IRVINE, Calif.—

“With this landmark partnership, I am pleased to launch ASM into the foodservice industry,” said Sonny King, ASM chairman and chief executive officer. “Advantage Waypoint allows ASM to provide our clients with unparalleled service in the foodservice industry nationwide.”

Advantage Waypoint LLC is comprised of the eight companies that currently form a working alliance under the name of Waypoint including Apex Foodservice Group, Benchmark Sales, Dougherty Brokerage Company, Food Sales West, FSI Southwest, Innovative Concept Group, Inter-Mark Sales, and Midwest Venture Partners. A ninth company independent of the current Waypoint alliance, C Mascari & Associates, will also join Advantage Waypoint LLC.

Advantage Waypoint LLC is headquartered in Tampa, Fla. and led by Bud Taylor, chief executive officer, former president of Innovative Concept Group. Advantage Waypoint LLC will have its own officers and board of directors.

“By unifying nine outstanding companies and partnering with ASM, Advantage Waypoint LLC will become the first sales and marketing company to provide national coverage for food service clients,” said Taylor. “We look forward to building upon the current success of these great companies.”

“Rick represents an extraordinary addition to our board given the breadth and depth of his experience within the food and consumer packaged goods industry,” said Chairman and CEO Sonny King. “His experience and leadership will provide significant value to ASM’s stakeholders.”

Wolford started in the food industry at Dole Foods. He has lived and worked in Central America and the Philippines, where he directed Dole’s operations. Later he was responsible for Dole’s worldwide packaged operations in Thailand, the Philippines, Hawaii, Korea and the U.S. mainland. In 1982, Wolford was named president of Dole Packaged Foods, a position he held for five years.

In 1987, Wolford joined with private equity investors to invest in and develop businesses in the food industry. In 1996, having identified Del Monte Foods as a high potential acquisition opportunity, he worked with a private equity firm, to acquire the company. On completion of the acquisition, he was named chief executive officer in April 1997. He successfully took Del Monte public in a 1999 IPO and was elected chairman of the board in May 2000.

Under Wolford’s leadership, Del Monte successfully acquired several Heinz food businesses including their pet business in a Reverse Morris trust transaction. Through a series of acquisitions and divestitures, Wolford realigned Del Monte’s portfolio and grew the pet business with a resulting portfolio that combined the high growth pet business with the company’s more mature fruit and vegetable business. Wolford led Del Monte from a $1 billion consumer foods business into a branded pet and consumer products company with close to $4 billion in revenues. During his tenure, Del Monte’s portfolio was transformed by building and acquiring strong and growing brand equities. The company’s growth included enhancing its margin structure and building a talented team.

Wolford has served as a member of the board of directors of the Grocery Manufacturers Association (GMA) and in January 2010, was elected its chairman of the board. Since April 2011, he has been member of the board of directors of Diamond Foods, Inc. (NASDAQ: DMND). He also served as a member of the board of directors of the Consumer Goods Forum and now serves as a member of the board of directors for Schiff Nutrition International since September 2011. Wolford is the recipient of the 2011 GMA Hall of Achievement award honoring extraordinary leadership and commitment to the consumer packaged goods industry and the 2011 Food Marketing Institute (FMI) William H. Albers Award recognizing excellence in trading partner relations and consumer and community service. Wolford graduated from Harvard University with a degree in economics.

ASM, which provides outsourced sales, marketing and merchandising services to manufacturers, suppliers and producers of consumer packaged goods (CPGs), has 2010 revenues of approximately $1 billion.  Upon completion of the transaction, ASM’s senior leadership team will continue to manage the Company’s day-to-day operations. 

“I am very excited to embark on our new partnership with Apax Partners. Their global reach and large network of relationships will not only drive value for ASM but also create opportunities for further growth,” said Chairman and Chief Executive Officer Sonny King. “Apax is an ideal partner for our company given their deep expertise in Retail & Consumer Products.”

 “ASM has established an impressive track record of generating value for its clients and customers through its operational excellence in both Sales and Marketing,” said John Megrue, Chief Executive Officer of Apax Partners U.S. and co-head of the Apax Retail & Consumer team.  “We look forward to partnering with the Company’s outstanding management team led by Sonny King and Tanya Domier.”

Alex Pellegrini, Partner in the Retail & Consumer Group at Apax Partners, commented: “We believe that ASM operates in a favorable industry that features strong secular growth trends, including more outsourcing by CPGs and a greater focus on in-store marketing.  Advantage is well positioned to further build brand value for its clients and customers through its industry-leading sales and marketing capabilities.”

 “This transaction marks a new chapter in the growth of our business,” said Tanya Domier, President and Chief Operating Officer. “We look forward to pursuing our growth strategy with the support of Apax.”

The transaction, which is subject to customary approvals, is expected to close prior to the end of 2010. 

Sawaya Segalas & Co., LLC, a leading consumer investment banking firm, acted as exclusive financial adviser to the Company in connection with the transaction. 

About Apax Partners

Apax Partners is one of the world’s leading private equity investment groups. It operates across the United States, Europe and Asia and has more than 30 years of investing experience. Funds under the advice and management of Apax Partners globally total around $40 billion. These Funds provide long-term equity financing to build and strengthen world-class companies. Apax Partners Funds invest in companies across its global sectors of Retail & Consumer, Tech & Telecom, Media, Healthcare and Financial & Business Services. For more information visit: www.apax.com.

Contacts:            

Tania King
Advantage Sales & Marketing LLC
Tel: 949-797-3162
Email: tania.king@asmnet.com 

Ben Harding
Apax Partners
Tel: +44 (0)20 7872 6401
Email: ben.harding@apax.com

Todd Fogarty
Kekst and Company
Tel: 212-521-4854
Email: todd-fogarty@kekst.com

CEO Sonny King is quoted in the Aug. 31 issue of Supermarket News. Check out what he says about ASM, the future of outsourcing, Consumer Packaged Goods trends and more.

» Click here to access the full article.