Consumer

Customized Solutions. Superior Execution.
Unparalleled Results.

As the consumer’s penchant for spending money goes, so too does our nation’s economy and gross domestic product (at least two-thirds of it).  Over the next several years, Western Reserve believes consumer-related sectors will continue to be a primary focus for investment, value creation and transaction activity.  The professionals of Western Reserve’s consumer practice bring to bear an extensive and successful track record in the consumer sector, having completed more than 160 transactions at a collective value of nearly $13 billion in the following sectors:


CONSUMER PRODUCTS AND SERVICES

  • Consumer Services
  • Household Goods
  • Leisure and Recreation
  • Personal Care
  • Textiles and Apparel

FOOD AND BEVERAGE

  • Branded
  • Private Label
  • Restaurants
  • Retail
  • Wholesale and Distribution

RETAIL

  • Department Stores
  • Direct-to-Consumer
  • Food and Drug Retail
  • Mass Merchants and Club Stores
  • Retail Services
  • Specialty Retail
  • Wholesale and Distribution

arrow image Key Contacts

Representative transactions

  • anomatic2

    Anomatic Corporation

    Western Reserve acted as exclusive financial advisor to Anomatic Corporation in its recapitalization by Brookstone Partners.

    Anomatic, headquartered in Newark, Ohio, is the leading provider of high-volume anodized aluminum packaging components and custom decorative assemblies to global cosmetics packaging companies.  The company has the ability to stamp, clean, buff, anodize, decorate and assemble a wide variety of aluminum components, including lipstick cases, mascara shells and collars, caps and threaded closures for lotions and fragrances.

    In an effort to improve shareholder value through domestic and international growth, Anomatic’s shareholders engaged Western Reserve to identify a financial partner that would enable the company to execute its growth plan domestically, as well as pursue international expansion.  Through a competitive auction process, Western Reserve introduced Anomatic to several potential financial partners.

    Anomatic was recapitalized by Brookstone in November 2005.  Brookstone, headquartered in New York, New York, is a private equity firm that seeks to acquire companies or invest in growth equity situations in the middle market.  Brookstone was selected based on its shared vision for the business and its recognized track record of success in international expansion and unique expertise in creating manufacturing efficiencies.  The transaction provided Anomatic’s shareholders with partial liquidity, an ongoing equity ownership in the business and a sophisticated financial partner to help execute its growth plan, all while retaining operational control.

    Scott Rusch, Vice President of Anomatic, said, “Western Reserve did an outstanding job of identifying the right financial partner for us and helping us through all stages of the transaction. Their experience and dedication to the project resulted in a timely and efficient result.  They were great to work with.”

    . . .

    The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

  • mainstreet3

    Main Street Gourmet

    Western Reserve acted as exclusive financial advisor to Main Street Gourmet in its sale to Clover Capital Partners LLC.

    Main Street Gourmet, headquartered in Cuyahoga Falls, Ohio, was founded in 1987 by childhood friends Steve Marks and Harvey Nelson.  Today, the company is a leading provider of frozen bakery items, including whole grain and all natural muffins, brownies, cookies, granolas and other specialty desserts.  Main Street Gourmet is well recognized for its expertise in customizing recipes for many premier food retailers, bakery-cafes, in-store bakeries, restaurants and delis.

    Shareholders retained Western Reserve to assist in a potential sale of the company and the identification of a partner with the resources to support the management team’s growth plans.   Western Reserve confidentially introduced the company to a range of financial and strategic buyers and assisted in negotiating key transaction terms.

    In April 2011, Main Street Gourmet was acquired by Clover Capital, a private equity firm based in Los Angeles, California.  The shareholders retained an ongoing ownership interest to share in the economic benefit of the company’s future growth potential.

    Messrs. Marks and Nelson said, “Western Reserve’s expertise, wisdom and experience provided an immense amount of comfort and security throughout the process.  We were thoroughly impressed with their commitment to keep our best interests first while achieving our strategic and financial objectives.  We are truly fortunate to have selected Western Reserve to handle this transaction.”

    . . .

    The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

  • astrup3

    The Astrup Company

    Western Reserve acted as exclusive financial advisor to The Astrup Company in its sale to Glen Raven, Inc.

    Founded in 1876 and based in Cleveland, Ohio, Astrup is the leading distributor of outdoor, recreational, industrial and technical fabric, hardware and trimmings to the awning, marine and casual furniture industries in the U.S.  Over the past 130 years, Astrup has evolved from a single-facility sail manufacturer to the leading national specialty fabric distributor with, at the time of the transaction, 11 sales and distribution centers located throughout the U.S.  In addition, Astrup is a significant equity holder in two leading specialty fabric distributors in both Canada and Mexico, making the company a virtual one-stop shop for customers throughout North America.

    The shareholders of Astrup elected to explore a potential sale of the company to its largest supplier, Glen Raven, who had enjoyed a business relationship with Astrup for more than a century.  Astrup retained Western Reserve as its exclusive investment banker who advised the company throughout the transaction.

    Based in Burlington, North Carolina, Glen Raven markets performance fabrics in more than 100 countries worldwide.  Concurrent with the Astrup transaction, Glen Raven acquired John Boyle & Co., another leading manufacturer and distributor of specialty fabrics who was also a major customer of Glen Raven’s and who, like Astrup, continued to operate as a wholly-owned subsidiary.  Post-transaction, Astrup continued to be led by its President and Chief Operating Officer, Jeffrey W. Kirk.  John H. Kirk, Astrup’s Chairman and CEO, retired at the close of the transaction.

    John Kirk said, “The team at Western Reserve worked diligently with us through the many details and nuances of the transaction and created significant value for Astrup’s shareholders.  I’ve known the firm for many years, and they are truly dedicated to providing superior service to their clients.”

    . . .

    The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

  • fire2

    Fire-Dex, Inc.

    Western Reserve acted as exclusive financial advisor to Fire-Dex, LLC in its recapitalization by Brown Brothers Harriman and StoneCreek Capital.

    Headquartered in Medina, Ohio, Fire-Dex is one of the country’s largest fire safety apparel manufacturers.  The company produces custom firefighting turnouts – outer protective clothing worn by firefighters.  In addition, Fire-Dex manufactures EMS, search and rescue, wildlands and proximity apparel, as well as gloves and hoods.

    Fire-Dex’s shareholders engaged Western Reserve to recapitalize the business in order to enable Charlie Grossman, Chairman and majority shareholder, to receive full liquidity and Bill Burke, President, to acquire a majority ownership position.  A recapitalization would also enable the company to facilitate continued growth.  Through a competitive auction process, Western Reserve introduced Fire-Dex to several potential partners.

    Fire-Dex was recapitalized by Brown Brothers Harriman and StoneCreek Capital in January 2007.  JPMorgan Chase Bank provided the senior secured credit facility.

    Mr. Grossman said, “The advice we received from Western Reserve was extremely helpful throughout the transaction.”

    Mr. Burke said, “Western Reserve allowed both Charlie and me to achieve our objectives, resulting in a favorable outcome for the company’s shareholders, as well as a new relationship with two valuable financial partners. We are very pleased with the Western Reserve team and the expertise they provided us in executing this complex transaction.”

    . . .

    The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

  • yoder2

    Yoder Brothers, Inc.

    Western Reserve acted as exclusive financial advisor to Yoder Brothers, Inc. in its divestiture of certain assets to Syngenta AG (NYSE: SYT).

    From modest beginnings as a partnership of two, hardworking Mennonite brothers – Menno and Ira Yoder – the company has evolved into a world leader in flowering research and breeding. Today, almost 90 years after its founding, Yoder, a privately-held company based in Barberton, Ohio, is the world’s leading breeder and propagator of all types of chrysanthemums, including potted mums, garden mums, spray mums and Fleurettes. The company is also a leading propagator and marketer of perennials, asters, azaleas, hibiscus, gloxinias, lisianthus, poinsettias and pot roses.

    Beginning in early 2007, Yoder’s Board of Directors began exploring strategic alternatives to strengthen the company’s financial position and achieve long-term value for the business and shareholders.  After several rounds of preliminary discussions with certain strategic parties, senior management and the Board of Directors elected to pursue a sale of Yoder to Syngenta.  Headquartered in Basel, Switzerland, Syngenta is a world-leading agribusiness committed to sustainable agriculture through innovative research and technology.

    Western Reserve was engaged by Yoder’s Board of Directors to represent the company in negotiating a letter of intent with Syngenta and assist senior management through the closing process.  The form and scope of the purchase offer changed several times during the course of due diligence, and Western Reserve worked closely with management in evaluating the relative value and benefits of Syngenta’s proposals.  Western Reserve led the way in negotiating, on behalf of management, a favorable transaction for Yoder’s shareholders, which involved the sale of certain assets and intellectual property related to the genetics, development, breeding, production, marketing and sale of the company’s potted and garden mum and asters product lines.  The transaction allowed Yoder to strengthen its balance sheet and management to focus resources on creating significant brand value for its remaining ornamental lines.

    Yoder’s Chief Executive Officer Bill Rasbach commented, “The Western Reserve team did an excellent job of advising our board of directors through this complex divestiture and creating significant value for our shareholders, employees and customers going forward.”

    . . .

    The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

  • essco4

    ESSCO Inc. (portfolio company of MCM Capital Partners)

    Western Reserve served as the exclusive investment banker to MCM Capital Partners in the firm’s sale of ESSCO, the leading distributor of floor care products to independent storefront and internet retailers in the United States.  ESSCO was acquired by Cardinal Equity Partners, an Indianapolis-based private equity firm.

    Founded in 1924 and based in Twinsburg, Ohio, ESSCO distributes over 12,000 SKUs of floor care cleaning equipment and consumable parts, including products from Hoover, Kirby, Bissell, Oreck and Panasonic.  ESSCO’s unique nationwide distribution network allows it to provide time sensitive floor care retailers with the fastest lead times and broadest product selection in the industry.  ESSCO is also a leading provider of drop ship services for specialty floor care internet retailers and internet order fulfillment services for mass merchant retailers.

    Leading the transaction for Western Reserve was Managing Director David Dunstan, Vice President Andrew Male and Analyst Jessica Fleck.  Western Reserve also represented ESSCO in its original sale to MCM Capital Partners in 2005.

    “Western Reserve is proud to have represented ESSCO in its sale first to MCM and now to Cardinal,” said Mr. Dunstan.  “ESSCO has built the leading nationwide distribution platform and an exceptional management team under MCM’s guidance.  The company, now the well entrenched market leader, is exceptionally well positioned for future growth.”

    Steve Ross, Managing Director and Partner of MCM Capital Partners, said of Western Reserve’s involvement, “The Western Reserve team executed a highly efficient process that allowed MCM to realize an excellent return for its shareholders and find an ideal partner for ESSCO’s management team and employees going forward.”

    ESSCO Chief Executive Officer Tom Bianco said, “Western Reserve’s assistance was critical for our management team throughout the sale process.  Our team is excited to be partnering with Cardinal Equity Partners as we continue to develop new and innovative ways to best service the floor care industry.”

    . . .

    The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

  • z_LESCO

    LESCO Inc.

    Western Reserve acted as financial advisor to LESCO, Inc. (NASDAQ: LSCO) in its sale to Deere & Company (NYSE: DE).  This transaction represented the firm’s second engagement by LESCO, as Western Reserve advised the company in its 2005 divestiture of its manufacturing and distribution operations to Platinum Equity Partners, LLC.

    Headquartered in Cleveland, Ohio, LESCO is a leading provider of products for the professional green and pest control industries. At the time of the transaction, LESCO served customers worldwide through more than 345 LESCO Service Center® locations, 114 LESCO Stores-on-Wheels® vehicles and other direct sales efforts. Its customers included golf courses, athletic fields and professional lawn care companies that maintain landscapes around apartments, office complexes, government buildings, cemeteries and private homes.

    Following the divestiture of its manufacturing and distribution operations, LESCO continued to rely on Western Reserve for periodic counsel regarding the company’s strategic alternatives.  One such alternative was the sale of the company to a strategic buyer, and Western Reserve worked closely with management to drive value for LESCO’s shareholders through a detailed analysis of the synergistic fit and financial impact of combining the company with several of the most likely strategic buyers.

    LESCO was acquired by Deere in May 2007.  Headquartered in Moline, Illinois, Deere is the world’s leading provider of advanced products and services for agriculture and forestry and a major provider of advanced products and services for construction, lawn and turf care, landscaping and irrigation.  LESCO was combined with Deere’s John Deere Landscapes division, significantly increasing the volume of consumable products sold by the division, expanding the customer base for both LESCO and John Deere Landscapes and complementing Deere’s work in the Golf & Turf One Source business, which focuses on bringing total solutions to those who maintain golf course properties.

    LESCO President and Chief Executive Officer Jeffrey Rutherford said, “The Western Reserve team did an outstanding job in advising LESCO’s senior management and Board of Directors in our strategic alternatives over the past three years. Their keen understanding of our business model and knowledge of our industry set the stage for this important milestone in LESCO’s history. The team at Western Reserve was with us every step of the way, contributing significantly to the success of this transaction.”

    . . .

    The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

  • Signature Styles2

    Signature Styles, LLC (portfolio company of Patriarch Partners)

    Western Reserve represented Signature Styles, LLC in its bankruptcy reorganization pursuant to Section 363 of the Bankruptcy Code.  Based in New York, NY, Signature Styles is a direct-to-consumer marketer of women’s fashion apparel comprising three distinct brands: Spiegel, Newport News and Shape FX.

    Signature Styles commenced a Chapter 11 bankruptcy case in June and filed a motion to sell the company to a stalking horse bidder, Artemiss, LLC.  Artemiss had entered into an asset purchase agreement for aggregate consideration of the assumption of certain liabilities and obligations of the company.  In its final form, Artemiss also paid cash consideration of $2.0 million to unsecured creditors.

    In accordance with procedures approved by the bankruptcy court, written offers were solicited by Western Reserve from over 270 other prospective purchasers to “top” the stalking horse bid.  Artemiss emerged from the process as the prevailing bidder, and its acquisition of Signature Styles was approved by the court on September 7, 2011.

     

  • z_Eyeglass-World

    Vision Care Holdings (Eyeglass World LLC subsidiary) (portfolio company of Summit Partners)

    Western Reserve acted as exclusive financial advisor to Vision Care Holdings, a portfolio company of Summit Partners, in the sale of its Eyeglass World, LLC subsidiary to National Vision, a portfolio company of Berkshire Partners.

    Headquartered in Lake Worth, Florida, Eyeglass World provides retail optical products and services through 62 vision superstores in 24 states.  According to Vision Monday Magazine, Eyeglass World is the 14th largest optical retail chain in the U.S.  Eyeglass World’s strategy is to offer value-conscious customers a large selection of high-quality, brand name eyewear and superior customer service at discount prices.

    Vision Care was in need of additional capital to execute its strategic plan in a difficult economic environment and engaged Western Reserve to assist in the sale of the business.  Western Reserve leveraged its expertise in specialty retail, and the optical sector in particular, to orchestrate a sale process that included conversations with the leading domestic and international strategic buyers as well as private equity groups with related interests.

    In January 2009, Eyeglass World was acquired by National Vision, the fifth largest optical retail chain in the U.S.  Western Reserve’s delivery of an effective and timely solution maximized the outcome for Summit and Vision Care’s other stakeholders despite a challenging economic environment.

  • A&B5

    Astor & Black Custom Clothiers, Ltd.

    Western Reserve served as the exclusive financial advisor to Astor & Black Custom Clothiers, Ltd. in its recapitalization by Castanea Partners.

    Founded in 2004 by CEO David Schottenstein, Astor & Black is a leading purveyor of finely tailored custom clothes, including fully-canvassed, handmade suits, shirts and casual apparel.  The company, based in Columbus, Ohio, utilizes its network of professional clothiers and cutting-edge internet technologies to offer unparalleled product quality, customer service and price points relative to those offered by conventional department store brands and shop-owner tailors.  Astor & Black counts high profile business executives, professional athletes and celebrities among its customers and is the official clothier of Bentley Motors.

    Mr. Schottenstein sought to bring on a private equity investor to both achieve partial liquidity and partner with an experienced operator of luxury apparel companies to help develop and execute the company’s growth plans.  Through a competitive, yet highly confidential process, Western Reserve introduced Astor & Black to a range of financial partners and managed the marketing and transaction negotiation processes.

    Astor & Black was recapitalized by Castanea in March 2011. Castanea Partners, headquartered in Boston, Massachusetts, is a private equity firm that owns branded consumer product companies such as Betsey Johnson, Ippolita, Urban Decay and Donald Pliner, among others.

    Mr. Schottenstein said, “Western Reserve’s team provided an incredible amount of insight and assistance throughout this process.  Their team members were helpful, responsive and ensured that we achieved the desired result.  Matching us with a sterling firm like Castanea will enable us to continue our rapid growth.  I could not have been more pleased.”

    . . .

    The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.