Tracked deals
8
8 tracked deals across 2023.
Food & Beverage Recapitalizations in 2023
Buyer mix
Mixed buyer set
9 pe · 4 investor
Top trend
Volume peaked in 2021
9 tracked deals announced in 2021.
Buyer Snapshot
Top Buyers
Illustrative buyers pulled from tracked transactions on this page. This table is capped and intentionally non-exhaustive.
| Buyer | # Deals | Focus | Type |
|---|---|---|---|
| Benford Capital Partners | 1 | Chicago-based private equity firm focused on buying and b... | PE |
| Charter Growth Capital | 1 | Investor that provides junior/growth capital to lower-mid... | Investor |
| Farragut Capital Partners | 1 | Private investment firm providing subordinated debt and p... | PE |
| Group of local Cleveland investors | 1 | Consortium of local investors participating as co-investo... | Investor |
| Inverness Graham | 1 | Philadelphia-based private equity buyout firm focused on ... | PE |
| Mr. Greens management (Nick Politis and other members) | 1 | Company leadership team of Mr. Greens; continuing to oper... | Strategic |
| NorthCoast Mezzanine | 1 | Provider of subordinated debt and non-control equity (mez... | Investor |
| Promise Holdings | 1 | Chicago-based independent sponsor that sources and leads ... | Investor |
| Ridgemont Equity Partners | 1 | Middle-market private equity firm focused on investments ... | PE |
| Sterling Investment Partners | 1 | Middle-market private equity firm focused on value-added ... | PE |
Acquisition Volume in Food & Beverage Recapitalizations in 2023 by Year
Last 9 years
Actual
Full-year estimate
Supporting Data
Recent Transactions
-
December 21, 2023
- Buyer
- Tilia Holdings
- Target
- Ever Fresh Fruit Company
- Seller
- McKnight Family
- Industry
- Food & Beverage
- Location
- Oregon, United States
- Type
- Recapitalization
Chicago-based private investment firm Tilia Holdings completed a majority recapitalization of Ever Fresh Fruit Company, a Pacific Northwest-based processor and developer of formulated fruit and flavor ingredient solutions. The McKnight family remains significant shareholders and Ever Fresh CEO Gene Mayer will continue to lead the business as Tilia supports growth, geographic expansion, and broadened ingredient applications.
-
October 16, 2023
- Buyer
- Benford Capital Partners, NorthCoast Mezzanine
- Target
- RP Foods, LLC
- Seller
- Guillermo Trevino, Longinos Zuniga
- Industry
- Food & Beverage
- Location
- Texas, United States
- Type
- Recapitalization
Chicago-based private equity firm Benford Capital Partners completed a recapitalization of Dallas-based RP Foods, partnering with Founder and CEO Guillermo Trevino and VP of Sales Longinos Zuniga, who will remain with the company. The investment will fund sales & marketing, operational capability upgrades, product portfolio expansion and support pursuit of add-on acquisitions.
-
- Buyer
- Sterling Investment Partners, Mr. Greens management (CEO Nick Politis and other members of management)
- Target
- Florida Veg Investments, LLC (Mr. Greens)
- Seller
- Shoreline Equity Partners
- Industry
- Food & Beverage
- Location
- Florida, United States
- Type
- Recapitalization
Sterling Investment Partners has invested in Florida Veg Investments, LLC (doing business as Mr. Greens), acquiring the portfolio company from Shoreline Equity Partners in a recapitalization that leaves Mr. Greens' leadership with a significant ownership stake. Mr. Greens is a Miami-based value-added distributor of produce, dairy, and specialty food items serving over 3,500 customers across Florida and Texas and will partner with Sterling to continue geographic expansion and platform growth.
-
April 29, 2023
- Buyer
- Trinity Investors
- Target
- Waterloo Sparkling Water
- Industry
- Food & Beverage
- Location
- Texas, United States
- Type
- Recapitalization
Trinity Investors invested $34.5 million in Waterloo Sparkling Water, an Austin-based flavored sparkling water consumer packaged goods brand, in a recapitalization to fund the company's growth. Waterloo, founded in 2017, has posted strong revenue growth and is noted for its in-house flavor development and category-leading sales velocity.
-
- Buyer
- Farragut Capital Partners, Promise Holdings, Charter Growth Capital, Group of local Cleveland investors
- Target
- Malley's Candies
- Seller
- Malley family
- Industry
- Food & Beverage
- Location
- Ohio, United States
- Type
- Recapitalization
Farragut Capital Partners provided subordinated debt and preferred equity to support a recapitalization of Malley's Candies led by Promise Holdings, with co-investment from Charter Growth Capital and a group of local Cleveland investors. The transaction preserves family management—CEO Mike Malley and his siblings remain with the business—and will support the long-running Cleveland confectioner and its retail footprint.
-
January 25, 2023
- Buyer
- Inverness Graham
- Target
- Treat Planet, LLC
- Industry
- Food & Beverage
- Location
- Missouri, United States
- Type
- Recapitalization
Philadelphia-based buyout firm Inverness Graham completed a majority recapitalization of Treat Planet, a St. Louis–based maker and seller of premium U.S.-sourced pet treats and chews. The investment will partner with Treat Planet's management to accelerate growth, expand capabilities and broaden distribution across North America; terms were not disclosed.
-
January 24, 2023
- Buyer
- Ridgemont Equity Partners
- Target
- Worldwide Produce
- Seller
- Sole Source Capital
- Industry
- Food & Beverage
- Location
- California, United States
- Type
- Recapitalization
Ridgemont Equity Partners recapitalized Worldwide Produce, a leading distributor of fresh produce, dairy and specialty foods across the western United States, with existing sponsor Sole Source Capital retaining a meaningful minority stake. The transaction provides capital for organic growth and M&A to build a super-regional specialty food distribution platform; financing was provided by a group of credit providers led by Ares and others. Financial terms were not disclosed.
-
- Buyer
- Vestar Capital Partners, Windhover Capital
- Target
- Titan Frozen Fruit
- Seller
- Management and existing shareholders (family-owned)
- Industry
- Food & Beverage
- Location
- California, United States
- Type
- Recapitalization
Vestar Capital Partners and Windhover Capital provided a recapitalization to Titan Frozen Fruit, a Santa Maria, California-based frozen berry processor and value-added ingredient provider, with management and existing shareholders retaining a significant stake. The investment will provide financial backing to support Titan’s growth, internal expansion projects, product diversification and potential add-on acquisitions.
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