October 5, 2006
New Haven, Connecticut – October 5, 2006 – Woodbridge, LLC., an international middle market mergers and acquisitions firm, announced today that Eastern Paper of New England, a leading janitorial services and solutions company, has been acquired by Perkins, one of New England’s largest independent wholesale distributors of foodservice and sanitary supplies.
After 60 years in business, Eastern Paper engaged Woodbridge to explore strategic opportunities for the company’s sale. Management recognized that the company needed a bigger operation in order to drive further growth and obtain advantageous economies of scale. Headquartered in Taunton, Massachusetts, Perkins was established in 1915 and has grown into one of largest players in the janitorial and food service supplies sector.
Woodbridge conducted extensive research and launched a far-reaching marketing cam-paign on behalf of Eastern Paper in order to identify as many prospective buyers as possible. Nearly 2,000 one-page profiles were mailed out (that concealed the company’s identity) and were followed up by phone calls to each recipient.
“We generated 119 responses from interested parties as a result of our marketing activities,” said Don Krier, senior vice president of Woodbridge and dealmaker for the transaction. “Out of those, 39 were sent books on Eastern Paper. We succeeded in creating a competitive situation to ensure our client received the best offer out there.”
By acquiring Eastern Paper, Perkins strengthened its Connecticut presence and its janitorial and power equipment supply business. Perkins operates distribution facilities in Maine, Massachusetts, New York and New Hampshire, with cash-and-carry stores, known as The Restaurant Superstores, in Massachusetts and Rhode Island.
Woodbridge, LLC., a unique, marketing-driven M&A firm, was established in 1993 to provide a divestiture and acquisition advisory services to middle market companies.