H.I.G. Capital News
Executive Managing Director
1450 Brickell Avenue
Miami, FL 33131
H.I.G. Bayside Capital Announces the Sale of Ready Pac Foods
MIAMI – March 21, 2017 – H.I.G. Bayside Capital (“Bayside”), the distressed debt and special situations affiliate of H.I.G. Capital ("H.I.G."), a leading global private equity investment firm with $21 billion of equity capital under management, announced today the sale of its portfolio company, Ready Pac Foods (“Ready Pac” or the “Company”), to Bonduelle SA (ENXTPA:BON).
Based in Irwindale, California, Ready Pac is the market leader in the rapidly growing single-serve salad market through its Bistro Bowl® line of products, as well as a leading supplier of other vegetable, fruit and snack products. The Company generates approximately $800 million in annual sales and services its national network of blue-chip retail and foodservice customers through its four production facilities in the U.S.
Bayside recapitalized the Company in 2007, and over the last decade has supported the Company’s significant investments in product innovation, facility infrastructure and automation, procurement initiatives, marketing and overall building out of the management team under new CEO Tony Sarsam. These investments have helped Ready Pac capitalize on the growing demand for healthy, tasty and convenient foods, and have enabled Ready Pac to become the clear market leader through its Bistro Bowl® suite of products.
Roman Krislav, Bayside Managing Director, said, “We have been proud to partner with and support Tony Sarsam and the Ready Pac team as they have transformed Ready Pac into a world-class company. Through numerous investments in people, processes and infrastructure, Ready Pac now leads the market in innovation, quality, food safety, branding, and overall value proposition to its customers. The growth within both retail and foodservice, particularly in the Bistro Bowl product, has helped make Ready Pac the clear market leader and positioned the Company for significant continued growth. These achievements have resulted in a highly successful investment outcome for management, Bayside and its investors. We wish Ready Pac continued success in its next chapter with Bonduelle.”
Tony Sarsam, CEO of Ready Pac, said, “We appreciate Bayside’s support in the numerous investments we have made in the Company over the years. They have been a great partner, and their guidance and support have enabled Ready Pac to become the market leader in our category and paved the foundation for continued growth for years to come.”
About Ready Pac Foods
Home of the original Bistro Bowl® complete meal salad, Southern California-based Ready Pac Foods has been giving people the freedom to eat healthier for nearly 50 years as a premier producer of convenience fresh foods and fresh cut produce. With processing facilities throughout the United States, Ready Pac Foods manufactures a complete range of products featuring fresh produce and protein under the company’s Bistro®, Ready Snax®, Cool Cuts® and elevĀte™ brands. Offerings include fresh-cut salads, fruits, vegetables, snacking and complete meals available where consumers buy groceries and in restaurant chains across North America.
About Bayside Capital
Bayside Capital is the distressed debt and special situations affiliate of H.I.G. Capital. Focused on middle market companies, Bayside invests across several segments of the primary and secondary debt capital markets with an emphasis on long term returns. With eight offices throughout the U.S. and Europe and over 250 investment professionals to draw upon, Bayside has the experience, resources, and flexibility required to provide capital solutions quickly, and the strategic and operational expertise to help support its investments. For more information, please refer to the Bayside website at www.bayside.com.
About H.I.G. Capital
H.I.G. is a leading global private equity and alternative assets investment firm with $21 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Mexico City and Rio de Janeiro, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/ value-added approach:
- H.I.G.’s equity funds invest in management buyouts, recapitalizations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
- H.I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. is also a leading CLO manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance.
- H.I.G.’s real assets funds invest in value-added properties, which can benefit from improved asset management practices.
Since its founding in 1993, H.I.G. has invested in and managed more than 200 companies worldwide. The firm's current portfolio includes more than 100 companies with combined sales in excess of $30 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.
* Based on total capital commitments managed by H.I.G. Capital and affiliates.