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.
Nox Health Appoints Emily Buxton Taylor as Chief Financial & Operating Officer
ALPHARETTA, Ga. (November 14, 2023) – Nox Health, a global sleep health leader in sleep diagnostics and value-based sleep care management, today announced that it has named Emily Buxton Taylor as Chief Financial & Operating Officer.
In this role, Emily will assume direct responsibility for finance across Nox Health and additionally support operations that bridge Nox Health business units. With deep operational and financial expertise, Emily has more than 20 years of experience in healthcare and technology in both the public and private sectors.
“With a unique combination of financial acumen and solid operational expertise, Emily will drive performance across the company and help systematically execute and drive success of our strategies company-wide,” said Sigurjon (SK) Kristjansson, CEO of Nox Health. “Emily is a welcome addition to the Nox team as we scale and grow our company to support our range of clients, from health plan sponsors to global sleep healthcare providers.”
“I am delighted to join Nox Health and have been impressed with the team’s passion forsleep,” said Emily Buxton Taylor, Chief Financial and Operating Officer, Nox Health. “Given thestrong connection between sleep and chronic disease, I look forward to working to advanceone of Nox Health’s primary goals – to make sleep a foundational component of every benefitplan so that members and employees can improve their health.”
Arnar Thorkelsson, previous CFO of Nox Health, will now focus on supporting Nox Medical,the company’s medical technology division.
Kristjansson continued: “Arnar has been an incredible partner in developing the company to this stage, and we have grown to a point where each business unit requires a full-time executive to support our business. With Emily as our global leader, located in the US, and Arnar present in Iceland, we have a dynamic, experienced team that will help take Nox to the next level.”
Emily most recently served as Chief Operating Officer and Chief Financial Officer of Wondr Health, a company that offers complete weight and stress management programs. Previously, Emily held numerous financial positions, including Chief Financial Officer at Paradigm Tax and National HME, Chief Accounting Officer at Northstar Anesthesia, and Chief Financial Officer at Orthofix Medical, Inc. She is a certified public accountant and an active member of Financial Executives International (FEI).
Edward Don & Company Announces Sale to Sysco
WOODRIDGE, IL – October 11, 2023 – Edward Don & Company (“DON”), a leading distributor of foodservice equipment and supplies since 1921, announced today that it has entered into an agreement to be acquired by Sysco Corporation. This partnership will allow DON to enhance its product offerings, expand strategic capabilities and provide even greater value to our customers while creating new and exciting
opportunities for our associates.
Upon completion of the transaction, DON will operate as a standalone specialty division within Sysco. Steve Don will continue to manage the business along with DON’s leadership team. All DON’s current employees will continue business as usual across North America, providing customers with the great level of service and products that they have come to expect from DON.
“Since 1921, DON has put customers first, delivering everything but the food,” said Steve Don, CEO & President. “In Sysco, we found a partner who not only understands our business but also has a deep appreciation for the customers, employees, and culture that have made us who we are today. Customers can expect the same high level of foodservice expertise, customer service, innovation and a deeper product selection from DON as we move forward as a specialty division within Sysco.” The acquisition is subject to regulatory approval and other customary closing conditions. J.P. Morgan Securities LLC and William Blair served as joint lead financial advisors to Edward Don & Company and Vestar Capital Partners.
About Edward Don & Company
Owned and operated by the Don family since 1921 and partnered with Vestar Capital Partners since 2017, Edward Don & Company is a leading distributor of foodservice equipment and supplies. Headquartered in Woodridge, IL, the company is the chosen supplier to all types of foodservice businesses including independent restaurants, national chains, health care, hospitality, country clubs, schools and universities, government institutions and foodservice management. DON, with approximately 1,200 employees, operates a nationwide distribution network supported by seven full-service distribution centers – in Chicago, Philadelphia, Atlanta, Miami, Dallas, Los Angeles and Seattle – and operates its own transportation fleet. DON serves national and multi-unit account programs with flexible, customized solutions that meet the needs of both the corporate office and the individual units. DON’s Foodservice Equipment Division offers full-service kitchen design, equipment purchasing and installation. For more information, please visit www.don.com.