H.I.G. Bayside Capital, the special situations affiliate of H.I.G. Capital, has sold its portfolio company Ready Pac Foods to Bonduelle SA, one of the largest producers of canned and frozen vegetables in Europe.
Ready Pac Foods, acquired by H.I.G. Bayside in April 2007, manufactures a range of food products featuring fresh produce and protein sold under the company’s Bistro, Ready Snax, Cool Cuts and elevĀte brands. Products include fresh-cut salads, fruits, vegetables, snacking and complete meals that are sold through the retail grocery store and foodservice channels across North America. Ready Pac, with annual revenues of approximately $800 million and 3,500 full-time employees, has processing facilities in Florence, NJ; Swedesboro, NJ; Jackson, GA; and near Los Angeles in Irwindale, CA (headquarters) (www.readypac.com).
During Bayside’s ten years of ownership, the firm was active in supporting new product development, facility infrastructure and automation, procurement initiatives,
marketing and building out of the management team.
“We have been proud to partner with and support CEO Tony Sarsam and the Ready Pac team as they have transformed Ready Pac into a world-class company,” said Roman Krislav, a Bayside Managing Director. “Through numerous investments in people, processes and infrastructure, Ready Pac now leads the market in innovation, quality, food safety, branding, and overall value proposition to its customers. These achievements have resulted in a highly successful investment outcome for management, Bayside and its investors.”
“We appreciate Bayside’s support in the numerous investments we have made in the company over the years. They have been a great partner, and their guidance and support have enabled Ready Pac to become the market leader in our category and paved the foundation for continued growth for years to come,” said Mr. Sarsam.
H.I.G. Bayside invests in middle-market companies across a variety of industries, including business services, manufacturing, healthcare, retail, food/agriculture, and specialty finance. Typical investment size ranges from $10 million to $100 million. The firm has fifteen offices throughout the US and Europe and is based in Miami (www.bayside.com).
Bonduelle, the buyer of Ready Pac, is one of the largest producers of canned and frozen vegetables in Europe. Its vegetables, grown over 128,000 hectares all over the world, are sold in 100 countries under various brand names and through various distribution channels and technologies. The family owned company was founded in 1853 and is headquartered in the northern French city of Villeneuve d’Ascq (www.bonduelle.com/en).
© 2017 Private Equity Professional | March 29, 2017
