Tricor Founders makes debut investment in Presteve Foods

Tricor Pacific Founders Capital, a new private equity firm launched in late 2014, has made its debut investment in Presteve Foods Ltd, a Wheatley, Ontario-based harvester, processor and distributor of wild freshwater fish from the Great Lakes. The transaction’s value was not disclosed. Tricor Founders will hold the investment and subsequent specialty protein investments through Purewater Foods Inc. Founded by a group of senior professionals affiliated with Canadian private equity firm Tricor Pacific Capital, Tricor Founders is a family firm platform focused on making control investments in North American food and other consumer packaged goods businesses.

PRESS RELEASE

Tricor Founders Invests in Presteve Foods

VANCOUVER, BC – On May 4th, Tricor Pacific Founders Capital Inc. (“Tricor Founders”) closed an investment in Presteve Foods Ltd. and its affiliated companies (“Presteve”). Founded in 1979, Presteve is a leading, vertically integrated harvester, processor and distributor of wild freshwater fish from the Great Lakes. Tricor Founders is holding its investment through Purewater Foods Inc. (“Purewater”), a company formed to hold Presteve and future, seafood-related investments.

Presteve’s owner and entrepreneur, Ulysses Pratas, said about the partnership, “we found the right partner in Tricor Founders. I appreciated their longer term investment horizon, and they bring the right industry-specific skill set to help take Presteve to the next level.”

Richard Harris of Tricor Founders said about the transaction, “The investment is consistent with our strategy of making control investments in food and other consumer packaged goods businesses, with EBITDA of $2 to $8 million, across the Mid-West and Western USA and Canada.”

PricewaterhouseCoopers acted as advisor to Presteve. Collins Barrow provided transaction advisory services to Tricor Founders and BMO Bank of Montreal provided financing.

For more information on this transaction please contact Richard Harris, Managing Director (richard.harris@tricorfounders.com) or Derek Senft, Vice President (derek.senft@tricorfounders.com).

Background on Tricor Pacific Founders Capital Inc.

Tricor Founders combines 25 years of private equity experience in over 75 companies with deep operating knowledge. We do not manage institutional capital, but rather invest our own capital and focus on applying operating know-how in order to build thriving organizations over the long term. Our strategy is to make control investments in food and other consumer packaged goods businesses, with EBITDA of $2 to $8 million, across the Mid-West and Western USA and Canada.

We believe we are a unique buyer that combines a respect for the founder, an industry-focused investment strategy, industry-specific operating expertise, a long track record of transacting with certainty, together with a longer term investment horizon of 5 to 15+ years.

For further information please visit www.tricorfounders.com.

More Information On Presteve Foods Ltd. & Its Affiliated Companies

Presteve is a leading vertically integrated harvester, processor and distributor of freshwater fish and other seafood based in Wheatley, ON. The company specializes in processing and marketing freshwater fish harvested from the Great Lakes and other Canadian, U.S. and European freshwater fisheries. Presteve supplies fresh and frozen fish – whether whole, dressed, filleted or breaded / battered – to wholesalers, distributors and retail customers in the USA and Canada.

Tricor Founders’ Purewater Foods is partnering with Ulysses Pratas, who has led impressive growth at Presteve over the last several years. Tricor Founders and Mr. Pratas’ interests include expanding the company’s processing capacity and capabilities to better serve customers, extending the company’s offering into adjacent seafood products and markets, and acquiring other seafood-related businesses that improve overall relevance to customers.

For further information please visit www.prestevefoods.com.

Photo courtesy of Tricor Pacific Founders Capital Inc