CIC Partners has partnered with operating executive Randy Cimorelli, the former CEO of Mac & Massey, to pursue a platform company investment in the food ingredients, flavors and specialty manufacturing sectors.
Mr. Cimorelli is a 25 year veteran of the food industry. He joined Mac & Massey, an ingredient broker and distributor, in 1990 and was appointed President and COO in 2000. In 2007 the company was acquired by Chicago-based High Street Capital and was later sold to family-owned Batory Foods in 2012. Mr. Cimorelli left Batory Foods in April 2015.
“Our goal is to partner with companies in the food ingredients sector, specifically flavors, specialty manufacturing and distribution/logistics, providing not only capital resources but also leadership on key growth initiatives to drive the business,” said Mr. Cimorelli. “It is a privilege to partner with CIC and I look forward to contributing my experience to their model of partnering with companies across the food industry.”
“We are excited to work with Randy and leverage his long-term customer relationships as we partner with existing owner-operators to help grow their business,” said Amir Yoffe, Partner with CIC Partners. “His expertise and knowledge of ingredients, distribution and industrial customers combined with CIC’s foodservice and contract manufacturing background present exciting revenue and growth opportunities as we pursue a platform investment in this industry.”
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).
© 2017 Private Equity Professional | May 9, 2017
