Sole Source Capital Sells Individual FoodService to Kelso & Company
Headquartered in Bell, California, IFS is a leading distributor of paper, plastic, packaging, food, janitorial, sanitation and smallware products to independent restaurants, quick service restaurants, healthcare facilities, hospitality establishments, country clubs, schools, universities, government institutions, wholesalers, food processors and foodservice management institutions. Since its early beginnings as one of the very first Dixie cup distributors in Southern California, IFS has dedicated itself to offering a broad and unique array of goods at competitive prices with a heavy emphasis on integrity, while providing clients with excellent, honest service through comprehensive industry knowledge.
Lincoln served as the exclusive financial advisor to IFS, working closely with its shareholders and management team, and providing advisory expertise while managing the due diligence and negotiation phases of the transaction.
David Fredston, Managing Partner and Founder of Sole Source, commented, “As this will be the first exit for Sole Source, IFS is an important transaction for us. Sole Source’s investments in the company helped develop IFS into the well-established platform it is today and will allow the management team to pursue a buy-and-build strategy with their new partner in Kelso.”
About Sole Source Capital
Sole Source Capital is a private equity firm that targets investments in lower middle market companies. The firm seeks to invest in companies with at least $50 million of revenue and $5 million of EBITDA. Areas of interest include high precision manufacturing, diversified distribution and industrial service companies. Types of transactions include management buyouts, corporate divestitures and founder/family owned businesses. SSC was formed in 2016 and is headquartered in Santa Monica, California. For more information on SSC, please visit www.solesourcecapital.com
About Kelso & Company
Kelso is one of the oldest and most established firms specializing in private equity investing. Since 1980, Kelso has invested over $13 billion of equity capital in 127 transactions. Kelso was founded by the inventor of the Employee Stock Ownership Plan 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 corporates. Kelso has significant experience investing in distribution, having deployed over $1.5 billion of equity capital in the sector. The firm is based in New York, New York.
Lincoln's senior-led team has worked hand-in-hand with us to demonstrate our differentiated business model, guide us through due diligence and advocate on the company’s behalf throughout the negotiation phase of the process, driving a fantastic outcome for the shareholders.
Meet our Senior Team
View More Transactions in Business Services
Lincoln International is pleased to announce that it has advised Sovereign Capital Partners on its investment in Skerritts
Lincoln International is pleased to announce that it has advised Horizon Capital on its investment in The Marketing Practice
Lincoln International is pleased to announce that it has advised McNally Capital on its sale of ITS Logistics to GHK Capital
Lincoln International is pleased to announce that it has represented Bancsource, a portfolio company of CapitalWorks, in its sale to Cennox, a portfolio company of York Capital Management
Lincoln International is pleased to announce the sale of Prime360, a portfolio company of Huron Capital, to 48forty Solutions, a portfolio company of Audax Private Equity
Lincoln International is pleased to announce it has served as the exclusive financial advisor and debt arranger to Gemspring Capital in support of the acquisition of Outform and its merger with Rapid Displays
Lincoln International is pleased to announce that it has advised the shareholders of Base Logistics Group, including Waterland, on its sale to Staci Group
Lincoln International is pleased to announce it has advised IK Investment Partners on its majority investment in Skill & You