Pittsburgh, Pennsylvania – F.N.B. Capital Partners, L.P. (“FNBCP”) has partnered with Weinberg Capital Group (“Weinberg Capital” or “WCG”) 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 National Association provided the senior financing. Cohen & Grigsby, P.C. served as legal advisor to FNBCP.
“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, “This 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, over-the-counter drugs, personal care products and sundries sold in small-portion packages. The Company acquires branded products from the manufacturer and then repackages the products in convenient size (single / double dose) and trial / travel size packages for over 100,000 retail locations. The Company distributes over 500 branded products and has established an expansive distribution network nationwide. For more information, visit www.cvalet.com.
Weinberg Capital Group is a Cleveland, Ohio based private equity group whose principals consist of Ronald E. Weinberg, Ronald E. (Chip) Weinberg, Jr., John E. Herman, and Cameron S. Miele. WCG focuses on firms where the current ownership and management reinvest in the transaction, and management remains in place, affording current shareholders and management an opportunity to achieve liquidity coupled with ownership continuity. WCG focuses on companies with annual revenue from $15 to $100 million and EBITDA ranging from $2 to $10 million. For more information, visit www.weinbergcap.com.