Pfingsten Partners Acquires Consolidated Commercial Controls, a Parts Supplier for Foodservice Equipment; Private Equity Firm Plans to Build Business through Internal & External Growth.DEERFIELD, Ill. -- Private equity firm Pfingsten Partners, L.L.C. today announced the acquisition of Consolidated Commercial Controls, Inc. (CCC CCC A very speculative grade assigned to a debt obligation by a rating agency. Such a rating indicates default or considerable doubt that interest will be paid or principal repaid. Also called Caa. ), a provider of equipment replacement parts and accessories for the foodservice industry. CCC sells more than 9,000 parts and supplies for cooking, warming, plumbing plumbing, piping systems inside buildings for water supply and sewage. The Romans had a highly developed plumbing system; water was brought to Rome by aqueducts and distributed to homes in lead pipes—hence the name plumbing from the Latin word plumbum , refrigeration refrigeration, process for drawing heat from substances to lower their temperature, often for purposes of preservation. Refrigeration in its modern, portable form also depends on insulating materials that are thin yet effective. and ware-washing equipment primarily through parts and service agencies, ranking as the market leader in that channel and one of the largest suppliers of its kind in the world. CCC is the fourth platform acquisition financed from the proceeds of Pfingsten's $285 million Fund III limited partnership. The private equity firm plans to grow CCC's business through new product lines, geographic expansion, strategic add-on acquisitions, and other strategies designed to take advantage of the fragmented frag·ment n. 1. A small part broken off or detached. 2. An incomplete or isolated portion; a bit: overheard fragments of their conversation; extant fragments of an old manuscript. 3. state of the $9 billion foodservice equipment and supplies market. Under the terms of the agreement, CCC will remain headquartered in Morton Grove, Illinois Morton Grove is a village in Cook County, Illinois, United States. The population was 22,451 at the 2000 census. The current mayor of Morton Grove is Richard Krier. , and retain all 50 employees including Azie Khan khan Historically, the ruler or monarch of a Mongol tribe. Early on a distinction was made between the title of khan and that of khakan, or “great khan.” Later the term khan was adopted by the Seljuq and Khwarezm-Shah dynasties as a title for the highest , who will continue in his current role as general manager. Retiring owner Erwin Shakin, the company founder, will serve the company as a consultant. "CCC has established a firm foothold foot·hold n. 1. A place providing support for the foot in climbing or standing. 2. A firm or secure position that provides a base for further advancement. foothold Noun 1. in a growing market that is being fueled by the ongoing popularity of eating away from home," said James J. Norton, Managing Director, Pfingsten Partners, L.L.C. "With the foundation CCC has built over more than two decades, the various opportunities for consolidation in the industry, and our own strong track record in building distribution businesses, this is a solid investment with significant potential for revenue and earnings growth." "Pfingsten's commitment to operating and enhancing the value of its portfolio companies was a key factor in our decision to sell," Shakin said. "They have experience in parts businesses as well as the resources necessary to leverage our current assets Current Assets Appearing on a company's balance sheet, it represents cash, accounts receivable, inventory, marketable securities, prepaid expenses, and other assets that can be converted to cash within one year. , customer relationships and market presence to build CCC into a bigger, stronger company." CCC (www.ccc-parts.com) was founded in 1983. It offers same-day shipment on 9,000 SKUs covering more than 25,000 replacement parts and supplies, plus special-order services for items that are not stocked. Customers include parts and service agencies, equipment dealers, original equipment manufacturers and others in the foodservice industry both domestically and internationally. The acquisition was completed on April 28, 2006. Terms were not disclosed. ABOUT PFINGSTEN PARTNERS Deerfield, IL-based Pfingsten Partners is an operationally oriented o·ri·ent n. 1. Orient The countries of Asia, especially of eastern Asia. 2. a. The luster characteristic of a pearl of high quality. b. A pearl having exceptional luster. 3. private equity firm formed in 1989 to make equity investments in middle market manufacturing, distribution and specialty media companies. Since completing its first investment in 1991, Pfingsten Partners has acquired 45 companies and built value by providing capital, corporate finance and operating resources necessary to improve operations and achieve profitable business growth at its platform companies in partnership with management. For more information, visit www.pfingstenpartners.com. |
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