Advent International of Boston on Monday said it signed a definitive agreement to acquire a significant stake in Imperial Dade from Bain Capital Private Equity.
Bain first invested in Imperial Dade in 2019. It, along with 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.
“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,” Ken Hanau, a managing director and co-head of industrials at Bain Capital Private Equity, said.
Meanwhile, Imperial Dade on Monday said it completed two separate purchases, representing the 47th and 48th acquisitions for the Jersey City-based janitorial supplier under the leadership of the Tillis father and son executives.
With the acquisition of Veritiv Canada Inc., that company is officially operating as Imperial Dade Canada Inc. Effective Monday, Veritiv’s approximately 900 employees in Canada became employees of Imperial Dade. With 12 total locations covering all of Canada, Imperial Dade Canada is a full-service provider of packaging, JanSan and hygiene products, services and solutions. The management team is remaining in place and has built a strong reputation for its knowledgeable sales force, wide breadth of products and high-touch customer service.
“We are extremely excited to have officially closed this acquisition and enter the Canadian marketplace with such a reputable organization. We look forward to continuing to provide customers with a world-class value proposition and service offering under the Imperial Dade banner,” Jason Tillis said.
Separately on Monday, Imperial Dade also announced it acquired Allied Eagle Supply of Detroit in a private transaction.
Allied Eagle is a full-service provider of JanSan and hygiene products, services and solutions. This management team also has built a strong reputation for its knowledgeable sales force, wide breadth of products and high-touch customer service. Now, in partnership with Imperial Dade’s market leading platform, Allied Eagle’s customers can expect the same exceptional customized service coupled with an even greater offering of products and solutions.
Financial terms of either transaction were not disclosed.
