ORANGE COUNTY, Calif., July 6, 2016 /PRNewswire/ -- B. Riley & Co., LLC (B. Riley), a leading full service investment bank and a wholly-owned subsidiary of B. Riley Financial, Inc. (NASDAQ: RILY), served as the exclusive financial advisor to R.W. Smith & Co. in connection with its sale to TriMark USA, LLC. Terms of the transaction, which closed on June 30, 2016, were not disclosed.
Privately-held R.W. Smith provides foodservice supplies, equipment, and value-added services across a variety of end markets. Three generations of leadership have built the 81-year old, ESOP-owned company into a highly respected brand with leading market share in the southwest United States. R.W. Smith reported $101.9 million in sales for 2015, making it the 18th largest foodservice equipment and supplies dealer according to Foodservice Equipment & Supplies' (FE&S) 2016 Distribution Giants study. The San Diego-based company's complementary distribution, design & build and controlled environmental room divisions have cultivated independent reputations for providing turnkey solutions that help foodservice operators improve their bottom line.
"R.W. Smith's senior executives and board of directors selected B. Riley to represent the company following a thorough interview process," said Allan Keck, President of R.W. Smith. "The firm's sector expertise, history of working with privately-held businesses, and proven track record of maximizing shareholder value distinguished B. Riley as the clear choice to represent us. We are exceptionally pleased with the outcome."
B. Riley initiated, structured and negotiated the transaction on behalf of R.W. Smith. The deal team was led by Senior Managing Director Greg Presson, Director Chris Ankley, Vice President Grant Hustedt, Associate Noah Franz, and Analyst Patrick Haddan. The sale to TriMark USA, a portfolio company of private equity firm Warburg Pincus, provided the ESOP shareholders with liquidity and senior management with an opportunity to partner with the country's largest provider of equipment, supplies and design services to the foodservice industry.
"This transaction is a great result for R.W. Smith's shareholders and senior executives," said Presson. "TriMark USA represents the ideal buyer for R.W. Smith, as the partnership will allow the company to expand the scope of products and services it offers to its customer base."
South Attleboro, Massachusetts-based TriMark USA has a successful track record of acquiring privately-held companies in the foodservice equipment and supplies distribution sector. R.W. Smith's senior management team, including Allan Keck, Jay Kruger, Patrice Hagan, Gary Coburn, and Phil Summers, will continue to manage day-to-day operations.
"I am pleased to welcome R.W. Smith to the TriMark team," said Jerry Hyman, President and CEO of TriMark USA. "The acquisition complements TriMark's presence in Southern California, extends our distribution into the San Diego and Los Angeles markets, and adds depth in Texas, Arizona, and Florida."
About B. Riley
B. Riley & Co., LLC is a leading investment bank which provides corporate finance, research, and sales & trading to corporate, institutional and high net worth individual clients. Investment banking services include initial, secondary and follow-on offerings, institutional private placements, and merger and acquisitions advisory services. The firm is nationally recognized for its highly ranked proprietary equity research. B. Riley & Co., LLC is a member of FINRA and SIPC. For more information, please visit www.brileyco.com.
B. Riley Financial, Inc. (NASDAQ: RILY) provides collaborative financial services and solutions through several subsidiaries, including: Great American Group, LLC, a leading provider of advisory and valuation services, asset disposition and auction solutions; B. Riley Capital Management, LLC, an SEC registered Investment Advisor, which includes B. Riley Asset Management, a provider of investment products to institutional and high net worth investors, and B. Riley Wealth Management (formerly MK Capital Advisors), a multi-family office practice and wealth management firm focused on the needs of ultra-high net worth individuals and families; and Great American Capital Partners, a provider of senior secured loans and second lien secured loan facilities to middle market public and private U.S. companies. B. Riley Financial, Inc. is headquartered in Los Angeles with offices in major financial markets throughout the United States and Europe. For more information on B. Riley Financial, Inc., please visit www.brileyfin.com.
About R.W. Smith & Co.
R.W. Smith & Co. provides premium foodservice equipment, supplies and value-added services to restaurants, hotels, casinos and resorts, clubs and spas, healthcare facilities, business and industry establishments, and other foodservice operations. The Company's complementary distribution, design & build and controlled environmental rooms divisions have cultivated independent reputations for providing turnkey solutions that help customers improve their bottom line. While R.W. Smith offers a comprehensive product catalog, it primarily focuses on the tabletop and smallwares categories, as these segments provide the highest margins and repeat business through ongoing replacement programs. The company serves both chain and independent operators across the continental United States, but predominantly targets its sales and marketing efforts within ten regional territories across California, Texas, Arizona, and Florida.
About TriMark USA
TriMark USA, LLC is the country's largest provider of design services, equipment, and supplies to the foodservice industry. TriMark offers foodservice operators an unparalleled level of service by combining the hands-on support and local market knowledge of a strong regional supplier with the purchasing strength, industry expertise, delivery, and installation capabilities of a national company. TriMark Divisions include TriMark Adams-Burch in Landover, MD; TriMark Economy Restaurant Fixtures in San Francisco and Sacramento, CA; TriMark Federighi Design in Richmond, CA; TriMark Foodcraft in Winston-Salem, NC; TriMark Gill Group in Crofton, MD, TriMark Gill Marketing in Phoenix, AZ; TriMark Marlinn in Chicago, IL; TriMark R.W. Smith in San Diego, CA; TriMark Raygal in Irvine, CA; TriMark RobertClark in Irvine, CA; TriMark SS Kemp in Cleveland, OH, Pittsburgh, PA, Columbus, OH, and Cincinnati, OH; TriMark Strategic in Coppell, TX with locations in Texas, Florida, Georgia, Tennessee, and Minnesota; TriMark United East in South Attleboro, MA; and BigTray in San Francisco, CA.
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SOURCE B. Riley & Co., LLC