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 portfolio company 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.