Benchmark International has successfully facilitated the transaction between Read’s Uniforms and Brighton Partners Equity. Read’s Uniforms, Inc., hereinafter referred to as “Read’s”, is an omnichannel distributor of uniforms and accessories for resale to all five major uniform verticals including medical, public safety, industrial, hospitality, and education. This multi-location provider has access to key brands in all major verticals. The company has ten locations throughout Florida, Tennessee, South Carolina, and North Carolina.
Eric Hutzler, Owner of Read’s Uniforms, mentioned regarding the transaction, “As founders, we were very pleased with the pipeline of qualified buyers that Benchmark was able to produce. We had multiple options to choose from, each with a unique upside to consider. Ultimately, it is highly unlikely we would have found any of these opportunities on our own.”
Brighton Partners Equity hereinafter referred to as “Brighton” is a private equity firm focused on regional distribution and service companies where geographic expansion is a key driver of future growth. Brighton takes a hands-on approach, bringing objective analysis and years of small, growth-oriented company experience to each investment opportunity. They pride themselves on being good communicators; with their management teams, lenders, and limited partners.
Read’s was a perfect fit into the current portfolio of Brighton, and an excellent platform for Brighton to expand upon based on their investment thesis. The challenges that COVID presented during this transaction were not insignificant, causing all sides to come together and develop creative financing solutions when the debt markets were retracting. This deal is a cathartic end to the Hutzler’s vision and a welcome beginning to a new partnership that is sure to thrive in the coming years.
Benchmark International’s Managing Director, Dara Shareef commented regarding the deal completion, “Benchmark International is happy to have successfully facilitated the transaction between Read’s Uniforms and Brighton Partners. Deal fatigue could have impeded this transaction at many points, but both sides remained diligent in their efforts. We certainly look forward to the prospect of working with the Hutzlers and Brighton Partners again should the opportunity present itself.”
Americas: Sam Smoot at +1 (813) 898 2350 / Smoot@BenchmarkIntl.com
Europe: Michael Lawrie at +44 (0)161 359 4400 / Lawrie@BenchmarkIntl.com
Africa: Anthony McCardle at +2721 300 2055 / McCardle@BenchmarkIntl.com
ABOUT BENCHMARK INTERNATIONAL:
Benchmark International’s global offices provide business owners in the middle market and lower middle market with creative, value-maximizing solutions for growing and exiting their businesses. To date, Benchmark International has handled engagements in excess of $6B across various industries worldwide. With decades of global M&A experience, Benchmark International’s deal teams, working from offices across the world, have assisted hundreds of owners with achieving their personal objectives and ensuring the continued growth of their businesses.