Harvest Partners SCF LP has led a $125 million recapitalization of and minority investment in New York City-based Roland Foods, an importer of specialty food products. Roland Foods is a portfolio company of Vestar Capital Partners, which will retain its majority stake in Roland as a result of this transaction. Wells Fargo Securities LLC provided financial advice to Vestar while William Blair & Company did likewise for HP SCF.
NEW YORK, NY – January 9, 2017 – Vestar Capital Partners (“Vestar”), a leading U.S. middle-market private equity firm, and Harvest Partners SCF, LP (“HP SCF”), the non-control private equity strategy of Harvest Partners, LP, announced today that HP SCF has led a $125 million recapitalization and minority investment in Roland Foods (“Roland”), a Vestar portfolio company and leading provider of superior quality specialty foods. Following the completion of the transaction, Vestar will remain the majority shareholder in Roland and HP SCF will gain board representation. Additional terms of the HP SCF investment were not disclosed.
Founded in 1934 and owned by Vestar since 2013, Roland Foods is a recognized leader in the imported specialty foods business in the U.S. and around the globe. The Roland brand is iconic and stands at the forefront of the industry, providing more than 1,500 SKUs to the foodservice, retail, and industrial channels.
“The HP SCF team is a great addition to our investor group and will be excellent partners,” said Brian O’Connor, managing director of Vestar and co-head of its Consumer Group. “Roland has achieved extraordinary growth since 2013, and HP SCF will help to accelerate this already strong momentum.”
“Given the strong prospects ahead for our business, both organically and through acquisitions, this transaction is an opportunity to provide Roland with the capital flexibility to further our market-leading position,” said Jim Wagner, Roland’s CEO. “With the ongoing support of Vestar and our new partners at HP SCF, we will continue to grow and provide exceptional service, value and quality to all of our customers.”
Jay Hegenbart, senior managing director and portfolio manager for HP SCF, said, “We are delighted to join Vestar as an investor in Roland, and to have the opportunity to work alongside Jim and his extremely talented management team. We look forward to supporting the next phase of Roland’s growth.”
Wells Fargo Securities, LLC acted as financial advisor to Vestar and Kirkland & Ellis LLP served as legal counsel. William Blair & Company, LLC acted as a financial advisor to HP SCF and Latham & Watkins LLP served as legal counsel.
About Roland Foods
Roland Foods, based in New York City, specializes in importing high-quality specialty food products from more than 50 countries. Founded in Paris in 1934 and established in the U.S. in 1939, the Company provides customers with exceptional specialty foods, primarily offered under the Roland brand. The company has a national presence in the foodservice, retail, and industrial channels as well as international sales in the Caribbean, Central and South America, Asia, Africa, and the Middle East. Roland Foods’ dedication to providing quality and consistency has made it a leader among food importers and suppliers. The Roland brand is synonymous with quality for the consumer and chef alike. For more information, please visit www.rolandfood.com.
About Vestar Capital Partners
Vestar Capital Partners is a leading U.S. middle-market private equity firm specializing in management buyouts and growth capital investments. Vestar invests and collaborates with incumbent management teams and private owners to build long-term enterprise value, with a focus on Consumer, Healthcare, and Business Services and Industrial Products. Since Vestar’s founding in 1988, Vestar funds have completed 78 investments in companies with a total value of more than $46 billion. For more information, please visit www.vestarcapital.com.
About Harvest Partners SCF
Harvest Partners SCF is a non-control private equity investor. HP SCF was founded in 2014 and is led by an experienced team of investment professionals who have, collectively, more than 50 years of private equity investment experience. For business owners and entrepreneurs that need equity capital, HP SCF can provide flexible equity solutions and all of the resources and expertise of a private equity firm. Unlike traditional private equity, HP SCF allows owners to retain control of their business in a structure that allows HP SCF to exit without forcing a future sale of the company. HP SCF is actively seeking new investment opportunities. Visit www.hp-scf.com for more information.