Archer Foodservice Partners to Acquire Sterno Foodservice Business
Wynnchurch Capital, L.P. ("Wynnchurch"), a leading middle-market private equity firm, today announced that Archer Foodservice Partners ("Archer"), a leading provider of foodservice consumables and parent entity of companies Handgards, Inno-Pak, and Fineline Settings, has signed a definitive agreement to acquire the foodservice business of SternoCandleLamp Holdings, Inc. ("Sterno" or the "Company") from Compass Diversified (NYSE:CODI). The transaction represents a carve out of Sterno's foodservice business and will further broaden Archer's portfolio of leading foodservice products.
Headquartered in Texarkana, TX, Sterno is a leading provider of portable food-warming and tabletop solutions, known for its chafing fuel products used across catering, hospitality, and foodservice applications. The Company employs over 240 employees across two primary converting sites located in Texarkana, TX and Memphis, TN.
Joe Kubicek, CEO of Archer, said, "We are excited to add Sterno to our existing stable of market leading companies including Handgards, Inno-Pak and Fineline Settings. As with our other brands, Sterno has established itself as an iconic brand and market leading provider of critical foodservice consumables and we are excited to continue building upon Sterno's heritage under Archer's ownership."
The transaction is subject to customary closing conditions, including the receipt of applicable regulatory approvals, and is expected to close in the coming months.
Foley & Lardner LLP provided legal advice to Archer and Wynnchurch in connection with the transaction.
About Archer Foodservice Partners:
Archer Foodservice Partners, headquartered in El Paso, Texas, is a leading distributor of foodservice products, including disposable gloves, paper foodservice packaging, tabletop items, expendables, and other carryout products. The Company operates across several market leading business units including Handgards, Inno-Pak and Fineline Settings with fourteen facilities with over one and a half million square feet of space and ships over 25 million cases of product annually.
About Sterno:
Sterno was founded over 100 years ago and is headquartered in Texarkana, TX. Sterno is the leading provider of food-warming and tabletop solutions, known for its chafing fuel products used across catering, hospitality, and foodservice applications through retail and distribution channels. The majority of the Sterno products are self-manufactured in house at the production facilities in Texarkana, TX, Memphis, TN, and La Porte, IN. Other product solutions include: catering and buffet accessories such as trays, racks, lids, and serving components; candles, butane heating units, and alternative flameless heating units.
About Wynnchurch Capital:
Wynnchurch Capital, L.P., headquartered in the Chicago suburb of Rosemont, Illinois, with an affiliate in Canada, was founded in 1999 and is a leading middle-market private equity investment firm. Wynnchurch's strategy is to partner with middle market companies in the United States and Canada that possess the potential for substantial growth and profit improvement.
Wynnchurch manages a number of private equity funds with $9.1 billion of assets under management and specializes in recapitalizations, growth capital, management buyouts, corporate carve-outs, and restructurings. Recently, Wynnchurch signed a definitive agreement to acquire Arcosa Marine Products, a leading manufacturer of hopper barges, tank barges, fiberglass covers, and marine components. Other recent investments include: Charter Industries, a leading provider of edgebanding and complementary products; Astro Shapes, a leading manufacturer of custom aluminum extrusions; and Principal Industries, a leading provider of LED components and engineered assemblies. For more information, please visit: www.wynnchurch.com or follow us on LinkedIn.
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For new investment opportunities, please contact:
Mike Teplitsky
Partner
mteplitsky@wynnchurch.com
Scott Fitch
Partner
sfitch@wynnchurch.com