S&P turns Imperial Dade view to positive

S&P said it revised its outlook for Imperial Dade (BCPE Empire Holdings Inc.) to positive from stable and affirmed all its ratings, including the B- ratings on its first-lien term loans.

“Imperial Dade's rapidly expanding market position follows its successful tuck-in acquisition strategy, which is driving stronger earnings and cash generation. The company increased its revenue base by about 150% between 2021 and 2023, enhancing its market share in the highly fragmented janitorial-sanitation (jan-san) and food service packaging (FSP) distribution industry. It now operates across most U.S. states and Canada, reflecting reduced regional concentration along with a well-diversified customer base,” the agency said in a press release.

S&P noted it could raise Imperial Dade’s rating if its S&P Global Ratings'-adjusted debt to EBTIDA approaches 7.5x and the agency believes leveraging transactions above this level are unlikely and FOCF to debt nears the mid-single-digit percent area.

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