Harry’s is a producer of chef-inspired fresh refrigerated and packaged soups, entrées, sides, sauces and desserts for the retail and foodservice markets. Harry’s customers include wholesale club stores, grocers, national restaurant chains, distributors and select other outlets throughout the U.S. and Canada. The company was founded in 1978 and is headquartered in Portland (www.harrysfresh.com).
Since its purchase by Sun Capital and Main Street in November 2010 from Basic American, Harry’s has successfully transitioned into a standalone business. This has required establishing the infrastructure necessary for operating as an independent entity, the recruitment and hiring of a growth-oriented management team, and the rebuilding of an effective direct sales force. Since evolving into a standalone business, Harry’s has achieved significant growth and increased profitability by broadening its customer base and leveraging its flexible manufacturing platform and innovative culinary team to introduce new products into the market.
“Harry’s emergence as an independent, successful market leader is the direct result of a disciplined commitment to strategic operational improvements, which has enabled the company to achieve excellent sales growth and nearly tripled profitability since our investment,” said Marc Leder, Co-CEO at Sun Capital. “We are confident that these efforts have positioned Harry’s for continued success.”
Sun Capital Partners is a private investment firm focused on leveraged buyouts, equity, debt, and other investments in companies that can benefit from its in-house operating professionals and experience. Sun Capital has invested in and managed more than 325 companies worldwide with combined sales in excess of $45 billion since the firm’s inception in 1995. The firm has offices in Boca Raton, Los Angeles, and New York as well as affiliates with offices in London, Paris, Frankfurt, Luxembourg, Shanghai and Shenzhen (www.SunCapPart.com).
Main Street Capital Holdings invests from $3 million to $25 million in companies with EBITDAs of at least $2 million and enterprise values of $10 million to $125 million. Sectors of interest include electronic manufacturing services, food, homeland security, metallic alloy parts, specialty or niche manufacturing, and value added distribution. The firm was founded in 1994 and is based in Pittsburgh (www.mainstcap.com).
“Much of our success at Harry’s can be attributed to the strength and experience of the management team,” said Dennis Prado, Principal of Main Street Capital Holdings. “The team’s commitment to quality and ongoing innovation will allow the company to continue to anticipate and meet consumer demand. The company’s flexibility and responsiveness has led to strong customer relationships that will continue to generate growth.”
© 2013 PEPD • Private Equity’s Leading News Magazine • 8-6-13