Monomoy Capital Partners has agreed to sell Barjan to TSC Global. Financial terms were not announced. Barjan, of Rock Island, Ill., distributes consumer products to travel centers, truck stops and convenience stores. Monomoy Capital is a New York PE firm. TSC, of Charlotte, N.C., is a marketing and distribution center for retailers.
Monomoy Capital Partners, L.P., a New York private equity fund focused on value investing and business improvement, announced today that it has signed a definitive agreement to sell its portfolio company, Barjan, LLC (“Barjan” or the “Company”), a premier distributor of consumer products to travel centers, truck stops, and convenience stores, to TSC Global LLC (“TSC”), a leading company in the sales, marketing, and distribution of consumer brand products to America’s top retailers, travel centers and truck stops. Financial terms of the transaction were not disclosed.
“The sale of Barjan to TSC is a great example of the Monomoy investment strategy,” said Daniel Collin, Partner at Monomoy Capital and Chairman of the Board of Barjan. “We acquired a distressed market leader through a complicated restructuring, substantially improved the business despite the recession and positioned Barjan for future growth under TSC ownership. We would like to thank the management and employees of Barjan for their hard work and dedication throughout this process.”
Since acquiring Barjan, Monomoy operators have worked closely with the company’s management team to implement a series of operational improvement projects that have positioned the Company for continued success. Under Monomoy’s ownership, Barjan more than doubled the productivity of its world class distribution center, consolidated several facilities, completed two significant add-on acquisitions, and established a wholly-owned sourcing division in Shenzhen, China.
Mr. Collin concluded, “The sale to TSC represents the next logical step in the evolution of Barjan. The combination of Barjan and TSC creates the market leader in providing products and services to truck stops, travel centers, and national retailers across North America. Under the leadership of John Wiesehan, the Chief Executive Officer of TSC, the combined business should become the largest distributor of retail merchandise in its channels.”
“We are extremely excited to welcome the employees and operations of Barjan to the TSC family,” said Mr. Weisehan. “The combination of TSC’s unmatched product portfolio and commitment to customer service and Barjan’s best-in-class distribution ability will allow TSC to provide its customers with the strongest value proposition in the industry.”
Richard Porter and Charles Walker of Kirkland & Ellis represented Monomoy in the sale. Brian Keller and Kevin Hovorka, of Crowe Horwath provided Monomoy with tax and professional advice.
With over $640 million in assets under management, Monomoy Capital Partners is a family of private equity funds that makes controlling investments in middle market companies. The Fund has completed 29 transactions in the smaller end of the middle market over the past four years and currently owns 11 businesses that collectively employ more than 6,000 people. Monomoy implements customized business improvement programs in all portfolio companies that reduce operating expenses, increase profitability and encourage profitable growth. For additional information on Monomoy and its portfolio companies, please visit www.mcpfunds.com.
With a centralized distribution center in Rock Island, Illinois, Barjan LLC is the low cost distributors of general merchandise to truck stops and travel centers across America. The Company sources and distributes over 8,000 individual products, including automotive and truck tools, automotive accessories, chemicals and additives, consumer electronics, tools, books, videos, and music. In addition to sourced products Barjan is the owner of many leading aftermarket brands servicing the professional truck driver including: Astatic, Wilison and Francis. Barjan is the principal supplier to both leading national travel center chains and thousands of regional and local travel centers across North America. For additional information on Barjan, please visit www.barjan.com.
TSC Group, LLC is a leading company in the sales, marketing, and distribution of consumer
brand products to America’s top retailers. TSC has earned the respect and confidence of today’s national retailers by successfully introducing innovative, profit-driven products and by facilitating and streamlining the factory-to-shelf process. TSC’s product experience includes not only general merchandise products, but also fresh, high growth categories such as prepaid products, financial services, and subscriber services. The TSC Group also provides additional retail solutions services, including category management, proprietary billing and invoicing technology, in-store service and merchandising, and pricing and promotional execution. TSC Group is headquartered in Charlotte, NC with offices in Atlanta, Knoxville, Miami, Richmond, Denver and Dallas/Ft. Worth. For additional information on TSC Group, please visit www.tsc-grp.com or call 1.800.647.1718.