Stonebridge Associates Advises Fitz, Vogt & Associates Ltd. on Sale to Weatherly Financial Group

June 20, 2007 - Stonebridge Associates announced today that it acted as exclusive sell-side advisor to Fitz, Vogt, & Associates, Ltd. (“FVA”), a provider of customized food services management, in its sale to Weatherly Financial Group LLC.

Client Background

Based in Walpole, NH, FVA is one of the Northeast’s leading independent food service providers. The Company’s food service offering, which includes menu and food program design, food and supplies procurement, dining and kitchen staffing, and food preparation, allows its customers to outsource their food service function with complete confidence in food quality, budget compliance, and diner satisfaction. Founded in 1977, the Company has developed a reputation for high quality, customer-focused and customized food service solutions, and has grown from serving one account to being a 1000-employee provider of outsourced solutions to over 100 accounts. Over the years, the Company has steadily expanded both its geographic footprint, which stretches from its roots in New England throughout the mid-Atlantic region, as well as its customer base, which includes a broad range of assisted living facilities, senior nutrition programs, schools and colleges, summer camps, county health and correctional facilities, and business dining facilities.

Stonebridge Role

Having owned and operated the business for 30 years, the founder of FVA desired to evaluate the potential sale of the Company, and engaged Stonebridge to initiate a transaction process with a select group of strategic and financial buyers. Stonebridge assisted the Company in evaluating potential buyers, preparing the Company for sale and positioning FVA in a way that highlighted the Company’s core strengths in service and operations. Stonebridge provided FVA with day-to-day, senior-level attention that proved critical in negotiating favorable purchase and sale agreement terms and in successfully managing a lengthy sale process.  

Transaction Rationale

An investor in several related food service businesses, the Weatherly Financial Group proved to be an excellent match for the Company. The owner felt strongly that the right buyer would provide not only an attractive financial exit for him, but also would be compatible philosophically with the Company and offer an attractive long-term opportunity for the Company’s senior management team, who will remain in place. Through the transaction, Weatherly purchased 100% of the equity with the participation of management as well as Argosy Partners and Parkway Capital Investors. The owner, who will remain a consultant to the Company, has retired.

About Stonebridge Associates, LLC

Stonebridge Associates, LLC is a FINRA-registered investment banking firm that provides creative solutions to the corporate finance needs of middle market companies. Stonebridge Associates offers an extensive and diverse base of investment banking experience in assisting middle market and emerging growth companies in mergers and acquisitions, private placements of debt and equity securities, fairness opinions, and other strategic and financial advisory assignments. Stonebridge Associates is focused on providing its clients with the highest level of professional service in achieving their desired corporate, financial, and strategic goals. The firm’s division, Stonebridge Technology Associates, specializes in raising equity capital and providing merger and acquisition advisory services to software, hardware, Internet, healthcare, and other technology product and service companies. To learn more about Stonebridge, please visit our website at www.stonebr.com.