EQT Infrastructure to Acquire RTI from Parthenon Capital Partners and ABS Capital Partners
Minneapolis – (April 20, 2011) – Restaurant Technologies, Inc. (RTI), the foodservice industry’s leading provider of cooking oil management services, announced today that EQT Infrastructure (EQT) has signed a definitive agreement to acquire the company from Parthenon Capital Partners (Parthenon), ABS Capital Partners (ABS) and minority shareholders.
“Our company has significantly grown and evolved over the past decade as a result of our strong partnership with Parthenon and ABS,” said Jeffrey Kiesel, Chief Executive Officer, RTI. “We look forward to working with our new partners at EQT, continuing to focus on exceptional service for our customers, adding new services to our offerings and pursuing strategic geographic expansion into new markets.”
RTI’s proprietary closed loop oil management system is installed on-site at each of the company’s more than 17,000 foodservice customer locations, which include the largest restaurant brands in the world. Cooking oil is distributed to these customers through RTI’s network of 36 depots, covering more than 75 percent of the nation’s major metropolitan markets.
“RTI is the market leader in providing a sustainable solution to foodservice customers for the management of their cooking oil,” said Geoff Roberts, an Industrial Advisor to EQT who will assume the position as Chairman of the Board of RTI. “We are anxious to begin working with Jeff and the RTI management and sales teams to implement additional growth strategies.”
“We believe RTI is uniquely positioned in the industry and we are proud to have contributed to the company’s growth over the past ten years,” said Jon Grad, Partner at Parthenon.
The transaction is subject to regulatory approval and is expected to close in the second quarter. Financial terms of the transaction were not disclosed.
William Blair & Co., L.L.C. acted as exclusive financial advisor and Kirkland & Ellis LLP and Dorsey & Whitney LLP acted as legal advisors to RTI for this transaction.
About Restaurant Technologies, Inc.
RTI is the developer, distributor and service provider of the foodservice industry’s leading automated solution for storing, handling and disposing of frying oil. The company’s innovative Total Oil Management solution has revolutionized foodservice safety and operations by eliminating the previous hazards and inconveniences of handling frying oil.
RTI Data Management gives customers enhanced visibility and measurement through performance dashboards continually updated with data collected from equipment and other points in their operations. Headquartered in suburban Minneapolis, Minn., with a growing number of depot sites strategically located across the U.S., RTI is a growing company, serving more than 17,000 foodservice customer sites with coverage in more than 75 percent of major metropolitan markets. For more information, please visitwww.rti-inc.com.
EQT is the leading private equity group in Northern Europe with more than EUR 13 billion in raised capital and multiple investment strategies. Together with a superior network of Industrial Advisors, EQT implements its business concept by acquiring or financing good medium-sized to large companies in Northern and Eastern Europe, Asia and the United States, developing them into leading companies. Development is achieved by applying an industrial strategy with focus on growth. Since inception, EQT has invested EUR 9.7 billion in more than 85 companies and exited more than 40. EQT-owned companies have more than 500,000 employees.
EQT Infrastructure is a EUR 1.2 billion fund (launched 2008) investing primarily in existing infrastructure and has the flexibility to invest globally. Potential targets are basic infrastructure, concession-based infrastructure, social infrastructure and infrastructure-related services.
EQT Partners, acting as investment advisor to the managers of each EQT fund, has more than 100 investment professionals with an extensive industrial and financial competence. EQT Partners has offices in Copenhagen, Frankfurt, Helsinki, Hong Kong, Oslo, London, Munich, New York, Shanghai, Singapore, Stockholm, Warsaw and Zurich. More information can be found on www.eqt.se.
About Parthenon Capital Partners
Parthenon Capital Partners is a leading mid-market private equity firm based in Boston and San Francisco. Parthenon utilizes niche industry expertise and a deep execution team to invest in growth companies in service industries. Parthenon seeks to be an active and aligned partner to management, either through recapitalization transactions or by backing new executives. Parthenon has particular expertise in business services, financial and insurance services and healthcare, but seeks any service, technology or delivery business with a strong value proposition and proprietary know-how. Parthenon’s investment team has deep experience in corporate strategy, capital markets and operations, enabling the firm to pursue complex, multi-faceted value creation opportunities. For more information, please visit www.parthenoncapitalpartners.com.
About ABS Capital Partners
ABS Capital Partners invests in the very best later-stage growth companies, partnering with CEOs to create a bridge to the next critical stage of success. Whether success is defined as a winning IPO like American Public Education, NeuStar, and Rosetta Stone or a rewarding sale such as US Pathology Labs, Course Advisor, and Advanced Disposal, ABS Capital’s financial backing and active partnership supports the CEO in tackling the challenges of rapid growth and creating significant long-term value.
Our partners are highly experienced at working with growth companies – with backgrounds in financial markets, consulting, and as C-level executives themselves. Our practical, down-to-earth approach enables a strong partnership to determine and achieve well-defined goals. Our extensive network of resources delivers vital industry connections to our portfolio companies, enabling them to capitalize on their competitive advantage.
ABS Capital Partners specializes in four growth sectors – business and education services, health care, media and communications, and software. With over $2 billion raised since inception, including $420 million in our latest fund, ABS Capital continues to build on its strong reputation for teaming with various market leaders to deliver strong returns to investors. For more information, please visit www.abscapital.com.
Sue Sorensen Lee
Parthenon Capital Partners
ABS Capital Partners