Avant Advisory Group Represented Elite Global Solutions in its Sale to CFS Brands

Securing Value

• Mergers & Acquisitions – Quality of Earnings / Sell Side Preparation
• Post-Acquisition Working Capital / Earnout Disputes Resolution
• Corporate Governance, Interim C-Suite & CFO Services
• Distressed – Operational Turnarounds & Financial Restructuring
• Profitability Improvement / Value Enhancement

Transaction Announcement

Avant Advisory Group acted as exclusive M&A Advisor to Elite Global Solutions, Inc. in its acquisition by CFS Brands.

December 28, 2022

Newport Beach, CA – Avant Advisory Group — is pleased to announce the sale of Elite Global Solutions, Inc. (or “Elite”) to CFS Brands (“CFS”), one of the largest partner suppliers to the Food Service, Healthcare and Hygiene industries.  CFS provides customers with innovative solutions, and quality service.

Elite which was founded in 2003 and headquartered in Foothill Ranch, California, has established its reputation as the innovator in the industry who designs and provides customers creative melamine products that include dinnerware, serveware, drinkware and accessories for the foodservice, leisure, retail, and hospitality industries.

Avant Advisory Group served as the exclusive financial advisor to Elite Global Solutions in the transaction.

By joining CFS Brands, Elite will be a standalone entity within CFS Brands. For the immediate future, both customers and suppliers will continue to interact with both CFS and Elite as they have in the past.

Gary Mazzone, CEO of Elite stated: “We consider it an honor and privilege to join CFS Brands. We are so excited to become a part of the team and build a portfolio of front of the house brands that enhance CFS’s existing products. This combination will facilitate tremendous growth for both brands and will open us up to new markets.

Trent Freiberg, CEO of CFS Brands, commented, “Elite Global Solutions is the established leader in premium melamine products used in the dining areas of restaurants, hotels, foodservice operators, supermarkets, and caterers. Elite is the perfect complimentary addition to our existing smallwares portfolio and further enhances our ability to offer comprehensive solutions for our customers. We are excited to work with the current leadership team at Elite, and we welcome all Elite employees to CFS Brands.”

Jim Davidson, Founder and President of Avant Advisory Group, said: “We are privileged to have worked with Gary Mazzone and his amazing team in preparation for and  in execution of this transaction with CFS brands, a portfolio company of The Jordan Company. For one year, we spent countless hours working closely with Gary and Jacquie Vogt (“CFO”) in helping to create more value for what was already an impressive sales, marketing, and distribution company. We are immensely grateful for the opportunity to have worked together with such an outstanding Elite team and in helping to facilitate this transaction with an impressive CFS executive team.”

Gary Mazzone commented on working with the Avant Advisory Group team:

“The work Avant Advisory Group has done to make this acquisition work far exceeded my expectations. The quality of the Avant team and the work performed in preparing Elite throughout the past year was exceptional in every way.  More importantly, the friendship and trust that Avant developed with both my team and with me has been amazing.  It is my privilege to recommend Avant and the values by which the firm operates to anyone considering seeking the results Avant achieved for us.  It was an absolute pleasure to work with each person on the Avant team, and Jim Davidson is more than the best consultant/advisor. He has also become my friend.”

About Elite Global Solutions

Elite Global Solutions, Inc. is a leader in creative designs for the foodservice industry and leading provider of premium melamine dinnerware, displayware, and serving products, as well as plastic drinkware and accessories to the commercial foodservice market. See more information at www.egsfoodservice.com.

About CFS Brands

CFS Brands is a U.S.-based manufacturer of products for the janitorial, foodservice, and healthcare industries. CFS Brands operates Sparta, Carlisle FoodService Products, Dinex, El Castor, Jofel, Marko, Piper, San Jamar, Snap Drape, WipesPlus, and AyrKing brands globally. Based in Oklahoma City, Oklahoma, CFS Brands employs more than 1,400 people across its headquarters, seven manufacturing locations, and seven distribution centers worldwide. See more information at www.cfsbrands.com.

About Avant Advisory Group

Avant Advisory Group is a premier, operationally focused-financial advisory and management consulting firm. We focus on middle-market companies, combining our financial and operating skills with Big 4 firm and senior management industry experience to identify value opportunities and implement improvements in cash flow and profitability. Clients find our financial guidance and operational expertise particularly valuable during periods of transition.

We concentrate on all aspects of adding value through profitability improvement, deep operational turnarounds, financial restructuring, interim management, forensic, investigative, dispute resolution services, and M&A transaction advisory. See more information about Avant Advisory at www.avantadvisory.com.

For more information about the Elite transaction or Avant Advisory Group, please contact President James F. Davidson, CM&AA, CM&AP, CTP, CIRA, CPA, CFF, CFE, CGMA, CBA at jdavidson@avantadvisory.com or (949) 417-5708, or James A. Hughes, CPA, CFE at jhughes@avantadvisory.com.

For other inquiries, please contact James F Davidson, CM&AA, CM&AP, CPA, CGMA, CFE, CTP, CIRA, CBA at jdavidson@avantadvisory.com or John J DeMartino, CPA, CGMA, FNOP.

Transaction Team

Avant is Christian-based and serves God and our clients with the highest honor and integrity