Mesirow Advises Mechanical Servants, Inc. On Its Recapitalization Transaction
CHICAGO, March 12, 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 and 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 of 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.
About Mesirow Financial
Mesirow Financial is a diversified financial services firm headquartered in Chicago. Founded in 1937, it is an independent, employee-owned firm with approximately 1,200 employees globally. With expertise in Investment Management, Global Markets, Insurance Services and Consulting, Mesirow Financial strives to meet the financial needs of institutions, public sector entities, corporations and individuals. For more information, visit mesirowfinancial.com.