BETHESDA, Md., July 10,
2024 /PRNewswire/ -- IMB Partners ("IMB"), a leading
lower middle market investment firm, announced the completion of a
dividend recapitalization of its three portfolio companies, Alder
Foods, Elite Brands and Richmond Wholesale (collectively, "Pro Food
Solutions"), a leading food supplier to our Military and their
families worldwide.
IMB began its journey in the military food sector with the
acquisition of Alder Foods in 2016. Post recapitalizing Alder in
2019, IMB subsequently invested in Richmond Wholesale in 2020. One
year later, in 2021, the firm invested in Elite Brands, ultimately
forming its Military food supplier holding group, Pro Food
Solutions.
Pro Food Solutions has closed on a $153
million debt financing, of which $130
million will be used to pay off existing debt and to fund a
distribution to shareholders.
The recapitalization of Pro Food Solutions is the most recent
example of IMB's Two-Step Buyout⢠model, which typically pursues
dividend recapitalization three to seven years after the initial
investment. In the interim period, IMB extensively works with the
company to grow the business, build out the operating team, open
new sales channels, execute strategic initiatives, and pursue
add-on acquisitions. IMB and the management team worked together to
grow profitability and strengthen the organization, while
simultaneously paying down debt. These value creation initiatives
positioned the business well to refinance its balance sheet and
generate a significant realization for IMB equity investors and
legacy family owners.
"As part of IMB Partners' mission, we bring our relationships
and networks to each investment partnership so we can help build
out management teams, grow sales, and develop more diverse
workforces and supply chains," says Tarrus
Richardson, Founder & CEO of IMB Partners. "This
transaction highlights IMB's partnership approach and the value
creation we were able to offer our partners as a result of this
recapitalization."
Comvest Credit Partners ("Comvest"), a leading provider of
flexible direct financing solutions to middle-market companies,
provided the $153 million total
senior debt facilities.
Willkie Farr & Gallagher LLP
served as legal counsel to Pro Food Solutions and IMB Partners.
About IMB Partners: Founded in 2010, IMB is a
private equity sponsor focused on investing and partnering with
management teams to grow lower middle market companies serving
government agencies and utilities. IMB believes that diversity is
an asset and takes an entrepreneurial approach to building
companies of scale. IMB seeks platform investment targets with
$10-$250
million in revenue. Learn more at imbpartners.com or connect
with us on LinkedIn.
About Comvest Credit Partners: Comvest Credit Partners,
the direct lending platform of Comvest Partners, focuses on
providing flexible financing solutions to middle-market companies.
Comvest Credit Partners provides senior secured, unitranche, and
second lien capital to sponsored and non-sponsored companies in
support of growth, acquisitions, buyouts, refinancings, and
recapitalizations, with credit facilities up to $250 million-plus. For more information, please
visit comvest.com/direct-lending.
About Comvest Partners: Comvest Partners is an
operationally focused private investment firm that has provided
equity and debt capital to well-positioned middle-market companies
throughout North America since
2000. Through its private equity, direct lending and special
opportunities investment platforms, Comvest offers tailored
investment solutions across the capital structure, deep industry
and operating expertise, a collaborative approach, and significant
transaction experience as an active investor. Today, Comvest
manages $10.4 billion in assets, and
has invested over $12.4 billion since
inception. Based in West Palm Beach, Comvest also maintains offices
in Chicago and New York. For more information, please visit
www.comvest.com.
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SOURCE IMB Partners