Monomoy Capital Partners Buys Oneida

New York-based buyout shop Monomoy Capital Partners has acquired Oneida Ltd., the maker of flatware and dinnerware. The investment is the first deal out of the firm’s second fund, Monomoy Capital Partners II. Terms were not released. Oneida was formed in 1880, and makes flatware and dinnerware for consumers and the foodservice industries.

PRESS RELEASE
Monomoy Capital Partners, a New York private equity fund focused on value investment and business improvement in middle market businesses, announced today that it has acquired Oneida Ltd. (“Oneida”), the world’s most recognized tabletop brand and the leading supplier of flatware and dinnerware to the foodservice market. The acquisition marks the first transaction for the Monomoy Capital Partners II, L.P., Monomoy’s second fund vehicle. Terms of the transaction were not disclosed.

Founded in 1880, Oneida designs, sources, markets and distributes flatware and dinnerware in the consumer and foodservice industries throughout the world. The Company’s markets include North America, Latin America, Europe, Middle East, Africa and Asia. Oneida’s full product line includes stainless and silverplated flatware as well as dinnerware, bakeware, crystal, serveware, buffetware, cookware, cutlery and kitchen utensils.

Today, Oneida serves two broad market segments – foodservice and consumer. As North America’s #1 foodservice supplier of flatware and dinnerware, Oneida boasts a robust product and brand portfolio with many of the world’s strongest players in the hospitality, travel, restaurant and foodservice industries. In the consumer market, Oneida is the #1 tabletop brand in North America and has become one of the most globally recognized houseware brands with a large installed customer base.

Oneida is based in Oneida, New York; operates distribution centers in Savannah, Georgia, Canada, Mexico and England and maintains procurement offices in New York and Guangzhou, China. The company maintains the largest installed product base of flatware and dinnerware in the foodservice industry.

“We are extremely excited to bring the iconic Oneida brand into the Monomoy portfolio,” said Dan Collin, a partner at Monomoy Capital Partners. “Oneida is one of the world’s most recognized brand names in home products with an established network of vendors and a strong management team. We look forward to assisting the Company in maintaining its leadership position and will immediately act to take advantage of Oneida’s multiple avenues for growth and expansion both in North America and abroad.”

Following the close of the transaction, Oneida will work together with The Anchor Hocking Corp., a leading North American designer, manufacturer and distributor of tabletop glassware products owned by Monomoy, to provide the market place a complete tabletop solution. Anchor’s product line includes glass beverageware, bakeware, storage containers and barware; glass candle containers; high-end spirit bottles and specialty glass items. Anchor also sells glassware to both the consumer and the foodservice markets.

“We could not ask for a better scenario: being acquired by Monomoy, well known for investing in brands and companies they believe in, combined with the privilege to work with another iconic American brand like Anchor Hocking that is a part of Monomoy’s portfolio of companies. This is a unique opportunity,” stated Jim Joseph, President and CEO of Oneida Ltd. “The resources of both Oneida and Anchor Hocking and our unrivaled relationships in the consumer and foodservice space will provide both companies with significant opportunities for continued growth over the next few years.”

Mr. Collin concluded, “A strong alliance between Oneida and Anchor Hocking will bring huge benefits to their customers and the industry as a whole.”

Richard Porter, Kevin Morris and Dustin Nygard of Kirkland & Ellis, LLP represented Monomoy in the transaction. Griffin Strategic Advisors, LLC and Ameridan Resources provided Monomoy with customer, market and strategic advice on Oneida, its competitors and markets.

About Monomoy Capital Partners

Monomoy Capital Partners is a private equity firm with $700 million in assets under management that makes controlling investments in middle market businesses in the manufacturing, distribution, consumer product and foodservice industries. Over the past five years, Monomoy has closed over 30 middle market acquisitions, and its companies currently produce over $1.2 billion in combined sales and employ more than 5,000 people across four continents, from North America to Asia. Monomoy implements customized business improvement programs in all portfolio companies that reduce operating expenses, increase profitability and encourage profitable growth. Please visit www.mcpfunds.com for a detailed review of Monomoy and its portfolio.