Houlihan Lokey Advises The Foodware Group

Houlihan Lokey is pleased to announce that The Foodware Group (TFG), a portfolio company of Olympus Partners (Olympus), has been acquired by CFS Brands, a portfolio company of The Jordan Company (TJC). Houlihan Lokey served as the lead financial advisor to TFG and Olympus and assisted in initiating, structuring, and negotiating the transaction on their behalf. The transaction closed on October 2, 2023.

TFG is a leading provider of proprietary branded foodservice supplies across diverse, nondiscretionary product categories, including “front-of-the-house,” “back-of-the-house,” janitorial, and countertop equipment. TFG was formed through the strategic combination of foodservice suppliers G.E.T. and Winco. The company is headquartered in Lodi, New Jersey, and operates four warehouses throughout the U.S. (Lodi, New Jersey; Miami, Florida; Houston, Texas; and Las Vegas, Nevada) with more than 800,000 square feet of total warehouse space.

Olympus is a private equity firm focused on providing equity capital for middle-market management buyouts and companies needing capital for expansion. Olympus manages funds in excess of $8.5 billion, mainly on behalf of corporate pension funds, endowment funds, and state-sponsored retirement programs. Founded in 1988, Olympus is an active, long-term investor across a broad range of industries, including business services, consumer products, healthcare services, financial services, industrial services, and manufacturing.

CFS Brands is a U.S.-based manufacturer of products for the janitorial, foodservice, and healthcare industries. CFS Brands operates San Jamar, Sparta, Carlisle FoodService Products, Dinex, El Castor, Jofel, Marko, Piper, Snap Drape, WipesPlus, and AyrKing brands globally. Based in Oklahoma City, Oklahoma, CFS Brands employs more than 1,700 people across its headquarters, seven manufacturing locations, and seven distribution centers worldwide.

Founded in 1982, TJC is a middle-market private equity firm that has raised funds with original capital commitments in excess of $22 billion. TJC invests across a wide range of industries, including consumer and healthcare, diversified industrials, logistics and supply chain, and technology, telecom, and power. TJC has a 40-year track record, and the senior investment team has been investing together for more than 20 years. The company is headquartered in New York, New York, and has offices in Chicago, Illinois, Stamford, Connecticut, and Miami, Florida.

Houlihan Lokey’s Specialty Distribution team has earned a reputation for working with premier suppliers and specialty distributors, providing superior client service, and delivering outstanding results. This transaction highlights Houlihan Lokey’s continued success advising market-leading suppliers of nondiscretionary products to diverse, resilient end markets.