CT private equity firm sells two companies for nearly $2 billion

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CT private equity firm sells two companies for nearly $2 billion

Posted by Admin October 18, 2023 Tech

STAMFORD — Olympus Partners has announced deals for the sale of two companies for a total of nearly $2 billion, highlighting a busy period ofdeal-making for the Stamford-based private equity firm.

The firm said that it has agreed to sell AmSpec, a provider of testing, inspection and certification services that support trade across the agriculture, chemicals, energy and food sectors, to TPG Rise Climate. The transaction is expected to close by the end of this year. At the same time, it confirmed the sale of TheFoodware Group, a provider of supplies to the food-services industry, to CFS Brands. The sales of AmSpec and Foodware are, respectively, worth more than $1.2 billion and $635 million, according to a source familiar with the transactions.

Olympus acquiredCranbury, N.J.-headquartered AmSpec in 2016 for $415 million. (AmSpec has more than 300 locations worldwide, including a site with 20 employees in New Haven, where it has a laboratory and conducts inspections.) Lodi, N.J.-based Foodware was created through Olympus’ acquisitions for a total of $400 million in 2016 and 2018 ofGET and Winco, which are now Foodware divisions.

“With AmSpec, we started out with a largely North American company and built it into a worldwide network. The worldwide network was a big reason for the increase,” in the company’s valuation, Olympus CEO and Chairman Rob Morris said in an interview. “With Foodware, we had done strategically what we planned to do. And it’s in a fund that has about a year or so left in its life, so it’s time for us to be liquidating assets to get our money back to the investors.”

From the sales of AmSpec and Foodware, Olympus investors will cumulatively receive more than $1.1 billion; the balance of the sales’ proceeds will go to management shareholders, co-investors and debt repayment, according to Olympus officials. During the past two years, the firm’s funds have distributed more than $3 billion to investors, they also said.

Among other deals in the past couple of years, Olympus announced in July the acquisition ofMEI Rigging & Crating for $610 million. In April, it bought International Wire Group Holdings, a wire products manufacturer, for around $900 million, from Greenwich-based investment firm Atlas Holdings.

Last November, Olympus announced that it would sell liquid-packaging manufacturerLiquibox for about $1.1 billion.

In September 2022, Olympus announced that it would acquireEyeSouth Partners, an eye care management services organization, for more than $900 million. In the spring of 2022, Olympus acquired a Planet Fitness franchisee for more than $675 million.

Today, Olympus has a portfolio of 15 companies. It manages funds totaling more than $8.5 billion, mainly on behalf of corporate pension funds, endowment funds and state-sponsored retirement programs. Olympus’ offices are in the Metro Center complex, at 1 Station Place, across the street from the downtown Stamford Metro-North Railroad station. It has 24 employees.

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