News

02/22/2022

Dickinson Williams advises on the sale of South Jersey Paper Products

Dickinson Williams & Company served as the exclusive financial advisor to South Jersey Paper Products, Inc. (“SJP”) in its sale to BradyIFS, a portfolio company of Kelso & Company (“Kelso”).

Established in 1950 in Vineland, New Jersey, and operating as SupplyitAll, SJP distributes one of the most comprehensive selections of janitorial and foodservice equipment and supplies in its region. Led by Bonnie Spector and her sons, Brandon and Todd, the company has built an exceptional reputation and an impressive base of loyal customers.

SJP’s Managing Director, Brandon Spector, stated, “BradyIFS is a leader in both JanSan and foodservice with a distinct value proposition, and the Dickinson Williams team did an outstanding job of negotiating the deal, managing the diligence process, and closing the transaction.”

“It was a privilege to work with the Spector family on a great transaction in one of our key industry verticals,” said John Dickinson, Managing Director of Dickinson Williams.

“We are thrilled to welcome the Spector family and the SupplyitAll team to BradyIFS,” said Kenneth D. Sweder, CEO and Chairman of BradyIFS. “Their culture and go-to-market strategy align well with ours, and their commitment to providing superior customer experiences will ensure our continued growth in this attractive geography. Importantly, with this acquisition, BradyIFS annual revenues now exceed $1.0 Billion.”

Barley Snyder served as legal counsel to SJP, and Gold Gerstein Group served as SJP’s tax and accounting advisor. BradyIFS was advised by Ballard Rawson Jorgensen (legal) and Alvarez & Marsal Transaction Advisory Group, LLC (financial and tax diligence).

About South Jersey Paper Products, Inc.:

Headquartered in Vineland, New Jersey, South Jersey Paper, operating as SupplyitAll, serves restaurant, hospitality, healthcare, education, entertainment, retail, office, and government customers in the northeast and mid-Atlantic regions. SupplyitAll provides foodservice disposables, janitorial equipment and supplies, restaurant equipment and supplies, industrial specialty supplies, hospitality products, office and breakroom products, and equipment repair services. For more information, please visit supplyitall.com.

About BradyIFS:

With headquarters in Bell, California, and Las Vegas, Nevada, BradyIFS is one of the largest foodservice and JanSan platforms in North America. The company sources, manages, and distributes a broad range of products to thousands of customers in segments including education, healthcare, hospitality, restaurants, building services, and more. Founded in 1947, Brady is universally regarded as one of the JanSan industry’s premier enterprises, providing integrated customer support and expertise to its partners. Operating since 1926, Individual Foodservice is one of the leading broad line distributors of foodservice, JanSan, packaging, dry goods, and small wares in the United States. For more information, please visit bradyindustries.com and individualfoodservice.com.

About Kelso:

Kelso is one of the oldest and most established firms specializing in private equity investing. Since 1980, Kelso has invested over $15 billion of equity capital in 135 transactions. Kelso was founded by the inventor of the Employee Stock Ownership Plan (ESOP) and, as a result, the principles of partnership and alignment of interest serve as the foundation of the firm’s investment philosophy. Kelso benefits from a successful investment track record, deep sector expertise, a long-tenured and stable investing team, and a reputation as a preferred partner to management teams and corporate partners. For more information, please visit kelso.com.

About Dickinson Williams & Company:

Dickinson Williams & Company is an independent investment banking firm led by industry veterans with over 80 years of combined investment banking, financing, and operating experience.  The firm provides objective, experience-based advisory services to lower middle market companies with enterprise values typically up to $150 million.  The firm provides sell-side, buy-side, private placement, recapitalization, and strategic advisory services to family and closely held businesses, corporations, and private equity groups, and has a broad cross-section of transaction and industry experience in the industrials, business services, distribution, healthcare, and consumer sectors.

John C. Dickinson
Managing Director
jdickinson@dickinsonwilliams.com
804.588.3412

James A. Gilmore
Managing Director
jgilmore@dickinsonwilliams.com
804.588.3414

Harold J. Williams III
Managing Director
hwilliams@dickinsonwilliams.com
804.588.3413