Wythe Will Garvey Acquisition Press Release January 3 2013
Transcription
Wythe Will Garvey Acquisition Press Release January 3 2013
SLATE CAPITAL GROUP Wythe Will Tzetzo Acquires Garvey Nut & Candy On December 31, 2012, Wythe Will Tzetzo, LLC, a national packager and distributor of branded, unbranded and private label candy, confections and specialty foods with locations in Virginia, New York and Tennessee acquired Garvey Nut & Candy of Pico Rivera, California. Garvey is a national packager and distributor of natural and organic nuts, snacks and confections, in both branded and private label formats. Current Wythe Will CEO Gordon Angles will continue to lead the expanded company while Garvey owner and President Steve Corri will serve in a role supporting key account sales and general administration. The expanded company will have annual revenues of more than $350 million. Gordon Angles commented on the benefits of this latest acquisition by Wythe Will by saying “Garvey Nut & Candy is very closely aligned with the products and the class of trade that Wythe Will is currently servicing primarily in the eastern half of the country. With this expansion, we now truly have the ability to service national accounts effectively, while at the same time leveraging our scale to provide our customers with the broadest assortment of products and best service available in the industry.” Mr. Angles continued “Not many acquisitions strategically and culturally blend two entities as closely matched as what we found at Garvey. Steve Corri and his team have cultivated outstanding customer service levels and strong relationships with customers of all sizes. Garvey’s commitment to bringing value to its customers has contributed to rapid growth. We are excited about the growth opportunities with the acquisition of this fine company.” Slate Capital Group of Baltimore, MD will continue to be the controlling equity holder of Wythe Will Tzetzo, and Parker Davis of Slate Capital will continue to serve as Chairman of the company. Triangle Capital Corporation (NYSE: TCAP), Spring Capital Partners, and Centerfield Capital Partners remain involved as equity co-investment partners and mezzanine capital providers. M&T Bank leads a syndicate, including Fifth Third Bank and First Niagara Bank, in making senior debt financing available. About Wythe Will Tzetzo, LLC Wythe Will Tzetzo is a leading provider of national branded, unbranded, and private label confectionery products and specialty foods sold to retailers throughout the United States. The company provides value added packaging as well as bulk distribution of chocolate, nonchocolate confectionary, fruit & nut mixes and specialty products. With a history dating back to 1927, the company has grown steadily through both organic expansion and acquisitions to be one of the largest and most reputable players in specialty food and candy packaging and distribution, with expertise in worldwide sourcing, warehousing, and transportation logistics. The company’s facilities are located in Buffalo, NY, Toano, VA (near Williamsburg), and Lebanon, TN. Wythe Will maintains deep relationships with large national grocers, alternative retailers, convenience chains, as well as a large number of independent retailers. As a leading value-added single source, Wythe Will provides its products to these customers at multiple price points in a variety of formats and configurations. With products sold under the company’s trade names and private label, the Company has breadth of product offering of over 6,000 SKUs from over 400 domestic and international specialty food and confection companies. The company’s own brand names include Mayfair Sales, Holiday Candy, Alpine Valley, Basket Stuffers, Candy Carnival, Kids Play, Select Brands, Select Sweets, and Totally Sour. About Slate Capital Group Slate Capital Group is a leading private equity investment group based in Baltimore, Maryland that partners with lower-middle market companies. With a focus on companies in the MidAtlantic region, Slate Capital provides liquidity to business owners as well as growth capital to businesses for further expansion. The principals of Slate Capital have significant experience in both running small-to-mid-sized companies and investing in venture capital and leveraged buyout transactions. Slate Capital's primary areas of focus include business services, distribution, light manufacturing, direct marketing, food & beverage, for-profit education, consumer and retail investments. Additional information can be found at www.SlateCap.com. Contact: Parker Davis at Slate Capital Group: Gordon Angles at Wythe Will Tzetzo: (410) 560-3572, JPD@SlateCap.com. (757) 566-5372, GAngles@WytheWill.com