Blue Point Capital Partners, a U.S. mid-market private equity firm, has acquired Russell Food Equipment Ltd in a recapitalization deal. No financial terms were released. Based in Vancouver, Russell is a provider of food service equipment and supplies to more than 20,000 food service operators across Canada. Established in 1938, it operates from 14 distribution and three manufacturing facilities and sells its products under both third-party brands and Quest Metal Works, a business affiliate. Blue Point said Russell offers organic and external growth opportunities that the firm plans to support with operational and strategic resources.
Blue Point Capital Partners Acquires Russell Food Equipment, Leading Distributor of Foodservice Equipment and Supplies
SEATTLE, WA–(Marketwired – September 02, 2015) – Blue Point Capital Partners announced today the recapitalization of Russell Food Equipment Ltd., a leading value-added distributor, manufacturer and service provider of foodservice equipment and supplies in Canada. Founded in 1938, Russell serves more than 20,000 foodservice operators across the country.
Based in Vancouver, British Columbia, and operating out of 14 distribution and three manufacturing facilities located across Canada, Russell (www.russellfood.ca) offers a broad assortment of equipment, supplies, parts and services to customers in the foodservice industry. Russell serves the restaurant, institutional, government, education, healthcare, hospitality and other foodservice markets. The company’s products are sold under both third-party brands and Quest, Russell’s proprietary brand of internally manufactured equipment. A one-stop solution provider, Russell offers its customers comprehensive hands-on support from planning and design services to aftermarket repair and maintenance.
“The organic and external growth opportunities that Russell possesses are perfectly suited to benefit from the value-added resources and tools that Blue Point will bring to the partnership,” said Mark Morris, a partner with Blue Point.
The successful closing of Russell represents the fifth platform investment for Blue Point III, the firm’s third middle-market buyout fund. Blue Point, with offices in Charlotte, Cleveland, Seattle and Shanghai, is one of the largest resident private equity firms in each of its target markets. The firm’s investment in Russell is focused on operational strategies and growth through organic and acquisition initiatives.
Charley Geiger, a vice president with Blue Point, said, “As Russell’s first institutional investor, Blue Point’s operational and strategic approach will contribute to the company’s growth and development, while preserving its distinctive culture and history of leadership in Canada. Working with Russell’s experienced management team, we are thrilled to have the opportunity to contribute our resources to a strong industry leader.”
“For over 75 years, Russell’s comprehensive capabilities have enabled our company to become a leader in the foodservice equipment and supplies market in Canada,” said Randy Speck, national manager of Russell. “The Russell team is deeply committed to growing our business and maintaining impeccable quality, affordability, speed and customer service standards. As Russell seeks to expand its leadership position, Blue Point’s cross-national presence, breadth of experience in the distribution and manufacturing industries, and operating resources will be instrumental in the successful execution of our strategic plan. Our entire team is excited to partner with Blue Point in the pursuit of our objectives.”
Blue Point Capital Partners (www.bluepointcapital.com) is a private equity firm managing over $800 million in committed capital. Leveraging offices in Charlotte, Cleveland, Seattle and Shanghai, Blue Point’s entrenched regional presence affords it the opportunity to establish relationships on a local and regional basis with entrepreneurs and their trusted advisors, while simultaneously providing the resources of a large, international firm. The Blue Point group has a 25-year track record of partnering with companies in the lower middle market where it can bring about accelerated growth and transformative change in partnership with its companies, their management teams and Blue Point’s network of operating resources. Blue Point is one of only a few middle-market private equity firms with a presence in the economies of both the United States and China, and the firm’s experience with cross-border management and value drivers provides a distinct advantage for its portfolio businesses. Blue Point invests in manufacturing, distribution and service businesses generating $20 million to $200 million in revenue.
For more information, contact:
BLUE POINT CAPITAL PARTNERS
Blue Point Capital Partners, LLC
1201 Third Avenue, Suite 3090
Seattle, WA 98101
RUSSELL FOOD EQUIPMENT
Russell Food Equipment Ltd.
1255 Venables St.
Vancouver, BC V6A 3X6
Photo courtesy of Russell Food Equipment Ltd