Corridor Capital has acquired Indo-European Foods, a provider of specialty and gourmet foods to independent, ethnic grocers in the Western US and select national food wholesalers and retailers. Centerfield Capital Partners partnered with Corridor on this transaction. The seller was Montage Partners, which acquired Indo-European in partnership with management in August 2012.
Indo-European sources, develops, markets and distributes Eastern European, Mediterranean, North African and South Asian spreads, preserves, condiments, appetizers, cheeses, confections, seasonings and specialty grains and rice. Company owned brands include Indo-European, ZerGut, Poli-Kala, Al Manara, and Moomtaz. The company was founded in 1966 by Hagop and Alice Bezjian and is based in Glendale, CA (www.indo-euro.com).
“Indo European’s 
management has done an exceptional job of understanding and meeting the needs of its customers in the continually evolving specialty foods market without ever losing sight of the authenticity on which the company was built,” said Craig Enenstein, Corridor’s CEO.
Corridor is expected to work with Indo-European to expand its products, service offerings, and customer base. “We believe that the additional resources that the company will now have at its disposal, coupled with the existing management team’s extensive knowledge of and passion for ethnic and specialty foods, will help Indo-European continue its long tradition of success and reach new heights,” said Corridor Managing Director, Cameron Reilly.
Corridor Capital makes control investments of $3 million to $12 million in mid-market companies with EBITDAs of $2 million to $5 million. Corridor focuses on complex situations, particularly those requiring growth support or operational or financial engagement. Sectors of interest include specialty manufacturing, business services, and environmental services. Corridor’s investor base includes approximately 150 executives across an array of industries and disciplines that the firm uses as an active resource for its portfolio companies and their teams. The firm is based in Los Angeles (www.corridorcap.com).
Centerfield Capital Partners provides from $7 million to $35 million of subordinated debt and equity financing to middle market companies that have $15 million to $100 million of revenue and $3 million to $15 million of EBITDA. The firm is based in Indianapolis (www.centerfieldcapital.com).
“Indo European’s growth and success have been a function of our unwavering commitment to meeting the highest standards in quality and safety, providing best in class service, and preserving the authenticity of our products. We are delighted to continue on this mission with partners that can offer capital, operational resources and access to a wealth of experience in food distribution, retail and manufacturing to help us achieve our goals and exceed our customers’ expectations,” said Mike Hatun, the Indo European’s CEO.
TCF Capital Funding provided a senior credit facility in connection with this transaction and to fund the company’s planned growth.
Montage Partners, the seller of Indo-European, invests in companies in the Western US with EBITDA between $1 million and $5 million and enterprise values between $2 million and $20 million. The firm was founded in 2004 and is led by Managing Partners Jordan Tate and Rob Wolfman. Montage Partners is based in Scottsdale, AZ (www.montagepartners.com).
© 2017 Private Equity Professional | May 4, 2017
