- Category: Deal Announcements
- Created: Wednesday, 26 September 2018 03:12
- Written by Craig Castelli
September 25, 2018
For Immediate Release
Caber Hill Advisors announced today that it assisted in the sale of Specialty Sales, Inc. to Eagle Tower Capital. Caber Hill acted as the exclusive sell-side advisor to Specialty Sales.
Specialty Sales is a second-generation family business, founded in 1970 by Stewart Holmes and operated for over two decades by his daughter, Karen O’Donnell. The company is a wholesale distributor providing a complete package of hoses, tubing, couplings, fittings, clamps, valves, and related items to a broad range of industries including water treatment, agriculture, lawn care, greenhouses, beverage, fuel, and car wash.
Craig Castelli, Caber Hill Founder and CEO, led the transaction. “Specialty Sales is the premier distributor of its kind in the Midwest,” said Mr. Castelli. “We are honored that Specialty Sales trusted Caber Hill with the important job of not only closing the transaction, but more importantly doing so with a buyer whose vision aligns so closely with that of the company and the O’Donnell family. We’re very excited for the new owners and are confident that they will carry on the Specialty Sales legacy indefinitely.”
“From the time we started this process, I knew that I wanted to find someone like Darrin to lead our family’s business into the future,” said Mrs. O’Donnell following the closing. “It came to me that this is truly what my Dad would have wanted me to do to continue on the company for the benefit of our employees and our business partners.”
Eagle Tower Capital is the search fund of Darrin Shillair. Mr. Shillair joined Specialty Sales upon the closing and plans to operate the business for the indefinite future. His strategy is to build upon the foundation laid by Mr. Holmes and Mrs. O’Donnell over their family’s nearly 50 years of ownership, driving strategic investment to further expand the business both organically and inorganically.
Mr. Shillair commented following the closing, “I am proud and humbled to have the opportunity to not only succeed Karen O’Donnell as owner of Specialty Sales, but also to work beside her for the next year as we prepare the company for its next chapter. We have a great team that is fully dedicated to the success of our customers, and I am excited to continue this legacy for decades to come.”
The transaction closed on September 4, 2018, and specific terms were not disclosed.
About Caber Hill Advisors
Caber Hill Advisors is committed to working with business owners and CEO's to successfully fulfill their personal and professional legacies. We serve small and middle market companies, in very specific verticals, who want to either sell a business or make an acquisition.