Avante Mezzanine Partners has made an undisclosed investment to back ShoreView Industries‘ acquisition of Spring USA Corp. No financial terms were disclosed. Based in Naperville, Illinois, Spring is a food service equipment provider for the hospitality industry.
Los Angeles, California – Avante Mezzanine Partners (“Avante”) announced today that it has provided unitranche debt and an equity co-investment to support the acquisition of Spring USA Corporation (“Spring”) by ShoreView Industries (“ShoreView”). Headquartered in Naperville, IL, Spring is a leading designer and provider of highly innovative foodservice equipment for the hospitality sector. Spring was also among the first foodservice companies to commercialize induction heating technology.
“We are excited to partner with Avante in this transaction,” said Adam Reeves, Principal of ShoreView. “We were impressed with their team and with Avante’s ability to provide a flexible capital solution that will foster growth. We look forward to working with them on Spring and future transactions.”
“We are excited to support Spring,” said Jeri Harman, Managing Partner and CEO of Avante. “The company is a market leader in foodservice equipment with a long history of innovation and strong commitment to customer service. We are also pleased to complete our first transaction with ShoreView, a firm with an experienced team and strong track record in industrial and industrial-related businesses.”
“We are also proud to be backing incoming CEO Kristine Holtz and her management team,” said Ivelisse Simon, Partner of Avante. “Kristine and her team are highly accomplished and, together with ShoreView’s deep knowledge of the industry, we are excited about the opportunity ahead.”