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"McColl Partners helped us think through a number of strategic alternatives for the Newberry operations. They provided valuable advice to our management and Board of Directors, which allowed us to complete the divestiture to Merchants in an expedited timeframe."
Jeff Leischner
President and CEO
Thomas & Howard
Company, Inc. |
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"The acquisition of Thomas & Howard’s Newberry foodservice operations represents Merchant’s first acquisition of an independent distributor and positions Merchants as a true regional distributor with a footprint throughout the Southeast. The divestiture allows Thomas & Howard to focus on its core convenience store business and provides a great outcome for those associated with the Newberry operations."
Phil Colaco
Managing Director
McColl Partners, LLC |
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Deal Summary
McColl Partners, LLC announced today that it has advised Thomas & Howard Company, Inc. (“Thomas & Howard” or the “Company”) in its divestiture of the Company’s foodservice operations in Newberry, South Carolina to Merchants Foodservice (“Merchants”). As a result of the transaction, Merchants will expand its foodservice operations into the South Carolina region. Phil Colaco led the execution of the transaction and was supported by Chris Malach.
Through the acquisition, Merchants will link its current Southeastern foodservice distribution presence to South Carolina and the surrounding states providing a comprehensive coverage of the region. The Newberry operations of Thomas & Howard will add approximately $30 million in annual foodservice sales along with 1,200 accounts to Merchants. Thomas & Howard will retain foodservice distribution rights for convenience store and “cash and carry” operations associated with the Newberry location.
About Thomas & Howard Company, Inc.
Thomas & Howard Company, Inc., headquartered in Columbia, South Carolina, is a premier food distributor providing full-line, full-service distribution to chain and independently owned convenience stores, primarily located in Georgia, North Carolina, South Carolina, and Tennessee. In addition, the Company operates 10 wholesale/retail “cash and carry” locations. Established in 1897, Thomas & Howard was created by the partnership of C.C. Thomas, C.L. Howard, and J.E. Timberlake. Thomas & Howard has annual sales in excess of $300 million and operates out of two facilities located in Columbia, South Carolina and Spartanburg, South Carolina.
About Merchants Foodservice
Merchants Foodservice, headquartered in Hattiesburg, Mississippi, is an independent broadline foodservice distributor. Merchants provides foodservice products to hospitals, institutions, restaurants, and schools across Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, Tennessee, Texas, and now, South Carolina. Established in 1904, Merchants was founded by seven stockholders under the initial name of the Fain Grocery Company. Merchants has annual sales in excess of $250 million and operates out of four facilities located in Hattiesburg, Mississippi; Jackson, Mississippi; Clanton, Alabama; and Newberry, South Carolina.
About McColl Partners, LLC
McColl Partners is an independent investment banking firm specializing in the needs of management and owners of middle-market companies. With significant experience working with private equity groups, entrepreneurs, family-owned businesses, public companies, and divisions of larger companies, the firm is dedicated to offering strategic advice and assistance to its clients regarding mergers and acquisitions and private capital raising assignments.
To learn more about our experience in the foodservice distribution industry, please contact Phil Colaco or Brian Davis at (704) 333-0525. More information about McColl Partners can be found at http://www.mccollpartners.com/. |
