AFCO, a portfolio company of Larsen MacColl Partners, has divested Mossberg Sanitation and Midwest Sanitation to an unidentified buyer. No financial terms were disclosed. Based in Great Bend, Mossberg is a provider of building sanitation services while Midwest Sanitation, which is located in Iowa, is a waste management and recycling company.
CHAMBERSBURG, Pa.–(BUSINESS WIRE)–AFCO C&S, LLC (“AFCO”), announced today that on May 12, 2014 it sold its wholly owned subsidiaries, Mossberg Sanitation, Inc. and Midwest Sanitation Co., Inc (collectively, “Mossberg”), to a strategic acquirer. While terms of the sale were not disclosed, AFCO realized proceeds in excess of three times its invested capital.
Commenting on the transaction, AFCO CEO, Mike Hinkle, said, “The strategic acquirer purchased a great business. Mossberg is a very professionally managed operation, and the AFCO team has a great deal of respect for everyone at Mossberg. We wish the strategic acquirer and Mossberg the best of luck in the coming years.”
AFCO (www.afcocare.net) is a leading producer of cleaning and sanitizing chemicals used by food and beverage processing companies. AFCO’s products range from basic sanitizing and hand washing soaps to foam cleaners, acid cleaners, alkaline cleaners, chlorinated cleaners, water treatment chemicals, defoamers, lubricants and other miscellaneous items that are used throughout food manufacturing facilities to maintain sanitary conditions. AFCO services 1000+ customers throughout North America, Europe and the Caribbean.
AFCO’s headquarters is located in Chambersburg, Pennsylvania, and the company also operates facilities in Gainesville, Georgia; Orange County, California; Shreveport, Louisiana; Brandon, South Dakota; and England.
AFCO partnered with Larsen MacColl Partners of Radnor, PA in 2009 to assist with its growth.
About Larsen MacColl Partners
Founded in 2007, Larsen MacColl is a private equity firm that acquires growing businesses with sales of $5 to $40 million and EBITDA of $1 to $5 million.
Larsen MacColl seeks to deliver strong investment returns by growing businesses rather than through financial leverage or engineering. As such, it only invests in companies with unrealized potential and where it believes it can, with management, create a valuable middle market business with at least $50 million, and in some cases, $100 million or more in annual sales.