Heritage Partners Sells Cecilware Holdings, Inc. to Jefferies Capital Partners

Heritage Partners, a Boston-based private equity firm, announce that it has sold its interests in Cecilware Holdings, Inc., to an investment group led by Jefferies Capital Partners. Terms of the deal were not disclosed.

Heritage purchased Cecilware, a leading designer, marketer, manufacturer and distributor of a variety of foodservice equipment primarily serving selected market segments of the global commercial foodservice industry, in September of 1997 from the second generation of the founding family. Thereafter, Heritage, in partnership with management, began implementing a multifaceted investment strategy of consolidating facilities, expanding its off-shore supply base and growing its revenues through enhanced customer penetration and a broadening of its product lines. During this period, Cecilware brought its number of facilities down from three to one, developed a sophisticated Asian supply chain, extended its reach into its core customer base, and acquired several complementary product lines.

Peter Hermann, a General Partner at Heritage Partners, commented: “Cecilware has been a successful investment for Heritage and a solid validation of our investment model. The Company’s streamlined operating structure, strong customer relationships, and sophisticated Asian supply chain should provide Jefferies and management with continued opportunities for success.”

About Heritage Partners
Heritage Partners, a Boston-based private equity firm, specializes in private equity for family-owned businesses and closely-held companies.  Through its unique Private IPO^® structure, Heritage enables the owners of successful middle-market companies to realize significant liquidity from their businesses while maintaining a large equity investment and ongoing control of their business.  Heritage serves as an experienced strategic partner for such businesses as they seek to grow through acquisitions, organic business and operational improvements.  For more information, please see: www.heritagepartnersinc.com.

About Cecilware Holdings, Inc.
Cecilware, located in Long Island City, New York, is a leading designer, marketer, manufacturer and distributor of a variety of foodservice equipment primarily serving selected market segments of the global commercial foodservice industry. Approximately 70% of the Company’s revenues are generated from the sale of beverage dispensing equipment. The remainder of the business is driven by the sale of cooking and fountain equipment and replacement parts. Cecilware’s primary products maintain market leadership through a combination of strong brand recognition, quality craftsmanship, innovative product development, outstanding customer service and an established distribution network.