Mill City Capital is acquiring JMH International, a developer of various sauce, stock and soup products and mixes. The company is based in Utah. Babson Capital Management provided subordinated debt and an equity co-investment to support the transaction. Specifics on the deal were not publicized.
SPRINGFIELD, Mass. (Dec. 17, 2012) – Babson Capital Management LLC, a global investment management firm with more than $154 billion in assets under management and operations on four continents, today announced it provided subordinated debt and made an equity co-investment to support Mill City Capital’s purchase of JMH International.
Babson Capital served as the lead provider of subordinated debt on the transaction.
Based in Salt Lake City, Utah, JMH International develops and manufactures a broad range of soup bases, sweet and savory flavor bases, stock concentrates, sauces, gravy mixes, dessert preparations, seasoning blends, powdered drink mixes and dry complete meals. The Company, a leader in developing food flavoring systems, provides custom formulations and culinary solutions to the food industry, selling to customers in the foodservice, ingredient, specialty retail and co-manufacturing channels.
“Mill City Capital is very pleased to have Babson Capital as a partner on our investment in JMH International,” said Darren Acheson, a Managing Director at Mill City. “We value the responsiveness, flexibility and partnership approach that Babson Capital brings to every transaction, and we look forward to working with them on this and future investments.”
“Babson Capital appreciates the opportunity to invest once again alongside a private equity sponsor of Mill City’s caliber and track record,” said Mike Klofas, Managing Director and head of Babson Capital’s Mezzanine & Private Equity Group. “We see exciting growth opportunities ahead for JMH as its outstanding management team will have the opportunity to benefit from Mill City’s expertise in the food industry.”
About Mill City Capital
Mill City Capital, L.P., is a private equity firm based in Minneapolis, Minnesota. Our firm was founded with a commitment to identifying, executing, and managing private equity investment opportunities through patience, market sector experience and focus, and relationships built over many years. We seek to create shareholder value by forming partnerships with management teams based on trust and integrity. We focus on companies operating in the consumer and industrial sectors.
About Babson Capital
Babson Capital Management LLC and its subsidiaries serve institutional investors around the globe and have over $154 billion in assets under management as of September 30, 2012. Through proprietary research and a focus on investment fundamentals, we develop products and strategies that leverage our broad array of expertise in global corporate debt markets, structured products, debt and equity financing for commercial real estate, and alternatives. Headquartered in Boston, the firm’s subsidiaries include Cornerstone Real Estate Advisers LLC and Wood Creek Capital Management, LLC. Babson Capital is a member of the MassMutual Financial Group and is on the web at www.BabsonCapital.com.