News

iGPS Logistics Secures $50 Million Revolver with East West Bank

East West Bank announced that it served as Lead Bank and Administrative Agent for a three-year, $50 million fully conforming ABL revolving line of credit. iGPS Logistics LLC used the facility to refinance its previously existing debt and fund the Company’s working capital and capital expenditure needs (primarily growth of its pallet fleet). Headquartered in Orlando, FL, iGPS Logistics LLC is the leading plastic pallet pooling company in North America. iGPS Logistics LLC provides information technology and logistics systems. The Company offers services for pallet ordering, inventory management, invoicing, and pallet return-reprocessing. iGPS Logistics markets to businesses throughout the United States.

“Our deal team worked closely with management at iGPS and the equity owners at Balmoral to ensure a timely and seamless closure.  Both management and Balmoral were a pleasure to work with on the transaction and were true partners in every sense of the word” said Martin Valencia, Senior Vice President for East West Bank’s Asset Based Finance Group.

“Martin and his team at East West Bank were thoughtful about recognizing: the value of the assets, a new and improved pallet, an excellent service offering to the retail supply chain, the growth that the company has achieved, the exciting trajectory going forward and the quality of the iGPS management team that has achieve this success. We knew that the deal was as good as done when they committed to it, which they did within our timing expectations. We look forward to working with them and the supportive syndicate they have arranged to achieve growth.” said Robin Nourmand, director of Balmoral and a member of the board of directors of iGPS.

Balmoral Funds Announces Investment in MOOYAH

Los Angeles, CA – April 28, 2017 – Balmoral Funds LLC (“Balmoral”), a leading lower-middle-market private equity firm, announced that a newly-formed entity, together with affiliates (“MOOYAH,” or the “Company”), has acquired substantially all of the assets of MOOYAH Holdings, LLC and its subsidiaries in partnership with  Anand Gala, a 30 year restaurant industry veteran, and management, led by Michael Mabry.
MOOYAH is a Plano, TX-based franchisor of fast-casual “MOOYAH” branded restaurants offering fresh, customizable burgers, hand cut fries, and real ice cream milkshakes to customers worldwide. The Company is a global brand with 93 locations spanning 10 countries, including 73 stores in the U.S. and 20 international stores. MOOYAH’s ongoing growth and success is driven by its strong network of franchisees who value MOOYAH’s global brand, proven economic model and passionate, committed leadership team.
Led by Chairman Anand Gala and President Michael Mabry, MOOYAH will focus on expanding its base of experienced, entrepreneurially-minded franchisees while providing high quality food and service to its customers. Mr. Gala will provide MOOYAH with strategic guidance, operational support and deep industry relationships developed over decades as a restaurant franchisee and investor. “I’ve watched MOOYAH develop for years and am excited to be investing in its future,” said Mr. Gala. “The support provided by Balmoral and Mr. Gala provides us with resources to grow MOOYAH’s brand, footprint and service offering worldwide,” added Mr. Mabry.
“We’re thrilled to partner with Mr. Gala and MOOYAH management on this transaction,” said David Shainberg, a Vice President at Balmoral. “MOOYAH’s management team is talented, experienced and dedicated and its clear why satisfaction with MOOYAH’s brand and leadership team is high.”
About Balmoral Funds
Balmoral is a Los Angeles, CA based private equity fund that was founded in 2005. Balmoral currently has more than $200 million of assets under management and focuses on partnering with talented and committed management teams to invest in and revitalize companies. Balmoral typically invests in companies that have revenues between $30 to $300 million and require equity investments of $5 to $30 million.
For more information please contact:
David Shainberg
Vice President
(310) 469-5772
About Anand Gala and Gala Capital Partners
Anand Gala is the Founder and Managing Partner of Gala Capital Partners, a diversified investment company with operations in consulting, restaurant development and management, and real estate development and investment. He has spent the past 30 years in various executive capacities within the restaurant industry, including as a franchisee, developer and investor in brands such as Jack in the Box, Applebee’s, Famous Dave’s, and Del Taco.
For more information please contact:
Anand Gala
Managing Partner

Balmoral Funds announces AgileX Supply Chain LLC

Balmoral Funds announces AgileX Supply Chain LLC

Los Angeles, CA – March 9, 2017 – Balmoral Funds LLC (“Balmoral”), a leading lower-middle-market private equity firm, announced that its newly formed portfolio company, AgileX Supply Chain LLC (”AgileX,” or the “Company”), has acquired substantially all of the assets of Argo Turboserve Corporation’s (“ATC”) Industrial Division in partnership with management, led by Steve Kinnard.  Headquartered in Lyndhurst, New Jersey with operations in Houston, Dubai and Rotterdam, AgileX provides global integrated procurement and supply-chain services to Fortune 500 customers seeking to improve service levels, total landed cost, quality and efficiency.  Such customers outsource procurement, quality assurance and supply chain functions to AgileX and experience dramatic improvements in quality, on time delivery, service levels and ROIC.

CEO Steve Kinnard and a seasoned team of professionals will lead the transition from ATC to a standalone company and implement the go forward strategies to grow the Company while continuing to provide quality service to customers. “The process of becoming independent will enhance our Company’s focus, resources, cost structure and growth in both new and existing markets,” said Kinnard.

“The management team and our service providers worked in seamless partnership in this swift-moving transaction.  Together, we went from a first meeting to a signed purchase agreement in 30 days and a closing within another two-weeks,” said Robin Nourmand, Managing Director at Balmoral. “We are delighted to be working with Steve and the team at AgileX and further delighted that they chose us as their financial partner.  We were impressed by the talent and results of the sourcing, procurement and quality teams at Agilex.  It became clear to us why customer satisfaction with this team is high.”

In addition to organic growth, the AgileX team and Balmoral intend to pursue add-on acquisitions of similar and complementary companies which provide integrated supply chain services.

For more information please contact:

Robin Nourmand

Managing Director

rnourmand@balmoralfunds.com

(310)473-3684

Balmoral Funds Makes Investment in Silver Aero

Los Angeles – December 2015 – Balmoral Funds, a private equity fund based in Los Angeles, has agreed to form a partnership and make an investment in Silver Aero, a privately held company that sells and leases aftermarket aircraft engines, airframes and their associated parts.

The partnership sets the groundwork for future investments between Balmoral Funds and its operating partners, who have a strong, 15-year track record in the space. Balmoral’s initial investment will help fund the purchase of aircraft engines and airframes.  Balmoral and Silver Aero anticipate future investments together in conjunction with the growth of the company.

“After first meeting seven years ago, and exploring many deals together with our operating partners, we are excited to invest with them in this new vehicle” said Robin Nourmand, a Managing Director with Balmoral Funds.

About Balmoral Funds

Balmoral is a private equity firm focused on investing in corporate carve-outs, restructurings and other special situations. Balmoral’s investment strategy focuses on partnering with talented management teams to invest in and revitalize companies with strong market positions that are going through a period of transition or experiencing operating or financial challenges. Balmoral targets investments in companies that have historically generated $30 million to $300 million of revenues at their peak. Balmoral is headquartered in Los Angeles, CA and has a strong track record of structuring creative investments in challenged companies and returning them to financial stability and profitable growth.

Balmoral Funds Completes The Acquisition of Enesco, LLC

Los Angeles, CA – November 9, 2015 – Balmoral Funds, a Los Angeles based private equity fund focused on partnering with talented and committed management teams in the mid-market, announced today that an affiliate has acquired Enesco, LLC, a global leader in gift, plush toy, and home and collectibles industries. Serving more than 40,000 customers worldwide, Enesco designs, develops, and distributes consumer products to a wide variety of specialty card and gift retailers, home décor boutiques, as well as national retail chains and direct- to-consumer retailers.

“We are excited to welcome Enesco to the Balmoral Fund family of consumer product companies,” said Jonathan Victor, Senior Managing Director at Balmoral. “The Company’s portfolio includes highly recognized company-owned brands, such as Gund, Department 56, Our Name is Mud, and Gregg Gift, as well as iconic licensed brands like Jim Shore, Disney, Britto, and Peanuts.”

Balmoral Funds also announced today that Todd Mavis, an operating advisor for Balmoral, will become the CEO, effective immediately. Todd specializes in growth opportunities and most recently was CEO of Katun Corporation and First Advantage Corporation. “There are many reasons to be excited about joining the company; great brands, global reach, and an experienced management team,” said Todd Mavis, newly appointed CEO. “I am looking forward to working closely with our licensors, retailers, and suppliers to meet the needs of our consumer customers.”

Tom Bowles, the outgoing CEO, will be retiring after successfully leading the business for the last five years. Mr. Bowles will continue working with the company in a consulting capacity to help insure a smooth transition of leadership.

About Balmoral Funds

Balmoral is a Los Angeles, CA based private equity fund that was founded in 2005. Balmoral currently has more than $200 million of assets under management and focuses primarily on investment opportunities involving complex operational or financial challenges. Balmoral typically invests in companies that have revenues between $30 to $300 million and require equity investments of $5 to $30 million.

About Enesco

Enesco, LLC is a global leader in the gift, plush toy, and home and garden décor industries with a portfolio that includes some of the world’s most recognizable brands including Jim Shore, Disney, Gund, Department 56, Britto and Our Name Is Mud. Serving more than 40,000 customers worldwide, the company designs, develops, and distributes consumer products to a wide variety of specialty card and gift retailers, home décor boutiques, national retail chains, and direct-to-consumer retailers. Enesco’s international headquarters is located in Itasca, Illinois with subsidiaries in the United Kingdom, France, Canada and China. Enesco serves markets operating in the Americas, Europe, Canada, Australia and Asia. Enesco employs approximately 750 associates worldwide. For more information, visit www.enesco.com.

Bennington Marine Closes Deal for Nautic Global Group

Pontoon manufacturer Bennington Marine announced today that it completed the acquisition of the brands and certain assets of Nautic Global Group LLC and is assuring dealers and customers that all of the brands will continue to function independently.

Terms of the deal were not disclosed.

The brands Bennington acquired — Godfrey pontoon boats (which includes Aqua Patio, Sanpan and Sweetwater), Hurricane deckboats, Polar Kraft fishing boats and Rinker cruisers — are being held in a newly formed holding company and will be operated separately from Bennington.

The acquisition will not impact existing operations, dealer networks or retail customer relationships for either Bennington or the acquired brands.

“We are excited to bring together some of the strongest brands in the marine industry,” Jacob Vogel, CEO at Bennington Marine, said in a statement. “And we want to assure dealers and their customers that it is business as usual. Production, servicing and marketing of these terrific brands will continue to remain separate and strong.”

Elkhart, Ind.-based Bennington said in late September that it was buying Nautic Global Group, also based in Elkhart, and its brands, which include four pontoon lines under the Godfrey umbrella.

Bennington founder Steve Vogel said at the time that the acquisition would give dealers an opportunity to expand their product offerings.

“Current dealers of either or both brands will have opportunities to expand their representation, and the companies announced that the intention is to distribute dealer-specific news and meetings scheduled shortly after the closing of the transaction, which is anticipated to be Oct. 2,” CEO Jacob Vogel said in a statement. “At this time we are planning on operating these acquired brands and businesses as an organization separate from Bennington, but with the same world-class attention to quality and customer service.”

Nautic Global, the sixth-largest U.S. boat manufacturer, has as much as half of the deckboat market share with its Hurricane brand. The company’s pontoon brands include Godfrey Pontoons, Sanpan, Aqua Patio and Sweetwater. It also builds Rinker Express Cruisers, Captiva Sport Boats and Polar Kraft aluminum fishing boats.

 

“The entire Elkhart-area community will benefit from the acquisition of these great boat brands, as this represents a big win for the employees, dealers and customer end users,” Malone said in the statement announcing that Bennington would purchase the group. “We’re pleased that the company is being acquired by one of the most highly regarded companies in the boating industry.”

“This represents an exciting opportunity for both companies,” Jacob Vogel said. “By putting some of the strongest brands in the marine industry together in one corporate family we will be able to better provide dealers and consumers with the highest-quality, most innovative products and back them with the best services and warranties in the industry. This is truly a historic transaction in the boating industry.”

Bennington to acquire Nautic brands

ELKHART — Bennington Marine, an Elkhart-based pontoon boat maker, will acquire Nautic Global Group, a recreational boat manufacturer.

It has been only a month since Nautic, also based in Elkhart, announced it was up for sale.

Bennington will acquire certain assets and liabilities of Nautic and its brands Aqua Patio, Sweetwater, SanPan, Hurricane, Rinker, Godfrey and PolarKraft.

The transaction is expected to be complete Oct. 2.

“Nautic Global Group is an industry pioneer and has some of the best-known, most trusted brands in the industry,” Steve Vogel, founder and chairman of Bennington, said in a news release. “We have always respected what the company has accomplished.”

Nautic was formed in 2005 through a merger of Godfrey Marine and the Rinker Boat Company. About a year ago, the company told The Tribune it had nearly 1,000 employees and was making about 10,000 boats annually. Its portfolio includes about four pontoon boat brands and it dominates about 50 percent of the combined outboard and stern drive segments of the boat market with its Hurricane deck brand.

Vogel believes the Nautic brands are poised for significant future growth.

Bennington, which was founded in 1997 by the Vogel family, plans to operate its Nautic acquisitions as a separate organization, but says dealers for both companies will have the opportunity to expand product lines. The company will provide more information once the transaction is complete.

“The entire Elkhart area community will benefit from the acquisition of these great boat brands,” said Jim Malone, chairman and CEO of Nautic Global Group. “This represents a big win for our employees, dealers and customers. We’re pleased that the company is being acquired by one of the most highly regarded companies in the boating industry.”

Balmoral Funds Awarded With TMA’s Transaction of The Year

Boston, September 24, 2014

Balmoral Funds and Crystal Financial LLC are pleased to announce that both firms will be awarded with the Turnaround Management Association’s (TMA) Transaction of the Year Mid-Size Company for the acquisition and financing of Intelligent Global Pooling Systems (iGPS). 

Founded in 2006, Intelligent Global Pooling Systems (iGPS) is the operator and owner of the world’s first and largest plastic pallet rental pool.  It operates from a robust network of depots serving over 100 manufacturers and 2,000 retailers by lowering their logistics and related operating costs.

Crystal provided both a DIP facility and a $20.0 million exit facility to support the acquisition of the Company by Balmoral Funds and other investors.  Balmoral completed the acquisition through a complex series of steps including the purchase of pre-petition debt, the offer of a stalking-horse bid, zealous advocacy in the Delaware courts and ultimately a successful acquisition of the iGPS assets in a section 363 sale process. 

The Crystal deal team included Stephen Krawchuk, Managing Director, Rebecca Tarby, Managing Director and Timothy Lawlor, Senior Associate.  The Balmoral deal team included Jonathan Victor, Managing Director, Robin Nourmand, Principal, Travis Haynes, Senior Vice President and David Shainberg, Senior Associate.  These individuals will be honored at The TMA Annual, taking place in Toronto, Ontario from September 29th – October 1st.

Since 1993, TMA has honored excellence through its annual awards program, which recognizes the most successful turnarounds and impactful transactions.  The award recipients save jobs and make a significant economic impact. 

 “Crystal Financial is honored to receive this award and recognition from the TMA and our peers.  Our standard is for excellence and to deliver comprehensive solutions to complex financing needs.  Our team worked tirelessly to identify a creative approach and a financing structure that met Balmoral’s needs and led to a successful acquisition of the Company that otherwise would have been liquidated.  We very much enjoy our partnership with Balmoral,” said Ward K Mooney, CEO of Crystal Financial.

“Consistent with our reputation as friendly, creative and responsive lender, we are pleased to have created a unique bankruptcy lending solution which provided for both the Company’s DIP and emergence lending needs.  We were privileged to work with Balmoral Funds, which in conjunction with a strong new management team, orchestrated an exceptional bankruptcy acquisition solution and turnaround,” noted Crystal’s Stephen Krawchuk.

“Crystal went well above and beyond the role of a traditional lender.  They were patient and supportive. Their thoughtful and practical approach to a very challenging situation led to a very positive outcome.  We could not have done it without them,” added Robin Nourmand, a Principal at Balmoral Funds.

About Balmoral Funds

Balmoral is a private equity firm focused on investing in corporate carve-outs, restructurings and other special situations. Balmoral’s investment strategy focuses on partnering with talented management teams to invest in and revitalize companies with strong market positions that are going through a period of transition or experiencing operating or financial challenges. Balmoral targets investments in companies that have historically generated $30 million to $300 million of revenues at their peak. Balmoral is headquartered in Los Angeles, CA and has a strong track record of structuring creative investments in challenged companies and returning them to financial stability and profitable growth.

 

iGPS Company is Acquired by iGPS Logistics LLC

ORLANDO, Fla. – August 1, 2013 – Intelligent Global Pooling Systems (iGPS), operator of the world’s first pallet rental service featuring lightweight, 100% recyclable plastic pallets with embedded radio frequency identification (RFID) technology, announced today that it has finalized its sale to iGPS Logistics LLC, a joint venture formed by Balmoral Funds, One Equity Partners, certain of their affiliates, and Jeff and Robert Liebesman.

“We are extremely excited to have completed this transaction,” said Jeff Liebesman, the new Chief Executive of iGPS Logistics.  “Our new capital structure, combined with the pooling experience brought by existing management team, Robert and myself, will enable us to enhance our current operations and expand our product offerings in the years ahead.  We look forward to providing world-class service to our customers.”

“iGPS has been a true innovator with an outstanding value proposition,” added Jeff Liebesman.  “The company is now well positioned to continue to pursue its mission of adding real value to our customers and to all segments of the supply chain.”

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iGPS Logistics LLC Agrees to Acquire iGPS

Orlando, FL – June 4, 2013 – iGPS Company LLC, (“iGPS”) operator and owner of the largest global pallet rental pool of lightweight, 100% recyclable plastic platforms with embedded RFID tags, today announced that it has reached an agreement for the sale of substantially all of its assets to iGPS Logistics LLC (“iGPS Logistics”), a joint venture formed by Balmoral Funds, One Equity Partners, certain of their affiliates, and Jeff and Robert Liebesman.

To facilitate the sale, iGPS has filed a voluntary petition with the U.S. Bankruptcy Court for the District of Delaware for approval pursuant to Section 363 of the U.S. Bankruptcy Code. The sale is subject to higher and better bids and Court approval. Crystal Financial LLC has provided a Debtor-in-Possession facility to support the company through the sale process and intends to facilitate the emergence with exit financing.

iGPS will continue operating its business without interruption during the sale period, and its focus on high level of customer care will not be affected. The company, which is now stronger and better capitalized, will continue to honor and service its existing clients and new client programs and is committed to building a high-quality, sustainable pallet rental pool to service its future needs. iGPS Logistics and its principals have relationships and resources to expand iGPS’ product offering and customer base to service its customers’ growing needs for returnable packaging products.

Dick DiStasio, CEO of iGPS, stated, “After careful analysis, we determined that this sale of the company to iGPS Logistics is the most advantageous option for iGPS’ customers, employees, suppliers and other stakeholders. We are very excited that iGPS Logistics has made such a significant financial commitment, and has coupled a strong ownership group and management team with a proven depth of strategic and operational experience in the global returnable packaging and pallet pooling business. We are excited to take iGPS into the next chapter of its story. With iGPS Logistics’ financial backing and operational expertise, we look forward to continuing to provide a high-level of service to our customers.”

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