dealer network, and the ability to leverage their lightweight aluminum and composite construction technology in other Thor products. This transaction represents a solid example of executing our strategic plan to grow our RV presence through the acquisition of brands and technologies that complement our existing business.”
Founded by former Heartland executive Scott Tuttle, Wakarusa, Indiana -based Livin’ Lite is known for its advanced lightweight aluminum construction applied to a variety of smaller RVs, including travel trailers, toy haulers, camping trailers and truck campers. Livin’ Lite also markets its products in partnership with a number of leading consumer brands including Jeep®. Having recently been named to Inc. magazine’s list of fastest growing companies for the third consecutive year, Livin’ Lite is expected to generate sales of approximately $24 million for calendar year 2013.
“We are excited to join forces with Thor, the leading company in the RV industry, and we are looking forward to the new growth opportunities we should see as a result,” said Scott Tuttle, President, CEO and founder of Livin’ Lite. “We have worked diligently to grow Livin’ Lite over the past five years and expect to extend that growth as we bring the distribution, operational and financial strengths of Thor to bear on our business. As the newest company to join Thor, we also expect to add to our combined development efforts as we apply our proprietary technology to a broader array of existing product lines and bring our combined market strength to camping trailers and truck campers.”
Thor expects to offer Livin’ Lite’s current 35 models to its current dealer network upon closing of the transaction. The Company expects Livin’ Lite will continue to operate out of its existing Wakarusa facilities with minimal disruption to its current business resulting from the acquisition.
About Thor Industries, Inc.
Thor is the sole owner of operating subsidiaries that, combined, represent the world’s largest manufacturer of recreation vehicles and a major builder of commercial buses.
This release includes certain statements that are “forward looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These forward looking statements involve uncertainties and risks. There can be no assurance that actual results will not differ from our expectations. Factors which could cause materially different results include, among others, price fluctuations, material or chassis supply restrictions, legislative and regulatory developments, the costs of compliance with increased governmental regulation, legal issues, the potential impact of increased tax burdens on our dealers and retail consumers, lower consumer confidence and the level of discretionary consumer spending, the level of state and federal funding available for transportation, interest rate increases, restrictive lending practices, recent management changes, the success of new product introductions, the pace of acquisitions, the impact of the divestiture of the Company’s bus businesses, asset impairment charges, cost structure improvements, competition and general economic conditions and the other risks and uncertainties discussed more fully in Item 1A of our Annual Report on Form 10-K for the year ended July 31, 2012 and Part II, Item 1A of our Quarterly Report on Form 10-Q for the period ended April 30, 2013 . We disclaim any obligation or undertaking to disseminate any updates or revisions to any forward looking statements contained in this release or to reflect any change in our expectations after the date of this release or any change in events, conditions or circumstances on which any statement is based, except as required by law.
Richmond, VA, March 25, 2013 Marriott & Co., a premier independently owned middle market investment banking firm based in Richmond, VA, is pleased to announce the promotion of Matt Improta to Associate at the firm. Matt, who joined Marriott & Co. in 2010, has nearly 3 years of investment banking experience and focuses on providing industry-leading service to the firm’s middle market advisory clients.
“Marriott & Co. is pleased to recognize Matt’s important contributions to the firm with this well-deserved promotion,” said Justin Marriott, Managing Director and Founder of Marriott & Co. “Matt’s strong analytical skills and hard work ethic coupled with the transactional experience gained working on a number of closed transactions since joining the firm make him an invaluable member of our team, and I look forward to his continued efforts to help build upon our successful investment banking platform.”
Prior to joining Marriott & Co., Matt graduated from the University of Richmond where he received a Bachelor of Science degree in Business Administration with a concentration in Finance and a minor in Economics. Matt previously held a summer position at Dominion Resources as a Corporate Finance Analyst. He was also a Senior Manager on the Student Managed Investment Fund for 2009-2010 at the University of Richmond.
“I thoroughly enjoy working with the talented and motivated team here at Marriott & Co., and it is a rewarding experience to work closely with such great and diverse clients to achieve their strategic objectives. I am also really excited about several new clients that have recently engaged us and we will be bringing to market in the next 60 days. We continue to be working at a fast pace which really keeps work exciting and challenging,” said Matt Improta.
About Marriott & Co.:
Marriott & Co. (http://www.marriott-co.com) is a premier, independently owned investment banking firm focused on advising privately held fast growing companies across a wide spectrum of industries. Our firm is dedicated to building long-term relationships with industry leading niche middle market companies, and we have a long track record of delivering exceptional results on assignments such as mergers and acquisitions and capital advisory. Our unique entrepreneurial culture enables us relate to our clients and to tailor our services to meet the needs and expectations of our clients, and our professionals have an unparalleled understanding of the challenges and opportunities facing these entrepreneurial companies. By providing senior level attention, a relationship approach and a high level of execution to every assignment we undertake, Marriott & Co. is a value-added partner to our clients. Our team has deep relationships throughout the private capital markets, and we frequently achieve valuations and structures for our clients that exceed industry norms.
Richmond, Va. — TDBBS, LLC, a Richmond, VA-based manufacturer and marketer of all natural dog treats and chews, announced the completion of a minority investment by Culbro, LLC, a family-controlled private equity firm based in New York City. The transaction closed on February 28, 2013; terms were not disclosed.
Founded by Avrum and Lauren Elmakis in 2007, TDBBS has achieved extraordinary growth since inception and was ranked #384 in Inc. Magazine’s 2012 “Inc. 500” ranking of the nation’s fastest-growing private companies. TDBBS specializes in bully sticks, elk antlers, and other natural, high protein dog chews that are highly digestible and are becoming increasingly popular among dog owners across the U.S. and abroad. In addition to bully sticks, the company also offers a wide variety of complementary all natural dog treats and chews to consumers through its proprietary ecommerce sites and also through other retail channels.
Culbro, LLC was formed in 2005 as the private equity investment vehicle of the Cullman family and is presently managed by members of that family. Among numerous successful businesses it has owned, the Cullman family owned and operated General Cigar Holdings, Inc., the largest premium cigar company in the U.S. with prestigious brands such as Macanudo and Partagas, for over forty years before selling the company in 2005. The principals of Culbro have significant operating and investing experience across a number of industries, with a particular focus on consumer products companies.
Avrum Elmakis, Founder and CEO of TDBBS, said, “I am very excited to partner with Culbro. The knowledge and first-hand experience that the Culbro team has through its development of a world-class consumer products company like General Cigar will be invaluable to TDBBS as we seek to capitalize on the many exciting growth opportunities in the pet industry. This transaction will enable TDBBS to accelerate our growth at an even greater pace due to the resources, guidance and access to capital that Culbro brings.”
“In a relatively short time span TDBBS has established itself as a leader in the dynamic pet products industry by providing pet owners with innovative products that are all natural, great-tasting and healthy for their pets,” said Edgar Cullman, Jr., Managing Member of Culbro, “We are looking forward to working with Avrum and the rest of the TDBBS team to continue to build upon their success to date.”
David Danziger, Managing Member of Culbro, said, “Avrum and his team have done an extraordinary job building a successful business with a number of attributes that we look for when making an investment, including a strong leadership team, loyal customer relationships and sustainable competitive advantages. The fact that TDBBS operates in an industry that is expanding so rapidly makes this investment even more compelling for Culbro.”
Marriott & Co. acted as exclusive financial advisor to TDBBS on this transaction. Williams Mullen provided legal advice to TDBBS, and Gunster provided legal advice to Culbro on this transaction.
Justin Marriott, Managing Director of Marriott & Co. said, “We thoroughly enjoyed working with Avrum and the rest of the TDBBS team on this important transaction. The cultural fit between TDBBS and Culbro was evident throughout this entire process, and I know that TDBBS is poised for great things under this new partnership.”
Added Mr. Elmakis, “I can’t thank the Marriott & Co. team enough for the amazing job they did throughout this process. They managed an efficient and professional process to ensure that TDBBS found a private equity partner that truly understands our unique business model.”
About TDBBS, LLC:
Headquartered in Richmond, VA, TDBBS, LLC is a leading manufacturer and marketer of premium pet related products throughout the U.S. and abroad. TDBBS provides its loyal customer base with a diverse line of unique products in the pet industry including all natural dog treats and chews. Among its product offerings are bully sticks, which are all natural, high protein dog treats and chews that the company markets in a variety of shapes, sizes and varieties. TDBBS sells its products to consumers through its ecommerce sites, and it has also developed relationships with some of the leading distributors and retailers across the U.S.
TDBBS was founded in 2007 and has achieved a triple-digit revenue growth rate since its inception. In Inc. Magazine’s 2012 “Inc. 500” ranking of the fastest-growing private companies in the U.S., TDBBS was ranked #384.
About Culbro, LLC:
Based in New York, NY, Culbro, LLC (www.culbro.com) is the private equity investment vehicle of the Cullman family and is presently managed by members of that family. Culbro primarily focuses on making equity investments of $10 to $20 million in middle market companies across a variety of sectors, including branded consumer products, healthcare services, education products and services and other outsourced services including information technology. The firm invests its partners’ capital and is supported by a number of allied investors who often invest alongside it, providing for flexible investment structures and time horizons. The Managing Members of Culbro are former operating executives who seek to partner with strong existing management teams to help their companies grow.
The Cullman family has a rich history dating back to 1884 which includes owning and managing a number of successful companies, including General Cigar Holdings, Inc., the largest premium cigar manufacturer and marketer in the U.S. with prestigious brands including Macanudo and Partagas. Upon completing a sale of its interests in General Cigar to Swedish Match AB in 2005, the Cullman family created Culbro, LLC as its private equity investment vehicle. In addition to its U.S. operations, Culbro invests in India through its associated company, Helix Investments.
Marriott & Co., a premier middle market investment banking firm based in Richmond, VA, is pleased to announce that it served as exclusive financial advisor to A & E Management Group , LLC (“ A & E ” or the “Company” ) in its acquisition of Low Country Pizza Investments, LLC (“LCP I ”) . The transaction closed on July 30 , 2012 . GE Capital Corporation provided senior debt to finance the acquisition . Terms of the transaction were not disclosed.
Based in Columbia, South Carolina , A & E is a leading owner and operator of quick – serve restaurants (“QSR”) under the Little Caesars brand name, the world’s largest carry – out pizza chain. Founded in 2006, A & E has established itself as one of the top operators in the Little Caesars system and has been the recipient of numerous franchisee awards.
The acquisition of LCP I , which i s based in Charleston, South Carolina, will expand A & E’s footprint in key markets and attractively positions the Company to continue executing its growth strategies at an aggressive pace. The combined company employs over 400 employees and will operate 22 Little Caesars locations by year – end. Tim Putnam, the founder and majority owner of A & E, will continue to lead the Company in his role as President and Chief Operating Officer.
Mr. Putnam said, “ We believe the long – term prospects for growth within the Little Caesars system are very strong, and we are extremely excited about the acquisition of LCP I , which has a terrific presence in the attractive Charleston market. The acquisition will provide A & E with significantly more scale and creates an excellent platform for future growth throughout the Southeast. We have an outstanding group of employees in the Company, and we are all looking forward to entering this next phase of A & E’s growth.”
“The acquisition of LCPI by A & E brings together two very high performing QSR portfolios,” said Justin Marriott, Managing Director of Marriott & Co., “ and will enable A & E to further build upon its already rapidly growing business . We thoroughly enjoyed working with Tim and his team on this transaction and hope to work together again in the future.”
About A & E Management Group , LLC :
Headquartered in Columbia, South Carolina, A & E Management Group , LLC is a leading owner and operator of quick – serve restaurants under the Little Caesars brand name, the world’s largest carry – out pizza chain. Since its founding in 2006 by Tim Putnam, A & E has expanded from one restaurant t o 22 restaurants in multiple markets across the Southeast employing over 400 employees. The company has been recognized numerous times by Little Caesars for operational excellence and is led by an experienced management team.
