RICHMOND, Va. — Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, is pleased to announce the sale of the Lawn & Garden Division (“Antilles L&G” or the “Company”) of Antilles Power Depot Inc. (“APD”) to Freije Supply Inc. (“Freije Supply”). Antilles L&G is a leading distributor of Stihl, Walker, and other top brands in the lawn maintenance and equipment marketplace.
Headquartered in Carolina, Puerto Rico, with additional locations in the Dominican Republic, St. Thomas, St. Croix, and St. Maarten, APD is a multifaceted, award-winning, distributor and service provider of power generation systems, as well as equipment and tools for lawn care. With over two decades of operating history, the Company has established a diverse commercial and residential customer base that utilizes Antilles L&G’s specialized sales and service capabilities.
Matrix provided merger and acquisition advisory services to Antilles L&G and APD, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction. The transaction was managed by David Shoulders, Managing Director and Head of Matrix’s Consumer & Industrial Investment Banking Group; William O’Flaherty, Managing Director; Matt Oldhouser, Senior Associate; and Sahan Pandey, Senior Analyst.
Mr. Shoulders noted, “We’re thrilled to have assisted the APD team in this important carve-out transaction, allowing them to focus on their core business. We enjoyed working with the Company and its exceptional management team and congratulate all parties on this successful outcome.”
Regarding Matrix’s services, Jason Hebert, President of APD, commented, “Matrix did an exceptional job navigating this highly complex corporate carve-out. I commend their knowledge of these nuanced transactions and am grateful for their assistance.” Addressing the transaction, he added, “We believe this divestiture creates exceptional value for all parties. The Freije Supply team is acquiring a complementary business with exceptional recurring revenue, and I’m confident they’re positioned to grow the business line. This additional capital allows APD to focus on and grow our core business, generator sales and service, while also supporting our growth in yacht and marine services, as well as our expansion into new physical locations throughout the Caribbean.”
Founded in 2014 in Carolina, Puerto Rico, Freije Supply is a wholesale distributor of electrical, plumbing, construction and other miscellaneous household products. Owned and operated by Manolo “Manuel” Freije III, Freije Supply maintains relationships with the most established brands in the markets it serves, including 3M, Delta, EcoSmart, General Electric, Rheem, and Simpson Strong-Tie, among numerous others. Freije Supply distributes to a diverse set of customers throughout the Caribbean. Financing for the transaction was provided by Bluhaus Small Business Fund, L.P., a Small Business Investment Company established to make debt and equity investments in businesses operating predominantly in Puerto Rico.
Bill Lowman and Jason Davis of ShuffieldLowman served as legal counsel for Antilles L&G and APD.
About Matrix Capital Markets Group, Inc.:
Founded in 1988, Matrix Capital Markets Group, Inc. is an independent, advisory focused, privately-held investment bank headquartered in Richmond, VA, with additional offices in Baltimore, MD and New York, NY. Matrix provides merger & acquisition and financial advisory services for privately-held, private-equity owned, not-for-profit and publicly traded companies. Matrix’s advisory services include company sales, recapitalizations, capital raises of debt & equity, corporate carve-outs, special situations, management buyouts, corporate valuations and fairness opinions. Matrix serves clients in a wide range of industries, including automotive aftermarket, building products, car washes, consumer products, convenience retail, downstream energy, healthcare and industrial products.
For additional information or to contact our team members, please visit https://matrixcmg.com/.
Securities offered by MCMG Capital Advisors, Inc., an affiliate of Matrix Capital Markets Group, Inc., Member FINRA & SIPC
Related link: https://www.matrixcmg.com/
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