H.I.G. Capital News
Contact:Richard S. Stokes
1450 Brickell Avenue
Miami, FL 33131
H.I.G. Capital Portfolio Company Albertville Quality Foods Acquires Sunrise Foods
Acquisition creates one of the largest pure-play protein further processors in the nation
MIAMI - March 9, 2012 - H.I.G. Capital announced today that its portfolio company Albertville Quality Foods, Inc. (“AQF”) has acquired Sunrise Foods, LLC (“Sunrise”), a leading further processor of protein-based products. The Sunrise operation is highly complementary to AQF’s operation and will add over $100 million in additional revenues to the combined company. Like AQF, Sunrise’s value-added customized products are prepared to customers’ specific recipes.
The acquisition of Sunrise, based in Albertville, Alabama, significantly expands the profile and capabilities of AQF. The combined company will service a marquee list of foodservice, restaurant, and retail customers through its operation of three facilities and eight state-of-the art production lines.
AQF is also pleased to announce that Jerry Wilson has joined the company as CEO to lead the combined business. Jerry brings several decades of industry experience to the role, most recently acting as EVP for Pilgrim's Pride. “I am tremendously excited to join this operation. This acquisition will increase our production capabilities and will provide even more exceptional products to our valued customers,” said Jerry Wilson.
As part of the transaction, Joseph Blancato, CEO of Sunrise, will join the board. “Joining forces with AQF provides Sunrise significant additional strategic, operational, and financial resources that will greatly benefit our customers and employees,” said Blancato. “We are excited to now become one of the largest pure-play poultry further processors in the nation.”
“This acquisition is the culmination of efforts to establish a leading position in the protein further processing sector. We are very excited about the growth prospects of the combined company,” said Richard Stokes of H.I.G. Capital. “We have great confidence in the management team running the operations. We intend to continue to actively support the company as it builds on its well-deserved reputation for superior quality and excellent customer service.”
About Albertville Quality Foods
Albertville Quality Foods, headquartered in Albertville, AL, is a leading further processor of poultry and other protein-based products. Founded in 1988, AQF focuses on complex, quick turnaround runs that must meet the stringent specifications of its restaurant, foodservice, and retail customers. Products such as breaded chicken tenders, boneless wings, and many others are produced for hundreds of customers at its state-of-the-art facility. For more information, please refer to the AQF website at www.albertvillequalityfoods.com.
About Sunrise Foods, LLC
Sunrise Foods, headquartered in Albertville, AL, provides further processing poultry services for foodservice and restaurant customers. It strives to meet its customer’s expectations no matter how specific or unique they may be. Products include breaded chicken tenders, marinated breasts, boneless wings, and many others. For more information, please refer to the Sunrise website at www.sunrisefoodsllc.net.
About H.I.G. Capital
H.I.G. Capital is a leading global private equity investment firm with more than $8.5 billion of equity capital under management. Based in Miami, and with offices in Atlanta, Boston, Chicago, Dallas, New York, and San Francisco in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Paris, and Rio de Janeiro, H.I.G. specializes in providing capital to small and medium-sized companies with attractive growth potential. H.I.G. invests in management-led buyouts and recapitalizations of profitable and well managed manufacturing or service businesses. H.I.G. also has extensive experience with financial restructurings and operational turnarounds. Since its founding in 1993, H.I.G. invested in and managed more than 200 companies worldwide. The firm's current portfolio includes more than 50 companies with combined revenues in excess of $8 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.