This is a historic time for two great companies: Hendrix and Russell Food Equipment. Hendrix and Blue Point Capital Partners (BPCP), owners of Russell Food Equipment, have concluded an acquisition agreement which will see the two largest foodservice equipment dealers in Canada merge into one dominant company: Russell Hendrix Foodservice Equipment.
As of January 11, 2017 all Hendrix locations will operate under the name “Russell Hendrix Foodservice Equipment”. Over the course of the next few months, Russell branches and employees will also be transitioning to the trade name Russell Hendrix Foodservice Equipment and until that time Russell branches will continue to operate as Russell.
Status of Locations:
FOR IMMEDIATE RELEASE
Blue Point Capital Partners and Russell Food Equipment Close Merger with Hendrix Hotel & Restaurant Equipment & Supplies
BROCKVILLE, ON (November 21, 2016) – We are pleased and excited to announce that Blue Point Capital Partners has acquired a controlling interest in Hendrix Hotel & Restaurant Equipment and Supplies. Effective today, Canada’s two largest foodservice equipment dealers, Hendrix and Russell Food Equipment, will become one company: Russell Hendrix Foodservice Equipment.
Hendrix’s product breadth, reputation, nationwide distribution, diverse customer base and buying scale are key drivers of the combined company’s business model and consumer network.
“The complementary geographic exposure, product diversification and sales structure is game changing for our current platform investment in Russell,” said Mark Morris, a Partner with Blue Point. “The combined company will be positioned as the market leader in the Canadian FE&S distribution industry, over 4x larger than the next biggest competitor. We expect this merger to be transformative for both companies, as it will position the combined, seasoned management team to considerably expand capabilities and achieve greater growth.”
The Russell Hendrix combination was driven by the natural fit and substantial synergy opportunities. The merger accelerates the combined company’s ongoing expansion strategy and further establishes them as the premier FE&S dealer in Canada’s top metro markets.
Larry Vander Baaren, Russell Hendrix CEO, added, “Russell has been a leader in the foodservice equipment and supplies industry for over 75 years due to its comprehensive capabilities. The combination of Russell and Hendrix is a highly strategic, value-enhancing step that brings together the unique strengths of two great companies to deliver best-in-class capabilities. We are thrilled about the opportunities this merger will create for our customers, as well as our employees and business partners.”
Hendrix Hotel & Restaurant Equipment (www.russellhendrix.com), founded in 1981, is based in Brockville, Ontario. Since inception, Hendrix has expanded nationwide, with nine locations and three distribution centers, earning a reputation as one of the leading foodservice providers in Canada.
Russell Food Equipment (www.russellfood.ca), founded in 1938, is based in Vancouver, British Columbia. It operates out of fourteen distribution and three manufacturing facilities located across Canada. Russell offers an assortment of equipment, supplies, parts and services to more than 20,000 foodservice operators across the country, and serves the restaurant, institutional, government, education, healthcare, hospitality and other foodservice markets. A one-stop solution provider, Russell offers its customers comprehensive hands-on support from planning and design services to aftermarket repair and maintenance.
Blue Point Capital Partners (www.bluepointcapital.com) is a private equity firm managing over $800 million in committed capital. With offices in Cleveland, Charlotte, Seattle and Shanghai, Blue Point’s geographical footprint allows it to establish relationships with local and regional entrepreneurs and advisors, while providing the resources of an international firm. The Blue Point group has a 26-year track record of partnering with companies in the lower middle market to facilitate growth and transformative change. It is one of only a few middle market private equity firms with a presence in both the United States and China, which provides a distinct advantage for its portfolio companies. Blue Point typically invests in manufacturing, distribution and service businesses generating between $20 million and $200 million in revenue.
For more information, contact:
BLUE POINT CAPITAL PARTNERS
Partner Blue Point Capital Partners, LLC
1201 3rd Ave. Suite 3090
Seattle, WA 98101
Larry Vander Baaren
Russell Hendrix Foodservice Equipment Ltd.
PO Box 130; 3011 County Rd 29