Friend Skoler Announces Investment in AllHeart
SADDLE BROOK, NEW JERSEY, November 15, 2006 -- Friend Skoler & Co., Inc., a private equity firm that invests in leading companies in the smaller end of the middle market, announced today that it has completed an investment in AllHeart. Operating the top ranked AllHeart.com website, AllHeart is the leading e-commerce retailer of medical uniform apparel, medical diagnostic instruments, footwear and accessories to healthcare professionals. AllHeart founder and CEO, Gwilym McGrew, and members of senior management are also investing in the equity of the company.
Founded in 1997, AllHeart sells an extensive selection of medical apparel and diagnostic products from leading industry brands as well as under the proprietary AllHeart brand. AllHeart also operates AllHeartChefs.com and AllHeartKids.com, growing web stores that sell restaurant uniform apparel and supplies, and school uniforms, respectively.
“We are excited to partner with Mr. McGrew and the talented AllHeart management team to help build this dynamic company,” said Steven F. Skoler, a Managing Director of Friend Skoler & Co. “AllHeart has established itself as an e-commerce leader by providing its customers with great product selection, low everyday prices, and efficient order processing, service and delivery. The company is well positioned for future growth, especially given the prospects for continued growth in healthcare and restaurant employment and e-commerce."
Gwilym McGrew, founder and CEO of AllHeart, stated: “Our partnership with Friend Skoler is an important step for AllHeart and will help us to continue our success and rapid growth. Friend Skoler's strong track of record of investing in consumer oriented businesses and their ability to help improve operations will further strengthen our leading industry position."
CapitalSource provided the debt financing for the transaction and is also an equity investor in the company. The AllHeart investment is the third platform transaction by Friend Skoler Equity Investors, L.P., which closed in April 2004 with $231 million of capital commitments.
About Friend Skoler & Co.
Founded in 1998, Friend Skoler & Co. is a private equity firm that invests in leading companies in the smaller end of the middle market in partnership with management. FSC typically invests between $10 million and $40 million of equity per transaction and manages Friend Skoler Equity Investors, L.P., a private equity fund with $231 million of capital commitments. Friend Skoler is headquartered in Saddle Brook, NJ. For additional information, please visitwww.friendskoler.com.
About AllHeart
Headquartered in Camarillo, California, AllHeart operates AllHeart.com, the leading e-commerce site for medical uniform apparel, diagnostic instruments, footwear and accessories to healthcare professionals. The company also markets uniform apparel and supplies for restaurants through AllHeartChefs.com and school uniforms through AllHeartKids.com.
For more information about AllHeart, please visit www.AllHeart.com.
For additional information, contact:
Hunter McCrossin
Friend Skoler & Co., Inc.
201.712.0075
hmcrossin@friendskoler.com