Windjammer Capital Investors (“Windjammer”) is pleased to announce its acquisition of Heritage Food Service Group (“Heritage” or the “Company”), the leading distributor of OEM replacement and repair parts for commercial kitchen equipment in the foodservice industry. Windjammer partnered with Heritage’s management team to acquire the business from The Jordan Company. Full terms of the transaction were not disclosed.
Founded in 1987 and headquartered in Fort Wayne, Indiana, Heritage is the largest independent distributor of 100% genuine OEM replacement and repair parts for commercial kitchen equipment serving the foodservice parts, equipment and supplies market. The Company provides a comprehensive offering of products and services that are critical to serving the break/fix, recurring repair and maintenance needs of commercial kitchens across all foodservice end markets. Heritage provides more than 43,000 stocked SKUs and has access to over 100,000 total SKUs, acting as a one-stop-shop provider to its customers. The Company partners with over 800 foodservice OEMs to source its products, delivering a high volume of low dollar transactions and a suite of maintenance and repair services to over 45,000 customers in the US and Canada.
“Heritage provides a critical link between OEMs and a highly fragmented customer base that relies on the Company to deliver mission critical parts on an expedited basis due to the break-fix business environment,” said Greg Bondick, Managing Director at Windjammer, who led the transaction for the firm. “Heritage’s breadth and depth of inventory combined with a 98+% same day shipment of in stock items have helped the Company create a market leadership position in the industry.”
John McDonough, CEO of Heritage said, “Windjammer is an ideal partner for the Company. The resources Windjammer provides and its successful track record of working with portfolio companies and management teams to create value for their investors makes us confident that we will be able to execute on our growth plan during this next stage of the Company’s development.”
Costa Littas, Managing Principal of Windjammer said “We are excited to add Heritage and its management team to the Windjammer portfolio. The Company meets all or our key investment criteria. John McDonough and his team have built a strong foundation to support the company’s growth initiatives and meet the market’s high performance expectations.”
Robert W. Baird & Co. advised The Jordan Company in its sale of Heritage. Choate, Hall & Stewart LLP provided legal counsel to Windjammer.
Greg Bondick, John Donahue, Daniel Lee and Vidur Mittal worked on the transaction for Windjammer. Greg Bondick can be reached at 781-530-9121 or firstname.lastname@example.org for more information.
Windjammer Capital is a national private equity investment firm, based in Newport Beach, CA and Waltham, MA that invests control equity in middle‐market businesses and in partnership with management. Windjammer manages over $2 billion of committed capital with respect to its control equity investment strategy, and since its founding in 1990, has completed over 50 platform acquisitions and over 100 strategic add‐ons. The firm targets investments in companies that are leaders in attractive niche markets and share several of the following characteristics: significant and defensible market positions; differentiated products and services; strong management teams; scalable business models; identifiable growth opportunities; and consistent financial performance.
More information on Windjammer can be found at www.windjammercapital.com.