Sun Capital Partners and Main Street Capital Holdings have sold Harry’s Fresh Foods to Joshua Green Corp. Financial terms weren’t announced. Portland-based Harry’s produces chef-inspired fresh refrigerated and packaged soups, entrées, sides, sauces and desserts for the retail and foodservice markets.
BOCA RATON, FL – August 5, 2013 – Sun Capital Partners, Inc. (“Sun Capital”), a leading private investment firm specializing in leveraged buyouts and investments in market-leading companies, and Main Street Capital Holdings, L.L.C. (“Main Street”), a private investment firm specializing in acquisitions of growth-oriented companies, today announced that an affiliate completed the sale of Harry’s Fresh Foods (“Harry’s” or “the Company”) to Joshua Green Corporation through its food-focused subsidiary, JGC Foods LLC, which also owns Cuizina Food Company, a Washington-based manufacturer and marketer of premium, gourmet style soups and sauces. Terms of the private transaction were not disclosed.
Headquartered in Portland, Oregon, Harry’s is a leading producer of chef-inspired fresh refrigerated and packaged soups, entrées, sides, sauces and desserts for the retail and foodservice markets. Harry’s customers include wholesale club stores, grocers, national restaurant chains, distributors and select other outlets throughout the U.S. and Canada.
Since its purchase by affiliates of Sun Capital and Main Street in November 2010 from Basic American, Inc., Harry’s has successfully transitioned into a standalone business. This has required establishing the infrastructure necessary for operating as an independent entity, the recruitment and hiring of a growth-oriented management team, and the rebuilding of an effective direct sales force.
Since evolving into a standalone business, Harry’s has achieved significant growth and increased profitability by broadening its customer base and leveraging its flexible manufacturing platform and innovative culinary team to introduce new products into the market.
“Harry’s emergence as an independent, successful market leader is the direct result of a disciplined commitment to strategic operational improvements, which has enabled the company to achieve excellent sales growth and nearly tripled profitability since our investment,” said Marc Leder, Co-CEO at Sun Capital. “We are confident that these efforts have positioned Harry’s for continued success.”
“Much of our success at Harry’s can be attributed to the strength and experience of the management team,” said Dennis Prado, Principal of Main Street Capital Holdings. The team’s commitment to quality and ongoing innovation will allow the Company to continue to anticipate and meet consumer demand. The Company’s flexibility and responsiveness has led to strong customer relationships that will continue to generate growth.”
Sun Capital has strong experience in the food and beverage sector through current affiliated portfolio companies Contessa Premium Foods, a leading U.S. processor and distributor of premium seafood and frozen convenience meals; Creekstone Farms, a processor of high-quality beef products; and several former affiliated portfolio companies such as Sunrise Growers-Frozsun Foods, Fearman’s Pork, Elan Nutrition, and Del Monte Canada.
About Sun Capital Partners, Inc.
Sun Capital Partners, Inc. is a pioneer in operationally-focused private equity. The firm focuses on market-leading companies that can benefit from our in-house professionals, resources, and expertise to materially improve operating performance. Sun Capital affiliates have invested in more than 325 companies worldwide with combined sales in excess of $45 billion since our inception in 1995. Sun Capital has offices in Boca Raton, Los Angeles and New York, and affiliates in London, Frankfurt, Paris, Luxembourg, Shanghai and Shenzhen. For more information, visit www.SunCapPart.com
About Main Street Capital Holdings, L.L.C.
Founded in 1994, Main Street Capital Holdings, L.L.C. is a Pittsburgh based private equity firm that acquires companies that operate in a broad range of industries at the lower end of the middle market. Main Street has significant experience in the food industry including highly successful investments in companies such as Lloyds Barbeque and the Wisconsin Cheese Group. A key to Main Street’s success is its strong partnerships with existing management teams and proven operators. For more information, please visit www.mainstcap.com.
About Harry’s Fresh Foods
Since 1978, Harry’s Fresh Foods has been crafting high-quality fresh—not frozen—refrigerated soups, entrées, sides and desserts in Portland, OR. All Harry’s products are made by hand in small batches by a team of culinary trained chefs and are designed for busy families who want restaurant-quality meal solutions to simply heat and serve at home. At Harry’s, the secret ingredient is freshness. Unlike most prepared foods, every batch is prepared using the finest quality ingredients, then packaged using a state-of-the-art quick chill process to lock in flavor and freshness without artificial preservatives. All Harry’s products contain zero trans fats, and do not contain artificial colors or flavors. Harry’s is certified by the Safe Quality Food Institute with Level II credentials, as well as by both Oregon Tilth and the USDA for Organic manufacturing.