Lil’ Drug Store Acquires Convenience Valet
August 25, 2020 – Cedar Rapids, Iowa, and Glendale Heights, Illinois – Lil’ Drug Store Products Inc. has acquired Mechanical Servants LLC, doing business as Convenience Valet. The deal combines the resources of the two leading “point-of-need” consumer products companies serving 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 and 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 and 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 solutions to more than 150,000 retail locations.
Lil’ Drug Store Products has helped brands like Carmex, Rolaids, Ricola, and Harvest Snaps 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 and hospitality channels. Together, the companies will serve as a growth platform for innovative and emerging brands, they said.
For Lil’ Drug Store Products, this follows the recent acquisition of Associated Distributors, marketer of cellular accessories and sunglasses. “These acquisitions support our long-term strategy to provide more solutions for more customers,” said Chris DeWolf, president and 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. 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.
Lil’ Drug Store Products, based in Cedar Rapids, Iowa, was founded in 1974, repackaging and selling products in the Midwest. Mechanical Servants is based in Glendale Heights, Ill. It was founded in 1955 as a vending machine manufacturer and servicer, expanding into the convenience and travel and hospitality industries in 1975.