Wythe Will Tzetzo acquires Garvey Nut & Candy
Company sees addition as springboard to westward expansion
Wythe Will Tzetzo , LLC, has acquired Pico Rivera, Calif.-based Garvey Nut & Candy Co. in an effort to better serve national accounts.
Current Wythe Will CEO Gordon Angles will continue to lead the expanded company, while Garvey owner and President Steve Corri will serve in a role supporting key account sales and general administration. The new company is expected to have annual revenues of more than $350 million.
“Garvey Nut & Candy is very closely aligned with the products and the class of trade that Wythe Will is currently servicing primarily in the eastern half of the country,” Angles says. “With this expansion, we now truly have the ability to service national accounts effectively, while at the same time leveraging our scale to provide our customers with the broadest assortment of products and best service available in the industry.”
Toano, Va.-based Wythe Will Tzetzo is a national packager and distributor of branded, unbranded and private-label candy, confections and specialty foods. Its brands include: Mayfair Sales, Holiday Candy, Alpine Valley, Basket Stuffers, Candy Carnival, Kids Play, Select Brands, Select Sweets, and Totally Sour. The company has locations in Virginia, New York and Tennessee.
Meanwhile, Garvey is a national packager and distributor of natural and organic nuts, snacks and confections, in both branded and private-label formats.
“Not many acquisitions strategically and culturally blend two entities as closely matched as what we found at Garvey,” Angles says. “Steve Corri and his team have cultivated outstanding customer service levels and strong relationships with customers of all sizes. We are excited about the growth opportunities with the acquisition of this fine company.”
Slate Capital Group of Baltimore will continue to be the controlling equity holder of Wythe Will Tzetzo, and Parker Davis of Slate Capital will continue to serve as chairman of the company.
Triangle Capital Corporation (NYSE: TCAP), Spring Capital Partners, and Centerfield Capital Partners remain involved as equity co-investment partners and mezzanine capital providers. M&T Bank leads a syndicate, including Fifth Third Bank and First Niagara Bank, in making senior debt financing available.