US: Resilience acquires G&K Services' direct sale uniform business
Resilience Capital Partners has acquired the direct sale business of G&K Services through its newly-formed platform company, Affinity Specialty Apparel, Inc.
Affinity sells and distributes occupational apparel and services, including the design, marketing and distribution of customised and off-the-shelf apparel collections to customers through managed direct purchase uniform programs.
The deal represents Resilience Capital's first acquisition in the corporate uniform industry and its seventh platform investment for The Resilience Fund III.
"We are excited to be starting our newest platform investment in Fund III," said Bassem Mansour, co-CEO of Resilience Capital Partners. "We believe there is significant opportunity in the direct sale side of the corporate uniform industry and feel that this acquisition gives us a solid foundation on which to build an industry leader."
Resilience Capital Partners Acquires Direct Sale Uniform Business From G&K Services, Inc.
CLEVELAND, Jan. 7, 2014 /PRNewswire/ -- Resilience Capital Partners, a Cleveland-based private equity firm focused on buying and improving lower mid-market companies in a broad range of industries, has announced the acquisition of the direct sale business of G&K Services, Inc. through its newly-formed platform company, Affinity Specialty Apparel, Inc. ("Affinity"). Affinity is a leader in the selling and distributing of occupational apparel and services, including the design, marketing and distribution of customized and off-the-shelf apparel collections to customers through managed direct purchase uniform programs. Affinity is Resilience Capital Partners' first acquisition in the corporate uniform industry and its seventh platform investment for The Resilience Fund III, L.P.
"We are excited to be starting our newest platform investment in Fund III. We believe there is significant opportunity in the direct sale side of the corporate uniform industry and feel that this acquisition gives us a solid foundation on which to build an industry leader," said Bassem Mansour, Co-CEO of Resilience Capital Partners.
Resilience has partnered with Michael DiMino who will act as CEO. Mr. DiMino was former President and Chief Operating Officer of Uniforms to You, a direct sale uniform division of Cintas. "Affinity Specialty Apparel is already one of the finest direct sale uniform company's in the country. Now partnered with the resources of Resilience Capital we are well positioned for growth and to continue to exceed our customer expectations."
Ki Mixon, a Partner at Resilience Capital Partners, added that "We are thrilled to be working with someone like Michael whose impressive track record in the uniform business makes him an excellent fit for this situation. His high energy and drive should instill new energy and leadership as we kick off our newest platform investment."
About Resilience Capital Partners
Headquartered in Cleveland, OH, Resilience Capital Partners invests in niche-oriented manufacturing and business service companies located in the Midwestern and Mid-Atlantic United States with sustainable market positions and a clear path to cash flow improvement. Resilience targets platform businesses with $25 million to $250 million in revenues across a broad range of industries where it can improve a company's operations, competitive positioning and profitability. Since its founding in 2001, Resilience Capital has invested in 35 companies under 21 platforms. Its portfolio companies today employ more than 5,000 people in 14 states and collectively represent over $2 billion in revenues. Resilience manages in excess of $320 million for its global investor base which includes pension funds, insurance companies, foundations and endowments, fund of funds, wealth managers, and investment consultants. For more information, please visit www.resiliencecapital.com.
About Affinity Specialty Apparel.
Headquartered in Dayton, OH Affinity Specialty Apparel specializes in the selling and distributing of occupational apparel and services, including the design, marketing and distribution of customized and off-the-shelf apparel collections to customers through managed direct purchase uniform programs. Customers include many well recognized names in a variety of service industries.
Original source: Resilience Capital Partners
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