GW Equity Announces Sale of Pittman & Davis to Southern Fulfillment Services

Business Wire, April 7, 2008

DALLAS -- GW Equity, an advisor to privately held and family-owned businesses for mergers, acquisitions, and strategic growth initiatives, today announced the sale of its client Pittman & Davis, a catalog gift food company headquartered in Harlingen, Texas, to Southern Fulfillment Services LLC, a Vero Beach, Fla.-based holding company. The value of the transaction was not disclosed.

Family-owned and operated since 1926, Pittman & Davis has specialized in providing tree-ripened fruit, specialty food items, and other catalog gifts for more than 82 years. With this acquisition, Southern Fulfillment Services adds a complementary catalog brand to its Hale Groves catalog. The combined operations will have more than 50 full-time professionals and up to 1,000 seasonal employees.

"This strategic acquisition is a testament to our company and the people who have helped develop it," said Frank Davis, president of Pittman & Davis. "We are proud to be aligning with this fine group of people."

"The union of our firms enables Southern Fulfillment Services to expand geographically into Texas, diversify our operations, and take advantage of cross-marketing opportunities," said Don Wright, president of Southern Fulfillment Services. "Pittman & Davis is a well-run organization and we are happy to welcome their employee and management team to our group."

GW Equity was engaged by Pittman & Davis to identify the best potential buyers and negotiate the deal, allowing its owners to pursue retirement, and to align the business with another firm.

"There were many suitors for Pittman & Davis, but this buyer was exceptional in terms of the quality of their people, their financial and operational qualifications, and their vision for the future," said Brenen Hofstadter, GW Equity managing director on the deal.

About Southern Fulfillment Services

Southern Fulfillment Services LLC is a holding company based in Vero Beach, Fla. It owns and operates Hale Groves, a catalog and online company specializing in food gifts since 1939. Hale Groves operates out of Vero Beach and ships gift baskets across the United States and Canada. It also provides full service order fulfillment, packaging and shipping for other firms. Visit www.halegroves.com for more information.

About Pittman & Davis

Family-owned and operated since 1926, Pittman & Davis specializes in the delivery of orchard-fresh fruit, smoked meats, cheeses, pastries, candies and other gift food items. Pittman & Davis gift food selections are meticulously prepared to assure the finest quality possible and come fully guaranteed. It is headquartered in Harlingen, Texas and has a second packaging and shipping operation in Vero Beach, Fla. Visit www.pittmandavis.com for more information

About GW Equity

GW Equity, a Generational Wealth and Equity company, assists privately held and family-owned businesses in completing mergers, acquisitions, divestitures and strategic growth initiatives. GW Equity has more than 300 professional advisors and affiliates nationwide and is headquartered in Dallas, with affiliate offices in New York, Chicago and Irvine, Calif. For more information, contact GW Equity at (877) 213-1792 or info-us@gwequity.com, or visit www.gwequity.com.