Costa Mesa, CA - August 20, 2003 - Great Lakes Wholesale, Marketing & Sales, Inc., a highly regarded wholesale distributor of health, beauty care, grocery and dry goods products, today announced its acquisition by The Taurlin Group, a Chicago-based investment and management firm that purchases established mid-market companies. RSM EquiCo, a leading global investment banking firm for the private middle market, served as exclusive financial advisor to Great Lakes Wholesale, initiating, negotiating and structuring the transaction. The transaction was an asset acquisition with a new company, Great Lakes Wholesale & Marketing L.L.C., purchasing substantially all of the assets of Great Lakes Wholesale, Marketing & Sales, Inc. The purchase price and transaction terms were not publicly disclosed.
Based in Wyoming, Michigan, Great Lakes Wholesale operates as a wholesale distributor of surplus, discount, and closeout merchandise. The company focuses on serving dollar outlet stores, small drug stores, grocery stores, retail outlets, and other wholesalers across the United States, with a particular emphasis on the Midwest. One of the company's major strengths is its broad range of product offerings, including beauty and hair care products, analgesic and cold products, and other over-the-counter or private label discount products.
According to Mike MacDougal of The Taurlin Group, David Eberhard will remain as CEO of Great Lakes Wholesale, with business operations continuing as usual. "David has done a phenomenal job of building this business and his integrity, knowledge and customer commitment are highly regarded in the industry. Great Lakes Wholesale has an outstanding reputation for its extensive product line, broad geographic distribution and outstanding customer relationships. The Taurlin Group looks forward to expanding on that success and positioning the company to achieve even greater profitability and market share. "
"At Great Lakes Wholesale, we strive to offer the best products and prices for our customers," said David W. Eberhard, founder and CEO, Great Lakes Wholesale, Marketing & Sales, Inc. "Their satisfaction is our number one priority and we take pride in the fact that 85 percent of our customers keep coming back. With the additional support and resources of The Taurlin Group, our customers can be assured of continued levels of superior support and service, as we are able to offer a broader selection of items and reach into new markets."
About Great Lakes Wholesale, Marketing & Sales, L.L.C.
Founded in 1986 in Wyoming, Michigan, Great Lakes Wholesale delivers surplus, discount and closeout products from manufacturers to dollar outlet stores, small drug stores, grocery store outlets, retail outlets and other wholesalers. Closeout products result from manufacturers discontinuing production of particular products because either they have lost the account or the marketing firm has retired the brand. Surplus products result from manufacturers' excess production runs. Great Lakes Wholesale also sells products under its own private label brands. The company carries over 1,200 products and serves more than 1,300 customers annually. For more information, log on to www.glwholesale.com.
About The Taurlin Group
Headquartered in Chicago, IL, The Taurlin Group is an investment and management firm that purchases established, private mid-market companies based in the Midwest, through a combination of debt and equity financing. The ideal Taurlin acquisition has $20-$80 million in annual sales, sufficient cash flow and assets to support a leveraged capital structure, and a strong management team eager to take an ownership stake in the company. Taurlin structures the financing and provides management support to ensure a smooth transition of ownership and a healthy return for investors. For more information, log on to www.taurlin.com.
About RSM EquiCo, Inc.
RSM EquiCo is a leading global investment banking firm serving private middle-market companies throughout North America. With more than 350 professionals and support personnel, we specialize in mergers, acquisitions and divestitures for non-public companies with up to $250 million in annual revenues. Based in Costa Mesa, California, RSM EquiCo is part of RSM McGladrey Business Services, a business segment of H&R Block Inc. For more information, log on to www.rsmequico.com.