Chicago-based buyout shop Wind Point Partners has exited its investment in Santa Maria Foods. The firm is selling the company to Sofina Foods. Terms of the deal were not released. Wind Point acquired Santa Maria in 2007.
Wind Point Partners, a private equity investment firm based in Chicago, announced today that it has entered into a definitive agreement to sell portfolio company Santa Maria Foods, Canada’s leading producer of Italian-style deli meats and a provider of imported Italian specialty foods, to Sofina Foods. The terms of the transaction were not disclosed. The transaction is expected to close after required regulatory approvals are received.
Wind Point acquired Santa Maria in January 2007 in partnership with Fred Jaques, a food industry veteran. Prior to joining Santa Maria as CEO, Fred most recently was President of Dare Foods, a private, family-owned food manufacturing company. Prior to Dare Foods, Fred was President of Interbrew/Labatt North America and previously spent 13 years at the Kellogg Company, where he held several senior positions including President, Kellogg Canada and General Manager-Cereal, Kellogg USA.
Fred Jaques commented, “During our five years of ownership, we created significant value at Santa Maria by launching over 25 new products, investing $16 million in capacity expansion and operational improvements and strengthening a world-class sales and marketing team. We have been able to drive strong revenue growth over the period, through aggressive innovation and our continued focus on premium, specialty Italian deli and grocery brands.”
Mark Burgett, a managing director at Wind Point, said, “We have had a great partnership with Fred and the entire Santa Maria team during our ownership. They did an outstanding job enhancing Santa Maria’s product portfolio and expanding distribution. Our success at Santa Maria is an excellent example of Wind Point’s strategy of working with a top caliber team to transform a middle market business.”
Santa Maria will be the second exit for Wind Point since the beginning of 2012, with the other being the sale of Citadel Plastics in February 2012.
DLA Piper LLP (US) and Aird & Berlis LLP acted as legal advisors to Wind Point Partners and Santa Maria Foods on the transaction.
About Wind Point Partners
Wind Point Partners is a Chicago-based private equity investment firm. Wind Point focuses on partnering with top caliber CEOs to acquire middle market businesses where we can establish a clear path to value creation. Additional information about Wind Point is available at www.windpointpartners.com.
About Santa Maria Foods
Santa Maria Foods is Canada’s leader in specialty Italian-style deli meat and imported Italian grocery products, with the deli meats sold under the San Daniele and Mastro brands. San Daniele and Mastro deli meats, such as prosciutto, mortadella and dry cured salami, are produced using authentic, traditional, dry curing Italian processes. The company also imports and exclusively distributes some of the best Italian grocery brands, notably Lavazza espresso coffees, San Benedetto water and Rio Mare tuna, and it sells Canada’s favorite bottle of olive oil, Mastro Extra Virgin 1 litre. Santa Maria operates three plants in Ontario and is headquartered in Brampton, Ontario.
About Sofina Foods Inc.
Sofina Foods Inc. is a private, family-owned Canadian company headquartered in Markham, Ontario. As one of the nation’s leading manufacturers of primary and further processed protein products for both retail and foodservice customers, Sofina Foods has a broad portfolio of branded and private label pork, beef, turkey, and chicken products. Sofina’s family of branded products consists of Lilydale, Fletcher’s, Vienna, Cuddy and Quality Meats. Sofina Foods currently operates 12 HACCP-approved manufacturing facilities (11 in Canada and one in the northwestern United States) and has over 3,000 employees.