Houlihan Lokey Advises Heritage Foodservice Group

Houlihan Lokey is pleased to announce that Heritage Foodservice Group, Inc. (Heritage), a portfolio company of Windjammer Capital Investors, has been acquired by PT Holdings, LLC. (Parts Town), a portfolio company of Berkshire Partners. The transaction closed on October 15, 2019. Houlihan Lokey served as financial advisor to Heritage.

Founded in 1987 and headquartered in Fort Wayne, Indiana, Heritage Parts is a leading provider of replacement parts for commercial and institutional kitchen equipment. The company's continued mission is to provide industry-leading customer care, customer-centric technology, and a large selection of in-stock parts inventory.

Heritage is committed to promoting manufacturer partnerships and serving as an extension of their brands by expanding their reach beyond existing service networks. Through unique sales and marketing programs, Heritage adds value throughout the customer journey and equipment lifecycle.

Offering same-day shipping on parts from more than 800 OEM partners, including hot side, cold side, beverage, and warewashing equipment, Heritage's customers trust them to correctly identify the right part at the right time to maximize equipment uptime. Heritage offers a growing suite of technology tools designed to enhance customer experience and make researching and buying parts easier, such as Expert ID360™, My Equipment360™, and the award-winning Heritage mobile app. The company's team of parts experts always delivers an unsurpassed experience every time.

Windjammer is a national private equity investment firm—based in Waltham, Massachusetts, and Newport Beach, California—that invests control equity in middle-market businesses and partnerships with management. Since its founding in 1990, Windjammer has managed more than $3 billion in committed capital and completed more than 50 platform acquisitions and more than 100 strategic add-ons. The firm targets investments in companies that are leaders in attractive niche markets and share several of the following characteristics: significant and defensible market positions, differentiated products and services, strong management teams, scalable business models, identifiable growth opportunities, and consistent financial performance.

Parts Town is the leading distributor of genuine OEM foodservice equipment parts. When there is a malfunction in any commercial kitchen, Parts Town is ready to help with the most in-stock parts on the planet, innovative technology, and an unmatched customer experience. Customized solutions benefit food equipment service companies, institutions, and chain and independent restaurants.

Parts Town leads the way in industry innovation. Its Serial Number Lookup tool uses model-serial-number-level detail from a variety of foodservice equipment manufacturers to create a more precise search-and-order process for buying replacement parts for commercial kitchen equipment. The 360-degree imaging technology, PartSPIN®, valuable interactive diagrams, convenient Smart Manuals, and the industry's first mobile app allow customers to easily and conveniently find and view equipment manuals and parts in the field—where that information is needed most. These innovations, paired with same-day shipping and extended hours of operation, ensure that the correct part is ordered and delivered every time.

Partnering with the top manufacturers of commercial cooking, refrigeration, ice and beverage equipment, and more, Parts Town improves the supply chain, increases sales of genuine OEM parts, and keeps every customer's business running like clockwork.

Berkshire Partners, a Boston-based investment firm, has raised nine private equity funds (with more than $16 billion in aggregate capital) and made more than 125 investments in primarily middle-market companies since its founding in 1986. The company has developed specific industry experience in several areas, including consumer products and retail, business services, industrials, communications, and transportation. Berkshire also has a strong history of partnering with management teams to grow the companies in which it invests, with the goal of consistently achieving superior investment returns.

Houlihan Lokey's Specialty Distribution team has earned a reputation for working with premier specialty distribution clients, providing superior client service, and delivering outstanding results. This transaction highlights the firm's continued success advising market-leading specialty distributors of mission-critical replacement parts, e-commerce channel expertise, and deep sector experience in foodservice end markets.

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