Confluence Advisors Represents A.J. Silberman in Sale to Eby-Brown

Confluence Advisors, LLC is pleased to announce that it advised A.J. Silberman & Company, L.P., a leading wholesale distributor of convenience store products, on its sale to Eby-Brown Company, LLC, the largest family-owned, wholesale consumer products distributor in the convenience industry. Confluence Advisors acted as the sole and exclusive advisor to the sellers in the transaction.

“We are thrilled to welcome the customers and employees of AJ Silberman to the Eby-Brown family. Eby-Brown and AJ Silberman share the cultural value of keeping the needs of the customer first and have grown customer relationships through the delivery of excellent customer service and innovation. We look forward to combining two family-owned, talented teams and are excited to work together on developing new solutions and services that benefit our customers. We will maintain both companies’ commitment to service excellence while delivering increased value with best-in-class category management programs, promotional offerings and sophisticated technology,” remarked Thomas Wake, Co-President of Eby-Brown.

Upon closing the sale, the Indianola facility will operate as A.J. Silberman, a division of Eby-Brown.

Confluence Advisors Represents Ibis Tek, LLC in Sale to Investor Group

Confluence Advisors represented Ibis Tek, LLC in the sale of substantially all of the assets of Ibis Tek, LLC, Ibis Tek Properties, LLC, Verbuck, LLC, and Ibis Apparel, LLC (collectively, "Ibis Tek").  An investment group including DJH Management and Rockwood Equity Partners acquired the business of the former Ibis Tek reincorporating as Ibis Tek, Inc. (the “Company”).  Industry veterans Vince Nardy, a former executive with Hunter defense Technologies and Phillip Won each joined the Company as CEO and CFO, respectively, effective January 1, 2017.

Ibis Tek had been under a long-running investigation of the former officers of the company dating back to activities prior to 2009 related to an isolated program.  The pending nature of the charges were the driving force behind the leadership changes and the sale of the company.

Per Vince Nardy “"We look forward to having this matter having to do with former company executives behind us. Our company was cleared in the related investigation which dates back to activities eight years ago, and we, the over 250 employees of the new Ibis Tek, continue forward on our mission which is toproudly serve the warfighter and our various government customers. Our new ownership and management teams have sterling reputations and we look forward to driving the new Ibis Tek, Inc. into the future.”  Mr. Nardy also shared, “Chris Harsh and the team at Confluence Advisors did a great job in getting the transaction completed given a number of challenging dynamics.  We believe the Confluence team did an excellent job of balancing the needs and interests of the sellers, buyer, employees and customers to create a win-win-win-win outcome for all involved.”

Confluence Advisors Assists Chrislynn Energy Services, Inc. in a Shareholder Recapitalization

Wexford, PA – Confluence Advisors, LLC (“Confluence”) is pleased to announce that Chrislynn Energy Services, Inc. (“Chrislynn” or the “Company”) has completed a shareholder recapitalization transaction.   Based in Pittsburgh, PA, Chrislynn is a leading energy management consulting firm serving businesses throughout the United States.

Confluence served as exclusive financial advisor in the placement of a financing package which enabled Chrislynn to buyout certain shareholders, refinance existing indebtedness and generate additional liquidity for growth.  Byline Bank provided the credit facilities.  Confluence's experience in identifying the lender and running an expedited financing process resulted in a solution for the Company.

PNC Riverarch Capital Leads Recapitalization of Steelite International

Confluence Advisors is pleased to announce the recapitalization of Steelite International (“Steelite” or the “Company”), by PNC Riverarch Capital and John Miles, Steelite’s Americas division President.  Steelite is a leading designer, manufacturer, and distributor of tableware, glassware and other tabletop products to restaurants, hotels and other foodservice operators around the world.  The recapitalization includes a significant reinvestment by Steelite executive John Miles who will lead the company going forward.

“Having worked in the business for 20 years and having served as president of the Americas division for the past 11 years, it fills me with immense pride to have made this personal investment alongside PNC Riverarch,” said John Miles.  “Steelite International is known as the leader in the hospitality tableware industry and our goal is to continue that leadership through the introduction of new, creative and innovative products.  We will continue the investment in the manufacturing sector to improve efficiencies, service levels and provide value added to our customers.  I look forward to working with our management team to grow and improve the business.”

Steelite is headquartered in Stoke-on-Trent, U.K. and New Castle, PA.  The Company’s core chinaware products are manufactured at its factory in Stoke-on-Trent, one of the most modern and efficient production facilities in the world.   The New Castle headquarters includes the primary distribution facility for the Americas operation.   Steelite has approximately 1,000 employees and revenues are about $150 million.

Confluence Advisors served as the exclusive financial advisor to John Miles in the transaction.  Senior financing was provided by the Bank of Montreal and The Private Bank.

About PNC Riverarch Capital
PNC Riverarch Capital is a middle-market private equity firm which invests in privately-held companies.  The firm seeks well-positioned companies where it can invest $10 million to $50 million of capital in support of leveraged and management buyouts, recapitalizations, corporate divestitures and growth financings.  PNC Riverarch is a division of PNC Capital Finance, LLC, a wholly-owned indirect subsidiary of The PNC Financial Services Group, Inc. (NYSE: PNC). Since 1982, PNC has invested over $1.0 billion of equity capital in more than 100 companies.

About Confluence Advisors, LLC
Confluence helps business owners maximize the sale of a business or non-core division, raise optimal funding, or acquire a business. With over 80 years of combined deal experience and more than $1.5 billion in transactions, the Confluence team works every day to help companies and their stakeholders through critical business transitions.