SBJ Buys The Perfect Purée

Spanos Barber Jesse & Co. (SBJ) has made an investment in The Perfect Purée, a maker of fruit and vegetable purées.

The Perfect Purée (TPP) was founded by Tracy Hayward in 1988 and is led by senior executives Medhane Kidane, Michele Lex, and Mark Smith. These managers have retained their ownership interest in the company and will remain in their current roles in partnership with SBJ.

“I started this company 35 years ago delivering purées from the back of my station wagon,” said Ms. Hayward. “The company has been built by a continuously creative team of professionals and partners who have turned The Perfect Purée into a specialty foods and ingredients company that is a darling of chefs and mixologists. Today, I am pleased to have selected SBJ as our partner because I believe they have a unique appreciation for what makes The Perfect Purée special.”

TPP’s portfolio of more than 40 frozen fruit and vegetable purées and concentrates are sold primarily into the foodservice sector and are used by chefs, bartenders and other culinary professionals in sauces, dressings, desserts, and cocktails. The company’s products contain no artificial additives, preservatives or colorings and its flavors range from raspberry, strawberry and mango to tropical flavors like lychee, passion fruit, and pink guava.

“We are honored that Tracy selected us to continue to grow the impressive brand that she created,” said Ben Landis, a managing director at SBJ. “We are pleased to partner with Tracy, Med, Michele, Mark, and the rest of The Perfect Purée team to continue the company’s long history of success and to grow the brand.”

“During our diligence process, we spoke with many culinary and foodservice professionals who all complimented the quality of the products as well as the unique and consistent flavor profiles developed by The Perfect Purée.  This is a real testament to the strength of the team and the brand,” added Patrick Muller, a vice president at SBJ.

SBJ invests from $10 million to $50 million in consumer, business services and healthcare services companies that have up to $100 million in revenue and EBITDA from $3 million to $15 million.

In October 2015, SBJ held a final closing on its debut fund, SBJ Fund LP, with total capital commitments of $204 million, exceeding its original $150 million target. The firm was founded by Gus Spanos, Tom Barber and Bill Jesse and has offices in near San Francisco in Walnut Creek, California and in Dallas, Texas.

© 2020 Private Equity Professional | October 27, 2020

Print Friendly, PDF & Email