Olympus Clears the Table: Sells The Foodware Group to CFS Brands

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Oct 02, 2023, 18:01 ET

STAMFORD, Conn., Oct. 2, 2023 /PRNewswire/ -- Stamford, Conn.-based Olympus Partners has sold The Foodware Group to CFS Brands. The Foodware Group is a leading end-to-end provider of supplies to the food service industry, delivering the highest value solutions with uncompromised quality and exceptional service. The Foodware Group divisions include Winco and GET.

Since Olympus' initial investment in The Foodware Group, EBITDA has more than tripled while the company has opened new facilities across North America and broadened its product selection to become one of the largest suppliers to the food service industry.

Mike Horgan, a Partner at Olympus, commented: "It has been a tremendous pleasure working with the entire Foodware Group family. The success of our investment was driven by our talented management team and the hard work of all of the members of The Foodware Group team during an unprecedented period in the food service industry. I look forward to seeing this business continue to thrive in the years ahead."

The Foodware Group CEO, Jim White said: "Olympus has been a strong partner since I joined the Company almost five years ago. They have been a hands-on supportive ally in our organic and acquisition growth strategy."

Winco's President, Elaine Shen added: "Olympus has provided invaluable strategic insight and financial support during a unique period in the food service industry. Their input and support truly helped drive our success."

The Olympus team included Mike Horgan, Manu Bettegowda, Sam Greenberg, Rabela Bodini and Matt Bujor. The Foodware Group and Olympus were represented in the sale by Houlihan Lokey and Kirkland & Ellis.

About Olympus Partners

Olympus Partners is a private equity firm focused on providing equity capital for middle market management buyouts and for companies needing capital for expansion. Olympus manages in excess of $8.5 billion mainly on behalf of corporate pension funds, endowment funds and state-sponsored retirement programs. Founded in 1988, Olympus is an active, long-term investor across a broad range of industries including business services, food services, consumer products, healthcare services, financial services, industrial services and manufacturing.

SOURCE Olympus Partners