Mesirow Financial Advises Mechanical Servants, Inc. On Its Recapitalization Transaction
CHICAGO, March 1, 2015 – Mesirow Financial acted as the exclusive financial advisor to Mechanical Servants, Inc. d/b/a Convenience Valet (“Convenience Valet,” “Mechanical Servants” or the “Company”), a manufacturer and distributor of packaged trial and travel-sized consumer products, on its recapitalization. The recapitalization included an equity investment from a group of investors led by Weinberg Capital Group (“WCG”), a Cleveland, Ohio-based private equity firm, which will be utilized to fund growth initiatives. The Convenience Valet management team will continue to manage the Company, and David Baum will remain a significant shareholder of Convenience Valet and will continue in his current role as President & CEO.
Headquartered in Melrose Park, Illinois, Convenience Valet is the leading value-added distributor of branded convenience and travel size health and beauty care products, over-the-counter drugs, auto care supplies and sundries sold in small-portion, convenience-sized packages. The Company re-packages its manufacturers’ branded products in convenient size and trial / travel size packages for over 100,000 end customer outlets, which include retail grocery, convenience stores, drug stores, mass merchants, warehouse clubs, travel centers, hotels and cruise lines in the United States.
David Baum, CEO of Mechanical Servants, commented on the transaction, “We are excited to be partnering with WCG, and look forward to their support in our growth objectives. Mesirow Financial’s expert guidance and dedicated service from start to finish resulted in a successful outcome for all parties involved.”
“Mesirow Financial was honored to represent Convenience Valet in this process,” stated Jeff Golman, vice chairman and head of Mesirow Financial’s Investment Banking group. “The Company has witnessed strong growth in recent years and management has positioned it for future success. Adding WCG as a partner will complement management’s capabilities and further grow the business in the coming years.”
About Weinberg Capital Group
WCG is a Cleveland, Ohio based private equity group whose principals consist of Ronald E. Weinberg, Ronald E. (Chip) Weinberg, Jr., John E. Herman and Cameron S. Miele. WCG invests in well-positioned middle market companies. WCG 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. Additional information on WCG can be found at weinbergcap.com.
Nothing contained herein constitutes an offer to sell or a solicitation of an offer to buy an interest in any Mesirow Financial investment vehicle(s). Mesirow Financial, Inc. is not affiliated with Mechanical Servants, Inc. d/b/a Convenience Valet, Weinberg Capital Group or their affiliates. Past performance is not indicative of future results. Mesirow refers to Mesirow Financial Holdings, Inc. and its divisions, subsidiaries and affiliates. Securities offered through Mesirow Financial, Inc. member FINRA, SIPC.