Swander Pace Capital has sold Gilchrist & Soames, a provider of bath and beauty products, to Guest Supply, a Sysco Corp. subsidiary. No financial terms were disclosed. Piper Jaffray served as financial advisor to Swander Pace on the transaction.
September 21, 2015 08:00 AM Eastern Daylight Time
SAN FRANCISCO & NEW YORK–(BUSINESS WIRE)–Swander Pace Capital, a leading private equity firm specializing in investments in consumer products companies, has sold Gilchrist & Soames – a leading provider of premium bath and beauty products to luxury destinations throughout the world – to Guest Supply, a wholly owned subsidiary of Sysco Corporation (NYSE:SYY). Terms were not disclosed.
While under Swander Pace’s ownership, the company became a global leader in luxury beauty and personal care products for the most prestigious hotels, spas, and resorts throughout the world. With Swander Pace as a partner, Gilchrist & Soames expanded its client base from predominantly boutique luxury hotels in North America to large international prestige hoteliers throughout the world, such as The Peninsula Hotels, Hyatt and Mandarin Oriental Hotel Group.
“I’m incredibly proud of our partnership with Gilchrist & Soames over the past eight years,” said Mo Stout, managing director at Swander Pace. “Kathie De Voe and her team have pushed the company to new heights and set the standard for luxury beauty and personal care products for travelers throughout the world. We look forward to watching the company continue to grow with its new partner, Guest Supply.”
Guest Supply is a world leader in providing products to enhance hotel guests’ experience. With over 25,000 hotel partners in more than 100 countries, Guest Supply brings an unparalleled combination of industry experience, relationships, resources, manufacturing facilities and distribution networks.
“I want to thank Swander Pace for being an incredible partner,” said De Voe, CEO of Gilchrist & Soames. “With their support and guidance, we’ve nearly doubled the size of our business, expanded to new markets and properties around the world, invested in and built a best-in-class new headquarters facility in Indianapolis, and secured the interest of a new partner to build on that momentum.”
“Gilchrist & Soames was a fantastic partnership and the perfect example of how private equity and great management teams can grow a company,” added Swander Pace director Heather Smith Thorne. “Working with management, we made major investments into the business, expanded distribution, and positioned the company to find a new partner that will take them through their next growth chapter. We couldn’t be more pleased for Kathie and her team.”
Kirkland & Ellis LLP served as legal advisor to Swander Pace Capital, while Piper Jaffray served as financial advisor.
About Swander Pace Capital
Swander Pace Capital is a leading private equity firm specializing in investments in growth-oriented, middle-market consumer companies in North America and the United Kingdom. Since its inception in 1996, Swander Pace has used its expertise in this industry to pursue a consistent strategy of acquiring or investing in consumer products companies with leading market positions in attractive, defensible niches. With staff in San Francisco, New Jersey, and Ontario (Toronto), Swander Pace provides portfolio companies with a unique mix of financial and strategic support to create long-term value. Swander Pace has led successful private equity investments in consumer companies with total revenues in excess of $2.0 billion. For more information, visit www.spcap.com.
About Gilchrist & Soames
Gilchrist & Soames is a leading provider of luxury toiletry collections for world-class hotels, exclusive resorts, and distinguished spas, inns, and bed and breakfasts. Specializing in servicing the luxury hotel market, Gilchrist & Soames’ products can be found in discerning properties throughout the world. The Gilchrist & Soames global headquarters and manufacturing facility is in Indianapolis, Ind., with a European sales and distribution office in Peterborough, London, England. For more information, visit www.gilchristsoames.com.