CLEVELAND -- Weinberg Capital Group (WCG) has acquired Mechanical Servants LLC dba Convenience Valet (CV). A group of investors led by WCG from David A. Baum has purchased the Melrose Park, Ill.-based company, and Baum will remain a significant shareholder of CV and continue in his current role as president and CEO.
WCG is actively seeking add-on acquisitions for CV.
Founded in 1946, CV is the originator and a leading value-added distributor of blister pack (windowed) branded convenience, travel-size health-and-beauty-care (HBC) products, over-the-counter (OTC) drugs, personal-care products and sundries sold in small-portion packages.
The company acquires branded products from the manufacturer and then repackages the products in convenient size (single or double dose) and trial and travel-size packages for more than 100,000 retail locations, which include convenience stores, grocery stores, drug stores, gas stations, mass merchants, warehouse clubs, travel centers, airports, hotels and cruise lines. It distributes over 500 branded products and has established an expansive distribution network, through which its partners' products can efficiently reach consumers on a nationwide basis.
"We are very pleased to be partnering with David Baum and his talented team," said Ronald E. (Chip) Weinberg Jr., managing director and principal at WCG. "The company has been owned by the Baum family for almost 70 years, and we intend to continue their tradition of innovative product development, value-added design and planogramming and excellent customer service. We look forward to augmenting the in-place team with our operating experience and relationships to make CV an even more valuable partner to its customers and supplier partners."
"We are pleased with our new affiliation with WCG and the role they will play in our growth plans. With their experience and resources we anticipate many years of success as we build upon the legacy my father established in 1946. Importantly, my entire senior team will remain with the company as we look to enhance an already robust business," said Baum.
CV will remain headquartered in Melrose Park.
WCG is a Cleveland-based private equity group that invests in well-positioned middle-market companies. It focuses on firms where the current ownership and management reinvest in the transaction and management remains in place, affording current shareholders and management an opportunity to achieve liquidity coupled with ownership continuity. WCG invests in companies throughout North America with annual revenue from $15 to $100 million and EBITDA ranging from $2 to $10 million. The firm's current portfolio covers a broad range of industries including manufacturing, business services, aviation services, financial services, consumer products, retail and value-added distribution.
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