Convenience Valet Acquired by Lil' Drug Store Products
CEDAR RAPIDS, Iowa — Lil' Drug Store Products Inc. and Convenience Valet are joining forces to better meet the needs of consumers on the go.
Cedar Rapids-based Lil' Drug Store Products acquired Mechanical Servants LLC, which does business as Convenience Valet, to combine the resources of two "point-of-need" consumer products companies.
"By combining our strengths, we can better reach the millions of consumers who look for immediate solutions for health and well-being at the point of need when traveling," said Steve Jungmann, president and CEO of Convenience Valet.
Both organizations have unique strengths, according to a release on the transaction. Convenience Valet provides health and beauty care products to the travel and hospitality channel, while also providing solutions for convenience, drug, grocery, dollar stores and club stores. Lil' Drug Store Products provides health and beauty care products for the convenience channel.
Together, they will bring innovative and trusted solutions to more than 150,000 retail locations, and serve as a growth platform for emerging brands.
Sawaya Partners LLC served as exclusive financial advisor to Lil' Drug Store Products in connection with the transaction. Cowen served as the exclusive financial advisor to Mechanical Servants in connection with the transaction.
The deal follows Lil' Drug Store Products recent acquisition of Associated Distributors, marketer of cellular accessories and sunglasses.
"These acquisitions support our long-term strategy to provide more solutions for more customers," said Chris DeWolf, president and CEO of Lil' Drug Store Products. "We are now able to bring together our portfolios to offer a broader assortment of products and services.
"This is an exciting opportunity for our organizations," he added. "Our strengths are quite complementary, and we are looking forward to a bright future together. Combined, we are the perfect solution for innovation and service for our customers."