H.I.G. Capital has sold its portfolio company Albertville Quality Foods to OK Foods, a subsidiary of publicly-traded Industrias Bachoco.
Albertville Quality Foods, owned by H.I.G. since March 2010, is a processor of poultry and other protein-based products such as chicken tenderloins, filets, and bites; steak bites; pork sausage products; whole hog sausage products; and boneless chicken bites. The company sells its products to restaurants, foodservice companies, and retail customers. Albertville Quality Foods was founded in 1988 and is headquartered northeast of Birmingham in Albertville, AL (www.albertvillequalityfoods.com).
During H.I.G.’s ownership the company acquired Sunrise Foods, a $100 million in annual revenue processor of poultry products including chicken tenders, marinated breasts, and boneless wings, in March 2012. Sunrise was also located in Albertville, AL.
“We are proud to have partnered with the Albertville management team during this critical phase of growth for the company,” said Richard Stokes, a Managing Director of H.I.G. Capital. “Through substantial investment in people, products and facilities, Albertville has developed into a market leader in the areas of innovation, quality and food safety. We look forward to seeing Albertville continue its successful growth trajectory with OK Foods.”
OK Foods, a subsidiary of Industrias Bachoco since November 2011, is a producer and distributor of frozen, seasoned, and cooked chicken. The company was founded in 1932 and is headquartered in Fort Smith, AR (www.okfoods.com).
Industrias Bachoco (NYSE: IBA) is one of the largest poultry producers in Mexico. Its operations include preparing feed, breeding and growing chickens, and processing and distributing chicken products. It also produces and sells a range of other products including animal feed, live swine, beef and turkey products. Industrias Bachoco has over 1,000 facilities in Mexico and the US and is headquartered northwest of Mexico City in Celaya, Mexico (www.bachoco.com.mx).
© 2017 Private Equity Professional | August 1, 2017