Brazos Private Equity Partners has exited its investment in Strategic Equipment and Supply Corporation, selling the company to TriMark USA. TriMark is a portfolio company of Audax Group. Financial terms of the transaction were not disclosed. The firm said that the sale represents the final realization of Brazos Equity Fund I, which closed in 2000 with $250 million.
Brazos Private Equity Partners, LLC, a leading Dallas-based private investment firm, announced today the sale of Strategic Equipment and Supply Corporation (SESC), one of the leading providers of foodservice equipment, supply and design solutions, to TriMark USA, a portfolio company of Audax Group. Financial terms of the transaction were not disclosed.
The sale of SESC represents the final realization of Brazos Equity Fund I, which closed in 2000 with capital commitments totaling $250 million. Distributions by Fund I have substantially exceeded invested capital, a result that is further enhanced through the SESC exit. Brazos is currently investing Brazos Equity Fund III (“Brazos III”) with capital commitments totaling $715 million.
Randall Fojtasek, Co-Founding Partner and Co-CEO of Brazos, said: “We are very proud of what we accomplished since acquiring SESC in 2005. In partnership with SESC’s outstanding management team we built the company into one of the five largest foodservice distributors in the United States through geographic expansion and the addition of key customers such as Outback Steakhouse, Logan’s Roadhouse and Ruby Tuesday. The long-term perspective we bring to our investments was rewarded with an outstanding return for our investors. We wish Marty Monnat and his team all the best as they join TriMark and contribute to its continued success as the foodservice distribution industry leader.
“The sale of SESC is also a momentous occasion for our firm because it brings to completion our first fund investment effort, which began in 2000. During the years since we closed Fund I, we have worked with so many great companies and management teams who have been partners in the fund’s success. We are particularly grateful to our Fund I limited partners for their confidence and support of our firm in its early years. Many of those early investors are still investing with us and have been an important part of our firm over the past 13 years and today as we continue to invest our third fund,” Mr. Fojtasek added.
Martin Monnat, President and Chief Executive Officer of SESC, said, “On behalf of the SESC management team and all of our employees, I thank Brazos for its extraordinary contributions towards the development of our company. We are very excited about our future as part of the industry leading foodservice distribution enterprise, an achievement enabled by Brazos.”
About Brazos Private Equity Partners, LLC
Brazos Private Equity Partners is a Dallas-based private equity firm that manages approximately $1.4 billion of equity capital. Brazos focuses on investments in leading middle-market consumer, healthcare, commercial & industrial, and business services companies, seeking to partner with outstanding management teams and/or families of closely-held businesses to maximize value. Brazos has been one of the most active middle-market private equity investment firms over the past decade, having completed 69 acquisitions, including 25 platform investments.