Eureka Equity Partners (“Eureka”) today announced the sale of Cherry Hill Holdings, Inc. (“Cherry Hill”), the leading provider of special event digital photography services to many of the most prominent mall developers in North America, to an affiliate of Keystone Capital, Inc., a Chicago-based private investment firm.
Founded in 1961 in Cherry Hill, NJ and now headquartered in Marlton, NJ, Cherry Hill manages the holiday destination events that provide memorable experiences for its customers while generating significant foot traffic for mall operators during the most important times of the year for retailers.
“It has been a pleasure to work with the entire Cherry Hill team over the last several years and support them in bringing numerous innovations to a unique retail service that has been a holiday tradition for millions of families for decades,” said Chris Miller, a Partner with Eureka and former Director of Cherry Hill. Chris Hanssens, Managing Partner of Eureka and former Director of Cherry Hill, added, “CEO Ed Warchol and his team did a fantastic job during our ownership leveraging technology and introducing several digital products that brought both increased value to Cherry Hill’s customers and the significant growth in EBITDA that facilitated a great outcome for our investors. We are very appreciative of Ed and his team in helping drive Eureka’s third successful exit in the last six months and are confident they will enjoy continued success in the future.”
“Eureka has helped Cherry Hill realize unparalleled success in the special event digital photo marketplace during our partnership,” stated Cherry Hill’s Ed Warchol. “Eureka brought the resources to allow us to expand our product and service offerings and introduce the latest technological advances to our industry. Operationally, we are a much different company today than we were when Eureka acquired us, and we are fortunate to have had them as a partner.”
Mufson Howe Hunter & Company LLC served as the exclusive financial advisor and Morgan, Lewis and Bockius acted as legal advisor to Eureka and Cherry Hill.
About Eureka Equity Partners Eureka Equity Partners is a private equity firm targeting niche market leaders with up to $100 million in revenue across industry segments in which Eureka brings significant experience and operating resources, including business services, health care services, specialty industrials and consumer products. Eureka focuses on partnering with proven managers to drive the growth of promising companies into outstanding enterprises. Eureka leads buyouts that bring significant ownership to the operators driving the success of the business. With this core principle that aligns the interests of our operators and our investors, Eureka is also experienced and comfortable effecting minority recapitalizations with flexible investment structures designed to uniquely meet the needs of the company, its management team and other shareholders. More information about Eureka Equity Partners can be found at www.eurekaequity.com.