GW Equity and Brenen Hofstadter Announce Sale of Client Pittman & Davis to Southern Fulfillment
GW Equity and Brenen Hofstadter announce sale of client Pittman & Davis to Southern Fulfillment. The transaction closed April 2, 2008.
Dallas, TX (PRWEB) January 28, 2009 -- GW Equity and Brenen Hofstadter, Managing Director, announced the sale of client Pittman & Davis, a catalog gift food company headquartered in Harlingen, Texas, to Southern Fulfillment Services LLC, a Vero Beach, Fla.-based holding company. The deal closed April 2, 2008 and the value of the transaction was not disclosed.
Family-owned and operated since 1926, Pittman & Davis has specialized in providing tree-ripened fruit, specialty food items, and other catalog gifts for more than 82 years. With this acquisition, Southern Fulfillment Services adds a complementary catalog brand to its Hale Groves catalog. The combined operations will have more than 50 full-time professionals and up to 1,000 seasonal employees.
"This strategic acquisition is a testament to our company and the people who have helped develop it," said Frank Davis, president of Pittman & Davis. "We are proud to be aligning with this fine group of people."
"The union of our two firms enables Southern Fulfillment Services to expand geographically into Texas, diversify our operations, and take advantage of cross-marketing opportunities," said Don Wright, president of Southern Fulfillment Services. "Pittman & Davis is a well-run organization and we are happy to welcome their employee and management team to our group."
GW Equity, a Dallas based merger and acquisition firm, was engaged by Pittman & Davis to identify the best potential buyers and negotiate the deal, allowing its owners to pursue retirement and to align the business with another firm.
Brenen Hofstadter said "There were many suitors for Pittman & Davis, but this buyer was exceptional in terms of the quality of their people, their financial and operational qualifications, and their vision." Mr. Hofstadter added "It was my pleasure to work with the Davis family on this sale. I look forward to remaining in touch with them and Southern Fulfillment as they grow this fine brand."
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