BELL, CA — Individual FoodService (IFS), a distributor of food service disposables and janitorial & sanitation products, announced Thursday that Kelso & Company has agreed to acquire a majority equity interest in the company.
"We are excited to partner with Kelso in the continued growth of our business," IFS chief executive officer Jeremy Shapiro said. "Kelso’s distribution experience, history of growing platforms and financial support will help us execute our core business strategy, pursue acquisitions, and add resources to our organization, ultimately strengthening our service offering and allowing us to better serve our customers."
"We are excited to partner with Jeremy and his team in the continued evolution of IFS. The company has built an impressive brand in the marketplace that is extremely well-positioned for the future," said Sandy Osborne, managing director of Kelso. "We look forward to partnering with management to accelerate their acquisition strategy and growth initiatives. Furthermore, we are pleased to announce that Kenneth Sweder has been appointed chairman of the board of IFS. Ken currently serves as the CEO of SouthernCarlson and previously served as the CEO of Interline Brands, bringing significant distribution experience to the board."
“It has been a pleasure to partner with IFS, and we are incredibly proud of the company’s success," added David Freston, managing partner at Sole Source Capital. "Sole Source has made meaningful investments in technology and operations through implementation of The SSC Way and is excited to see Kelso lead IFS in its next chapter of growth."