Imperial Dade New Acquisition, Its Own by Advent

BOSTON & JERSEY CITY, NJ -- Advent International, a private equity firm, is acquiring a significant stake in Imperial Dade, the foodservice packaging and janitorial supplier, from Bain Capital.

Bain Capital Private Equity, which first invested in Imperial Dade in 2019, and Advent will have joint board governance, and Imperial Dade will continue to be led by 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, but 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. Founded in 1935 and based in Jersey City, NJ, Imperial Dade distributes foodservice packaging, facilities maintenance supplies, floor equipment, and industrial packaging in North America, Puerto Rico, and the Caribbean.

“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.”

“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. 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.

“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.

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.

Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. As of December 31, 2021, it had $88 billion in assets under management.