Weinberg Capital Exits Convenience Valet

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Aug 26, 2020, 15:00 ET

CLEVELAND, Aug. 26, 2020 /PRNewswire/ -- Weinberg Capital Group is pleased to announce the successful exit of its interest in Mechanical Servants LLC (dba Convenience Valet). Convenience Valet is a leading value-added distributor of branded convenience / travel size health and beauty care products, over-the-counter drugs, personal care products and sundries sold in small-portion packages. The business was acquired by Lil' Drug Stores which combines the two leading companies in the industry. Sale terms were not disclosed.

During Weinberg Capital's investment period, Convenience Valet implemented a lean manufacturing culture, moved to a new state-of-the-art facility, and expanded category management capabilities. These initiatives served to further strengthen customer relationships and position Convenience Valet as a premier partner for thousands of retailers across the country.

"I'd like to thank Weinberg Capital Group for their support over the past five years. They have been great to work with and instrumental in providing resources that have enabled outstanding top and bottom line growth at Convenience Valet," said Steve Jungmann, President & CEO of Convenience Valet.

Chip Weinberg, Managing Director and Principal of Weinberg Capital, said "We are grateful for the opportunity to partner with the former majority owner, David Baum, Steve Jungmann and the rest of the outstanding team at Convenience Valet to help grow the business over these last several years. I'd also like to thank the management team and our advisors for running a highly competitive process during these uncertain times resulting in a successful outcome for our ownership group."

Convenience Valet was represented by Cowen & Company and Benesch, Friedlander, Coplan & Aronoff LLP in connection with the transaction.

Weinberg Capital Group is a Cleveland, OH based private investment firm that invests in well-positioned middle market companies located throughout the U.S. with annual revenue from $10 to $100 million and EBITDA ranging from $2 to $10 million. 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. The firm's current portfolio covers a broad range of industries including manufacturing, business services, consumer products, aerospace, and value-added distribution. Additional information on WCG can be found at www.weinbergcap.com .

SOURCE Weinberg Capital Group