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Friend Skoler Announces
Investment in Salon Lofts Group
- March 8, 2012
Friend Skoler &
Co. Announces Sale of Hopkins to ONCAP
- June 6, 2011
Friend Skoler
& Co. Announces Sale of Slime to ITW
- April 5, 2010
Friend Skoler Announces Acquisition
of Jasco by AllHeart
- September 19, 2007
Friend Skoler
& Raymond James Capital Form
Event Photography Group
- June 1, 2007
Friend Skoler Announces Investment
in
Box Studios
- May 8, 2007
Friend Skoler Announces Investment
in Accessories Marketing
- December 11, 2006
Friend Skoler Announces Investment
in AllHeart
- November 15, 2006
Hopkins Acquires Back-Up Safety and
Related Products from DesignTech
- June 17, 2005
Hopkins and Carrand Join Forces to
Create Leading Automotive Cleaning
Products
Company
- April 12, 2005
Friend Skoler
Announces
Sale of United Pet Group Investment
- August 2, 2004
Friend Skoler
Announces Acquisition of Hopkins
Manufacturing Corporation
-
July 27, 2004
United Industries
Signs Definitive Agreement to
Acquire United Pet Group
- June 15, 2004
Friend Skoler & Co. Closes $231
Million Private Equity Fund
- April 13, 2004
United Pet
Group Acquires Assets of Dingo
Brand, LLC
- January 19, 2004
Friend Skoler
& Co. Announces Sale of Woodstream
Corporation
- June 17, 2003
____________________________________
Friend Skoler
Announces Investment in Salon Lofts
Group
SADDLE BROOK, NEW JERSEY, March 8, 2012
--
Friend
Skoler & Co., Inc., a private equity
firm that invests in leading companies
in the smaller end of the middle market,
announced today that it has completed an
investment in Salon Lofts Group. Salon
Lofts Group (“Salon Lofts”) develops and
leases individual salon suites with
upscale finishes and appeal to
individual stylists who in turn operate
their own businesses. Salon Lofts
currently operates 23 locations in the
cities and surrounding areas of Columbus
OH, Cincinnati OH and Tampa/St.
Petersburg FL. Friend Skoler partnered
with Salon Lofts founder and CEO Daniel
Sadd, along with other third party
investors, to provide equity to support
the recapitalization and growth of Salon
Lofts.
Founded in
2003, Salon Lofts enables individual
stylists, including hair stylists, nail
technicians, manicurists and
pedicurists, to operate independently as
an alternative to the traditional salon
model. Salon Lofts offers proprietary
web based salon management and marketing
support tools to help stylists succeed
and to promote a durable relationship
between the stylists and the company.
“We are excited to be investing in
Daniel Sadd and the talented Salon Lofts
management team as they continue to
build on their leadership position in
this emerging category,” said Steven
Skoler, a Managing Director of Friend
Skoler & Co.
About Friend Skoler & Co.
Founded in 1998, Friend Skoler & Co.,
Inc. is a private equity firm that
invests in leading companies in the
smaller end of the middle market in
partnership with management. FSC
typically invests between $5 million and
$30 million of equity per transaction.
A key element of the fund’s strategy is
to leverage the firm’s extensive
experience as investors in and operators
of middle market companies.
Friend Skoler is headquartered in Saddle
Brook, NJ. For additional information,
please visit
www.friendskoler.com.
About Salon Lofts Group
Headquartered in Columbus, Ohio, Salon
Lofts develops and leases individual
salon suites to individual stylists.
Salon Lofts currently operates 23
locations in Ohio and Florida.
For more information, please visit
www.salonlofts.com.
For additional information, contact:
Steven Skoler
Friend Skoler & Co., Inc.
201-712-0075
steve@friendskoler.com
____________________________________
Friend Skoler
& Co. Announces Sale of
Hopkins to ONCAP
SADDLE BROOK, NEW JERSEY, June 6, 2011
-- Friend Skoler & Co., a private equity
firm that invests in leading middle
market companies, announced today the
sale of Hopkins Manufacturing Corp. to
ONCAP Management Partners L.P., Onex
Corporation’s dedicated mid-market
private equity platform. The
transaction closed on June 3, 2011.
Headquartered in Emporia, Kansas,
Hopkins is a leading designer,
manufacturer and marketer of proprietary
branded products for the automotive and
RV aftermarkets. The Company’s products
are sold under brand names that include
Hopkins Towing Solutions®, Carrand™,
SubZero®, BrakeBuddy®, FloTool®, GoGear®,
nVISION®, and Juice Performance™, as
well as under the exclusively licensed
Turtle Wax® brand.
Friend Skoler purchased Hopkins in
partnership with the Company’s
management in July 2004. During its
ownership of the Company, Friend Skoler
worked closely with management to
execute various growth strategies that
included the introduction of new
products, entrance into new product
categories and the acquisition of
Carrand Companies in 2005.
“Hopkins is a clear leader in the
automotive aftermarket, and we greatly
enjoyed our partnership with the
talented management team led by Brad
Kraft,” said Alexander Friend, Managing
Director of Friend Skoler & Co. “During
our ownership, the company increased
market share through innovations in
product engineering, packaging, and
merchandising. We are proud that
Hopkins has been a valued supplier to
the pre-eminent retailers in the
automotive aftermarket,” added Steven
Skoler, Managing Director of Friend
Skoler & Co.
About Friend Skoler & Co.
Friend Skoler is a private equity firm
that invests in leading middle market
companies with strong growth potential.
The firm typically invests between $10
million and $30 million of equity per
transaction and manages Friend Skoler
Equity Investors, L.P., a private equity
fund with $231 million of capital
commitments. A key element of the
fund’s strategy is to leverage the
firm’s extensive experience as investors
in and operators of middle market
companies.
Friend Skoler is headquartered in Saddle
Brook, NJ. For additional information,
please visit
www.friendskoler.com.
About
Hopkins Manufacturing Corp.
Founded in
1953, Hopkins is a leading designer,
manufacturer, distributor and marketer
of innovative towing products and
functional accessories for the
automotive and recreational vehicle
aftermarkets. Headquartered in Emporia,
Kansas, Hopkins also maintains locations
in Carson, California; Juarez, Mexico;
and Ningbo, China. Hopkins markets its
products to leading retailers under a
number of leading brand names,
including: Hopkins Towing Solutions®;
Sub-Zero® snow & ice tools; Carrand™
vehicle cleaning tools, soft goods, and
powered products; GoGear® interior
vehicle organizers and sun shades; BrakeBuddy®
auxiliary braking products; FloTool®
fluid handling products, nVISION®
electronic safety products; and Juice™
booster cables. For more information
about Hopkins, please visit
www.hopkinsmfg.com.
Contact:
Alexander Friend
Friend Skoler & Co., Inc.
201-712-0075
alex@friendskoler.com
____________________________________
Friend Skoler
& Co. Announces Sale of Slime to ITW
SADDLE
BROOK, NEW JERSEY, April 5, 2010 --
Friend Skoler & Co., a private
equity firm that invests in leading
middle market companies, announced
today the sale of Accessories
Marketing, Inc. (“AMI”) d/b/a Slime
to Illinois Tool Works Inc. (“ITW”,
NYSE: ITW). The transaction closed
on April 1, 2010.
Headquartered in Grover Beach, CA,
Slime is the leading manufacturer
and marketer of Slime branded
products and accessories for the
tire care solutions market. Slime’s
products include its flagship green
Slime tire sealants, as well as a
complete line of tire care products
and accessories that include
portable air compressors, tire
gauges, flat tire repair kits, and
self-healing tire tubes. Slime
products are carried by major
specialty and mass market retailers
in the U.S. and can be found in over
60,000 retail outlets in over 36
countries. Since its founding in
1990, Slime has emerged as the most
dynamic and trusted brand in the
industry, earning a clear leadership
position in the flat tire prevention
and repair category.
Friend Skoler purchased Slime in
partnership with the Company’s employees
in December, 2006. During its ownership
of the Company, Friend Skoler worked
closely with management to execute
various organic growth strategies that
resulted in a doubling of revenues in
three years. “Friend Skoler’s support
and expertise helped us achieve dramatic
growth,” said Rodney Cegelski, Executive
Vice President of Slime. “Their
partnership approach to working with
management, and their willingness to dig
in and provide guidance on a wide range
of strategic and operational issues made
them the ideal partner to help grow the
Company and position us for continued
success in the future.”
The sale generated an internal rate of
return in excess of 40% on invested
capital for Friend Skoler and its
investors during their three and
one-half years of ownership. “We could
not be more pleased with the success of
Slime during our tenure as owners of the
Company. This is a special Company with
extremely talented, dedicated
employees. Over the last three years
Slime has established itself as the
clear industry leader in the tire care
solutions market, and its emerging OEM
business is truly exciting.” said
Alexander A. Friend, Managing Director
of Friend Skoler & Co. “The
extraordinary return that we realized
during this difficult economic
environment demonstrates that our
approach to investing in and building
leading companies in the lower middle
market continues to be highly rewarding
for our investors.”
About Friend Skoler & Co.
Friend Skoler is a private equity firm
that invests in leading middle market
companies with strong growth potential.
The firm typically invests between $10
million and $40 million of equity per
transaction and manages Friend Skoler
Equity Investors, L.P., a private equity
fund with $231 million of capital
commitments. A key element of the
fund’s strategy is to leverage the
firm’s extensive experience as investors
in and operators of middle market
companies.
Friend Skoler is headquartered in Saddle
Brook, NJ. For additional information,
please visit
www.friendskoler.com.
About Accessories Marketing, Inc.
Headquartered in Grover Beach, CA, AMI
is the leading manufacturer and marketer
of Slime branded products and
accessories for the tire care solutions
market. Slime’s products include its
flagship green Slime tire sealants, as
well as a complete line of tire care
products and accessories that include
portable air compressors, tire gauges,
flat tire repair kits and self-healing
tire tubes. For additional information,
please visit
www.slime.com.
Contact:
Alexander Friend
Friend Skoler & Co., Inc.
201-712-0075
alex@friendskoler.com
____________________________________
Friend
Skoler Announces the Acquisition of
Jasco by AllHeart
SADDLE BROOK, NEW JERSEY, September
19, 2007 -- Friend Skoler & Co.,
Inc., a private equity firm that
invests in leading companies in the
smaller end of the middle market,
today announced the acquisition of
Jasco Uniform by its portfolio
company, AllHeart. The acquisition
makes AllHeart the largest direct
marketer of medical uniform apparel
and supplies to healthcare
professionals in the U.S.
Operating the top-ranked
AllHeart.com website, AllHeart is
the leading e-commerce retailer of
medical uniform apparel, medical
diagnostic instruments, footwear and
accessories to healthcare
professionals. Founded in 1970,
Jasco is the largest catalog
marketer of medical apparel and
supplies to healthcare professionals
in the U.S.
"The acquisition of Jasco by
AllHeart combines two of the leading
direct marketers of medical apparel
in the United States, and we are
excited to support the talented
AllHeart and Jasco management teams,
including Jasco's prior owners
Arthur and David Goldberg, to build
a dynamic company and industry
leader," said Steven F. Skoler, a
Managing Director of Friend Skoler &
Co. "AllHeart is well positioned for
future growth, especially given the
prospects for continued growth in
healthcare employment and
e-commerce."
Ken Constable, AllHeart's CEO,
stated: "AllHeart's acquisition of
Jasco unites two leading and growing
businesses selling similar products
to healthcare professionals through
complementary channels. AllHeart’s
online and e-mail marketing
expertise is an excellent fit with
Jasco’s catalog expertise, and the
combined customer file is the
largest direct marketing database in
the industry. The combined scale of
the operations will result in
improved marketing execution,
increased efficiency, and enhanced
customer service."
Friend Skoler made its initial
investment in AllHeart in November
2006 and invested additional equity
in AllHeart to support the
acquisition of Jasco.
About Friend Skoler & Co., Inc.
Founded in 1998, Friend Skoler &
Co., Inc. is a private equity firm
that invests in leading companies in
the smaller end of the middle market
in partnership with management. FSC
typically invests between $10
million and $40 million of equity
per transaction and manages Friend
Skoler Equity Investors, L.P., a
private equity fund with $231
million of capital commitments. A
key element of the fund’s strategy
is to leverage the firm’s extensive
experience as investors in and
operators of middle market
companies. Friend Skoler is
headquartered in Saddle Brook, NJ.
For additional information, please
visit
www.friendskoler.com.
About AllHeart
Headquartered in Camarillo,
California, AllHeart operates
AllHeart.com, the leading e-commerce
site for medical uniform apparel,
diagnostic instruments, footwear and
accessories to healthcare
professionals. The company also
markets uniform apparel and supplies
for restaurants through
AllHeartChefs.com and school
uniforms through AllHeartKids.com.
For more information about AllHeart,
please visit
www.allheart.com,
www.allheartchefs.com, or
www.allheartkids.com.
About Jasco
Headquartered in Vernon Hills,
Illinois, Jasco is the largest
direct mail marketer of medical
uniform apparel, diagnostic
instruments, footwear and
accessories to healthcare
professionals in the United States.
Jasco markets to the industry’s most
extensive customer database through
its direct mail catalogs and
e-commerce site.
For more information about Jasco,
please visit
www.jascouniform.com.
For additional information, contact:
Hunter McCrossin
Friend Skoler & Co., Inc.
201.712.0075
hunter@friendskoler.com
____________________________________
Friend
Skoler & Raymond
James Capital Form Event
Photography Group
EPG Announces Investments in
Chappell Studio and Bob Knight
Photomarketing
ST. PETERSBURG, FLORIDA, June 1, 2007 --
Raymond James Capital, Inc., the
merchant banking subsidiary of Raymond
James Financial, Inc. and Friend Skoler
& Co., Inc., a private equity firm that
invests in leading companies in the
smaller end of the middle market,
announced today that they have partnered
to form Event Photography Group, Inc. ("EPG")
and financed EPG’s investments in
Chappell Studio, Inc. ("Chappell") and
Bob Knight Photomarketing, Inc. ("Bob
Knight"). As the leading providers of
graduation photography services in North
America, Chappell and Bob Knight target
high school and university graduation
events and market photographs to
graduates via email and traditional
mail. In addition, Chappell provides
photographic services to many of the
largest marathon and endurance races in
the U.S. and Europe through its
MarathonFoto division. The owners and
senior management teams of Chappell and
Bob Knight are also investing in the
equity of EPG.
Based in Fairfield, Iowa, Chappell is
the largest graduation and marathon race
photographer in North America. Based in
Tallahassee, Florida, Bob Knight is the
leading provider of graduation event
photography services to high schools and
universities in the Southeastern U.S.
and California. The success of both
companies is due to their effective
marketing strategies, solid client
relationships, leading information
technologies, and dedicated and skilled
employees.
“We are excited to partner with Chappell
owners John and Brenda Narducci, Joe
Mandarino and Jim Davis, Bob Knight
owners Bob and Gail Knight, and their
very talented management teams to create
the leading graduation and endurance
event photography company in the United
States. EPG represents an exciting
platform that is well positioned to grow
both organically and through
acquisitions” said David Thomas, a
Managing Director of Raymond James
Capital. According to Steven Skoler, a
Managing Director of Friend Skoler & Co,
“Bob Knight and Chappell have become the
industry leaders by employing
sophisticated event management and
direct marketing practices and providing
high levels of service to event
coordinators and consumers. This
business combination brings together the
best and biggest in the graduation and
marathon event photography segments."
John Narducci, CEO of Chappell, stated:
"Our entire management team is
enthusiastic about EPG's future, and the
partnership with Raymond James and
Friend Skoler will provide us with the
capital and expertise to continue our
growth. Both firms have a strong
appreciation for our corporate culture,
and we believe they are great long term
partners for us and our employees." Bob
Knight, founder and CEO of BKP, added:
“We are excited to be participating in a
combination of the leading businesses in
our industry with two outstanding
private equity firms with strong track
records investing in and helping to
build companies of our size. EPG has a
unique foundation from which to grow."
ORIX Finance Corp. and Churchill
Financial LLC provided senior debt for
the transaction. The Fortune Group based
in St. Louis, Missouri, represented
Chappell. RSM EquiCo, Inc. represented
Bob Knight.
About Raymond James Capital, Inc.
Raymond James Capital, Inc. is the
merchant banking subsidiary of Raymond
James Financial, Inc. (NYSE - RJF), one
of the largest investment banking firms
headquartered in the Southeast. RJC
makes direct investments in
recapitalizations and acquisitions of
middle market private businesses where
it can create value-added partnerships
with owners/managers that (i) need or
desire some current liquidity and/or
(ii) seek additional capital to take
advantage of growth opportunities. For
additional information, please visit
www.raymondjames.com.
About Friend Skoler & Co., Inc.
Founded in 1998, Friend Skoler & Co.,
Inc. is a private equity firm that
invests in leading middle market
companies in partnership with
management. Headquartered in Saddle
Brook, NJ, Friend Skoler manages Friend
Skoler Equity Investors, L.P., a private
equity fund with $231 million of capital
commitments. For additional information,
please visit
www.friendskoler.com.
About Chappell Studio, Inc.
Headquartered in Fairfield, Iowa,
Chappell Studio provides graduation
photography services to high schools and
universities across North America. In
addition, Chappell provides photographic
services to many of the largest marathon
and endurance races in the U.S. and
Europe through its MarathonFoto
division. The Company markets
photography product packages through
email and traditional mail. For more
information about Chappell Studio,
please visit
www.chappell.com.
About Bob Knight Photomarketing
Headquartered in Tallahassee, Florida,
Bob Knight Photomarketing provides
graduation photography services to high
schools and universities primarily in
the Southeastern U.S. and California.
The Company markets photography product
packages to graduates through email and
traditional mail. For more information
about Bob Knight Photomarketing, please
visit
www.bobknightphoto.com.
For additional information, contact:
Scott Hukari
Raymond James Capital, Inc.
727.567.5640
scott.hukari@raymondjames.com
Dean Bosacki
Friend Skoler & Co., Inc.
201.712.0075
dbosacki@friendskoler.com
____________________________________
Friend Skoler
Announces Investment in
Box Studios
SADDLE BROOK, NEW JERSEY, May 8, 2007 --
Friend Skoler & Co., Inc., a private
equity firm that invests in leading
companies in the smaller end of the
middle market, announced today that it
has completed an investment in Box
Studios. Box is the preeminent provider
of high-end digital imaging services for
professional photographers, publishers
and corporate advertisers. Box founder
and CEO Pascal Dangin will continue to
lead the Company.
Founded in 1995 by Pascal Dangin, Box is
well regarded as the pioneer of digital
retouching and digital post production
services. The Company’s expertise in
image management, retouching and color
correction has enabled Box to establish
itself as one of the largest and most
recognized brands in the digital imaging
industry. Box’s services
include scanning, image retouching,
prepress, archiving, and art exhibition
and publication. The Company also
provides on-site digital capture
services for professional photographers
through its Boxwork division; and
recently established the Box Creative
Services division through the
acquisition of Lux Creative Services in
September of 2006.
“We are excited to be investing in Box
and partnering with Pascal,” said
Alexander Friend, a Managing Director of
Friend Skoler & Co. “Box has
established itself as the leading
digital image retouch studio by
providing its clients with unmatched
quality, innovation and service. This is
a special Company led by extremely
talented people, and we look forward to
working with Pascal and his management
team to support their continued growth.”
Pascal Dangin, founder and CEO of Box,
added: “I could not have found a better
partner than Friend Skoler. Their team
demonstrated a thorough understanding of
our business and our culture, and I am
excited to have them by my side.”
Deerfield Capital Management led the
debt financing for the transaction and
also made an equity investment in the
Company. The Box investment is the
sixth platform transaction by Friend
Skoler Equity Investors, L.P., which
closed in April 2004 with $231 million
of capital commitments.
About Friend Skoler & Co., Inc.
Founded in 1998, Friend Skoler & Co.,
Inc. is a private equity firm that
invests in leading companies in the
smaller end of the middle market in
partnership with management. FSC
focuses on companies with enterprise
values generally between $20 and $150
million, typically providing equity
capital of $10 to $40 million per
investment. Headquartered
in Saddle Brook, NJ, Friend Skoler
manages Friend Skoler Equity Investors,
L.P., a private equity fund with $231
million of capital commitments. For
additional information, please visit
www.friendskoler.com.
About Box Studios
Headquartered in New York, NY, Box is
the preeminent provider of high-end
digital imaging services for
professional photographers, publishers
and corporate advertisers. The Company’s
services include digital retouching,
prepress, creative production and
on-site digital image capture for
professional photo shoots.
For additional information, contact:
Dean Bosacki
Friend Skoler & Co., Inc.
201.712.0075
dbosacki@friendskoler.com
____________________________________
Friend
Skoler Announces Investment in
Accessories Marketing
SADDLE BROOK, NEW JERSEY, December 11,
2006 -- Friend Skoler & Co., Inc., a
private equity firm that invests in
leading companies in the smaller end of
the middle market, announced today that
it has completed an investment in
Accessories Marketing, Inc. Accessories
Marketing, Inc. (“AMI”) is a leading
manufacturer and marketer of flat tire
prevention and repair products and tire
care accessories. AMI’s products are
marketed under the Slime™ brand name
and are sold in over 50,000 retail
locations worldwide. AMI CEO Jim
Cegelski, Executive Vice President
Rodney Cegelski and members of
management are also investing in the
equity of the company.
Founded in 1993 by Steve and Jim
Cegelski, AMI’s product offering
includes liquid tire sealants, tire
repair accessories, tire tubes
pre-filled with Slime™ sealant, and
Smart Spair™ flat tire repair kits.
AMI’s flagship product, Slime™ tire
sealant, is the leading liquid tire
sealant in the U.S. retail market and is
widely recognized as a result of an
aggressive marketing campaign and its
trademarked green color. AMI’s Slime™
branded products are distributed
throughout the U.S. by leading retailers
in the automotive specialty, mass
merchant, hardware, lawn & garden,
sporting goods, bicycle and powersport
markets.
“We are excited to be partnering with
the Cegelski family and the talented
Slime management team to build on AMI’s
position of market leadership in the
tire care category,” said Alexander
Friend, a Managing Director of Friend
Skoler & Co. “AMI management has
established Slime as a leading brand
across multiple distribution channels by
providing retailers and consumers with
premium, innovative products and
outstanding customer service. The
company is well positioned for continued
growth, and we are pleased that Jim and
Rodney Cegelski will continue to lead
that effort. We also want to acknowledge
the accomplishments of Steve Cegelski in
pioneering the liquid tire sealant
category, and we look forward to
maintaining a consulting relationship
with Steve and receiving his assistance
on key development projects.”
Jim Cegelski, co-founder and CEO of AMI,
added: “The entire management team is
enthusiastic about the company’s future,
and the partnership with Friend Skoler
will allow us to leverage their
experience with branded consumer product
and automotive aftermarket companies.
Friend Skoler demonstrated a clear
appreciation for our corporate culture,
and we believe they are a great long
term partner for this management team.”
CIT led the senior debt financing for
the transaction and also made an equity
investment in the company. National City
Equity Partners provided the
subordinated debt for the transaction.
The AMI investment is the fourth
platform transaction by Friend Skoler
Equity Investors, L.P., which closed in
April 2004 with $231 million of capital
commitments.
About Friend Skoler & Co., Inc.
Founded in 1998, Friend Skoler & Co.,
Inc. is a private equity firm that
invests in leading companies in the
smaller end of the middle market in
partnership with management. FSC
typically invests between $10 million
and $40 million of equity per
transaction and manages Friend Skoler
Equity Investors, L.P., a private equity
fund with $231 million of capital
commitments. A key element of the fund’s
strategy is to leverage the firm’s
extensive experience as investors in and
operators of middle market companies.
Friend Skoler is headquartered in Saddle
Brook, NJ. For additional information,
please visit
www.friendskoler.com.
About Accessories Marketing, Inc.
Headquartered in Grover Beach,
California, AMI is a leading
manufacturer and marketer of flat tire
prevention and repair products and tire
care accessories. AMI’s products are
marketed under the Slime™ brand name
and are sold in over 50,000 retail
locations worldwide.
For more information, please visit
www.slime.com.
For additional information, contact:
Hunter McCrossin
Friend Skoler & Co., Inc.
201.712.0075
hmccrossin@friendskoler.com
____________________________________
Friend
Skoler Announces Investment in
AllHeart
SADDLE BROOK, NEW JERSEY, November 15,
2006 -- Friend Skoler & Co., Inc., a
private equity firm that invests in
leading companies in the smaller end of
the middle market, announced today that
it has completed an investment in
AllHeart. Operating the top ranked
AllHeart.com website, AllHeart is the
leading e-commerce retailer of medical
uniform apparel, medical diagnostic
instruments, footwear and accessories to
healthcare professionals. AllHeart
founder and CEO, Gwilym McGrew, and
members of senior management are also
investing in the equity of the company.
Founded in 1997, AllHeart sells an
extensive selection of medical apparel
and diagnostic products from leading
industry brands as well as under the
proprietary AllHeart brand. AllHeart
also operates AllHeartChefs.com and
AllHeartKids.com, growing web stores
that sell restaurant uniform apparel and
supplies, and school uniforms,
respectively.
“We are excited to partner with Mr.
McGrew and the talented AllHeart
management team to help build this
dynamic company,” said Steven F. Skoler,
a Managing Director of Friend Skoler &
Co. “AllHeart has established itself as
an e-commerce leader by providing its
customers with great product selection,
low everyday prices, and efficient order
processing, service and delivery. The
company is well positioned for future
growth, especially given the prospects
for continued growth in healthcare and
restaurant employment and e-commerce."
Gwilym McGrew, founder and CEO of
AllHeart, stated: “Our partnership with
Friend Skoler is an important step for
AllHeart and will help us to continue
our success and rapid growth. Friend
Skoler's strong track of record of
investing in consumer oriented
businesses and their ability to help
improve operations will further
strengthen our leading industry
position."
CapitalSource provided the debt
financing for the transaction and is
also an equity investor in the company.
The AllHeart investment is the third
platform transaction by Friend Skoler
Equity Investors, L.P., which closed in
April 2004 with $231 million of capital
commitments.
About Friend Skoler & Co.
Founded in 1998, Friend Skoler & Co. is
a private equity firm that invests in
leading companies in the smaller end of
the middle market in partnership with
management. FSC typically invests
between $10 million and $40 million of
equity per transaction and manages
Friend Skoler Equity Investors, L.P., a
private equity fund with $231 million of
capital commitments. Friend Skoler is
headquartered in Saddle Brook, NJ. For
additional information, please visit
www.friendskoler.com.
About AllHeart
Headquartered in Camarillo, California,
AllHeart operates AllHeart.com, the
leading e-commerce site for medical
uniform apparel, diagnostic instruments,
footwear and accessories to healthcare
professionals. The company also markets
uniform apparel and supplies for
restaurants through AllHeartChefs.com
and school uniforms through
AllHeartKids.com.
For more information about AllHeart,
please visit
www.AllHeart.com,
www.AllHeartChefs.com,
or
www.AllHeartKids.com.
For additional information, contact:
Hunter McCrossin
Friend Skoler & Co., Inc.
201.712.0075
hmcrossin@friendskoler.com
____________________________________
Hopkins Acquires Back-Up Safety and
Related Products from DesignTech
EMPORIA,
KANSAS,
June 17, 2005 -- Hopkins
Manufacturing Corporation announced
today that it has acquired certain
product lines from DesignTech
International, including its back-up
safety products. The acquisition of
these product lines positions
Hopkins as one of the leading
suppliers of back-up safety products
to the automotive aftermarket.
The products acquired include the
Back-up Alert®, a patented combination
back-up beeper and halogen bulb; Back-up
Sensor, a wireless ultrasonic back-up
and parking guidance system; 50 Watt
SuperBrite Halogen replacement back-up
bulbs, which are 250% brighter than
standard back-up bulbs; Trail BlazerT
Electronic Deer Alert, an electronic
device to warn deer and other animals of
an approaching vehicle which can be
activated by switching on the car
ignition or utilizing the high beam
headlights; the LED Test Light, a
combination voltage/polarity indicator
and flashlight; Daytime Running Lights,
which automatically activate a vehicle's
headlights anytime the engine is
running; and the Truck Box Light, which
automatically lights when a truck box or
tonneau cover is opened.
"This acquisition makes Hopkins a leader
in back-up safety products in the
automotive aftermarket. We are excited
about the opportunity to work with our
customers to expand their sales of
back-up safety products and to develop
innovative new products based on the
unique technology we acquired from
DesignTech," said Bradley T. Kraft,
President and Chief Executive Officer of
Hopkins.
"Our research shows that there is
increasing consumer interest in back-up
safety products, due to the difficulty
of backing-up the growing pool of large
size cars, SUVs and trucks on the roads
today," said Michael S. Williams,
Hopkins Vice President of Marketing.
"The increasing popularity of these
devices as an option on new cars has
created a significant opportunity for
back-up safety products in the
aftermarket."
In a separate transaction completed last
week, DesignTech sold its AutoCommand®
product line of remote car starters and
alarms to Directed Electronics.
According to Mark Gottlieb, President
and CEO of DesignTech, "We have
determined this is the right time for
our company to re-focus our energies
around an emerging market for our 911
Safety Phone. We see the sale to Hopkins
of the Back-Up Safety products as an
excellent fit, given Hopkins' strong
engineering capabilities and customer
relationships."
Hopkins will distribute all of the newly
acquired products from its Emporia,
Kansas warehouse. The acquisition is the
second this year for Hopkins, which
acquired Carrand Companies, Inc. in
April 2005. Hopkins is majority owned by
Friend Skoler & Co., a private equity
firm based in Saddle Brook, New Jersey.
About Hopkins Corporation
Headquartered in Emporia, Kansas,
Hopkins is a leading manufacturer and
marketer of quality, innovative
specialized towing products and
functional accessories for the
automotive and recreational vehicle
aftermarkets. Hopkins markets its
products under a number of
well-recognized brand names, including
Hoppy®, TAPTM, LiteMate®, BrakeBuddy®,
Carrand, Spillmaster® and FloToolTM.
Hopkins' products include
vehicle-to-trailer wiring and control
accessories, RV supplemental tow brakes,
automotive everyday cleaning accessories
and a variety of automotive winter care,
fluid handling, and storage &
organization products. Built on the
philosophy that its products will
deliver meaningful innovation,
performance and value to the consumer,
in 2005 the company is celebrating its
52nd year serving consumers in the
automotive aftermarket. For further
information, please visit
www.hopkinsmfg.com,
www.brakebuddy.com,
www.trailerwiring.com,
www.carrand.com
or
www.parkingsafetyfirst.com.
About Friend Skoler & Co.
Founded in 1998, Friend Skoler & Co. is
a private equity firm that invests in
leading companies in the smaller end of
the middle market in partnership with
management. FSC typically invests
between $10 million and $40 million of
equity per transaction and manages
Friend Skoler Equity Investors, L.P., a
private equity fund with $231 million of
capital commitments. Friend Skoler is
headquartered in Saddle Brook, NJ. For
additional information, please visit
www.friendskoler.com.
____________________________________
Hopkins and Carrand Join Forces to
Create Leading Automotive Cleaning
Products Company
EMPORIA, KANSAS, April 12,
2005 -- Hopkins Manufacturing
Corporation announced today that it
has acquired privately owned Carrand
Companies, Inc. Based in Rancho
Dominguez, CA, Carrand is a leading
designer and marketer of specialty
cleaning tools and accessories for
the automotive aftermarket.
Carrand will operate from its
current facility as a subsidiary of
Hopkins Manufacturing and will
continue to be led by Carrand
President Rand Rognlien. Carrand
shareholders David Rognlien, Rand
Rognlien and Brock Robertson have
invested in Hopkins as part of the
transaction.
The acquisition establishes Hopkins
as the leading automotive cleaning
products company servicing the
automotive aftermarket. "We are
very excited to have Hopkins and
Carrand join forces," said Bradley
T. Kraft, President and Chief
Executive Officer of Hopkins.
"Carrand is an outstanding company,
with exceptionally strong management
and a leadership position in
everyday vehicle cleaning products.
Their product offerings are highly
complementary to Hopkins' strong
leadership in winter cleaning
tools."
"Carrand has done an excellent job
of bringing consumers quality,
innovative products that make the
task of cleaning vehicles easier and
more effective," Kraft continued.
"The philosophies of the two
companies are consistent. We are
both focused on providing consumers
with innovative solutions for
everyday tasks."
Rand Rognlien, President of Carrand,
said, "We are very excited about
combining with Hopkins. We have
demonstrated impressive growth in
the everyday vehicle cleaning
products category by introducing
innovative products that help our
retail customers grow their
businesses. By aligning with
Hopkins, we can accelerate our
growth."
Steven Skoler, Managing Director of
Friend Skoler & Co., Hopkins'
largest investor, said, "Under the
leadership of Brad Kraft and his
management team, Hopkins has
achieved organic revenue growth
through the introduction of
innovative, value added products.
Rand Rognlien and his team have also
demonstrated a creativity and
dedication to innovation that has
led to Carrand's strong presence
today in the automotive cleaning
aftermarket. It's a great match."
About Carrand Companies, Inc.
Founded in 1982 by David Rognlien,
Carrand designs and markets a full
line of high quality everyday
vehicle cleaning products including
brushes, squeegees, and nozzles;
outdoor household cleaning tools
including hand-held, flow through
and extension brushes; and winter
vehicle cleaning tools such as ice
scrapers and snowbrushes.
Additionally, the company markets a
line of automotive aftermarket
accessories, including mechanics
gloves, fans, horns and cable ties.
For further information, please
visit
www.carrand.com.
About Hopkins Manufacturing
Corporation
Headquartered in Emporia, Kansas,
Hopkins is a leading manufacturer
and marketer of quality, innovative
specialized towing products and
functional accessories for the
automotive and recreational vehicle
aftermarkets. Hopkins markets its
products under a number of
well-recognized brand names,
including Hoppy®, TAPTM, LiteMate®,
BrakeBuddy®, Spillmaster® and
FloToolTM. Hopkins' products
include vehicle-to-trailer wiring
and control accessories, RV
supplemental tow brakes, and a
variety of automotive winter care,
fluid handling, storage &
organization and auto cleaning
accessories. Built on the
philosophy that its products will
deliver meaningful innovation,
performance and value to the
consumer, in 2005 the company is
celebrating its 52nd year serving
consumers in the automotive
aftermarket.
For further information, please
visit
www.hopkinsmfg.com,
www.brakebuddy.com, or
www.trailerwiring.com.
About Friend Skoler & Co.
Founded in 1998, Friend Skoler & Co.
is a private equity firm that
invests in leading companies in the
smaller end of the middle market in
partnership with management. FSC
typically invests between $10
million and $40 million of equity
per transaction and manages Friend
Skoler Equity Investors, L.P., a
private equity fund with $231
million of capital commitments.
Friend Skoler is headquartered in
Saddle Brook, NJ.
For additional information, please
visit
www.friendskoler.com.
Contacts:
Lauren Goldman, Marketing Services
Manager
(620) 340-8496
Bradley T. Kraft, President
(620) 340-8405
Rand Rognlien, President, Carrand
Companies, Inc.
(800) 527-3465
____________________________________
Friend Skoler
Announces Sale of United Pet Group
Investment
SADDLE BROOK,
NEW JERSEY, August 2,
2004 -- Friend Skoler & Co., L.L.C.,
a private equity firm that invests
in leading companies in the smaller
end of the middle market, announced
today that it sold its shares in
United Pet Group ("UPG") as part of
the acquisition of UPG by United
Industries Corporation on July 30th,
2004. United Pet Group is a leading
manufacturer and marketer of premium
pet supplies products for dogs,
cats, fish, birds and small
animals. UPG's products are sold
under a number of brand names,
including Eight in One®, Nature's
Miracle®, Dingo®, Lazy Pet®,
Marineland®, Perfecto®, Aquarium
Systems® and Jungle Talk®.
Friend Skoler invested in United Pet
Group in partnership with TA Associates
("TA") and management in July, 1999.
During its ownership period, Friend
Skoler worked closely with TA to recruit
new senior management, develop offshore
sourcing capabilities and complete the
acquisitions of the Dingo and Nature's
Miracle product lines. The sale
generated cash returns of 2.8x invested
capital for Friend Skoler and its
investors during their five years of
ownership, generating an IRR of 23%.
"UPG has established itself as a leading
company in the pet supplies industry,
with a strong portfolio of brands and
outstanding senior management. CEO John
Heil and his team achieved strong
organic revenue growth and successfully
integrated two acquisitions, creating
significant value for UPG's shareholders
and customers," said Alexander A.
Friend, a Managing Partner of Friend
Skoler & Co. "It has been a pleasure to
work with the UPG senior management team
and TA Associates."
"As a market leader with differentiated
products participating in a growing and
attractive industry, UPG fit squarely
with our investment criteria," said
Steven F. Skoler, a Managing Partner of
Friend Skoler & Co. "This investment
provides an excellent example of how we
can partner with management and another
private equity firm to add value to our
investments."
UPG is the second successful investment
by FSC's principals in the pet supplies
industry, following the sale of Kenlin
Pet Supply in 1996 for a 5.9x return.
About Friend Skoler & Co.
Founded in 1998, Friend Skoler & Co.,
L.L.C. is a private equity firm that
invests in leading companies in the
smaller end of the middle market in
partnership with management. FSC
typically invests between $10 million
and $40 million of equity per
transaction and manages Friend Skoler
Equity Investors, L.P., a private equity
fund with $231 million of capital
commitments. A key element of the
fund's strategy is to leverage the
firm's extensive experience as investors
in and operators of middle market
companies. Friend Skoler is
headquartered in Saddle Brook, NJ. For
additional information, please visit
www.friendskoler.com.
About United Pet Group
Based in Cincinnati, Ohio, United Pet
Group is a leading manufacturer and
marketer of premium pet supplies
products for dogs, cats, fish, birds and
small animals. UPG's products are sold
under a number of brand names, including
Eight in One®, Nature's Miracle®,
Dingo®, Lazy Pet®, Marineland®,
Perfecto®, Aquarium Systems® and Jungle
Talk®. Since 1997, UPG has acquired
eight companies in the pet food and
supplies industry. For additional
information, please visit
www.unitedpetgroup.com.
Contact:
Dean Bosacki
Friend Skoler & Co., L.L.C.
201-712-0075
dean@friendskoler.com
___________________________________
Friend
Skoler Announces Acquisition of
Hopkins Manufacturing Corporation
SADDLE BROOK, NJ, July 27, 2004 -
Friend Skoler & Co., L.L.C., a
private equity firm that invests in
leading companies in the smaller end
of the middle market, announced
today that it has acquired Hopkins
Manufacturing Corporation in
partnership with management.
Hopkins, headquartered in Emporia,
Kansas, is a leading manufacturer
and marketer of specialized towing
products and functional accessories
for the automotive and recreational
vehicle aftermarkets.
Founded in 1953,
Hopkins markets its products under a number of well-recognized
brand names, including Hoppy®, TAPTM,
LiteMate®, BrakeBuddy®, Spillmaster®
and FloToolTM.
Hopkins' products, which include
vehicle-to-trailer wiring and
control accessories, RV supplemental
tow brakes, and a variety of
automotive winter care, fluid
handling, storage & organization and
auto cleaning accessories, have
leading market shares within their
respective segments.
"Hopkins fits extremely well with our
investment criteria," said Alexander
Friend, Managing Partner of Friend
Skoler & Co. "The company has leading
market positions in its core product
categories, a diversified customer base
and broad product offering, long
standing customer relationships, and an
outstanding management team. In
addition, the company is well positioned
to benefit from favorable trends in the
towing accessories segment that should
drive organic growth in the future."
"We look forward to partnering with
Hopkins'
exceptional management team to build
upon the company's impressive record of
success," said Steven F. Skoler,
Managing Partner of Friend Skoler & Co.
"Hopkins has a history of new product innovation, high customer
service levels and successful
integration of complementary
acquisitions, which we are confident
will continue under the outstanding
leadership of Brad Kraft and his senior
management team."
Bradley Kraft, President of Hopkins,
stated: "We are excited to work with
Friend Skoler & Co. Their track record
of success investing in consumer
oriented middle market companies and
working with management to complete
add-on acquisitions will be helpful to
Hopkins."
Antares Capital underwrote the senior
debt financing for the transaction and
other senior lenders to the transaction
include GE Capital and CIT. American
Capital Strategies Ltd. (Nasdaq: ACAS)
provided the subordinated debt and
preferred stock. The Hopkins
acquisition marks the first transaction
by Friend Skoler Equity Investors, L.P.,
which closed in April 2004 with $231
million of capital commitments.
About Friend Skoler &
Co., L.L.C.
Founded in 1998, Friend Skoler & Co.,
L.L.C. is a private equity firm that
invests in leading companies in the
smaller end of the middle market in
partnership with management. FSC
typically invests between $10 million
and $40 million of equity per
transaction and manages Friend Skoler
Equity Investors, L.P., a private equity
fund with $231 million of capital
commitments. A key element of the
fund's strategy is to leverage the
firm's extensive experience as investors
in and operators of middle market
companies. Friend Skoler is
headquartered in Saddle Brook, NJ. For
additional information, please visit
www.friendskoler.com.
About
Hopkins Manufacturing Corporation
Headquartered in
Emporia, Kansas,
Hopkins is a leading manufacturer and
marketer of specialized towing products
and functional accessories for the
automotive and recreational vehicle
aftermarkets. Hopkins markets its
products under a number of
well-recognized brand names, including
Hoppy®, TAPTM, LiteMate®,
BrakeBuddy®, Spillmaster® and FloToolTM.
Hopkins' products include
vehicle-to-trailer wiring and control
accessories, RV supplemental tow brakes,
and a variety of automotive winter care,
fluid handling, storage & organization
and auto cleaning accessories. For more
information about Hopkins, please visit
www.hopkinsmfg.com,
www.brakebuddy.com, or
www.trailerwiring.com.
For additional information, contact:
Dean Bosacki
Friend Skoler & Co., Inc.
201.712.0075
dean@friendskoler.com
___________________________________
United
Industries Signs Definitive
Agreement to Acquire United Pet
Group
ST. LOUIS, MO, June 15, 2004 -
United
Industries Corporation, which
goes to market as Spectrum Brands,
today announced that it has entered
into a definitive agreement to
acquire United Pet Group, Inc. ("UPG"),
a privately owned leading
manufacturer and marketer of premium
branded pet supplies, for $360
million. UPG, headquartered in
Cincinnati, will operate as a
separate division of United
Industries and will continue to be
led by UPG CEO John Heil. The
combined companies will have
projected annualized sales of
approximately $1 billion.
The acquisition, United Industries'
fifth in three years, will diversify the
company's product offering and customer
base while reducing its exposure to
seasonal demand and weather conditions
in key markets. UPG is one of the
largest companies in the $8 billion pet
supplies industry, which is expected to
grow at 6-8% a year. UPG is currently
owned by TA Associates, Friend Skoler &
Co., Inc. and management.
Bob Caulk, United Industries' Chairman
and CEO, said, "We are very excited
about entering a new, fast-growing
consumer business. UPG is a great
company, with exceptionally strong
management and leading product
positions. We are counting on this team
to continue its strategy of building
strong customer relationships, launching
exciting new products and consolidating
a fragmented pet supplies industry. This
transaction broadens United Industries'
customer base in North America, smoothes
the seasonality of our overall business
and provides access to the rapidly
expanding consumer pet category."
John Heil, CEO
of UPG, said, "We are excited to join
the United Industries portfolio
and look forward to continued growth of
our business both organically and
through acquisitions."
"John Heil and his team have done an
outstanding job building value for UPG's
shareholders, employees and customers,"
said Michael Wilson, a Principal at TA
Associates, UPG's majority investor. "We
wish UPG management and their new owners
continued success in the future."
Charles Brizius, Managing Director of
Thomas H. Lee Partners, United
Industries' largest investor said,
"Under the leadership of Bob Caulk and
his management team, United Industries
has achieved strong revenue growth
through increased penetration of the
consumer marketplace and a
value-oriented marketing strategy
grounded in strong brands. In addition
to organic growth, the company has
successfully integrated four
acquisitions in less than three years,
making United Industries one of the top
two consumer products companies in the
growing area of consumer lawn and garden
products. The UPG acquisition broadens
United's customer base, diversifies its
brand portfolio and expands its platform
for growth. UPG and its management team
will be valued additions to the
company's success in the future."
The transaction is expected to be
financed through a combination of debt
and equity, with such financing
commitments provided by Bank of America
and Thomas H. Lee Partners, respectively.
United Industries Corporation
United Industries Corporation, which
goes to market as Spectrum Brands (www.spectrumbrands.com),
is the leading manufacturer and marketer
of value-oriented products for the
consumer lawn and garden care and insect
control segments in the U.S. The
company's household brands include Hot
Shot®, Cutter® and Repel®. The company's
lawn and garden brands include
Spectracide®, Garden Safe® and
Real-Kill® in the controls category as
well as Sta-Green®, Vigoro®, SchultzT,
Peters®, Bandini® and Best® brands in
the lawn and garden fertilizer and
organic growing media categories.
Through its Canadian subsidiary, Nu-Gro,
the company manufactures and markets
category-leading brands such as Wilson®,
CIL®, Golf-Green®, and Green Earth®. The
company is also a leading global
supplier of slow release nitrogen and
other fertilizer technologies under
brand names such as Nitroform® and
Nutralene®. Founded in 1969, the company
is headquartered in St. Louis, Missouri.
(Bloomberg Symbol: 14496Z)
United Pet Group, Inc.
Based in Cincinnati, Ohio, United Pet
Group (www.unitedpetgroup.com)
is a leading manufacturer and marketer
of premium pet supplies products for
dogs, cats, fish, birds and small
animals. UPG's products are sold under a
number of brand names, including Eight
in One®, Nature's Miracle®, Dingo®, Lazy
Pet®, Marineland®, Perfecto®, Aquarium
Systems®, and Jungle Talk®. Since 1997,
UPG has acquired eight companies in the
pet food and supplies industry.
UPG's Aquatics division, based in
Moorpark, California, markets the
broadest line in the industry, including
integrated aquarium kits, stand-alone
tanks, filters and filter media, sea
salt, and other aquarium supplies and
accessories. The Aquatics division also
markets equipment for use by retailers
in the sale of live fish and lobsters.
The company's aquatics brands, which
include Marineland®, Perfecto®, and
Instant Ocean®, are leading brands in
their market segments.
UPG's Specialty Pet division, based in
Hauppauge, New York, markets pet treats
and supplies for dogs, cats, birds and
small animals under the Eight in One®,
Nature's Miracle®, Dingo®, Lazy Pet®,
St. Aubrey®, Wild Harvest® and One
EarthT brand names.
___________________________________
Friend Skoler & Co. Closes $231
Million Private Equity Fund
SADDLE BROOK, NJ, April 13, 2004 -
Friend Skoler & Co., L.L.C., a
private equity firm based in Saddle
Brook, NJ, announced today the
closing of Friend Skoler Equity
Investors, L.P. and affiliated
investment entities, with $231
million of capital commitments.
The firm will continue its focus on
acquiring and building leading
companies in the smaller end of the
middle market in partnership with
management. Friend Skoler
originally targeted $150 million for
the fund.
"We are pleased to have exceeded our
target with such a high quality
group of investors," said Alexander
Friend, a Managing Director at FSC.
"We believe our success reflects our
consistent focus on the smaller end
of the middle market, our strong 18
year track record, and our value
added approach to portfolio
management. Given the
substantial collective operating
experience of FSC's senior
principals, we are uniquely
positioned to work alongside
management to grow our portfolio
companies."
The new fund will be managed by
Alexander Friend and Steven Skoler,
who have sourced, invested in and
operated businesses together since
1986. Between 1986 and 1997,
Friend and Skoler acquired two
businesses and served as the
day-to-day senior operating
executives of both companies.
In 1998, they formed Friend Skoler &
Co., L.L.C. and established a pledge
fund relationship with the
executives of Kohlberg Kravis
Roberts & Co. Since commencing
their activities in 1986, Friend and
Skoler have invested $60 million
through 18 transactions,
establishing six portfolio
companies. The firm's
disciplined investment approach,
together with its operating and
financial expertise, has resulted in
outstanding returns on invested
capital. To date, the firm's
realized investments have generated
$88.7 million of total value on a
cost basis of $19.6 million.
"We believe the smaller end of the
middle market will continue to offer
a large flow of attractive
investment opportunities at
reasonable valuations," said Steven
Skoler, also a Managing Director at
FSC. "The fund is a logical
next step for us. With a
committed pool of capital, we will
be able to increase our proprietary
sourcing and transaction capacities,
expand our relationships with
intermediaries and pursue an
increased number of investment
opportunities."
Founded in 1998, Friend Skoler &
Co., L.L.C. is a private equity firm
that invests in leading companies in
the smaller end of the middle
market. FSC typically invests
between $10 million and $30 million
of equity per investment, in
partnership with management. A
key element of the fund's strategy
is to leverage the firm's extensive
experience as investors in and
operators of smaller middle market
companies. Friend Skoler is
headquartered in Saddle Brook, NJ.
For additional information, please
visit
www.friendskoler.com.
___________________________________
United Pet
Group Acquires Assets of Dingo
Brand, LLC
CINCINNATI,
Ohio, January 19, 2004 - United
Pet Group, Inc. (UPG) announced today
that it has acquired substantially all
of the assets and business of Dingo
Brand, LLC. Terms were not disclosed.
Based in Aiea, Hawaii, Dingo Brand, LLC
markets and sells premium dog chew
products under the Dingo® brand name.
Dingo® products are patent protected and
combine the appeal of flavorful meat
jerky with chewy rawhide. Sales of Dingo
products have been growing rapidly and
are sold mainly through specialty pet
stores and select mass merchants.
"Dingo® products are innovative and
uniquely positioned as a cross category
chew and snack treat item," said John
Heil, Chairman and Chief Executive
Officer of United Pet Group. "The Dingo
acquisition is consistent with our
strategy of buying leading brands with
strong intellectual property and a
history of product innovation. We look
forward to leveraging UPG's
infrastructure to continue the growth of
Dingo's exciting line of products."
Dingo® is UPG's second acquisition in
the past six months. In June 2003, UPG
completed the acquisition of Nature's
Miracle®, the leading brand of dog and
cat stain and odor remover products. "As
with Nature's Miracle, UPG is planning
to integrate the Dingo® operation into
the UPG platform and build on the
brand's success with new products that
are logical extensions of the existing
line," stated Heil.
United Pet Group, Inc.
Based in Cincinnati, Ohio, United Pet
Group (UPG) is a leading manufacturer
and marketer of premium pet food and
supplies products for dogs, cats, fish,
birds and small animals. UPG's products
are sold under a number of brand names,
including Eight in One®, Nature's
Miracle®, Dingo®, Lazy Pet®, Marineland®,
Perfecto®, Aquarium Systems®, and Jungle
Talk®. Since 1997, UPG has acquired
eight companies in the pet food and
supplies industry. UPG is owned by TA
Associates, Friend Skoler & Co. L.L.C.
and management.
TA Associates
Founded in 1968, TA Associates is one of
the largest and most experienced private
equity firms. With offices in Boston,
Menlo Park, Pittsburgh and London, TA
Associates manages over $5 billion in
capital and has invested in more than
330 companies. TA Associates provides
growth equity capital, leveraged
recapitalization and management buyout
financing primarily for technology,
financial services, healthcare and
consumer businesses. More information
about TA Associates can be found at
www.ta.com.
Friend Skoler & Co., L.L.C.
Founded in 1998, Friend Skoler & Co.,
L.L.C. is a private equity firm that
invests in leading companies in the
middle market. FSC typically invests in
companies having valuations between $20
million and $200 million, and typically
commits $10 million to $40 million in
equity per investment. Friend Skoler is
headquartered in Saddle Brook, NJ. For
additional information, please visit
www.friendskoler.com.
___________________________________
Friend Skoler & Co. Announces Sale
of Woodstream Corporation
SADDLE BROOK, NEW JERSEY, June 17, 2003
(PRNewswire) -- Friend Skoler & Co., L.L.C., a
private equity firm that invests in
middle market companies, announced
today the sale of Woodstream Corporation
to an affiliate of Brockway Moran &
Partners, Inc. for approximately $100
million. Woodstream is a leading
manufacturer and marketer of branded
pest control and wildlife caring and
control products in the United States
and Canada. Woodstream's product lines
include rodent and insect traps, live
animal cage traps, animal repellents and
low toxic pesticides sold under the
Victor®, Havahart® and Safer® brands.
Friend Skoler purchased Woodstream in
partnership with management in December,
1999. During its ownership of the
Company, Friend Skoler worked closely
with management to identify and complete
six acquisitions of complementary
businesses that expanded the Company's
product offerings and geographic
footprint. Woodstream management
successfully integrated the acquisitions
and also continued to drive the growth
of the core business. "Friend Skoler's
support and expertise helped us nearly
double the size of our business since
1999," said Harry Whaley, President of
Woodstream. "Working together, we have
positioned the Company for continued
growth in the future."
The sale generated cash returns of 3.3x
invested capital for Friend Skoler and
its investors during their three and
one-half years of ownership, generating
an IRR in excess of 40%. "We are pleased
with the growth of the Company during
our ownership, and are proud to have
been associated with a leader such as
Woodstream. It has been a real pleasure
to work with the senior management team,
who we would rate among the best that we
have seen in our 17 years investing in
the lower middle market," said Steven F.
Skoler, Principal of Friend Skoler & Co.
"We made
our investment in Woodstream in late
1999 when many private equity firms were
focused on internet and telecom
investments," said Alexander A. Friend,
Principal of Friend Skoler & Co. "We
were attracted to Woodstream's strong
market position in niche markets, its
prospects for continued organic growth
and, most importantly, to the
outstanding management team leading the
Company. The extraordinary return
that we realized during a most difficult
economic environment demonstrates that
our approach to investing in the lower
middle market can be highly rewarding
for our investors."
About Friend Skoler & Co.
Friend Skoler & Co., L.L.C. is a private
equity firm that invests in leading
companies in the middle
market. FSC typically invests in
companies having valuations between $20
million and $200 million, and typically
commits $10 million to $40 million in
equity per investment. Since its
founding in 1998, the firm has invested
$56 million in equity capital and
completed 11 transactions. The
substantial operating experience of the
firm's professionals makes them uniquely
qualified to add value to the firm's
portfolio companies.
Friend Skoler is headquartered in Saddle
Brook, NJ. For additional information,
please visit
www.friendskoler.com.
About Woodstream Corporation
Woodstream is a leading manufacturer and
marketer of branded pest control and
wildlife caring and control products in
the United States and Canada.
Woodstream's product lines include
rodent and insect traps, live animal
cage traps, animal repellents and low
toxic pesticides sold under the Victor®,
Havahart® and Safer® brands. For
additional information, please visit
www.woodstream.com,
www.victorpest.com,
and
www.havahart.com.
Contact:
Dean Bosacki
Friend Skoler & Co., L.L.C.
201-712-0075
dean@friendskoler.com
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