CLEVELAND -- In its first add-on acquisition, general-merchandise distributor Convenience Valet will extend its reach with its purchase of Medex Merchandising LLC.
Weinberg Capital Group (WCG) announced July 5 the acquisition of Medex Merchandising by portfolio company Mechanical Servants LLC, dba Convenience Valet. Based in Melrose Park, Ill., Medex is a national provider of branded health and beauty-care products, including brand-name, over-the-counter medications, generic medications, condoms, automotive and other sundries supplied to the food, drug, mass merchandise and convenience channels.
Medex was formed more than 20 years ago and currently serves more than 100 customers distributing almost 300 unique SKUs.
Founded in 1946, Convenience Valet is a leading value-added distributor of blister-pack (windowed) branded convenience/travel-size health and beauty-care products, over-the-counter drugs, personal-care products and sundries sold in small-portion packages. The company acquires branded products from the manufacturer and then repackages the products in convenient sizes (single/double dose) and trial/travel-size packages for more than 120,000 retail locations, which include grocery stores, convenience stores, drug stores, gas stations, mass merchants, warehouse clubs, travel centers, airports, hotels and cruise lines.
The company distributes more than 500 branded products and has established an expansive distribution network, through which its partners' products can efficiently reach consumers on a nationwide basis.
"We are very pleased to have consummated our first add-on acquisition for Convenience Valet," said Ronald E. (Chip) Weinberg Jr., managing director and principal at WCG. "Medex is the first in what we believe will be multiple additions to our platform.
"Convenience Valet has a long history of innovative product development, value-added design and plan-o-gramming, and excellent customer service. Our goal is to continue acquiring strong operators such as Medex to add new products, customers and distributors to an already robust business. Ultimately, the goal is to make Convenience Valet an even more valuable partner to its customers and supplier partners."
Commenting on the acquisition, former Medex majority owner Robert Knuepfer III said, "We have a tremendous amount of respect for Convenience Valet and its management team. They always have been a very strong competitor, and we are thrilled to now be partners. The fit is natural and should be seamless to Medex customers as our history of excellent service will continue. In addition, our customers will benefit from a now broader product portfolio."
WCG, a Cleveland-based private equity group, is actively seeking additional add-on acquisitions for Convenience Valet.
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