Huron Capital Partners said Monday that it has recapped Victoria Packing and committed $35 million to close the deal. Other terms of the transaction weren’t disclosed. Huron, which targets lower middle market companies, said Victoria’s existing management and other industry executives took part in the deal. Brooklyn, N.Y.-based Victoria produces and markets specialty Italian food products.
Huron Capital Partners LLC announced today that, through its new platform company, Victoria Fine Foods (“Victoria”), it has recapitalized Victoria Packing in partnership with industry executives and existing management. Based in Brooklyn, NY, Victoria is a leading producer and marketer of specialty Italian food products, including all natural pasta sauce, Italian condiments, and other premium products. Huron committed $35 million to close the transaction; other terms of the transaction were not disclosed. The investment was made through Huron’s most recent private equity fund, The Huron Fund III, L.P., which has $350 million in committed capital.
“It was important to us to find a partner that understood our desire to take this company to the next level, and at the same time appreciated the need to preserve the culture at Victoria that has been developed over eighty years and three generations in the business,” said Victoria CEO Jerry Aquilina. “Huron Capital rose above the rest and we are extremely pleased to have the Huron team as our partners.”
The transaction marks Huron’s 49th investment overall and its fifth platform investment in Fund III. The acquisition caps an active period for Huron, which has closed eight transactions during the past twelve months. The food sector has been an area of interest for many years and the Victoria investment builds on Huron’s long-standing expertise in the consumer products sector.
“The Aquilina family has done a fantastic job in building Victoria into a leading producer of premium pasta sauce with an excellent reputation in the marketplace,” said Huron Partner Peter Mogk. “Victoria has a rich history and well-established brand identity in its markets, and we are excited about partnering with the management team to achieve the next phase of growth.”
About Huron Capital Partners LLC
Huron Capital is a leading private equity firm investing in lower middle-market companies. The firm typically invests between $10 million and $70 million in equity to sponsor buyouts, growth initiatives, corporate spin-offs and recapitalizations of growth-oriented niche manufacturing, specialty service, and value-added distribution companies having revenues up to $300 million. Huron’s strategy is to combine its operational approach, capital and transaction experience with proven management teams who have the vision, experience and commitment to grow their businesses.
Since its founding in 1999, Huron has acquired or invested in 49 companies with aggregate revenues approaching $1 billion. Investments have been made in the USA and Canada in a variety of areas, including print solutions & document management, education, healthcare products & services, specialty chemicals, specialty packaging, consumer products, home décor, passenger transportation services, building products, office furniture components and laboratory testing. Huron Capital currently manages over $600 million in committed equity through three private equity funds, and has offices based in Detroit, Pittsburgh, and Toronto. The firm has consistently generated top-quartile returns for its limited partners. For more information, please visit us at www.huroncapital.com.
SOURCE Huron Capital Partners LLC