Blue Point Acquires Russell Food Equipment, Leading Distributor of Foodservice Equipment & Supplies
SEATTLE (September 2, 2015) – Blue
Point Capital Partners announced today the recapitalization of Russell Food
Equipment Ltd., a leading value-added distributor, manufacturer and service
provider of foodservice equipment and supplies in Canada. Founded in 1938,
Russell serves more than 20,000 foodservice operators across the country.
Based
in Vancouver, British Columbia, and operating out of 14 distribution and three
manufacturing facilities located across Canada, Russell (www.russellfood.ca) offers a broad
assortment of equipment, supplies, parts and services to customers in the
foodservice industry. Russell serves the restaurant, institutional, government,
education, healthcare, hospitality and other foodservice markets. The company’s
products are sold under both third-party brands and Quest, Russell’s
proprietary brand of internally manufactured equipment. A one-stop solution
provider, Russell offers its customers comprehensive hands-on support from
planning and design services to aftermarket repair and maintenance.
“The
organic and external growth opportunities that Russell possesses are perfectly
suited to benefit from the value-added resources and tools that Blue Point will
bring to the partnership,” said Mark Morris, a partner with Blue Point.
The successful closing of Russell represents the
fifth platform investment for Blue Point III, the firm’s third middle-market
buyout fund. Blue Point, with offices in Charlotte, Cleveland, Seattle and
Shanghai, is one of the largest resident private equity firms in each of its
target markets. The firm’s investment in Russell is focused on operational strategies
and growth through organic and acquisition initiatives.
Charley
Geiger, a vice president with Blue Point, said, “As Russell’s first
institutional investor, Blue Point’s operational and strategic approach will contribute
to the company’s growth and development, while preserving its distinctive culture
and history of leadership in Canada. Working with Russell’s experienced management
team, we are thrilled to have the opportunity to contribute our resources to a
strong industry leader.”
“For
over 75 years, Russell’s comprehensive capabilities have enabled our company to
become a leader in the foodservice equipment and supplies market in Canada,”
said Randy Speck, national manager of Russell. “The Russell team is deeply
committed to growing our business and maintaining impeccable quality,
affordability, speed and customer service standards. As Russell seeks to expand
its leadership position, Blue Point’s cross-national presence, breadth of
experience in the distribution and manufacturing industries, and operating
resources will be instrumental in the successful execution of our strategic
plan. Our entire team is excited to partner with Blue Point in the pursuit of
our objectives.”
Blue Point Capital Partners (www.bluepointcapital.com) is a private equity firm managing over $800 million in committed capital. Leveraging offices in Charlotte, Cleveland, Seattle and Shanghai, Blue Point’s entrenched regional presence affords it the opportunity to establish relationships on a local and regional basis with entrepreneurs and their trusted advisors, while simultaneously providing the resources of a large, international firm. The Blue Point group has a 25-year track record of partnering with companies in the lower middle market where it can bring about accelerated growth and transformative change in partnership with its companies, their management teams and Blue Point’s network of operating resources. Blue Point is one of only a few middle-market private equity firms with a presence in the economies of both the United States and China, and the firm’s experience with cross-border management and value drivers provides a distinct advantage for its portfolio businesses. Blue Point invests in manufacturing, distribution and service businesses generating $20 million to $200 million in revenue.
For more information, contact:
BLUE POINT CAPITAL PARTNERS
Mark Morris
Partner
Blue Point Capital Partners, LLC
1201 Third Avenue, Suite 3090
Seattle, WA 98101
(206) 332-9200
RUSSELL FOOD EQUIPMENT
Randy Speck
National Manager
Russell Food Equipment Ltd.
1255 Venables St.
Vancouver, BC V6A 3X6
Canada
(604) 253-6611