Tzetzo Brothers Inc., a Buffalo provider of national branded, unbranded and private label candy, has merged with Wythe Will Distributing of Virginia in a deal announced Wednesday.
Wythe Will is a national distributor of branded and private label packaged gourmet food and confections. The new company, Wythe Will Tzetzo, is expected to have annual revenues of more than $200 million.
The parent companies will share leadership, with Wythe Will CEO Gordon Angles assuming the CEO role and Keith McDaniel, current Tzetzo president, becoming president of the new company.
"This is really the combination of two very strong companies with compatible products," said Chris Tzetzo, vice president of sales.
Wythe Will is owned by Slate Capital Group of Baltimore, which will be the controlling equity holder of the company. Wythe Will Chairman Parker Davis will continue to be the chairman of the merged companies. He is also a partner at Slate Capital.
The Tzetzo family will continue to own a large share of the company, and Steve and Chris Tzetzo will continue in their roles of operational and sales supervision. Rod Hogan, Wythe Will CFO, will share financial oversight responsibility with Tom Tzetzo, Tzetzo Brothers finance executive.
Additional financing for the merger came from Triangle Capital Corp., Spring Capital Partners and Centerfield Capital Partners.
M&T Bank, Fifth Third Bank and First Niagara Bank made senior debt financing available.
There are no plans to relocate or decrease the size of the Buffalo facilities because of the merger. Chris Tzetzo said, "It should position us for further growth."
Tzetzo Brothers was formed in 1927 and has 175 employees.