Envoy Solutions To Merge With BradyIFS
BradyIFS currently operates as a portfolio company of Kelso & Co., while Envoy Solutions is a subsidiary of Fomento Económico Mexicano, S.A.B. de C.V. (FEMSA). The terms of the merger include a new strategic and financial partnership with global private equity firm Warburg Pincus LLC. Upon the closing of the merger, Kelso, Warburg Pincus, and BradyIFS management will collectively become majority owners in the combined business and control the board. FEMSA will maintain a significant minority share in the combined business with representation on the board.
“This transformational partnership will enable us to expand our market reach and further improve our collective capabilities,” Kenneth D. Sweder, BradyIFS CEO, said. “Envoy Solutions is an impressive business that is highly complementary to BradyIFS. As important, it has great leadership. Mark Fisher and his team are first-class, and we are fortunate to partner with their incredible team of associates.
“Our two companies are like-minded as we share similar values, culture, and a passion for delivering the best to our customers. Combining our companies to become one will unlock tremendous value and benefit our teams, our customers, and our suppliers. I want to welcome Envoy Solutions, Warburg Pincus, and FEMSA to BradyIFS and to thank Kelso for their continued partnership and support.”
The merger is expected to be finalized in the coming months, subject to regulatory approval and customary closing conditions. Until then, the two companies will continue to operate independently.
“I’m excited to partner with BradyIFS,” Mark M. Fisher, Envoy Solutions CEO, said. “I look forward to working with Ken and his team to accelerate our growth by combining our resources and expertise, enhancing our value proposition, and deploying even more capital in support of growth. This partnership honors and enhances Envoy Solutions and provides exciting opportunities for our entire team.”
Formerly NW Synergy, Envoy Solutions is a holding company led by FEMSA and consisting of North American Corp., Waxie Sanitary Supply, Southeastern Paper Group (SEPG), and SWPlus. For more information, visit www.envoysolutions.com.
Headquartered in Las Vegas, BradyIFS distributes cleaning products to the hospitality, office building, healthcare, restaurant, recreation, education, retail, industrial, and transportation industries via six operating divisions. For more information, visit www.bradyindustries.com.