LINCOLNSHIRE, IL September 9, 2015 – Crown Brands, LLC, a Centre Lane Partners, LLC (“Centre Lane”) portfolio company and a leading North American distributor of commercial grade smallware and storage & transportation products to the foodservice industry, is proud to announce the acquisition of Co-Rect Products, Inc. (“Co-Rect”), a designer and distributor of commercial barware to the foodservice industry. Terms of the transaction were not disclosed.
Co-Rect will be joining Crown Brand’s existing portfolio of highly recognized brands: Update International, Johnson Rose, and Focus Foodservice. Co-Rect has been designing and distributing premium, high-quality commercial barware since 1957. Its patented products and design expertise has earned the business a reputation as a stand-out leader in the barware category. Co-Rect products are sold into the food service channel and the advertising specialty market.
Mayank Singh, Managing Director at Centre Lane Partners said: “This acquisition will enable Crown Brands to expand its product offering by including the most recognized barware brand in the food service, bar and catering industries. This acquisition will allow Crown Brands and Co-Rect to combine their sales and marketing efforts to better serve, and expand, our customer base in the foodservice sector. Furthermore, this acquisition enables Crown Brands to position itself as a true market leader with the capabilities to service its customers both domestically and abroad.”
Chris Baron, Chief Executive Officer of Crown Brands said, “The addition of Co-Rect is in line with Crown Brands’ vision to become the industry’s leading, comprehensive supplier of smallwares, bakeware, beverage and storage and transportation items while growing our global presence.”
About Centre Lane Partners:
Centre Lane is a private investment firm focused on making equity and debt, control and non-control, investments in North American middle market companies. Centre Lane targets companies with revenues between $20 and $500 million that have leading market positions and sustainable competitive advantages in their respective niches. Industries targeted for investment are broad and diverse with no industry excluded from our consideration.