Convenience Valet, a portfolio company of Weinberg Capital Group, has acquired Melrose Park, Illinois-based Medex Merchandising, a provider of branded health and beauty care products. No financial terms were disclosed.
PRESS RELEASE
CLEVELAND, July 5, 2016 /PRNewswire/ — Weinberg Capital Group (“WCG”) announced today the acquisition of Medex Merchandising, LLC (“Medex”) by portfolio company Mechanical Servants LLC D/B/A Convenience Valet (“Convenience Valet” or the “Company”). Headquartered in Melrose Park, Illinois, Medex is a national provider of branded health and beauty care products, including brand name over-the-counter medications, generic medications, condoms, automotive and other sundries supplied to the food, drug, mass merchandise and convenience channels. Medex was formed more than 20 years ago and currently serves more than 100 customers distributing almost 300 unique SKUs.
Founded in 1946, Convenience Valet is the originator and leading value-added distributor of blister pack (windowed) branded convenience / travel size health and beauty care products, over-the-counter drugs, personal care products and sundries sold in small-portion packages. The Company acquires branded products from the manufacturer and then repackages the products in convenient size (single / double dose) and trial / travel size packages for over 120,000 retail locations, which include grocery stores, convenience stores, drug stores, gas stations, mass merchants, warehouse clubs, travel centers, airports, hotels and cruise lines. The Company distributes over 500 branded products and has established an expansive distribution network, through which its partners’ products can efficiently reach consumers on a nationwide basis.
“We are very pleased to have consummated our first add-on acquisition for Convenience Valet,” stated Ronald E. (Chip) Weinberg, Jr., Managing Director & Principal at WCG. “Medex is the first in what we believe will be multiple additions to our platform. Convenience Valet has a long history of innovative product development, value-added design and planogramming and excellent customer service. Our goal is to continue acquiring strong operators such as Medex to add new products, customers and distributors to an already robust business. Ultimately, the goal is to make Convenience Valet an even more valuable partner to its customers and supplier partners.”
Commenting on the acquisition, former Medex majority owner Robert Knuepfer III stated, “we have a tremendous amount of respect for Convenience Valet and its management team. They have always been a very strong competitor and we are thrilled to now be partners. The fit is natural and should be seamless to Medex customers as our history of excellent service will continue. In addition, our customers will benefit from a now broader product portfolio.”
WCG is actively seeking additional add-on acquisitions for Convenience Valet.
About Weinberg Capital Group
WCG is a Cleveland, Ohio based private equity group whose principals consist of Ronald E. Weinberg, Ronald E. (Chip) Weinberg, Jr., John E. Herman and Cameron S. Miele. WCG invests in well-positioned middle market companies. WCG focuses on firms where the current ownership and management reinvest in the transaction, and management remains in place, affording current shareholders and management an opportunity to achieve liquidity coupled with ownership continuity. WCG invests in companies throughout North America with annual revenue from $15 to $100 million and EBITDA ranging from $2 to $10 million. The firm’s current portfolio covers a broad range of industries including manufacturing, business services, aviation services, financial services, consumer products, retail and value added distribution. Additional information on WCG can be found at www.weinbergcap.com.
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