JERSEY CITY and BOSTON, June 12, 2019 – Bain Capital Private Equity today announced it has completed its acquisition of Imperial Dade, a leading distributor of disposable food service and janitorial supplies in the U.S., Puerto Rico and the Caribbean. Imperial Dade will continue to be led by its current management team, who will remain significant investors in the company. Financial terms of the private transaction, which was announced on May 1, 2019, were not disclosed.
Founded in 1935, Imperial Dade serves more than 40,000 customers through a footprint of 27 branches operating in 13 states, and has a growing a network of strategically located distribution centers with over 620 fleet vehicles. The company has grown both organically and by acquisition to become a leader in the disposable food service and janitorial supplies industry. Audax Private Equity, the company’s investment partner since 2016, will retain a stake in the company.
“We believe strongly in the long-term growth tailwinds around the food service distribution and janitorial supplies sectors, and we are excited to partner with Robert and Jason to continue to build a national leader with real scale advantages and a differentiated value proposition for its customers,” said Ken Hanau, a Managing Director at Bain Capital Private Equity.
“We look forward to capitalizing on the significant growth opportunity in front of us by leveraging our acquisition strategy, operational expertise, and scalable platform to better serve our customer base,” said Robert Tillis, Chairman & CEO of Imperial Dade.
“We are excited to partner with Bain Capital along with Audax’ continued involvement to continue building our organic growth and acquisition momentum as we expand our presence across the country,” said Jason Tillis, President of Imperial Dade.
Bain Capital Private Equity has deep experience in the services and industrial sectors, having made investments in a wide range of businesses including Apex Tool Group, ASIMCO, ATW, Autodistribution, Consolidated Container, Dealer Tire, Diversey, European FinTyre Distribution, HD Supply, MSX International, Sensata Technologies, TI Fluid Systems Ltd. and Trinseo.
Ropes and Gray LLP served as legal advisor and Harris Williams, LLC and Lincoln International, LLC served as financial advisors to Imperial Dade. Credit Suisse, Barclays, and Goldman Sachs & Co. are serving as financial advisors, Kirkland & Ellis is serving as legal counsel, and PwC as accounting advisor to Bain Capital Private Equity.
About Imperial Dade
Founded in 1935, Imperial Dade is a leading distributor of disposable food service and janitorial supplies in the Northeast, Mid-Atlantic, Southeast, Southwest and Midwest regions and Puerto Rico. Since CEO Robert Tillis and President Jason Tillis assumed their roles in 2007, the company has grown both organically and through acquisitions to become a leader in the disposable food service and janitorial supplies industry. For additional information, please visit www.imperialdade.com.
About Bain Capital Private Equity
Bain Capital Private Equity (www.baincapitalprivateequity.com) has partnered closely with management teams to provide the strategic resources that build great companies and help them thrive since its founding in 1984. Bain Capital Private Equity’s global team of approximately 240 investment professionals creates value for its portfolio companies through its global platform and depth of expertise in key vertical industries including healthcare, consumer/retail, financial and business services, industrials, and technology, media and telecommunications. Bain Capital has 19 offices on four continents. The firm has made primary or add-on investments in more than 850 companies since its inception. In addition to private equity, Bain Capital invests across asset classes including credit, public equity venture capital and real estate, managing approximately $105 billion in total and leveraging the firm’s shared platform to capture opportunities in strategic areas of focus.