Frontenac has acquired sister companies Chan & Chan and Prime Food Processing, a branded Asian food manufacturing business.
Chan & Chan and Prime Food Processing (CCI Prime) are manufacturers and importers of Chinese and Asian-style products including mini-pork sausages, Chinese sausages and bacon, dumplings, bao buns, dim sum, and other Asian food products sold primarily sold to specialty ethnic markets.
CCI Prime is led by its founder and president Albert Chan and operates facilities in Brooklyn, New York (Prime) and Bethlehem, Pennsylvania (Chan & Chan).
“I am excited to partner with Howard and the Frontenac team as we embark on the next stage of growth for CCI Prime,” said Mr. Chan. “We believe Howard’s industry experience, combined with Frontenac’s track record of partnering with food businesses, makes them the perfect partner for us.”
On this transaction, Frontenac partnered with Mr. Chan, who will continue to lead the company, and industry veteran Howard Eirinberg, the former CEO of private equity-owned Kronos Foods, a Chicago area-based manufacturer of Mediterranean and other ethnic cuisines, from 2011 to 2020; and the former president and COO of Vienna Beef, a Chicago-based maker of hot dogs, Polish sausage and Italian beef products from 2004 to 2010.
“Albert has dedicated 30 years to building these companies from an import business to an established, reputable manufacturer, and he is now seeking a partner to help him reach a wider audience,” said Mr. Eirinberg. “The company and brands have developed a strong reputation in the ethnic foods channel, and we believe that there is an opportunity to expand the reach of his products and bring them to many more consumers to enjoy.”
According to Frontenac, the Asian cuisine category is one of the fastest growing frozen food categories and CCI Prime is the top producer of frozen Chinese foods in the United States.
“Albert is an incredibly talented entrepreneur and has built an impressive business,” said Betsy Williamson, a managing director at Frontenac. “There is demand for authentic Asian cuisine across multiple channels and we believe CCI Prime is well-positioned to meet this demand given its new facility and loyal employees. We look forward to working alongside Albert and his team to drive continued success at CCI Prime.”
Frontenac invests in lower middle-market businesses that have EBITDA from $5 million to $20 million and operate in the consumer, industrial, and services industries. In March 2022, Frontenac closed its twelfth fund, Frontenac XII Private Capital LP, with $520 million of capital. The firm was founded in 1971 and is headquartered in Chicago.
© 2023 Private Equity Professional | October 24, 2023
