New York, NY – April 30, 2007 – Inmar, Inc. (“Inmar” or the “Company”) today announced that New Mountain Partners II, L.P., a private equity fund sponsored and managed by New Mountain Capital, LLC (“New Mountain”), is making a majority growth capital investment in the Company.
Inmar, founded in 1980, is a leading third-party logistics company providing reverse logistics and promotions logistics services to over 1,700 retailers, manufacturers and wholesalers across North America. Through Carolina Logistics Services, one of Inmar’s operating businesses, Inmar holds a significant share of the reverse logistics market for major supermarket and drugstore chains and consumer packaged goods manufacturers in the United States.
New Mountain began a proactive effort to seek out investments in the logistics sector beginning in early 2005, and began exclusive discussions with Inmar (a privately held company) over 18 months ago. When management did decide to seek a partner in the second half of 2006, New Mountain was the first and only potential investor that Inmar sought.
New Mountain is providing Inmar with significant financial and strategic resources to help the Company continue its strong, recent growth into the years ahead. Inmar’s senior management is also making a substantial equity investment in the business alongside New Mountain.
John Whitaker, Chairman and CEO of Inmar, said, “We are very enthusiastic to be entering into this partnership with New Mountain today. New Mountain’s substantial investment and proven strategic skills as a business builder will help our Company grow even faster and enhance our service offerings to our customers. We have worked with New Mountain for over a year and a half. We are confident that the Firm will add significant value to us while preserving the culture that underlies Inmar’s success to date.”
Steve Klinsky, Founder and Chief Executive Officer of New Mountain, stated, “New Mountain is proud to become partners with Inmar and its leadership team. The Company has built a preeminent market position in a highly attractive “defensive growth” industry sector and we look forward to supporting the Company in every way we can.”
Doug Londal, Managing Director of New Mountain, said, “Inmar has demonstrated very rapid sales and earnings growth over the past five years, and we believe Inmar has significant opportunities for continuing growth in the years ahead. We look forward to partnering with management to preserve and protect Inmar’s strong core franchise and to help the Company continue to expand its market reach and service offerings.”
The Inmar senior management team will remain in place. John Whitaker and Cynthia Tessien, Inmar’s President and COO, will continue as members of the Board of Directors. Steve Klinsky, Doug Londal, Michael Ajouz and Pete Masucci will join the Board from New Mountain. Additional outside Board appointees will be named in the future.
Inmar, founded in 1980, is a leading third-party logistics company, currently serving over 1,700 retailer, manufacturer and wholesaler clients through several operating businesses. Carolina Logistics Services (“CLS”) serves major supermarket and drugstore chains and consumer packaged goods manufacturers in the United States. Through CLS, the Company collects damaged and expired consumer goods and pharmaceuticals at the store level; returns these goods to the manufacturer or disposes of them in compliance with regulations and customer requirements; and calculates invoices between retailers and manufacturers for these items. Carolina Manufacturer’s Services (“CMS”) and Carolina Services are premier providers of coupon processing and promotions logistics services. These businesses collect, invoice and audit the “cents off” coupons used at grocery stores and other retailers and then arrange for the financial settlement between the retailers who accepted the coupons and the manufacturers who had issued them. For more information on Inmar, please visit www.inmar.com.
About New Mountain Capital
New Mountain Capital is a New York-based private equity firm investing for long-term capital appreciation through direct investment in growth equity transactions, leveraged acquisitions and management buyouts. The Firm currently manages private and public equity funds with over
$3.3 billion in aggregate commitments. New Mountain seeks out the highest-quality growth leaders in carefully selected industry sectors, and then works intensively with management to build the value of these companies. For more information on New Mountain, please visit