H.I.G. buys Supply Source Enterprises

H.I.G. has acquired Supply Source Enterprises Inc, a maker of branded and private label personal protective equipment and janitorial, safety, hygiene and sanitation products.

H.I.G. has acquired Supply Source Enterprises Inc, a maker of branded and private label personal protective equipment and janitorial, safety, hygiene and sanitation products. The seller was Genuine Parts Company. No financial terms were disclosed. Harris Williams and Robert W. Baird are acting as financial advisors to H.I.G. while J.P. Morgan did likewise for GPC.

PRESS RELEASE

NEW YORK–(BUSINESS WIRE)–H.I.G. Advantage (“H.I.G.”), an investment affiliate of H.I.G. Capital, is pleased to announce that one of its affiliates has completed the acquisition of Supply Source Enterprises, Inc. (“SSE” or the “Company”), a leading manufacturer of branded and private label personal protective equipment and janitorial, safety, hygiene and sanitation products, from Genuine Parts Company (“GPC”).

Headquartered in Cleveland, Ohio, SSE offers an extensive product portfolio and differentiated value-added services. Through its Safety Zone and Impact Products divisions, SSE serves a diversified customer base, including janitorial and sanitation supply distributors, safety products resellers, food service and food processing distributors and retailers.

Steve Schultz, CEO and President of SSE, commented, “We are excited to enter into this new chapter with H.I.G. Capital. We have been fortunate over the last few years with the support of Genuine Parts Company to execute on our strategic plan. We are excited about SSE’s growth prospects and believe our customers and employees will benefit immensely from H.I.G.’s support as we embark on our next growth phase.”

Rahul Vinnakota, Managing Director at H.I.G., added, “We look forward to partnering with Steve and the entire management team to support SSE’s continued growth. H.I.G. will bring additional expertise and resources to SSE to support management as they continue to broaden SSE’s customer base, expand offerings and enhance services. Importantly, given the critical role of these businesses in the COVID-19 pandemic, we remain committed to ensuring continuity of service to customers while prioritizing the wellbeing of employees.”

Harris Williams and Robert W. Baird are acting as financial advisors and McDermott Will & Emery LLP is acting as legal counsel to H.I.G. J.P. Morgan is acting as financial advisor and Troutman Sanders LLP is acting as legal counsel to GPC. Funds affiliated with Ares Management Corporation provided financing for the transaction.

About Supply Source Enterprises
Supply Source Enterprises, Inc. is a leading manufacturer of branded and private label personal protective equipment and janitorial, safety, hygiene and sanitation products. Headquartered in Cleveland, Ohio, the Company serves approximately 4,000 customers across the United States. For more information, visit www.safety-zone.com and www.impact-products.com

About H.I.G. Capital
H.I.G. is a leading global private equity and alternative assets investment firm with $37 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro and São Paulo, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/ value-added approach:

H.I.G.’s equity funds invest in management buyouts, recapitalizations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.

H.I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. is also a leading CLO manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance.

H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.

Since its founding in 1993, H.I.G. has invested in and managed more than 300 companies worldwide. The firm’s current portfolio includes more than 100 companies with combined sales in excess of $30 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.

* Based on total capital commitments managed by H.I.G. Capital and affiliates.