“We are delighted to partner with Balance Point,” said Bret Schultz, President of Food Evolution. “To be able to have access to the capital flexibility Balance Point possesses will help facilitate and support our growth efforts and expansion goals.”
Food Evolution is a producer of upscale, convenience foodservice products and outsourced commissary products. The company specializes in gourmet “grab-and-go” prepared food products including sandwiches, wraps and salads and serves a range of client types throughout the Midwest. The company was founded in 2001 and is headquartered in the Chicago suburb of Schiller Park, IL (www.foodevolution.com).
Food Evolution’s current owners – Bret Schultz, Judd Rosenberg and Momo Maldonado – will continue with the business and remain significant shareholders. Additionally, Chris Franco will join the company as Chief Executive Officer and Lou Nieto will join the Board of Directors. Mr. Franco has served for more than 30 years in the perishable food industry including most recently having served as CEO of Finlandia Cheese. Mr. Nieto has served for more than 25 years in consumer foods including serving as Dean Foods Group President.
“We are very excited to partner with Bret, Judd and Momo on the transaction. They are classic entrepreneurs who built Food Evolution from scratch,” said Justin Kaplan, a Partner with Balance Point. “We look forward to help supporting their growth trajectory with our customizable capital.”
Balance Point Capital Partners invests from $5 million to $20 million of mezzanine and equity in lower middle market companies that have revenues of $10 million to $150 million and EBITDAs between $2 million and $25 million. Sectors of interest include business services, niche manufacturing, consumer & industrial, branded products, aerospace & defense, healthcare, and technology. Balance Point was founded in 1988 and is based in Westport, CT (www.balancepointcapital.com).
2014 PEPD • Private Equity’s Leading News Magazine • 9-30-14