Audax-backed Imperial Dade’s expansion efforts continue with three add-on deals
Imperial Dade, a supplier of janitorial supplies and foodservice disposables, is continuing its add-on acquisition efforts. Imperial Dade has now purchased three more complementary businesses, including: Racine, Wisconsin-based Kranz; PCA Industrial, headquartered in Willow Grove, Pennsylvania; and Austell, Georgia-based Sikes Paper.
The deal tallies Imperial Dade’s number of add-on deals to nine since being backed by Audax Private Equity in 2016. In summation, the three targets distribute a variety of paper, packaging, cleaning, plastics, disposables and janitorial supplies from mop buckets to food cutlery. The buyer has had plans of growing into a national distributor since inception, however sought to expand internationally after acquiring Dade Paper and rebranding as Imperial Dade in June 2017. After buying JPC Enterprises Inc. in the fall of 2017, the overall business now covers the U.S., Puerto Rico and the Caribbean. Financial terms of the deal were not disclosed.
Audax, a Boston private equity firm, backs lower middle-market companies with up to $35 million in Ebitda. Audax has been rather busy recently. In 2017 alone, the PE firm bought cleaning service provider EnviroVac, acquired aircraft hardware manufacturer Fastener Distribution Holdings, and combined two companies to form an automotive aftermarkets parts distributor called APC Automotive Technologies. Audax also raised a $1.6 billion senior loan fund to pursue business services and consumer product deals. The firm won Mergers & Acquisitions’ 2015 Mid-Market Award for Private Equity Firm of the Year.
Other food container and packaging products deals include: Apax Partners LLP's is purchasing Tosca Services LLC, a provider of food-related packaging materials; Sabert Corp.'s buying of Mullinix Packages Inc. from Mason Wells; Packaging Corp. of America’s (NYSE: PKG) acquiring of another maker of corrugated products TimBar Corp.; and Novolex's purchasing of Heritage Bag Co., a maker of trash bags, food storage bags, medical waste bags and ice bucket liners.