The Managing Partner and Advisory Board have a successful working history that spans over many ventures. The following highlights John Madden’s prior experience with Alan Bernon and Gregg Engles.
Kaminski Engles Capital
Corporation, formed by Bob Kaminski and Gregg 
Engles,
was a private equity firm based in Dallas. John Madden joined the principals
of Kaminski Engles in November 1990 to assist with the consolidation of
smaller, regional ice companies into Reddy Ice, L.P. and Sparkle Ice Corporation.
The two ice companies were merged in September 1992 to form Reddy Ice
Corporation. At the time of the merger, the combined company was the largest
packaged ice manufacturer and distributor in the U.S. with approximately
$50 million in annual revenue.
Gregg
Engles and John Madden formed Engles Management Corporation in 1993 to
sponsor private equity investments. Engles Management sponsored the acquisition
of Suiza Dairy, Suiza Fruit and Neva Plastics, collectively Suiza-PR,
in December 1993. At the time, Suiza-PR was the largest processor and
distributor of fresh milk on the island of Puerto Rico with approximately
$180 million in annual revenue. Suiza-PR also processed and distributed
fruit based drinks under its brand name and operated a plastic blow-molding
manufacturing facility under the name of Neva Plastics. A coffee business
that operated under the name of Café Crema was subsequently purchased.
In
April 1994, Engles Management sponsored the acquisition of Velda Farms.
At the time, Velda was the second largest processor and distributor of
fresh milk in Florida with approximately $125 million in annual revenue.
Velda also manufactured and distributed ice cream, fruit drinks, and various
other products under its brand name and private labels.
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In March 1995, Reddy Ice, Suiza-PR, and Velda Farms were merged to create Suiza Foods Corporation. At the time, Suiza Foods had approximately $400 million in annual revenue. Suiza Foods completed its initial public offering in April 1996 and was listed on the New York Stock Exchange in March 1997. |
In July 1997, Suiza
Foods acquired Garelick Farms and Franklin Plastics from Alan and Peter
Bernon. Garelick Farms is a leading processor and distributor of fresh
milk in New England. Franklin Plastics, founded by the Bernons, operated
plastic blow-molding manufacturing 
facilities
east of the Mississippi River and in Texas. At the time of the acquisition,
the companies had approximately $400 million in annual revenue.
In December 2001, Suiza Foods changed its name to Dean Foods when it acquired Chicago-based legacy Dean Foods Company. At the end of 2002, the combined companies had approximately $9 billion in annual revenue and $4 billion in equity market capitalization.
From 1988 through
2002, Dean Foods, and its affiliated companies completed 47 ice acquisitions,
45
dairy acquisitions and 16 plastic bottle acquisitions with an enterprise
value of approximately $7 billion. The company also completed eight divestitures
with an aggregate value of approximately $1.4 billion, two public equity
offerings raising approximately $180 million, a $600 million public convertible
debt offering, over 20 private debt financings with an aggregate value
of approximately $8 billion and grew diluted earnings per share from continuing
operations (split adjusted) from $0.95 in 1996 to $2.66 in 2002.
In addition to his work at
Dean Foods and related companies, John Madden served on the Worth, Inc.
Board of Directors from 1998 to 2003. Worth, founded in 1912 as a family
business, manufactures and markets baseball and softball products. 
Worth
also produces lacrosse equipment through its deBeer division. In 1998,
the family and a newly elected management team added outside directors
to its Board to assist them with operating and strategic initiatives.
From 1997 to 2003, Worth’s annual revenue grew from approximately
$34 million to approximately $60 million. K2, Inc. (NYSE: KTO) acquired
the company in September 2003 and combined Worth with its wholly-owned
subsidiary, Rawlings Sporting Goods.
In October 2002, 
Sequel entered into a management agreement with Vistis, Inc. to assist the management team evaluate and implement strategic alternatives. Vistis provides utility billing services and sells and installs water, gas and electric meters for multi-family apartment complexes. In February 2004, Vistis merged with Master Tek International, Inc., a subsidiary of Southwest Water Company (NasdaqNM: SWWC).
