Dinex International sold to Carlisle Cos. for $95 million
SOUTHPORT, Connecticut, March 2008 -- Carter Morse & Mathias today announced that Carlisle Companies Incorporated (NYSE:CSL) has acquired Dinex International, Inc. for consideration of $95 million. Headquartered in Glastonbury, Connecticut, Dinex is a leading supplier of foodservice equipment and supplies to the healthcare and other institutional industries with annual sales of approximately $85 million. Carter Morse & Mathias advised management on this transaction and has been Dinex’s financial advisor since 1994.
Dinex supplies traytop smallwares, dishware, disposable lids, packaging, food service equipment including heating and meal delivery systems. Dinex distributes its products through a well-established network of foodservice distributors servicing the healthcare sector, including hospitals, nursing homes and other care and assisted living facilities. The company has a strong industry position and a substantial installed base upon which a reliable flow of recurring product sales is generated. The company has facilities in Glastonbury, Connecticut and Batavia, Illinois.
This acquisition complements Carlisle's core foodservice product categories and supports its growth initiatives in the healthcare, educational, corrections and other institutional foodservice markets. The purchase of Dinex will also allow Carlisle FoodService Products to leverage its product and manufacturing capabilities into Dinex's established sectors. The business will operate within Carlisle FoodService Products.
David A. Roberts, Carlisle's Chairman, President and CEO, said, "Dinex is an excellent strategic addition to our foodservice business firmly positioning us in the higher growth healthcare sector. Dinex's excellent reputation and brand equity, coupled with Carlisle's leading position in commercial foodservice supplies, creates a strong platform for growth and profitability. We are very pleased to welcome Dinex and its talented people to Carlisle."
Jack Bridwell, Dinex’s CEO and co-founder, said, “I would like to thank Carter Morse & Mathias for their financial and strategic advice over the past fourteen years. They have been there for us assisting in various M&A projects, strategic planning, financings, and valuation issues. We have enjoyed extraordinary growth and one of the key relationships along the way has been with Carter Morse & Mathias.”