PE Deals

Kelso-backed Brady IFS and JanSan provider Envoy Solutions to merge

Headquartered in Bell, California and Las Vegas, BradyIFS is a distributor of foodservice disposables and janitorial and sanitation products.

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  • When the deal closes, Kelso, Warburg Pincus, and BradyIFS management will collectively become majority owners in the combined business and control the board
  • FEMSA will maintain a significant minority share in the combined business with representation on the board
  • Harris Williams and Goldman Sachs are serving as financial advisors to BradyIFS and Kelso while Allen & Company LLC is serving as financial advisor to Envoy Solutions and FEMSA

BradyIFS, a portfolio company of Kelso & Company, and Envoy Solutions, a Glenview, Illinois-based provider of janitorial and sanitation products, are planning to merge. No financial terms were disclosed.

Headquartered in Bell, California and Las Vegas, BradyIFS is a distributor of foodservice disposables and janitorial and sanitation products.

“I’m excited to partner with BradyIFS,” said Mark M. Fisher, CEO of Envoy Solutions in a statement. “I look forward to working with Ken and his team to accelerate our growth by combining our resources and expertise, enhancing our value proposition, and deploying even more capital in support of growth. This partnership honors and enhances Envoy Solutions and provides exciting opportunities for our entire team.”

Envoy Solutions is currently a subsidiary of Fomento Económico Mexicano, S.A.B. de C.V.

When the deal closes, Kelso, Warburg Pincus, and BradyIFS management will collectively become majority owners in the combined business and control the board. FEMSA will maintain a significant minority share in the combined business with representation on the board. The merger is expected to close in the coming months.

Harris Williams and Goldman Sachs & Co. are serving as financial advisors to BradyIFS and Kelso while Allen & Company LLC is serving as financial advisor to Envoy Solutions and FEMSA.

Since 1980, Kelso has raised a total of 11 private equity funds and invested approximately $19 billion of equity capital in more than 140 companies.

Founded in 1966, Warburg Pincus LLC has more than $83 billion in assets under management.