Matrix Capital Markets Group, an independent investment bank, sold the lawn and garden division (Antilles L&G) of Antilles Power Depot (APD) to Freije Supply (Freije Supply). Antilles L&G is a distributor of Stihl, Walker and other brands in the lawn maintenance and equipment marketplace.

Headquartered in Carolina, Puerto Rico, with additional locations in the Dominican Republic, St. Thomas, St. Croix and St. Maarten, APD is a distributor and service provider of power generation systems, as well as equipment and tools for lawn care.

Matrix provided merger and acquisition advisory services to Antilles L&G and APD, which included valuation advisory, marketing the business through a confidential, structured sale process and negotiation of the transaction. The transaction was managed by David Shoulders, managing director and head of Matrix’s consumer & industrial investment banking group; William O’Flaherty, managing director; Matt Oldhouser, senior associate; and Sahan Pandey, senior analyst.

“We’re thrilled to have assisted the APD team in this important carve-out transaction, allowing them to focus on their core business,” Shoulders said. “We enjoyed working with the company and its exceptional management team and congratulate all parties on this successful outcome.”

“Matrix did an exceptional job navigating this highly complex corporate carve-out,” Jason Hebert, president of APD, said. “I commend their knowledge of these nuanced transactions and am grateful for their assistance. We believe this divestiture creates exceptional value for all parties. The Freije Supply team is acquiring a complementary business with exceptional recurring revenue, and I’m confident they’re positioned to grow the business line. This additional capital allows APD to focus on and grow our core business, generator sales and service, while also supporting our growth in yacht and marine services, as well as our expansion into new physical locations throughout the Caribbean.”

Bill Lowman and Jason Davis of ShuffieldLowman served as legal counsel for Antilles L&G and APD.