Yesterday, MNB reported that Daymon Worldwide, the retail services and private label company, has been acquired by Bain Capital Private Equity and Chinese supermarket chain Yonghui Superstores for $413 million.
I commented:
It has been a long run since July 1970, when Peter Damon Schwartz and Milt Sender created Daymon. I got to know Milt a little bit over the years, and always thought of him as being a disruptor, even before that word became commonplace in business settings.
I hope that this is a good move for the people who work at Daymon. I know there have been some layoffs, and there are some folks there who have suggested to me that it was a company struggling to find new relevance in a changed business climate.
It was not long before I hear from Jim Holbrook, the CEO at Daymon:
I too am a fan of Milt Sender's and have some juicy 'insider' scoop on Daymon!
First, the layoffs you cite happened almost 18 months ago, and Daymon has been hiring since then. Why?
Because, second, Daymon is highly relevant today. In fact, in 2016, Daymon grew revenues by +15%. Not many businesses outside of Silicon Valley are doing that these days. What is causing this? An energized team of employees, with sharper tools and better insights.
Maybe that's why Daymon has added eight new customers in 2016 alone.
That's what attracted Bain Capital's attention. And we all know that Bain isn't a bottom fisher. They think Daymon could double and triple in size - through geographic expansion and adding on related retail services.
You heard it here first!
Duly noted.
I commented:
It has been a long run since July 1970, when Peter Damon Schwartz and Milt Sender created Daymon. I got to know Milt a little bit over the years, and always thought of him as being a disruptor, even before that word became commonplace in business settings.
I hope that this is a good move for the people who work at Daymon. I know there have been some layoffs, and there are some folks there who have suggested to me that it was a company struggling to find new relevance in a changed business climate.
It was not long before I hear from Jim Holbrook, the CEO at Daymon:
I too am a fan of Milt Sender's and have some juicy 'insider' scoop on Daymon!
First, the layoffs you cite happened almost 18 months ago, and Daymon has been hiring since then. Why?
Because, second, Daymon is highly relevant today. In fact, in 2016, Daymon grew revenues by +15%. Not many businesses outside of Silicon Valley are doing that these days. What is causing this? An energized team of employees, with sharper tools and better insights.
Maybe that's why Daymon has added eight new customers in 2016 alone.
That's what attracted Bain Capital's attention. And we all know that Bain isn't a bottom fisher. They think Daymon could double and triple in size - through geographic expansion and adding on related retail services.
You heard it here first!
Duly noted.
- KC's View:
