ShoreView Announces Sale of G.E.T. Enterprises, LLC
ShoreView is pleased to announce the successful sale of G.E.T. Enterprises, LLC (“GET”) to Olympus Partners. ShoreView partnered with Valesco Industries, Inc. (“Valesco”) and GET through a leveraged recapitalization in November 2011.
Prior to ShoreView’s investment, the founding shareholders, Glen and Eve Hou, were seeking to diversify their personal net worth, and obtain a financial partner to provide strategic guidance and capital to aid key company initiatives including organic growth and strategic acquisition. ShoreView and Valesco structured a transaction that:
• Provided liquidity to the founding shareholders
• Allowed the founding shareholders to retain a meaningful ownership position
• Allowed the founding shareholders to meet their goal of transitioning from managing day-to-day operations of the business
Working in partnership, ShoreView, Valesco, and GET put in a strong, experienced management team, transitioned the infrastructure and practices of the business from a closely-held family to institutional management (including the implementation of an ERP system), completed three complimentary add-on acquisitions, and expanded the international supply chain. The results of this partnership were excellent, as GET’s sales and earnings grew materially during ShoreView’s investment period.
About G.E.T Enterprises, LLC
GET designs, sources, and distributes branded tableware products made from alternative materials, such as melamine and thermoplastics, that are used by commercial hospitality and institutional foodservice providers. GET’s major product categories include dinnerware, drinkware and a variety of other service items that are more economical and durable than traditional tableware materials such as glass and earthenware. These products are sold to a variety of different end markets including restaurants, healthcare facilities, universities, cruise lines, and promotional materials for consumer products companies.
About ShoreView Industries
ShoreView Industries, based in Minneapolis, manages $900 million in private equity funds. ShoreView invests in established, middle-market companies with operations in North America, across a wide range of industries. ShoreView structures a variety of acquisition, recapitalization and build-up transactions, typically in businesses with revenues ranging between $20 million and $300 million.