CIC Partners has sold L&L Foods, a high volume niche food packaging company that specializes in portion control packaging, to Peacock Engineering, a portfolio company of Charlesbank Capital Partners since December 2010. CIC Partners acquired L&L Foods in October 2012.
L&L’s products are primarily used in prepared salad packages and in food-away-from-home venues, such as quick-serve-restaurants, cash & carry outlets and airlines. L&L Foods is led by its CEO & founder John Pooley who will continue to lead the company under Peacock Engineering ownership. The company is based in Anaheim, CA (www.llfoodsinc.com).
During CIC’s term of ownership, L&L expanded its management team, added production capabilities, built a second production facility in Ohio, upgraded financial and operational reporting systems, and grew its customer base. The result of these moves has been a tripling in size of L&L in less than three years of ownership and the generation of a strong return for CIC’s investors.
“Our partnership with John Pooley has been a tremendous success. We’re very proud of what we have accomplished over a short period of time,” said Amir Yoffe, Chairman of L&L Foods and a Partner at CIC. “John has done an outstanding job leading L&L, building a deep team of talented and seasoned industry executives, and executing against a robust pipeline of new projects and customers. We believe L&L is well positioned to capitalize on future growth opportunities.”
CIC Partners makes equity investment of $5 million to $50 million in companies that have revenues of $10 million to $500 million and EBITDA of $5 million to $50 million. Sectors of interest include food manufacturing and service companies; multi-unit restaurant and retail operating companies; oil and gas drilling and development; and niche healthcare service providers. The firm is based in Dallas (www.cicpartners.com).
Peacock Engineering Company, the buyer of L&L Foods, specializes in refrigerated, frozen, and shelf-stable primary food processing and packaging. The company, founded by Harold Peacock in 1942, operates five facilities totaling nearly two million square feet located west of Chicago in Geneva, IL (www.peacockeng.com).
Houlihan Lokey was the exclusive financial advisor to L&L Foods and Norton Rose Fulbright served as legal advisor.
© 2015 PEPD • Private Equity’s Leading News Magazine • 7-28-15
