Cross Rapids Capital Recapitalizes PAK Quality Foods (including FrigiServe)

Cross Rapids Capital Acquires Wholesale Produce Supply LLC

October 29, 2021

Food & Beverage

An investor group led by Cross Rapids Capital L.P., with strategic partner The Baupost Group, has acquired Wholesale Produce Supply LLC from affiliates of Mill City Capital L.P. The transaction provides WPS with additional resources to accelerate organic and inorganic growth, broaden geographic reach, and expand its fresh-produce logistics and value-added service offerings.

PAK Quality Foods Acquires H&R Foods (Vernon Transportation / AmTex H&R Foods)

December 18, 2025

Food & Beverage

PAK Quality Foods LLC, a portfolio company of Cross Rapids Capital, has acquired substantially all assets of Vernon Transportation LP and AmTex H&R Foods LLP, which operate as H&R Foods, a regional food distributor based in Amarillo, Texas. The deal expands PAK Quality Foods’ product and service offerings and broadens its customer footprint across Texas and neighboring states; H&R Foods’ leadership (John and Barry Vernon) will remain with the business.

Blue Sea Capital Leads Recapitalization of Innovative FlexPak

January 23, 2020

Manufacturing

Blue Sea Capital, alongside Twin Bridge Capital Partners, GoldPoint Partners and founder Travis Parry, completed a recapitalization of Innovative FlexPak (now referenced as Innovative Labs) to position the company for growth. Headquartered in Springville, Utah, Innovative FlexPak is a contract manufacturer and formulator of single‑serve and multi‑dose ingestible health and wellness products with over 350 employees; the deal funds organic expansion and potential add‑on acquisitions while management retains a significant ownership stake.

PAK Quality Foods Acquires Formosa Foods

July 23, 2025

Food & Beverage

Fort Worth-based PAK Quality Foods has acquired the assets of Las Colinas International Inc. (Formosa Foods), a Dallas family-owned foodservice distributor, expanding PAK's product mix and geographic reach across Texas, Oklahoma, Louisiana and Arkansas. The Formosa owners, Jesse and Weldon Chang, will continue to lead the business and have made an investment in PAK; the move builds on PAK's expansion under PE owner Cross Rapids Capital.

The Halifax Group Recapitalizes Prairie Industries and Nu-Pak

September 25, 2019

Packaging

The Halifax Group completed a recapitalization investment in Prairie Industries, Inc. and Nu-Pak, Inc., partnering with the companies' founders and management to support growth in contract packaging and contract manufacturing. Headquartered in Prairie Du Chien, Wisconsin, the combined business operates multiple packaging and food-manufacturing facilities; terms were not disclosed.

Shorehill Capital Recapitalizes Flexpak, LLC

August 6, 2021

Packaging

Shorehill Capital LLC completed a recapitalization of Flexpak, LLC, a Woods Cross, Utah-based value-added packaging distributor, with the transaction closing on July 30, 2021. Founder and CEO Brian Kellen and several members of management retain significant ownership and Kellen will continue as President and CEO; financing was provided by Principal Alternative Credit and GMB Capital Partners.