Budco Acquires South Shore Venture Enterprises
HIGHLAND PARK -- Budco, a marketing services provider, Friday announced that it had acquired South Shore Venture Enterprises LLC, a privately held company based in Treasure Island, Fla.
South Shore specializes in direct marketing to senior citizens and represents 38 Medicare Advantage and Medicare Supplement plans. South Shore provides a turnkey system that includes end-to-end services, such as direct mail, customer care, data analysis and modeling and incentives. The company will continue to operate as South Shore under the Budco brand.
"The addition of South Shore expands our footprint in the healthcare and insurance vertical markets while adding additional thought leadership to our company," said Budco COO Rob Hyman. "South Shore's president, Bob Ditwiler, has been involved in Medicare marketing for many years and is a sought after speaker for national conferences on the best ways to connect and build lasting relations with the senior market. This acquisition will integrate well with future Budco healthcare offerings we currently have in development."
Added Ditwiler: "This is a great strategic partnership for South Shore because we now have expanded direct marketing solutions and data analytics services from Budco, along with six premiere customer experience centers across the country with Novo 1. Collectively, we now offer unparalleled expertise and reach to the senior sub-market, and the healthcare market in general, that no one else can throughout the United States."
Ditwiler will continue in his role as President of South Shore. Financial terms of the transaction were not released.
Budco and Novo 1 merged at the end of last year into one business model and are owned by Glencoe Capital through the Michigan Opportunities Fund.
Founded in 1982, Budco applies a suite of in-house resources to develop and execute innovative, end-to-end business solutions, delivering results that drive client success. Primary industry segments include automotive, pharmaceutical, healthcare, financial services, travel and leisure and consumer packaged goods. For more about Budco, visit www.budco.com.
Founded in 1993, Glencoe Capital is a private equity firm focused on lead-sponsored acquisitions and growth equity investments in lower middle-market companies. The firm has completed more than 35 acquisitions, representing several billion dollars in annual sales. Glencoe Capital currently manages two funds: the Glencoe Capital Michigan Opportunities Fund, L.P. and Glencoe Capital Partners III, L.P.
The Glencoe Capital Michigan Opportunities Fund, the firm's fourth fund, was established in June of 2008 and represents a groundbreaking partnership of public and private interests in the deployment of private equity capital. The Fund makes lead-sponsored acquisitions and growth equity investments in companies that conduct a material portion of their business operations in Michigan. The Fund may also invest in companies located outside of Michigan that demonstrate a viable strategy for expanding business operations into the state. For more about Glencoe Capital, visit www.glencap.com.
