Evanston, IL – December 1, 2016 — Silver Oak Services Partners, LLC (“Silver Oak”), a leading lower-middle market private equity firm focused exclusively on business, healthcare and consumer services companies, announced today that it has completed the sale of its equity interest in Accent Food Services (“Accent” or the “Company”) to Boston-based Audax Private Equity (“Audax”).
Headquartered in Austin, Texas, Accent is a leading route-based distributor of fresh food, snacks and break room refreshment services to customers throughout Texas.
Silver Oak made its original investment in Accent in December 2008. During Silver Oak’s ownership, Accent completed 16 acquisitions, built a best-in-class management team, invested heavily in technology to drive efficiencies throughout the business, entered three new geographies, and launched a new micro-market service offering.
“We are extremely proud of our partnership with the Accent management team,” said Greg Barr, Managing Partner at Silver Oak. “They have fundamentally transformed the business over the last eight years while driving significant top and bottom-line growth. Accent is well positioned for the future and we wish them well as they continue to expand their geographic footprint.”
“Working together, we have grown Accent into a leading independent refreshment services provider in Texas, and I am proud and grateful to our entire team for the excellent customer service they provide and for the results they have achieved,” said Tom Hawkins, the founder of Accent.
Josh Rosenberg, CEO of Accent, noted, “Silver Oak has been an excellent partner. With their active support and guidance, we experienced significant growth while enhancing the value we bring to our customers. We look forward to working with Audax in an effort to continue building upon this success.”
Lincoln International and Locke Lord LLP acted as financial advisor and legal counsel to the sellers, respectively.
About Silver Oak Services Partners
Founded in 2005, Silver Oak Services Partners is a lower-middle market private equity firm focused on partnering with exceptional management teams to build industry leading business, consumer and healthcare service companies. Silver Oak utilizes a proactive, research-led investment process to identify attractive services sectors and seek out the best potential management teams and investment opportunities. We bring extensive services industry expertise and relationships to our investments and work closely with our management teams to drive long-term value creation. Silver Oak’s principals have a long history of services private equity investing and have demonstrated an ability to navigate through varying economic and market conditions. Silver Oak seeks to make control investments in leading service businesses with $15 to $150 million in revenue. For more information, visit www.silveroaksp.com