OVERVIEW
Benford Capital Partners is a Chicago-based
private equity investment firm exclusively focused on
leveraged buyouts and recapitalizations of smaller, lower
middle market companies. We invest in niche manufacturers,
unique service companies and specialty distributors with
revenues of at least $3 million.
We buy and build smaller, niche businesses that fall outside
the investment parameters of many professional investors
due to varying factors including their smaller size, an
Owner / Operator transition, or a need for "hands-on"
management for a period of time. Our transactions provide
liquidity for owners, capital for growth and acquisitions,
and a path to significant equity appreciation for management.
Benford Capital seeks to partner with strong, experienced
operators who understand the nuances of sucessfully operating
a business in a given industry niche. We also invest in
transactions where owners wish to sell and retire. These
transitions are carefully planned to put a business in
the best position to achieve long-term success.
Benford Capital is experienced with the
unique market, business, cultural, and, at times, family
issues that smaller companies face. Transactions are flexible
and structured to meet the specific financial, legal and
tax objectives of shareholders and management.
We strongly believe in a collaborative approach
to building long-term value, with day-to-day decisions
left to management. Toward that end, we take an active
role at the Board of Directors level, focusing on growth
opportunities, acquisitions, recruiting, strategy and
financing. In situations involving Owner/Operator transitions,
we often will draw upon our relationships with experienced
outside managers seeking to take an active full-time role
in a company.
We have a long-term investment perspective
and believe that the best companies are built over time.
Our typical investment period is between five and 10 years,
but we have the flexiblity to invest for either shorter
or longer durations. |
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INVESTMENT FOCUS
Geography
United States and Canada
Business Characteristics
Small market niche leaders
Defensible market position
Growth potential internally or through acquisition
Niche manufacturers of consumer and industrial products
Unique service companies
Value-added distribution
Management
Management continuity is preferred, but not required
Avoided Industries
Retail, restaurants, software, start-ups, real estate,
commodity products, biotech
Transaction Types
Buyout of retiring owner or majority/minority shareholder
Management buyout
Generational transfer in a family business
Recapitalization of existing ownership/management
Corporate divestitures.
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TEAM
Edward H. Benford
Founder
Prior to founding Benford Capital Partners in 2004,
Mr. Benford was a Principal at Prospect Partners, LLC,
a Chicago-based lower middle market private equity firm
with $270 million under management. Mr. Benford joined
Prospect Partners at its inception in 1998 and played
key roles in the sourcing, closing and monitoring of
over 16 investments and served on the Board of Directors
of seven portfolio companies: Excello Products, LLC,
GameMark Products, Inc., Marine Accessories Corporation,
Marina Medical Billing Service, Inc., Regency Windows
Corporation, Remuda Ranch Company and Gourmand Specialty
Foods, Inc.
Prior to joining Prospect Partners, Mr.
Benford worked at Lazard Frères & Co., LLC
in the Investment Banking Group working on merger &
acquisition and corporate finance transactions. Prior
to Lazard, he worked at Morgan Stanley & Co. and
at the Northern Trust Company. Mr. Benford earned a
BA from Vanderbilt University and an MBA from the University
of Chicago.
Benjamin R. Riefe
Vice President
Mr. Riefe joined Benford Capital Partners in 2007. Prior
to joining BCP, Mr. Riefe served in a strategic planning
and operating role at Roundy’s Supermarkets, Inc.,
a Willis Stein & Partners portfolio company. At
Roundy’s, Mr. Riefe reported directly to the CFO
and contributed significantly to Roundy’s growth
and improved operating performance.
Prior to Roundy’s, Mr. Riefe was
an associate at Willis Stein & Partners, a Chicago-based
private equity firm with $3 billion under management.
Prior to Willis Stein, he worked in the Financial Sponsor
Coverage and Leveraged Finance groups at Deutsche Bank
where he completed numerous financings for Chicago-area
private equity firms.
Mr. Riefe received an M.B.A. from Northwestern University’s
Kellogg School of Management and holds a BA degree from
Dartmouth College.
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CURRENT PORTFOLIO COMPANIES
 Badger
Land Car Wash Equipment and Supplies, LLC is
the leading distributor of car wash equipment, chemicals,
parts and service in Wisconsin, the Upper Peninsula
of Michigan and Northern Illinois. The company is the
exclusive distributor for PDQ touchless car
wash equipment, Ecolab Blue Coral chemicals
(soap, wax, agents), and MacNeil tunnel car
wash equipment. Badgerland has an excellent reputation
for service and quality and is one of the largest distributors
in the industry.
Benford Capital Partners partnered with Copeley Capital
in the acquisition of Badger Land. Badger Land is actively
seeking add-on acquisitions of distributors of car wash
equipment and supplies.
SIC codes: 5087, 5088
NAICS codes: 423850
 Imperial
Laundry Systems, LLC is a leading regional
commercial laundry services provider servicing the Chicago
and Milwaukee metropolitan markets. The company provides
laundry services primarily for hospitals. Imperial has
an outstanding reputation in its served markets for
quality, service and reliability.
SIC Codes: 4950, 7380
NAICS Codes: 812332
 K&H
Pet Products, LLC is the leading provider of
thermal pet products in the U.S. The company is the
market leader in indoor and outdoor heated beds, mats
and throws for dogs, cats and small animals. K&H’s
products are highly regarded and known for quality,
reliability and safety. In addition to providing comfort
in cold weather for indoor and outdoor animals, K&H’s
products are increasingly being used for therapeutic
reasons in connection with hip problems associated with
aging pets. All of K&H’s products are manufactured
in China. K&H’s customer base includes approximately
300 retail pet chain stores, distributors, catalogs
and independent retailers.
SIC Codes: 200, 2390, 3086, 3949
NAICS Codes: 339920, 812910
 Ray
Allen Manufacturing, LLC is the leading manufacturer
and direct marketer of professional canine training
products to the law enforcement, military and working
dog niche markets in the U.S. The company sells primarily
via catalog to canine professionals in law enforcement,
military, homeland security, correctional, professional
security and drug enforcement fields. Products include
body suits, protective sleeves, protective pants, gloves,
aprons, collars, leashes, toys, books, videos, kennels
and specialized training products.
SIC Codes: 3100, 5961
NAICS Codes: 316999, 922120, 454390
 Space
Electronics LLC is the world leader in high-precision
mass properties test & measurement instruments and
services. The company’s products are sold primarily
to the aerospace, defense and military markets. Space
Electronics’ instruments measure center of gravity,
moment of inertia, product of inertia, moment weight
and dynamic balance. The company also manufactures igniter
circuit testers and precision ohmmeters.
Space Electronics is actively seeking
add-on acquisitions of manufacturers of test & measurement
products as well as providers of test, measurement and
calibration services.
SIC codes: 3829, 3825,
3826, 3596, 8734, 8711, 3562, 3569, 3812, 3821
NAICS codes: 333997, 334515, 334519,
335999
PRIOR PORTFOLIO COMPANIES
 U.S.
Underwater Services, L.P. is a leading provider
of underwater inspection and maintenance & repair
services. The company serves inland and offshore markets.
Inland customers include municipalities, government
facilities, nuclear power plants and industrial facilities.
The offshore business is focused on oil drilling rigs,
oil platforms and pipelines in the Gulf of Mexico.
U.S. Underwater focuses on the shallow
water inspection market, which is defined as 0 to 200
feet in depth. The company’s customers are required
by local, state and federal authorities to conduct periodic
inspections by accredited third party providers.
SIC codes: 9631, 9651, 1629
NAICS codes: 926150, 561990
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