Bain Capital completes Imperial Dade buyout


Bain Capital Private Equity has closed its previously announced acquisition of New Jersey-based Imperial Dade, a distributor of disposable food service and janitorial supplies in the U.S., Puerto Rico and the Caribbean. No financial terms were disclosed. Audax Private Equity will retain a stake in Imperial Dade.

PRESS RELEASE

BOSTON–(BUSINESS WIRE)–Audax Private Equity (“Audax”) has completed the sale of Imperial Dade Intermediate Holdings, LLC (“Imperial Dade” or the “Company”) to Bain Capital Private Equity, LP (“Bain Capital”). Imperial Dade’s management and Audax will continue to be significant investors in the Company.

Headquartered in Jersey City, NJ, Imperial Dade is a leading provider of foodservice disposables and janitorial supplies & equipment. The Company serves over 40,000 customers in North America across multiple end markets including supermarkets, grocers, healthcare facilities, and restaurants. Operating from 30 distribution centers and over 20 depots throughout the United States, Imperial Dade fulfills 1.5 million orders annually with 95% of orders delivered the next day. Imperial Dade’s consultative sales approach, leading product offering, and reliability make it a one-stop shop for all foodservice disposable and janitorial & sanitation needs. Since Audax’ investment in Imperial Dade in January 2016, the Company completed 16 acquisitions and greenfield expansions, expanding its service footprint into the Southeast, Midwest, and Texas while maintaining their dedication to best in class customer service.

Don Bramley, Managing Director at Audax, said, “We are proud to have partnered with Robert and Jason Tillis and the Imperial Dade team in creating the leading platform in the foodservice and janitorial supplies & equipment market. The Company grew organically and through acquisitions while investing in new facilities, systems, and key talent to support and sustain continued growth. We wish continued success for Robert, Jason and their team as they embark on the next chapter of growth with their new partner.”
Robert Tillis, Chairman & CEO of Imperial Dade, said, “Audax has been a valuable partner in helping us grow Imperial Dade into the leading national distributor. 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.”

Jason Tillis, President of Imperial Dade, said, “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.”

Terms of the transaction were not disclosed. Ropes and Gray LLP served as legal advisor and Harris Williams, LLC and Lincoln International, LLC served as financial advisors to Imperial Dade. Kirkland & Ellis LLP served as legal advisor to Bain Capital.

ABOUT AUDAX PRIVATE EQUITY
Audax Group is a leading alternative investment manager with offices in Boston, New York, and San Francisco. Since its founding in 1999, the firm has raised over $25 billion in capital across its Private Equity and Private Debt businesses. Audax Private Equity has invested over $5 billion in more than 125 platforms and 775 add-on companies. Through its disciplined Buy & Build approach, Audax seeks to help platform companies execute add-on acquisitions that fuel revenue growth, optimize operations, and significantly increase equity value. With more than 240 employees and over 100 investment professionals, the firm is a leading capital partner for North American middle market companies. For more information, visit the Audax Group website www.audaxgroup.com.

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 a series of twenty-two acquisitions to become a leader in the disposable food service and janitorial supplies industry. For additional information, please visit www.imperialdade.com.