The company said Audax Private Equity, its investment partner since 2016, will retain an ownership stake. Imperial Dade’s current management team will remain in place and will also remain significant investors in the business, it added.
“We are pleased to welcome an experienced investment partner who shares our vision for building Imperial Dade into a national distributor of food service and janitorial supplies, and who will support our efforts to seize the many opportunities we see in the marketplace,” Imperial Dade CEO Robert Tillis said in a prepared statement.
Imperial Dade, founded in 1935, serves more than 40,000 customers in the U.S., Puerto Rico and the Caribbean, with 27 branches in 13 states and a network of distribution centers and logistics vehicles.
“With Bain Capital’s extensive resources and experience with industrial distribution businesses, we are excited to drive our next phase of growth and continue to strengthen our value proposition and service offering,” Imperial Dade President Jason Tillis said in a statement.
The transaction is expected to close in the second quarter, subject to customary conditions and approvals.
“Imperial Dade is a proven winner,” Bain Capital Managing Director Ken Hanau said in a statement. “Over the past 12 years, the Tillis family has done an exceptional job of building a structurally advantaged market leader.”
Harris Williams is serving as mergers and acquisitions adviser to Imperial Dade, while Ropes & Gray LLP is serving as its legal adviser. Credit Suisse, Barclays and Goldman Sachs & Co. are Bain Capital’s financial advisers, while Kirkland & Ellis is serving as legal counsel and PwC as accounting adviser.