Northbrook, IL, July 8th, 2008 - ForteCEO, a senior level consulting firm, today
announced that private equity firm Olympus Partners has acquired a majority
interest in one of its client businesses, Ann’s House of Nuts ("Ann's"). Ann’s is a global leader in trail mixes and other snacks domestically and
internationally.
ForteCEO worked extensively with Ann’s owners and senior management for 20
months leading up to the sale. The firm worked alongside the Ann’s team to
restructure the organization and significantly improve operations. This resulted
in a major increase to the company’s valuation and enabled the firm to be marketed
successfully to many potential domestic and international acquirers. Ann’s was sold to
Olympus Partners after ForteCEO and Ann’s owners completed in-depth management
presentations and an active bidding process with Lincoln International, the
company’s investment bank.
ForteCEO lead consultant George Lampros will assume the role of Chief Executive
Officer of Ann’s, effectively ending his tenure as a highly-regarded member of
ForteCEO's consulting group. ForteCEO is unique in the consulting business in
that all of its consultants are former CEOs or senior executives with a long track record
of business success.
"My management team and I are very enthusiastic about the growth opportunities
at Ann’s House of Nuts. We look forward to working with the company’s founders and
Olympus Partners to achieve the next chapter of significant top and bottom line
growth ," said Lampros. "I am pleased that our team of ForteCEO consultants, the
existing management team and our investment banking partners were successful in
creating a very favorable outcome for the Company and its shareholders."
After completing a 360 degree performance improvement initiative, ForteCEO then
worked closely with professionals from Lincoln International, a global
investment bank specializing in middle-market transactions. To identify the right buyer
ForteCEO's consultants and general partners led multiple management presentations to
strategic and equity buyers. The final transaction was contingent on ForteCEO's
consultants becoming Ann's management team.
"ForteCEO is a professional and highly competent partner that helped me achieve
my goals as a business owner," said Ed Zinke, Founder and former Chief Executive
Officer of Ann's. "ForteCEO's consultants provided us with strategic guidance and
implementation expertise that was invaluable to bringing the company to a sale.
Our 20-month partnership was very rewarding personally and professionally."
"Olympus Partners enters the transaction with a vision of contributing new
ideas and resources to further Ann’s tradition of providing quality products, innovative
snacking ideas and a commitment to customer service," said Manu Bettegowda,
Partner of Olympus Partners. "ForteCEO's operational improvements, the talents
of their team members, and their ability to outline a pathway to future
improvements were critical in our decision to fund this transaction. With the
ForteCEO consultants, led by George Lampros, now running Ann's, and the ongoing
involvement of the Zinke family, we look forward to build upon Ann’s strong
reputation for excellence in the snack foods industry."
Ann’s also was represented by the Corporate & Securities group at Reed Smith
LLP, a global law firm and leading advisor to many of the world’s foremost companies.
The transaction team was based in Chicago and Pittsburgh.
Terms of the transaction were not disclosed. The Zinke family will continue
to be involved and maintain an ownership stake in the business.
Founded in 1973, Ann’s is the largest privately held provider of trail mixes
and snack nuts in the world. With a specialization in private label healthy snack foods,
Ann's formulates, imports and processes an array of trail mixes, snack nuts, dried
fruits and other products for global distribution. In most cases, the company is either
the exclusive supplier or a primary private label supplier in its categories to
blue-chip customers in the mass merchandise, supercenter, wholesale club, grocery and
other retail channels. Ann's is based in Jessup, MD and has a large production
facility in Robersonville, NC.
ForteCEO (“ForteCEO”) is a leading senior executive consulting firm for
middle-market businesses in the United States. Headquartered in Northbrook, IL, the firm
entrenches senior executives in strategic advisor, general management, financial and
operational implementation roles in middle-market businesses to help capture opportunities,
improve operations, maximize profitability, fill voids created by departing
staff, prepare for an exit, resolve crises and much more. Each of ForteCEO’s interim
executives has more than 20 years of hands-on operating and leadership
experience. ForteCEO works with executives throughout a variety of industry and functional
areas of expertise. The firm’s executives are more than “consultants”; they work
alongside business owners and their management teams to implement meaningful change that
significantly improves revenues and profits for the long term.
Olympus Partners (“Olympus”) is a private equity firm that provides equity
capital to privately held, middle-market business services, logistics, healthcare,
financial services, consumer products and information technology companies. Founded in
1988, Olympus manages over $3.1 billion on behalf of corporate pension plans,
public retirement systems, university endowment funds, and the executives of Olympus'
portfolio companies. The firm’s latest fund, Olympus Growth Fund V, has
committed capital of $1.5 billion. Olympus focuses on a value-added approach with its
portfolio companies and a true partnership with its management teams. More information
about Olympus can be obtained at
www.olympuspartners.com.
Lincoln International specializes in merger and acquisition services, private
capital raising, and providing fairness opinions and valuations for leading
organizations involved in middle-market transactions. With offices in Chicago, Frankfurt,
London, Los Angeles, Madrid, New York, Paris and Vienna, and strategic partnerships with
China Everbright and other partner firms in Asia, Lincoln International has
strong local knowledge and contacts in the key global economies. The organization provides
clients with senior-level attention, in-depth industry expertise, and integrated
resources. By being focused and independent, Lincoln International serves its clients without
conflicts of interest. More information about Lincoln International can be
obtained at
www.lincolninternational.com.
Reed Smith is a top-15 global relationship law firm with more than 1,600
lawyers in 23 offices throughout the United States, Europe, Asia and the Middle East. Founded
in 1877, the firm represents leading international businesses from Fortune 100
corporations to mid-market and emerging enterprises. Its corporate attorneys
provide representation to both issuers and investors with respect to all types of equity
and debt securities transactions made at all stages of a company's development
cycle.
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Media Contacts
Frank Krolicki
Walker Sands Communications
(312) 546-4127
fkrolicki@walkersands.com