Marriott & Co. Serves as Exclusive Financial Advisor to W.S. Connelly & Co.
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 W.S. Connelly & Co. Inc. (“WSC” or the “Company”) in its recapitalization by Incline Equity Partners (“Incline”), a leading private equity firm dedicated to investing across the middle market in distribution, business services and manufacturing companies. The transaction closed on May 24, 2024. Terms of the transaction were not disclosed.
Founded in the 1950s by Willard S. Connelly as a simple feed ‘n’ seed business in Roanoke, VA, WSC expanded over the decades to become a leading value-added distributor of consumable products used in the maintenance and development of commercial and residential turf and landscapes serving customers across the East Coast and Midwest. The Company sells a robust portfolio of products, including seeds, fertilizer, control products, erosion control products and many others, to a diversified customer base across a number of end markets within the “green industry” including lawn care, landscape, horticulture and arboriculture, golf, erosion and sediment control, and sports turf. Today, the Company is headquartered in Richmond, VA and is led by grandsons of the Founder, Patrick Connelly (CEO) and Kevin Connelly (President). Under Patrick and Kevin’s leadership, WSC has experienced rapid growth – both organically and via acquisition – and has developed a talented and dedicated leadership team and employee base across its 15 service centers located in five different states.
“I am excited about our new partnership with Incline Equity Partners and can’t wait to embark on this next phase of growth for W.S. Connelly. In Incline, we have partnered with a firm that truly understands our unique culture, and I am confident they will help us achieve our strategic growth objectives in the future,” said Patrick Connelly, CEO of WSC, “I would also like to thank the Marriott & Co. team for guiding us through this process that resulted in such a terrific outcome. The Marriott & Co. team shares a lot of the same qualities that we value here at WSC – including a high-touch approach to customer service, relentless work ethic and extreme competitiveness – so we worked very well together as a collective team.”
Added Kevin Connelly, President of WSC, “Choosing a partner for WSC was such an important decision to get right because this company has meant so much to our family and our employees going back to the 1950s. Incline brings everything to the table that we were seeking in an investment partner. Most importantly, I believe this is an extraordinary opportunity for our dedicated team of employees as we look grow at an even more accelerated pace going forward. As Patrick mentioned, we truly appreciate all that the Marriott & Co. team did to help us identify an investment partner that aligns so well with our core values.”
“We appreciate Patrick and Kevin allowing us with the opportunity to advise WSC on such an important transaction,” said Justin Marriott, Managing Director of Marriott & Co., “The WSC team was great to work with every step of the way, and we look forward to watching their continued success in this new partnership.”
Matt Improta, Managing Director of Marriott & Co. said, “Our firm is thrilled to have played a role in this transaction, and we believe that Incline’s expertise will complement what the WSC team does well which should be exciting to watch in the coming years. We thoroughly enjoyed working with the WSC team and the Incline team as well.”
Added Bryan Burden, Managing Director of Marriott & Co., “We have long admired what Patrick, Kevin and the rest of the WSC team have built over the years as a successful third-generation family business, so it was very rewarding to have the opportunity to advise the Company on this momentous transaction. We wish them all the best going forward.”
About W.S. Connelly & Co.:
Founded in the 1950s, W.S. Connelly & Co. (“WSC” or the “Company”) is a leading value-added distributor of consumable products used in the maintenance and development of commercial and residential turf and landscapes. The Company is headquartered in Richmond, VA and serves a diverse base of customers across the East Coast and Midwest from its 15 service centers. With a dedication to providing unrivaled customer service and a robust product offering, WSC has developed a highly respected reputation as a leader in the “green industry.” For more information, visit www.wsconnelly.com.
About Incline Equity Partners:
Incline Equity Partners is a leading private equity firm dedicated to investing across the middle market in distribution, business services and manufacturing companies. Incline is generally seeking growing companies with enterprise values of $25 – $750 million. Incline’s typical investment types are ownership transitions for privately held businesses, buyouts and corporate divestitures within the U.S. and Canada. For more information, visit www.inclineequity.com.
About Marriott & Co.:
Headquartered in Richmond, VA, Marriott & Co. (www.marriott-co.com) is a premier, independent boutique investment banking firm focused on advising privately-held 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.
Contact: Justin Marriott
Phone: (804) 344-0952
justin@marriott-co.com
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