BAYSIDE CAPITAL ANNOUNCES INVESTMENT IN READY PAC FOODS, INC.
MIAMI - April 16, 2007 - Ready Pac Foods, Inc. ("Ready Pac" or the "Company") announced today that it has received a strategic investment from Bayside Capital, a leading private equity firm. Ready Pac, with revenues in excess of $700 million, is a leading provider of fresh cut produce and fresh prepared foods with facilities located throughout the United States. The Company has been delivering the highest quality packaged salad, fruits and vegetables for over 30 years. Terms of the transaction were not disclosed.
Ready Pac Chairman and CEO Dennis Gertmenian commented, "We are excited to partner with a premier private equity firm to help facilitate our growth. Bayside's investment allows us to accelerate our 38 year history of partnering with our customers to bring high quality innovative new products to market while providing excellent service."
"Bayside views its investment in Ready Pac as a flagship investment in the fast growing fresh prepared foods industry segment. We will leverage our financial resources to enhance the company's operational excellence and industry leadership," said Tiffany Kosch of Bayside Capital. "The Company has an outstanding management team, leading market position and, with our resources, is well-positioned to capitalize on the many opportunities created by the strong customer demand for its products."
About Bayside Capital
Bayside Capital is a private investment firm which actively invests in the debt and equity of middle market companies that can benefit from operational enhancements, improved access to capital, or balance sheet realignments. With the ability to provide a broad range of financing solutions including senior and subordinated debt, equity, Debtor-In-Possession facilities, and special situation loans, Bayside has the experience and resources to help companies quickly resume growth initiatives and improve their strategic position. Bayside Capital is an affiliate of H.I.G. Capital, a leading private equity investment firm specializing in acquisitions and recapitalizations of middle market businesses. Based in Miami, Florida, and with offices in Atlanta, Boston, and San Francisco, H.I.G. is one of the most active private equity investors in small and medium-sized companies. We have available in excess of $3.5 billion of committed equity capital to support our investment activities The firm currently manages a portfolio of more than 50 companies with combined revenues of more than $7 billion. |
