TowerBrookTowerBrook Capital Partners, L.P.
TowerBrook Completes Acquisition of BevMo!, a Leading Specialty Retailer of Wine, Spirits and Beer
CONCORD, CA, March 1 2007 - TowerBrook Capital Partners, L.P., a New York and London-based private equity firm, today announced that it has acquired Beverages & More, Inc. ("BevMo!"), the leading California based specialty retailer of wine, spirits, beer and related items. Terms of the transaction were not disclosed.
BevMo! is a leader in the highly fragmented $164 billion U.S. market for wine, spirits and beer. With over sixty superstores, BevMo! has redefined specialty retailing in this consumer category by creating a highly attractive shopping experience for consumers seeking broad selection, knowledgeable sales assistance and competitive prices. Founded in 1994, BevMo! is among the most trusted names in this category of specialty retailing. Wine Enthusiast recently named BevMo! the 2006 Retailer of the Year.
TowerBrook Capital Partners, L.P. is a private equity firm with $2.5 billion under management. The firm has offices in New York and London and focuses on making investments in North American and European companies. TowerBrook pursues control-oriented private equity investments in large and middle market companies, partnering with highly capable management teams. TowerBrook currently is investing its second fund, TowerBrook Investors II, L.P.
Andrew Rolfe, a member of TowerBrook's Management Advisory Board, and formerly President of Gap's International Division and Chairman & CEO of Pret A Manger, will join the BevMo! Board as Chairman. The ongoing BevMo! management team will retain a significant stake in the company.
Bannus Hudson, who led the chain from sixteen to the current sixty-two stores and retired in conjunction with the transaction, stated, "This transaction marks a new chapter in the history of this remarkable company. We have had an outstanding decade of growth and just opened our first superstore in Arizona, a high growth market in the Southwest." Mr. Hudson will remain on the BevMo! Board of Directors following the acquisition.
James Simpson, who was promoted to CEO in conjunction with the transaction, noted, "We look forward to continuing the successful growth of BevMo! in partnership with our new equity sponsor."
Travis Nelson, Managing Director of TowerBrook, added, "TowerBrook is excited to back a strong management team and rapidly-growing company in this large and unconsolidated category of retailing."
Sonenshine Partners, the New York investment banking boutique founded by M&A banker Marshall Sonenshine, advised Beverages & More on the transaction, as did law firm Kirkland & Ellis, LLP. Goodwin Procter LLP advised TowerBrook. Jefferies & Company, Inc. led the debt financing for the acquisition.
Beverages & More is the leading specialty retailer of alcoholic beverages and related products in the western United States and among the largest in the country. With 62 stores in well-trafficked retail areas in major metropolitan markets in California and Arizona, BevMo! provides a uniquely friendly and welcoming environment for competitively priced wine, beer, spirits, non-alcoholic beverages and "goes with" products such as specialty foods and snacks, cigars, glassware and related bar and wine accessories. Bevmo.com enables customers to purchase items online for shipping to home or office, or for pickup within an hour from their local store.Back