H.I.G. is said to seek buyer for Ready Pac

H.I.G. Capital has put Ready Pac Foods Inc, a salad maker it has owned for more than nine years, up for sale, two sources said.

Harris Williams is advising on the auction, one source said.

Ready Pac, Irwindale, California, is known for single-serve salads, which come ready to assemble. The original Bistro bowls, which are under 300 calories, come in flavors such as Cranberry Walnut, Turkey and Bacon Cobb, as well as Santa Fe Style. Ready Pac also provides snack packs and fresh-cut fruit.

The company produced $677 million in 2015 sales, according to press reports.

Ready Pac is expected to sell for around $300 million; the auction is in the second round, one of the sources said.

Bayside Capital, the special-situations group at H.I.G., invested in Ready Pac in April 2007. How much Bayside invested is unclear.

In July, Bayside closed its fourth Loan Opportunity Fund on $1.1 billion, Buyouts reported. Bayside Fund IV focuses on non-control loan obligations of stressed and distressed companies in the U.S. The pool provides liquidity to, and acquires debt from, struggling companies, Buyouts said.

Bayside’s third fund, which focused on Europe, collected more than $1 billion in May 2013, a statement said.

H.I.G., Harris Williams and Ready Pac could not be reached for comment.

Action Item: To contact H.I.G., email John Bolduc at jbolduc@higcapital.com

Bistro Bowl. Photo courtesy of Ready Pac