SPRINGFIELD, MO (September 2007) — The board of directors and officers of SuperPro Vending Group Inc. said they have determined that it is in the firm’s best interest to revert to operating as a private company. The transaction, which returns the business to 100% private ownership, was scheduled to close September 13.
“We have decided that our ability to execute and capitalize on this opportunity will be far more effective in the private arena,” SuperPro chief executive officer Steve Petersen told VT. “It puts us in a much better position to get our premium branded product to market at a competitive price.”
Petersen observed that SuperPro Vending’s leadership remains intact, and that its return to private ownership will have no adverse effect on its business or its customer relations.
Last year, SuperPro Vending went public through a reverse merger. The objective was to raise capital to fund the launch of a novel turnkey bulk vending program, which gives operators the ability to sell branded Dentyne Ice sugarless gum through SuperPro’s exclusive contract with Cadbury Adams (see VT, January).
Through that transaction, SuperPro Vending Group became publicly traded as a wholly owned subsidiary of SuperPro Vending Group (Delaware). This subsidiary is being sold back to the original owners by means of an exchange of shares in the Delaware company, held by the original owners of SuperPro, for a portion of the shares of the subsidiary. Those owners are Petersen; chief strategy officer Spears Latimore; and chief operating officer and vice-president of sales Tom Siciliano.
The SuperPro program has proven especially appealing to coffee service operators who see the profit potential in adding a controlled dispenser for a high-margin branded item that can be serviced at the same frequency as conventional OCS equipment. SuperPro machines are available with a free-vend option, for use when locations wish to make Dentyne Ice gum available at no charge (see VT, May). It also is finding favor with increasing numbers of vending operators interested in listing location sales with little added investment or service time.
Petersen added that the company plans to expand its vending program with the addition of a branded breath mint, widening operator opportunities in the workplace market.
Information on the SuperPro Vending program may be found at the company’s website, superprovending.com, or by calling (847) 961-4686. The firm is headquartered at 1083 Kathryn Rd., Ste. 1, Nixa, MO 65714, and has a facility in Huntley, IL.