Food Evolution has secured an undisclosed investment from Balance Point Capital Partners. Akoya Capital Partners, Plexus Capital and Food Evolution’s current management also participated in the round. In addition to the funding, Chris Franco has been named the company’s CEO while Lou Nieto has been added to its board of directors. Headquartered in Schiller Park, Illinois, Food Evolution is a producer of food service products and outsourced commissary solutions.
WESTPORT, Conn., Sept. 29, 2014 /PRNewswire/ — Balance Point Capital Partners, a private equity fund focused on providing debt and equity capital to lower middle market companies across the U.S. announced today its investment in Food Evolution (www.foodevolution.com). Current management, in conjunction with Akoya Capital Partners, LLC and Plexus Capital also invested with Balance Point.
Founded in 2001 and headquartered in Schiller Park, Illinois, Food Evolution is a market-leading producer of upscale, convenience foodservice products and fresh outsourced commissary solutions. The company specializes in gourmet “grab-and-go” prepared food products including sandwiches, wraps and salads and serves a wide range of clients throughout the Midwest. The company’s current owners, Bret Schultz, Judd Rosenberg and Momo Maldonado, will continue with the business and remain significant shareholders. Additionally, Chris Franco will join the company as Chief Executive Officer and Lou Nieto will join the Board of Directors. Chris has served for more than 30 years in the perishable food industry including most recently having served as CEO of Finlandia Cheese Inc. Lou has served for more than 25 years in consumer foods including serving as Dean Foods Group President.
“We are delighted to partner with Balance Point,” said Bret Schultz, President. “To be able to have access to the capital flexibility Balance Point possesses will help facilitate and support our growth efforts and expansion goals.”
Justin Kaplan, a Partner with Balance Point adds, “We are very excited to partner with Bret, Judd and Momo on the transaction. They are classic entrepreneurs who built Food Evolution from scratch. We look forward to help supporting their growth trajectory with our customizable capital.”
Balance Point Capital Partners invests mezzanine and equity capital in select lower middle market companies. Since 1988, the firm and its predecessor funds have invested in over 80 distinct businesses. Balance Point Capital Partners takes a long-term, partnership approach to investing and are committed to building lasting relationships with private equity sponsors, management teams and intermediaries. Balance Point targets companies with EBITDA between $2 million and $25 million and typically invests $5 million to $20 million per transaction. Balance Point Capital Partners is based in Westport, CT (www.balancepointcapital.com).