Advent International to Acquire a Significant Stake in Imperial Dade, a Leading North American Distributor of Foodservice Packaging

BOSTON & JERSEY CITY, N.J.–Advent International (“Advent”), today announced it has signed a definitive agreement to acquire a significant stake in Imperial Dade (the “Company”), the leading distributor in North America of foodservice packaging and janitorial supplies, from Bain Capital Private Equity (“Bain Capital”). Bain Capital, which first invested in Imperial Dade in 2019, and Advent will have joint Board governance. Imperial Dade will continue under the leadership of Robert and Jason Tillis, Chairman and CEO respectively, who remain significant investors in the business alongside the current management team. Financial terms of the private transaction were not disclosed.

Founded in 1935 and based in Jersey City, NJ, Imperial Dade is a leading independently owned and operated distributor of foodservice packaging, facilities maintenance supplies, floor equipment, and industrial packaging serving North America, Puerto Rico, and the Caribbean. With approximately 6,400 employees, Imperial Dade provides customized supply chain solutions to customers in the foodservice, grocery, hospitality, cruise lines, healthcare, retail, government, facilities maintenance, and export market segments. Imperial Dade operates from a network of strategically located distribution centers totaling over 10.2 million square feet of warehouse space across North America and serves more than 90,000 customers.

“When we invested in Imperial Dade three years ago, we had a shared vision with the Tillis Family that there was an enormous opportunity to build on the strong foundation they had created and to create an industry leader focused on best-in-class customer service. Under their leadership, Imperial Dade has become the preeminent platform in North America that quality, independent operators are proud to join. Now we are excited to continue to support Imperial Dade’s growth journey with our new partners at Advent, with whom Bain Capital has successfully collaborated in the past,” said Ken Hanau, a Managing Director and Co-Head of Industrials at Bain Capital Private Equity.

Since 2019, Imperial Dade’s revenue has increased from $2 billion to $5 billion as a result of organic growth and the acquisition of regional distributors expanding their geographic reach and customer service capabilities in North America. In March 2022, Imperial Dade reached an agreement to acquire Veritiv Canada, Inc. to extend its presence into Canada.

“Customers are at the core of all we do as we work to provide the best possible solutions through the products and services we offer,” said Jason Tillis. “We appreciate the support and partnership Bain Capital has provided as we have expanded our business and customer mix tremendously, and we look forward to working with Advent as we continue to expand our platform,” said Robert Tillis.

“We are thrilled to partner with Jason and Robert Tillis and the entire Imperial Dade management team, along with Manny Perez de la Mesa, Bain Capital and Audax, to support Imperial Dade’s next chapter of growth. Imperial Dade has developed a truly differentiated value proposition based on its best-in-class service and industry-leading product portfolio. We look forward to continuing to serve the Company’s stakeholders, including its thousands of valued customers, its employees, and the communities in which it operates,” said Stephen Hoffmeister, a Managing Director at Advent International.

“I’m proud to partner with Jason and Robert Tillis, as they’ve built a terrific platform providing exceptional value to Imperial Dade customers and suppliers, while providing exceptional opportunities for its employees. I am very much looking forward to continuing to support the business as it embarks on the next phase of its growth,” said Perez de la Mesa, lead director of Imperial Dade and former CEO of Pool Corporation.

Audax Private Equity, which invested in Imperial Dade in 2016, also continues to be a significant investor in Imperial Dade.

Goldman Sachs & Co. LLC and Harris Williams are serving as financial advisors, PwC is serving as accounting advisor, and Kirkland & Ellis LLP is serving as legal advisor, to Bain Capital and Imperial Dade. Baird is serving as financial advisor, and Weil, Gotshal & Manges LLP is serving as legal advisor to Advent.

About Imperial Dade

Imperial Dade is the leading independently owned and operated distributor of foodservice packaging, facilities maintenance supplies and equipment in North America.

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About Advent International

Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 390 private equity investments across 41 countries, and as of December 31, 2021, had $88 billion in assets under management. Advent has considerable experience in distribution, having previously supported market leaders such as ABC Supply, MORSCO Inc., Distribution International, Rubix and Caldic. With 15 offices in 12 countries, Advent has established a globally integrated team of over 250 investment professionals across North America, Europe, Latin America, and Asia. The firm focuses on investments in five core sectors, including business and financial services; healthcare; industrial; retail, consumer and leisure; and technology. For over 35 years, Advent has been dedicated to international investing and remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.

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About Bain Capital Private Equity

Bain Capital Private Equity has partnered closely with management teams to provide the strategic resources that build great companies and help them thrive since its founding in 1984. Bain Capital Private Equity’s global team of more than 250 investment professionals creates value for its portfolio companies through its global platform and depth of expertise in key vertical industries including healthcare, consumer/retail, financial and business services, industrials, and technology, media and telecommunications. Bain Capital has 22 offices on four continents. The firm has made primary or add-on investments in more than 1,000 companies since its inception. In addition to private equity, Bain Capital invests across asset classes including credit, public equity, venture capital and real estate, managing approximately $160 billion in total and leveraging the firm’s shared platform to capture opportunities in strategic areas of focus.

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