Generational Equity, a leading mergers and acquisitions advisor for privately-held and family owned businesses, is pleased to announce the acquisition of certain assets of its client, Central Specialties Ltd., headquartered in Crystal Lake, Illinois, by Smarte Carte, Inc., headquartered in St. Paul, Minnesota. The transaction closed on February 1, 2012.
Central Specialties Ltd. (CSL) is a leading provider of themed strollers and stroller vending systems to retail mall operators and other shopping centers in the US, Canada, and internationally. The Company is owned by active principals Jay Maher, President, and his wife, Susan Maher, Corporate Secretary & Treasurer. The Maher’s will retain ownership and continue to manage the existing portion of their business that caters to the foodservice and hospitality industries, with leading products in such categories as highchairs, booster seats, bellman carts, and luggage racks.
Managing Director, Doug Smith, and Vice President, Michael Goss, led the Generational Equity deal team that advised Central Specialties Ltd. on the transaction. “This transaction satisfied Jay’s and Sue’s desire to divest a large portion of their business operations and get one step closer to a full and enjoyable retirement. The transaction further provided Smarte Carte with an addition to its existing stroller vending line of business.” stated Michael Goss. Since the first vended luggage carts rolled into airports in 1967, Smarte Carte has become the industry leader in self-service electronic lockers, vended strollers, vended massage chairs and phone chargers. Smarte Carte currently has more than 1,200 employees managing its services at more than 1,000 locations in four countries.
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