Charter Oak & RFE Recap Brook & Whittle

Charter Oak Equity and RFE Investment Partners have recapitalized Brook & Whittle Ltd., a North Branford, Conn.–based printer of decorative label solutions for beverage and personal care product companies. No financial terms were disclosed. Citi Capital Strategies advised Brook & Whittle on the deal.



Brook & Whittle Limited (“Brook & Whittle”), a premier printer of decorative label solutions for beverage and personal care product companies, has been recapitalized by private equity firms Charter Oak Equity (“Charter Oak”) and RFE Investment Partners (“RFE”), in conjunction with the company’s management. The terms of the transaction were not disclosed.


Citi Capital Strategies (“CCS”), a division of Citigroup Global Markets Inc. (NYSE: C) and a leading investment bank serving privately held businesses, served as the exclusive financial advisor to Brook & Whittle. The CCS transaction team included Ted Polk, Managing Director, and Matt De La O, Director.


“We are pleased that our client, Brook & Whittle, has teamed with private equity firms of the caliber of Charter Oak and RFE,” said Ted Polk, Managing Director at CCS. “With this transaction, Brook & Whittle’s shareholders were able to realize liquidity on the value they have built in the company while retaining a substantial ownership stake as they work with their new partners to continue to aggressively drive growth.”


Stephen Stewart, President of Brook & Whittle stated, “We are delighted to partner with Charter Oak and RFE. With the support of our new partners, Brook & Whittle will be able to significantly expand its operations and capabilities, enter new markets, strengthen existing customer relationships and generate new ones.”


“I have known Steve and his team for over three years and have watched them grow Brook & Whittle into a market leader in decorative labels. We are looking forward to helping the company take advantage of its substantial growth opportunities,” stated Paul Roughan, Managing Partner of Charter Oak. “We are excited about partnering with the Brook and Whittle management team during this period of growth and providing our experience and resources to assist them in enhancing the company’s position as a strong, well-respected market leader,” added Michael Foster, Managing Director at RFE.


Citi Capital Strategies is a leading investment bank dedicated to serving the needs of closely held and family-owned businesses. Citi Capital Strategies specializes in mergers, acquisitions, recapitalizations, ESOPs and capital solutions for private businesses. Citi Capital Strategies is a division of Citigroup Global Markets Inc. Member SIPC. For more information, visit CCS’s website at


Brook & Whittle Limited, founded in 1996, is based in North Branford, Connecticut. Brook & Whittle is a pioneer and market leader in the use of UV flexo combination printing for pressure sensitive labels. The company’s customers include the world’s largest producers of soft drinks, wines, spirits, and personal care products and represent some of the most well known and respected brands.


Charter Oak Equity, based in Westport, Connecticut, is a private equity firm focused on investing in niche manufacturing, medical products and financial services companies. For more information, visit Charter Oak’s website at


RFE Investment Partners, based in New Canaan, Connecticut, is a private equity investment firm with thirty years of small buyout experience. RFE is actively investing its seventh fund which continues to target investments in business service, niche manufacturing and health care service companies. For more information, visit RFE’s website at