Harris Williams Advises Imperial Dade, a Portfolio Company of Audax Private Equity, on its Pending Sale to Bain Capital Private Equity

May 1, 2019

Harris Williams, a global investment bank specializing in M&A advisory services, announces that it is advising Imperial Dade on its pending sale to Bain Capital Private Equity, LP (Bain Capital). Imperial Dade, a portfolio company of Audax Private Equity (Audax), is one of the largest pure-play distributors of foodservice disposables and janitorial sanitation products in the U.S. The transaction is being led by Bob Baltimore and Graham Gillam of Harris Williams’ Specialty Distribution Group and Anthony Basmajian of the firm’s Richmond office.  

“Robert and Jason Tillis, in partnership with Audax, have built a company that is a clear market leader and thrives on a culture of innovation and unwavering service to its customers,” said Bob Baltimore, a managing director at Harris Williams. “We are excited to have found a great partner for our client in Bain Capital that shares in management’s strategic vision for the business.”

“Imperial Dade is the latest addition to Harris Williams’ deep resume in the distribution and foodservice sectors,” added Anthony Basmajian, a director at Harris Williams. “Distribution businesses that deliver high free cash flow with a strong value proposition to their customers, and that operate in highly fragmented markets, continue to command tremendous interest.”

“It has been a true pleasure to partner with the Imperial Dade management team and Audax to help them realize their vision for the company. The opportunity ahead, in partnership with Bain Capital, is truly exciting and we look forward to following the company’s continued success,” said Graham Gillam, a vice president at Harris Williams.

Founded in 1935, Imperial Dade is a leading distributor of disposable foodservice and janitorial supplies in the Northeast, Mid-Atlantic, Southeast, Southwest and Midwest regions and Puerto Rico. Since CEO Robert Tillis and President Jason Tillis assumed their roles in 2007, the company has grown both organically and through acquisitions, completing 13 since 2016, to become a leader in the disposable foodservice and janitorial supplies industry.

Audax Group is a leading alternative investment manager with offices in Boston, New York and San Francisco. Since its founding in 1999, the firm has raised over $24 billion in capital across its Private Equity and Private Debt businesses. Audax Private Equity has invested over $5 billion in more than 120 platforms and 760 add-on companies. Through its disciplined Buy & Build approach, Audax seeks to help platform companies execute add-on acquisitions that fuel revenue growth, optimize operations and significantly increase equity value. With more than 240 employees and over 100 investment professionals, the firm is a leading capital partner for North American middle market companies.

Bain Capital has partnered closely with management teams to provide the strategic resources that build great companies and help them thrive since its founding in 1984. Bain Capital’s global team of approximately 240 investment professionals creates value for its portfolio companies through its global platform and depth of expertise in key vertical industries including healthcare, consumer/retail, financial and business services, industrials, and technology, media and telecommunications. Bain Capital has 19 offices on four continents. The firm has made primary or add-on investments in more than 760 companies since its inception. In addition to private equity, Bain Capital invests across asset classes including credit, public equity and venture capital, managing approximately $105 billion in total and leveraging the firm’s shared platform to capture opportunities in strategic areas of focus.

Harris Williams, an investment bank specializing in M&A advisory services, advocates for sellers and buyers of companies worldwide through critical milestones and provides thoughtful advice during the lives of their businesses. By collaborating as one firm across Industry Groups and geographies, the firm helps its clients achieve outcomes that support their objectives and strategically create value. Harris Williams is committed to execution excellence and to building enduring, valued relationships that are based on mutual trust. Harris Williams is a subsidiary of the PNC Financial Services Group, Inc. (NYSE: PNC).

Harris Williams’ Specialty Distribution Group has experience across a variety of sectors, including automotive and heavy duty aftermarket; building products; consumer; electrical and communications; foodservice; healthcare; industrial; and technology. For more information on the firm’s Specialty Distribution Group, visit the Specialty Distribution Group’s section of the Harris Williams’ website.

Harris Williams LLC is a registered broker-dealer and member of FINRA and SIPC. Harris Williams & Co. Ltd is a private limited company incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. Corporate Finance Advisors GmbH is registered in the commercial register of the local court of Frankfurt am Main, Germany, under HRB 107540. The registered address is Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany (email address: hwgermany@harriswilliams.com). Geschäftsführer/Directors: Jeffery H. Perkins, Paul Poggi. (VAT No. awaited). Harris Williams is a trade name under which Harris Williams LLC, Harris Williams & Co. Ltd and Harris Williams & Co. Corporate Finance Advisors GmbH conduct business.