Transaction Overview
- Represented Premier Restaurant Equipment Company (“Premier” or the “Company”), a portfolio company of Hillcrest Capital Partners, in its sale to Boelter Companies (“Boelter”).
- Premier is a specialty provider of commercial foodservice design services and dealer of commercial kitchen equipment, custom stainless-steel fixtures, millwork, beverage delivery systems, and furniture. Founded in 1989, it has established itself as one of the leading foodservice design and equipment dealers in the Midwest.
- Wisconsin-based Boelter provides foodservice equipment and supplies as well as foodservice facility design through seven offices across the United States.
Key Observations
- Premier was led by one its founding entrepreneurs and had partnered with Hillcrest Capital Partners in 2012.
- The Company built a full-service business model, providing design, budgeting, project management, procurement, and installation support for foodservice projects in a variety of end markets. Customers included restaurants, senior living facilities, casinos, grocery stores, university and corporate campuses, health clubs, and country clubs.
- Premier was a member of SEFA, an industry-leading, co-op buying group which offered rebate programs to members and required the Company to purchase minimum volumes to maintain membership. Premier also entered into certain vendor volume rebate programs and sales incentive agreements with other vendors.