GRAND RAPIDS, Mich., Jan. 14, 2020 /PRNewswire/ -- Kamps, Inc. ("Kamps" or the "Company") announced today that it has sold a majority interest in the Company to Freeman Spogli & Company. Founder and CEO Bernie Kamps will continue to lead the Company and remains a significant shareholder. Other members of the Company's management team, including President Mitchell Kamps, Chief Corporate Officer Brad Rietema, VP of Northern Operations Justin Kamps and CFO Phil Minster also participated in the transaction. Financial terms of the transaction were not disclosed.
Headquartered in Grand Rapids, MI, Kamps is one of the largest pallet management service providers in North America. Founded in 1973 by CEO Bernie Kamps, the Company provides nationwide pallet management services through a network of 25 company-owned and operated facilities and commercial partnerships with 60+ national pallet partners. Pallet management and on-site services represent the entire suite of customized services needed to serve a customer's pallet management needs and includes the acquisition, disposition, sorting, repair and return of pallets as well as the management of a customer's pallet inventory within its facility network. Kamps manages over 100 million pallets annually and serves over 1,800 customers with recurring needs for pallet management services in diverse end markets including the e-commerce, retail, food & beverage, industrial, logistics and distribution industries.
"We are excited to announce our partnership with Kamps, whose best-in-class service and high-quality operations have contributed to the Company's remarkable success over the last 46 years," said Jon Ralph, a partner at Freeman Spogli. "The Kamps family has successfully grown the Company from a small regional operation to a recognized national competitor in the pallet management sector. We look forward to partnering with them and their exceptional management team during this next phase of the Company's growth."
CEO Bernie Kamps added, "We are thrilled to partner with Freeman Spogli, whose extensive expertise in the value-added distribution sector will be an invaluable resource to the Company as we continue to pursue strategic initiatives in new and existing markets and capitalize on our multiple growth opportunities."
Morgan, Lewis and Bockius LLP acted as the legal advisor to Freeman Spogli & Company. Miller, Johnson, Snell & Cummiskey, P.L.C. acted as the legal advisor to the Company. Lincoln International acted as lead financial advisor to the Company. Debt financing for the acquisition was provided by Oaktree Capital Management, L.P., Adams Street Partners, LLC, and Comerica, Inc.
Headquartered in Grand Rapids, MI, Kamps is a leading pallet management service provider in the United States managing more than 100 million pallets per year and providing nationwide service to over 1,800 customers through a network of 25 company-owned facilities and commercial partnerships with 60+ national pallet partners. Visit https://www.kampspallets.com for more information.
About Freeman Spogli & Co.
Freeman Spogli & Co. is a private equity firm dedicated exclusively to investing in and partnering with management in consumer and distribution companies in the United States. Since its founding in 1983, Freeman Spogli has invested over $4.7 billion in 63 portfolio companies with an aggregate transaction value of over $24 billion, and is currently making investments from FS Equity Partners VIII, L.P. Freeman Spogli has offices in Los Angeles and New York. For additional information, visit www.freemanspogli.com.
View original content to download multimedia:http://www.prnewswire.com/news-releases/freeman-spogli--co-acquires-a-majority-interest-in-kamps-inc-300987055.html
SOURCE Freeman Spogli & Co.