Boston-based Advent International signed a definitive agreement May 2 to acquire a significant stake in food service and janitorial supply company Imperial Dade from Bain Capital Private Equity.
Imperial Dade will continue under the leadership of Chairman Robert Tillis and CEO Jason Tillis. Bain Capital, which first invested in Imperial Dade in 2019, and Advent will have joint board governance.
Financial terms of the private transaction were not disclosed.
“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,” said Ken Hanau, a managing director and co-head of industrials at Bain Capital Private Equity. “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.”
Audax Private Equity, which invested in Imperial Dade in 2016, also continues to be a significant investor in Imperial Dade.
Financial advisors include Goldman Sachs & Co. LLC and Harris Williams; 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 To Advent and Weil, Gotshal & Manges LLP is serving as legal advisor.
On the same day, Imperial Dade announced it acquired Veritiv Canada Inc., bringing the company into the Canadian market for the first time. On March 18, Imperial Dade announced it had entered into a definitive agreement to acquire the Canadian company.
Veritiv Canada Inc. now officially operates as Imperial Dade Canada Inc. at its 12 locations throughout the country.
“We are extremely excited to have officially closed this acquisition and enter the Canadian marketplace with such a reputable organization,” said Jason Tillis of the company’s 47th acquisition under his leadership. “We look forward to continuing to provide customers with a world-class value proposition and service offering under the Imperial Dade banner.”
Imperial Dade Canada is a full-service provider of packaging, JanSan and hygiene products, services and solutions. The management team is remaining in place.
Editor’s note: This story was updated at 10:30 a.m. May 4 to correct the relationship of father-and-son team Robert Tillis and Jason Tillis.