City Capital Advisors Completes Sale of New Carbon Company and Related Distributors to PNC RiverArch Capital
CHICAGO, IL – May 1, 2012; City Capital Advisors, LLC is pleased to announce that New Carbon Company, Inc. and its four largest exclusive distributors have been sold to PNC Riverarch Capital. City Capital Advisors advised the owners of New Carbon Company and the four distributors in these transactions.
Headquartered in South Bend, Indiana, New Carbon Company is the leading provider of waffle mix to restaurants, hotels, resorts, colleges and other food service establishments across North America. New Carbon Company’s unique Golden Malted® brand of waffle flour, first introduced 75 years ago, is used exclusively at over 40,000 customer locations throughout the United States. The four exclusive New Carbon Company distributors included in the transaction are Central Maryland Associates, Inc., RGE Distributing Co. Inc., Tri-State Malted Waffles Inc. and Waffles of California. Going forward, the combined entities will directly service nearly 70 percent of New Carbon’s customers.
“We are excited about the prospect of integrating our largest distributors and building on our reputation for having the highest product quality and customer service,” said New Carbon Company President Rick McKeel, “and we are pleased to have PNC Riverarch as our financial partner in making this happen. I would also like to thank Tim Coleman, Matt Phillips and the entire team at City Capital Advisors for bringing together a series of transactions that achieved the objectives of all of our owners and our management team.”
Michael Rost, Managing Director of PNC Riverarch added “New Carbon’s innovative business model and strong reputation have afforded the company an attractive market position and varied opportunities for growth. We look forward to working with Rick and his team to continue to grow the company.”
About PNC Riverarch Capital
PNC Riverarch Capital is a middle-market private equity group that invests in privately-held North American companies across a variety of industry sectors, including outsourced services, specialized manufacturing, and value-added distribution. PNC Riverarch is a division of PNC Capital Finance, LLC, which is a wholly-owned indirect subsidiary of The PNC Financial Services Group, Inc. (NYSE: PNC), one of the nation’s largest diversified financial services organizations (www.pnc.com). Since 1982, PNC Riverarch and its predecessors have provided over $1.0 billion in capital to more than 100 companies.
About City Capital Advisors, LLC
City Capital, a FINRA registered broker-dealer, is a results oriented investment and merchant banking advisory firm. Client engagements are managed exclusively by experienced senior bankers who deliver business owners optimal performance in capitalizing on the value of their companies and meeting their objectives as shareholders. City Capital’s professionals have successfully advised clients on investment banking transactions totaling in excess of $60 billion.