Peak Rock Capital has sold its portfolio company Highline Produce, one of the largest producers and distributors of organic mushrooms in North America, to Dublin-based fruit company Fyffes. Highline was acquired by Peak Rock in November 2014.
Highline sells approximately 58 million pounds of mushrooms per year and operates four production facilities in Ontario and a distribution center in Quebec. The company produces, packages, and distributes varieties of fresh white, mini bella, portobella, and exotic mushrooms for the retail and food service end markets. Highline has approximately 1150 employees and was founded in 1961. The company is headquartered near Windsor in Leamington, ON (www.highlinemushrooms.com).
Fyffes, the buyer of Highline, is a producer, shipper and marketer of bananas, melons and pineapples with operations in Europe, the United States, Central and South America. Fyffes is the largest importer of winter melons into the US and it also has a large presence in the banana and pineapple category. The company has been in the fresh produce business for over 125 years and is headquartered in Dublin (www.fyffes.com).
During Peak Rock’s ownership, Highline started and completed a series of initiatives and operational improvements that drove revenue growth and strengthened the operational capabilities of the business. “Highline’s exceptional results are a testament to Peak Rock’s expertise in supporting rapid growth and operational improvements in middle market businesses and the management team’s exemplary job of implementing growth initiatives that significantly enhanced the business,” said Anthony DiSimone, Chief Executive Officer of Peak Rock Capital. “The sale of the company provides an outstanding outcome for its stakeholders.”
“We are proud of the success with Highline that was achieved through collaboration with an outstanding management team led by CEO Glenn Martin,” said Steve Martinez, President and Managing Director of Peak Rock Capital. “By supporting the company’s execution of numerous initiatives, we were able to guide the company through a transformative period of growth, while increasing production yields and improving its packaging operations.”
Peak Rock makes debt and equity investments of $20 million to $150 million in middle market companies with revenues from $50 million to $1 billion and enterprise values from $25 million to $500 million. Sectors of interest include business and commercial services; consumer; distribution and logistics; energy and related services; healthcare; industrials; manufacturing, metals, and media. The firm is based in Austin (www.peakrockcapital.com).
“Peak Rock has been an exceptional owner for Highline and a great partner to the Highline management team,” said Mr. Martin. “The Peak Rock team consistently provided the resources and support to enable our mutual success.”
Lazard Middle Market (www.lazard.com) was the financial advisor to Highline and McDermott Will & Emery (www.mwe.com) and Blake, Cassels & Graydon (www.blakes.com) were the legal advisors.
© 2016 Private Equity Professional • Private Equity’s Leading News Magazine • 4-5-16