June 11, 2014
Croft & Bender Serves as Financial Advisor to AmerCare, Inc. on its Recapitalization by HCI Equity Partners
Croft & Bender, an Atlanta-based investment banking and private equity firm, is pleased to announce that HCI Equity Partners ("HCI") has partnered with the management team of AmerCare, Inc. ("AmerCare") to complete a recapitalization transaction.
Headquartered in Charleston, South Carolina, AmerCare is a leading provider of disposable protective gloves for the foodservice, healthcare, and janitorial markets primarily in the United States. With more than 25 manufacturing partners across Asia, the Company manages a complex supply chain to deliver high quality gloves to its customers.
HCI is a private equity firm with offices in Washington, DC, Chicago, and Minneapolis. The firm invests in growth-oriented industrial product and service companies and focuses on the lower middle market targeting companies with approximately $20 - $200 million of revenue. The HCI team partners with owners and managers of industrial companies, with a focus on assisting with operational improvements and supporting growth initiatives. HCI currently manages three funds totaling $750 million in equity commitments.
Croft & Bender served as the exclusive financial advisor to AmerCare in the recapitalization process. “Croft & Bender’s extensive experience was vital to positioning the Company to maximize interest from potential investors,” said AmerCare President Ty King. “They employed a hands-on approach and effectively managed a sophisticated process to ensure a successful outcome. We are extremely excited about partnering with HCI and continuing to grow our business in the future.”
“It was a pleasure assisting the AmerCare team with their transaction,” commented Bo Briggs, Managing Director at Croft & Bender. “The Company exhibited remarkably consistent growth over an extended period which helped to generate a superior outcome. In addition, the HCI team demonstrated its deep experience working with founders and entrepreneurs by developing strong relationships with the Company and employing a fair and balanced approach throughout the process.”
Doug McCormick, Managing Partner at HCI Equity Partners commented, “We were pleased to have the opportunity to compete for this attractive property and create value by supporting an exceptional management team with additional resources to grow their business.”