C.W. Downer & Co. Advises Mallet & Company on Sale to ICV Partners
Boston, October 19, 2010 - C.W. Downer & Co. is pleased to announce that Mallet & Company has been acquired by ICV Partners, a New York-based private investment firm focused on middle-market companies and family-owned businesses. Mallet & Company is the leading U.S. manufacturer of bakery release agents and the machinery for applying these agents. The deal closed on September 29, 2010. The financial terms of the transaction were not disclosed.
Based in Carnegie, PA, Mallet & Company specializes in oils, ingredients and customized equipment for the global baking and food processing industries. Mallet & Company's core products include release agents, trough greases, icing stabilizers, liquid shortenings and emulsifiers. The Company also produces processing equipment for the bakery sector, including pan oilers and greasers, batter deposition systems and band oven oilers. Robert Mallet—the current CEO and son of the Company's founder—will remain with the company.
“Mallet & Company enjoys a dominant position in its core markets and has generated profits in all 71 years of its history,” said Joseph Downing, Managing Director & Partner with C.W. Downer & Co. “The Company's strong brand and reputation within the baking industry provides ICV with an excellent platform for the future development of its activities in this area,” he continued. “We are pleased to have assisted Robert Mallet in his search for the best partner to further the growth of the company.”
Willie E. Woods, president of ICV Partners said in a company statement, “This is a very exciting investment for ICV as it allows us to leverage expertise learned from our successful investment in Sterling Foods to help Mallet's future growth. We understand the challenges involved in selecting a partner for a family owned business and we want to thank Bob Mallet for the trust he has placed in our firm.”
The C.W. Downer & Co. team responsible for the Mallet transaction included Mr. Downing (Managing Director & Partner, Boston), Jeffrey Robards (Managing Director, Boston) and Gregory Fanikos (Vice President, Boston).
About C.W. Downer & Co.
C.W. Downer & Co. is an independent, global investment bank offering its clients a high level of personal attention coupled with more than 30 years of international execution experience. With eight fully integrated offices on four continents, we consistently identify the most appropriate buyers worldwide and uncover "hidden" acquisition targets. C.W. Downer & Co. combines the global reach of a bulge-bracket investment bank with the personal touch of a boutique. For further information, visit http://www.cwdowner.com.
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