F.N.B. Capital Partners, L.P. (“FNBCP”) has partnered with Weinberg Capital Group (“Weinberg Capital”) to acquire Mechanical Servants LLC, which does business as Convenience Valet. The seller, David Baum, will remain a significant shareholder. Based in Melrose Park, IL, the Company is a re-packager and distributor of branded products in convenience size and trial/travel size packaging. Weinberg Capital led the transaction while FNBCP provided mezzanine financing and a significant equity co-investment. KeyBank provided the senior financing.
“We are grateful for the opportunity to partner with Convenience Valet and Weinberg Capital. The investment represents one of our first in the Chicago metropolitan area, a market that we regularly visit,” noted Stephen Gurgovits, Jr., Managing Partner of FNBCP. “The Company has been owned by the Baum family for almost 70 years, and we are very confident with David Baum and his management team’s ability to continue growing the business.” FNBCP partner, Matthew Harnett, led the transaction and added, “the transaction is representative of F.N.B. Capital’s target investment. Convenience Valet is a robust business with strong management that selected leading financial partners to help supplement the Company’s growth initiatives.”
Founded in 1946, Convenience Valet is the originator and leading value-added distributor of blister pack (windowed) branded convenience/travel size health and beauty care products, OTC drugs, personal care products, and sundries sold in small-portion packages. The Company acquires over 500 different branded products from manufacturers and then repackages the products in convenience size (single/double dose) and trial/travel size packages for over 100,000 retail locations. For more information, visit: www.cvalet.com
Weinberg Capital Group is a Cleveland, OH based private equity group that focuses on companies with annual revenue from $15 million to $100 million and EBITDA ranging from $2 million to $10 million. For more information, visit: www.weinbergcap.com