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TGIF Announces Sale of its Interest in Jon-Don

MIAMI—Trivest Partners LP (“Trivest” or “Firm”), a leading private equity firm focused on the support and growth of founder-led and family-owned businesses, today announced that Trivest Growth Investment Fund (“TGIF”) has completed the sale of its interest in Jon-Don, LLC (“Jon-Don” or the “Company”) to Incline Equity Partners (“Incline”). Terms of the sale were not disclosed.

Jon-Don, headquartered in Roselle, IL, is a leading value-added distributor of consumable supplies and equipment to specialty contractors across the water and fire restoration, building service/janitorial, concrete surface preparation and polishing, carpet cleaning and safety markets. Since the Company’s founding in 1978 by John and Nick Paolella, Jon-Don has built a stellar reputation as a leading supplier to specialty contractors with a broad product offering and best-in-class technical expertise and customer service. Operating from a footprint of 16 facilities across the United States, Jon-Don serves as the one-stop solution for its growing customer base, touting the motto “Let’s Tackle Your Toughest Jobs.”

John Paolella, Co-Founder and Chairman of Jon-Don, stated, “Partnering with TGIF was one of the best business decisions I’ve ever made. Trivest’s Path to 3x framework enabled us to aggressively and successfully pursue growth in a structured fashion. As non-control investors, in just over 3 years they helped increase the value of Jon-Don well beyond what I thought was possible.”

Jamie Elias, Partner at Trivest, added, “Our experience at Jon-Don served to validate TGIF’s unique value proposition of actively helping well-run founder-led businesses get to that next level while maintaining a non-control position in the business. The team at Jon-Don is top-notch and deserves an enormous amount of credit for the superior investment outcome.”

Despite the global pandemic and market disruptions that have served as the backdrop to 2020, Trivest closed 39 investments and completed two successful exits.

BlackArch Partners advised Jon-Don and Trivest on the sale transaction, and Akerman served as Jon-Don and Trivest’s legal counsel.

ABOUT JON-DON

Jon-Don provides specialty contractors and in-house service providers across multiple industries everything they need to keep things clean, safe, and looking their best—whether it’s removing that one impossible carpet stain or resurfacing a massive warehouse floor. Since 1978, Jon-Don has provided not just the equipment and consumables customers need, but the real-world knowledge, rolled-up sleeves approach and rock-solid reliability they can’t find with other suppliers. To learn more, visit www.jondon.com

ABOUT TRIVEST

Trivest Partners LP, with offices in Miami, Los Angeles, Philadelphia, Chicago, and Toronto, is a private investment firm that focuses exclusively on the support and growth of founder-led and family-owned businesses in the U.S. and Canada in both control and non-control transactions. Since its founding in 1981, Trivest has completed more than 300 investments, totaling approximately $7 billion in value. Trivest is one of only 18 firms recognized by Inc. Magazine as one of the top-50 founder-friendly private equity firms in both 2019 and 2020. To learn more, visit www.trivest.com

ABOUT INCLINE EQUITY PARTNERS

Incline Equity Partners, headquartered in Pittsburgh, is a private equity firm investing in specialized light manufacturing, value-added distribution and business services companies. Incline is seeking growing companies with enterprise values generally in the $25-450 million range. Incline’s typical investment types are ownership transitions for privately held businesses, buyouts and corporate divestitures within the U.S. and Canada. To learn more, visit www.inclineequity.com

CONTACT

Jamie Elias
305-858-2200

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