About the Company:
Victory Supply is a distributor of inmate clothing and detention supplies based outside of Nashville, Tennessee. Victory Supply was founded in 2012 by the husband-and-wife team of Evan and Kathy Trommer. The Trommer’s had over 30 years of experience in the sector, having sold a similar business in 2007. The Company’s primary product categories are clothing, undergarments, linens, footwear, supplies such as gloves and masks, personal care items, bedding, and uniforms. All of Victory Supply’s products are distributed from a 50,000 square foot central distribution facility through contracts and relationships with federal, state, county, municipal, and private
correctional companies across North America.
Sell-Side Mandate:
The Lenox Group was introduced to the Trommer family to explore the sale of their business, while finding the right partner to help transition management responsibilities. Lenox worked with the Company to analyze financial performance, develop marketing materials to position the business for sale, create an extensive list of potential investors, and ultimately market the transaction. Through Lenox’s auction process, the Trommer family was presented a variety of offers to partner with a private equity group for the Company’s next phase of growth. Lenox helped the Company organize and administer management presentations, negotiate with groups invited to final bids, select a winning bidder, and orchestrate the due diligence process.
Outcome:
The Lenox Group successfully assisted Victory Supply on its sale to Marigny Investments. Founded by Josh Sartisky, Marigny Investments is a Denver, Colorado based private equity firm focused on B2B and light manufacturing companies. Greyrock Capital Group and UMB provided financing to support the transaction. The Trommer’s rolled equity in the transaction and stayed with the Company for a 12-month transition period.