Nov. 21, 2006 – FOR IMMEDIATE RELEASE -New York, NY, November 15, 2006. India Brook Partners, L.L.C. today announced the completion of a recapitalization of Taormina Sales Company by India Brook client TSC Holdings, LLC., in which TSC Holdings acquired a controlling interest in the Taormina Sales business. TSC Holdings is a company led by Anna M. Gannon, an investor and business executive who has owned several food importing and international trade companies. Based in Old Tappan, NJ, Taormina Sales is a leading importer and distributor of specialty food products from Italy, Spain, Turkey, the Middle East and Latin America, including premium olive oil, specialty vinegars, olives and other foods. The Company is also the U.S. distributor for Olivella tm soaps and personal care products, made in Italy from the finest 100% virgin olive oil. Following this transaction, the Company is continuing all of its current business operations and will continue to operate as Taormina Sales from its existing headquarters in Old Tappan, NJ.
India Brook Partners initiated this transaction and represented TSC Holdings as buyer and sponsor of this recapitalization. In connection with the transaction, India Brook also arranged a multi-year, committed credit facility with Wells Fargo Business Credit, used to fund the transaction and to provide ongoing working capital financing for the Company.
Anna M. Gannon, CEO of TSC Holdings, stated that “The India Brook team delivered exceptional value to us and was indispensable to this transaction. India Brook not only sourced this opportunity for us, but led our team through complex negotiations and arranged the essential financing for our transaction. India Brook offers a unique combination of strong M&A and financing capabilities and direct experience in the food industry that proved invaluable to our group.”
In connection with the transaction, Anna M. Gannon was named President and CEO of the Taormina Sales. Ms Gannon was previously a principal and co-owner of AMR Shipping, an international freight and shipping company with affiliated food importing operations. Taormina Sales founder Joseph Taormina is remaining with the Company and retaining an equity ownership stake.
Jeffrey F. Tarplin, Managing Director and CEO of India Brook, noted “We are very pleased to have assisted TSC Holdings and the principals of Taormina Sales in completing this transaction. Taormina is the importer and distributor of choice for many leading U.S. customers and is known as a high quality supplier of premium Italian and Spanish products”.
About Taormina Sales
Taormina Sales Company, based in Old Tappan, NJ and founded in 1982, specializes in importing and distributing olive oil, vinegar and specialty food products and serves a broad base of customers in North America in food manufacturing, food service and retail channels. In addition to food products, the Company has branched out into natural products in the personal care/ beauty care sector with the introduction of the Olivella tm brand of olive oil soaps and skin care products. Taormina Sales is the U.S. distributor for Olivella tm soaps, hand lotions and creams, made in Italy from the finest 100% Virgin Olive Oil.
About India Brook Partners.
India Brook Partners, LLC. is a New York based investment banking firm specializing in the food and beverage industry. The firm provides mergers and acquisitions and corporate finance advice and transaction services to management groups, entrepreneurs, private equity firms and privately owned middle market companies in the industry. With a team that includes both investment bankers and credentialed food industry executives (Executive Partners), the firm specializes in bringing qualified proprietary transaction opportunities to strategic and financial buyers in the industry. The firm’s website is at www.indiabrook.com.
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