New York’s H.Weiss Acquired By BHS
BHS Foodservice Solutions, a portfolio company of Lorraine Capital, has acquired the New York distributor H. Weiss. BHS—the former Buffalo Hotel Supply Co. bought by Lorraine Capital in December 2014—previously acquired Innovative Restaurant Supply, a Rochester, N.Y., foodservice equipment and supplies dealer, in January 2016.
“H. Weiss is a market leader downstate and, given BHS’ historical focus in upstate, this acquisition expands our footprint across important market segments so that we can better serve our customers,” says BHS President Donald Harvey. “It is an exciting time for both companies.”
“This acquisition is a testament to the continued growth and evolution of BHS,” stated Richard F. Gioia, Lorraine Capital’s founder and managing principal. “It also epitomizes Lorraine’s business model: identification of a quality, local platform company and then investment into it, its people, and growth of the platform both organically and via acquisition. BHS is where it is today because of the Bedard family who built the foundation and allowed Lorraine to step in and expand the company legacy.”
The acquisition creates an E&S distributor with combined annual revenues of $75 million and 120 employees, according to Gioia. “It gives us the size and scale to continue to be a competitive company.”
Terms of the transaction were not disclosed. As part of the transaction, the selling shareholders of H. Weiss will remain with the company in leadership roles. All H. Weiss employees will remain with the company.