Vestar Capital Partners, a middle market private equity fund, plans to make an investment in Edward Don & Company, the Woodridge, Ill.-based foodservice equipment and supplies dealership. Financial terms of the deal, which is expected to close during the first quarter of 2017, were not disclosed.
The investment will “fund Don’s future growth, with a primary focus on geographic expansion and acquisitions,” per a release announcing the deal.
Following Vestar’s investment, the Don family and members of senior management will retain a significant ownership stake in the company, according to a release announcing the transaction. Steve Don will remain CEO of Edward Don & Company and the dealer’s senior management team will also remain in place. The Don family has owned and operated the company since 1921.
In 2015, Edward Don & Company reported annual sales of $790 million, making it the country’s second largest foodservice equipment and supplies dealer, according FE&S’ 2016 Distribution Giants Study.