Convenience Valet Acquired by Weinberg Capital Group
MELROSE PARK, Ill. — A group of investors acquired Convenience Valet/Mechanical Servants Inc., giving the locally based company the financial and strategic resources to continue business as usual.
Cleveland-based Weinberg Capital Group (WCG) led the group of investors in the deal.
"Convenience Valet/Mechanical Servants Inc. will remain a family business. This investment will not alter our core values or mission to provide best-in-class products and services to all our customers," said David A. Baum, president and CEO of Convenience Valet. "In short, the valued relationship we enjoy with our retailers, distributors and vendor partners will continue to drive our business."
Baum, whose father established the business in 1946, will continue to serve as CEO and the current senior leadership and management team will remain in place. The company will also continue to be headquartered in Melrose Park.
"We are pleased with our new affiliation with WCG and the role they will play in our growth plans. With their experience and resources, we anticipate many years of success as we build upon the legacy my father established in 1946," Baum added. "Importantly, my entire senior team will remain with the company as we look to enhance an already robust business."
He noted that WCG's broad range of business expertise and contacts will be instrumental in identifying and pursuing strategic acquisitions and complementary partnership opportunities.
"We are very pleased to be partnering with David Baum and his talented team," said Ronald E. Weinberg Jr., managing director and principal at WCG. "The company has been owned by the Baum family for almost 70 years and we intend to continue their tradition of innovative product development, value-added design and planogramming and excellent customer service. We look forward [to Convenience Valet becoming] an even more valuable partner to its customers and supplier partners."
Senior financing for the transaction was provided by KeyBank National Association in Cleveland. Mezzanine financing and an equity co-investment were provided by Wexford, Pa.-based F.N.P. Capital Partners LP. According to WCG, it is actively seeking add-on acquisitions for Convenience Valet.
Convenience Valet supplies 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 more than 100,000 retail locations, including convenience stores and gas stations.