Grand Rapids’ Kamps Inc., a large pallet management service provider, has sold a majority interest to Freeman Spogli and Co. in New York and California. Financial terms of the transaction were not disclosed.
Bernie Kamps, founder and CEO of Kamps, will continue to lead the company and remain a significant shareholder. Other members of the company’s management team, including Mitchell Kamps, president; Brad Rietema, chief corporate officer; Justin Kamps, vice president of northern operations; and Phil Minster, CFO; also participated in the transaction.
“We are thrilled to partner with Freeman Spogli, whose extensive expertise in the value-added distribution sector will be an invaluable resource to the company as we continue to pursue strategic initiatives in new and existing markets and capitalize on our multiple growth opportunities,” says Kamps.
Kamps was founded in 1973 and has a network of 25 company-owned and operated facilities and commercial partnerships with more than 60 national pallet partners. Its services include the acquisition, disposition, sorting, repair, and return of pallets as well as the management of customers’ pallet inventory within its facility network.
The company manages more than 100 million pallets each year and serves more than 1,800 customers with recurring needs for pallet management services in markets including e-commerce, retail, food and beverage, industrial, logistics, and distribution.
“The Kamps family has successfully grown the company from a small regional operation to a recognized national competitor in the pallet management sector,” says Jon Ralph, a partner at Freeman Spogli. “We look forward to partnering with them and their exceptional management team during this next phase of the company’s growth.”
Morgan, Lewis, and Bockius acted as the legal adviser to Freeman Spogli. Miller, Johnson, Snell, and Cummiskey acted as legal adviser to Kamps Inc. Lincoln International acted as lead financial adviser for Kamps, and debt financing for the acquisition was provided by Oaktree Capital Management, Adams Street Partners, and Comerica Inc.
Freeman Spogli was founded in 1983 and has since invested more than $4.7 billion in 63 portfolio companies with an aggregate transaction value of more than $24 billion.