Insights

31 May 2018

CID Capital Exits J.L. Darling

CID Capital is pleased to announce the recent sale of J.L. Darling (dba Rite in the Rain). J.L. Darling is a Tacoma, Washington-based company

CID Capital is pleased to announce the recent sale of J.L. Darling (dba Rite in the Rain). J.L. Darling is a Tacoma, Washington-based company that focuses on developing all weather paper products such as notebooks, binders, & planners.

Steve Cobb, Managing Director stated, “CID has had great success at recapitalizing family owned businesses, by partnering with the family to unlock previously untapped value. We were able to grow the business by recruiting senior leadership, adding breadth to an already established lineup of products and expanding channels of distribution. The J.L. Darling team did a phenomenal job delivering a successful outcome for all shareholders involved in the transaction. I have no doubt they will continue to expand and grow the company.”

J.L Darling was an ideal CID investment for a variety of reasons: family-owned business; owner recapitalization; strong, consistent performance; stable cash flow generation; significant growth potential.

CID Capital and J.L. Darling partnered with Huntington Bank and Northstar Capital during the investment. Integris Partners provided advisory services to J.L. Darling.

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15 May 2018

Acquisition Announcement

CID Capital is pleased to announce that Classic Accessories, a CID portfolio company and leading provider of outdoor product covers, has successfully acquired Duck Covers.

CID Capital is pleased to announce that Classic Accessories, a CID portfolio company and leading provider of outdoor product covers, has successfully acquired Duck Covers. Two of the nation’s leading cover manufacturers will be combining to form the world’s largest outdoor cover company.

“Duck Covers’ approach to product development, the customer experience and their focus on the E-Commerce channel has made bringing Duck Covers into Classic Accessories an easy decision,” said Classic Accessories CEO Brian Bozlinski.  He continued, “Duck Covers will now be able to leverage Classic Accessories’ robust infrastructure to offer incredible products and services to its customers.  Classic Accessories and Duck Covers share similar values, with a deep focus on the customer experience, unique design and features that go above and beyond customer expectations.”

The Duck Covers brand will remain distinct and continue to offer excellent, waterproof protection under the Duck Covers name.

Duck Covers was founded in Benicia, CA in 2010 by Olaf Elze and Shawn Sterling who will continue to work with Classic Accessories after the acquisition. “We are really excited about joining the Classic Accessories team and getting access to all of their expertise in the cover business,” said Sterling. “We think this will allow us to better serve our customers and put us in a great position to lead the industry in all cover applications.”

Steve Cobb, Managing Director at CID Capital added, “The Duck Covers partnership is exactly what CID and Classic Accessories sought out to do together. We are excited to combine forces with the Duck Covers team and we will continue to look for growth opportunities through other strategic product acquisitions in the future.”

For more information on this partnership, please contact Steve CobbEric Derheimer or Adam Bolerjack.

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20 April 2018

Team Drive-Away Establishes Growth Focused Executive Team

Truck transport leader Team Drive-Away, a portfolio company of CID Capital, recently announced the appointment of

Truck transport leader Team Drive-Away, a portfolio company of CID Capital, recently announced the appointment of Steven L. Wambold as Chief Executive Officer and Alan C. Heitmann as Chief Financial Officer, effective immediately. Mr. Wambold and Mr. Heitmann will lead the company’s operations and are expected to focus on continuing its organic and acquisitive growth efforts.

“I couldn’t be more excited to be a part of Team Drive-Away, and I’m especially pleased to be working with Al Heitmann,” said Mr. Wambold.  “We sought out this opportunity because it is clear that Team Drive-Away has a strong core of dedicated, smart people and a clear vision for growth. We both look forward to working closely with this talented team to forge the next chapter in Team Drive-Away’s already remarkable story.”

Mr. Wambold brings extensive leadership experience to Team Drive-Away, having served as the Chief Executive Officer of Ferrellgas Partners from 2009 through 2016. Similarly, Mr. Heitmann offers deep financial expertise and experience, having worked with Ferrellgas Partners for 23 years until his retirement as its Chief Financial Officer in January 2018.

“On behalf of everyone at Team Drive-Away and CID Capital, I’m pleased and proud to have Mr. Wambold and Mr. Heitmann on board,” said Eric Bruun, Chairman of the Board at Team Drive-Away and Managing Director at CID Capital. “I’ve known Steve to be both an insightful leader of people and a driven professional who knows how to accelerate growth. Similarly, Al brings a wealth of knowledge and experience to the table. They know each other well, have an easy working relationship and are a potent combination.”

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