Dinex-SECO

Dinex

Business Description

Dinex International Inc. was a leading supplier of foodservice equipment and supplies to the healthcare and other institutional industries..   Dinex supplies traytop smallwares, dishware, disposable lids, packaging, food service equipment including heating and meal delivery systems.

Background

Competition between Dinex and Seco Systems, a company backed by First Chicago Private Equity, had been intense given the limited number of competitors in the industry.  Dinex management came to determine that an acquisition of Seco would be beneficial to the Company.

Solution

CMM had advised Dinex on an appropriate price for Seco, one which was not acceptable to First Chicago.  Subsequently, Seco experienced operating problems that led to their bankruptcy. CMM, along the Dinex team, immediately traveled to Seco headquarters, met with the trustee, conducted due diligence and structured an acceptable transaction at a fraction of the ongoing concern value. In addition, CMM helped negotiate the appropriate financing package from the bank and closed the transaction in less than six weeks.

 

Featured Transactions

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Press Releases

Happy New Year! We've Moved!

January 2017

This is not just any New Year, nor is this just any new office! After more than 20 years in one place, CMM's new headquarters remains in Southport Village, but is now is located within The Tide Mill Building, a historic landmark built 1712. The building straddles the Southport Harbor and is literally on the water.

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ComNet has been acquired by ACRE

December 2016

Carter Morse & Mathias is pleased to announce that Communication Networks, LLC ("ComNet") has been acquired by Access Control Related Enterprises, LLC ("ACRE"), a portfolio company of the private equity firm LLR Partners. CMM acted as the exclusive financial advisor to ComNet for this transaction. 

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Excent Corporation has been acquired by Frontline Education

September 2016

Carter Morse & Mathias ("CMM") is pleased to announce that Excent Corporation, a provider of data management software solutions designed for special education and student intervention management, has been acquired by Frontline Education, the nation’s leading education software company backed by Insight Venture Partners ("Frontline").

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