Lil’ Drug Store Products Acquires Convenience Valet Combining Strengths of Convenience Industry Leaders
CEDAR RAPIDS, IOWA – Lil’ Drug Store Products, Inc. has acquired Mechanical Servants, LLC (dba Convenience Valet), combining the resources of the two leading “point of need” consumer products companies, each with a long history of innovation and commitment for the health and well-being of consumers on-the-go.
“By combining our strengths, we can better reach the millions of consumers who look for immediate solutions for health and well-being at the point of need when traveling,” said Steve Jungmann,” President & CEO of Convenience Valet.
The companies will work to build on combined strengths and create the optimal organization to meet the needs of customers.
Both organizations have unique strengths. Convenience Valet is the leading provider of health and beauty care products to the travel & hospitality channel, while also providing solutions for convenience, drug, grocery, dollar stores and club stores. Lil’ Drug Store Products is the leading provider of health and beauty care products for the convenience channel. Together, they will bring innovative and trusted solutions to over 150,000 retail locations.
Lil’ Drug Store Products has helped brands like Carmex, Rolaids, Ricola, and Harvest Snaps greatly expand distribution in the convenience channel. Similarly, Convenience Valet has expanded the distribution of brands like Renu, Nicorette and Nice ‘n Clean in the convenience and travel & hospitality channels. Together, the companies will serve as a growth platform for innovative and emerging brands.
For Lil’ Drug Store Products, this follows the recent acquisition of Associated Distributors, marketer of high-quality cellular accessories and sunglasses. “These acquisitions support our long-term strategy to provide more solutions for more customers,” said Chris DeWolf, President & CEO of Lil’ Drug Store Products. “We are now able to bring together our portfolios to offer a broader assortment of products and services.”
“This is an exciting opportunity for our organizations,” adds DeWolf. “Our strengths are quite complementary, and we are looking forward to a bright future together. Combined, we are the perfect solution for innovation and service for our customers.”
Sawaya Partners, LLC served as exclusive financial advisor to Lil’ Drug Store Products in connection with the transaction. Cowen served as the exclusive financial advisor to Mechanical Servants in connection with the transaction.
Lil’ Drug Store Products, headquartered in Cedar Rapids, Iowa, was founded in 1974, repackaging and selling products in the Midwest. Mechanical Servants (dba Convenience Valet) is headquartered in Glendale Heights, IL. It was founded in 1955 as a vending machine manufacturer/servicer, expanding into the convenience and travel/hospitality industries in 1975. Together they will continue offering a wide variety of quality products at point-of-need.