Private equity firm acquires hospitality company
A local private equity firm has acquired an out-of-state hospitality company.
Grand Rapids-based Blackford Capital said yesterday it acquired Addison, Illinois-based Snowhite Textile and Furnishings through its National Growth Practice.
Snowhite provides design, procurement and project management for the hospitality industry.
Terms of the deal were not disclosed.
Debt financing was provided by Lombard, Illinois-based West Suburban Bank.
"Snowhite has a long history of serving the hospitality industry," said Martin Stein, founder and managing director, Blackford Capital. "Snowhite is known throughout the industry for its quality, customer service and design capabilities. We see opportunities to leverage these strengths to grow the business.”
Snowhite was started in 1985 by Dick Kapadia as a towel and linen supplier to hotels.
Greg Kadens, who joined Snowhite in January, is the company’s new CEO.
"We expect Snowhite to continue its reputation for strong design capabilities and customer service, and we anticipate that our partnership with Blackford will allow us to expand our team and enhance our product and service offerings,” Kadens said. “Ultimately, this will allow us to better serve our customers."
Blackford’s National Growth Practice has also invested in Pennsylvania-based McClarin Plastics, Minnesota-based Staging Concepts and California-based Key Health.
Stein was named the 2016 Private Equity Professional of the Year by M&A Advisor, and in 2015, the firm was awarded the Deal of the Year by M&A Advisor.
The private equity firm has 13 portfolio companies across the nation.