(2/10/2015, Rowayton, CT) – Lakewood Capital is pleased to announce that a group of investors led by Lakewood Capital and including existing management has acquired Vacuum Systems International, Inc. through a newly formed entity, VSI International (“VSI”). Founded in 1994, VSI is a unique value added provider of cost saving and sustainable equipment remanufacturing and fleet rotational programs utilized by large multi-location concerns. The Company manages commercial vacuum cleaners and steamers used in 72,000 facilities, and has the capability of servicing nearly every major brand of commercial vacuum cleaner in the world.
Diana Richards, founder of Vacuum Systems stated, “Partnering with Lakewood will provide our management and employees with the resources not only to meet existing customers’ needs, but also to enable us to broaden our reach significantly. Additional equipment platforms and services tailored to particular industry segments have been developed and our new partners are critical to our efforts to bring each of these new initiatives to market."
Roger Knight, founding partner of Lakewood Capital, added, “We are particularly excited about joining with such a strong group of investment partners on VSI, many of whom have built their own successful private equity firms. Lakewood formed an investment vehicle, Spartacus Partners, to enable high net worth individuals to invest alongside Lakewood on promising lower middle market transactions. VSI is a perfect example of a smaller company that has developed a unique product/service and is well positioned to grow significantly with the benefit of our financial and strategic support.” Roger will serve as Chairman of VSI.
VSI’s programs promote the use of reusable equipment and parts and targets the elimination of waste by preventing equipment from being disposed in landfills. Customers benefit from operating efficiencies and cost savings through VSI’s unique rotational model, as well as a demonstrated commitment to corporate sustainability. VSI estimates its programs have reduced landfill waste by more than 15 million pounds since the Company’s formation. For more information, please visit www.vacuumhelpline.com.
Canal Holdings, LLC (Twinsburg, OH) provided approximately $3.0 million of senior subordinated debt to support the transaction.