Richmond, California, U.S.A.-based meals distributor Professional Meals Options obtained USD 153 million (EUR 141 million) in credit score to additional develop its authorities, and particularly its navy, enterprise.
Comvest Credit score Companions in West Palm Seaside, Florida, U.S.A., offered the senior secured credit score facility to assist a dividend recapitalization of Professional Meals, in addition to natural progress and potential acquisitions. Professional Meals, a portfolio firm of IMB Companions, sources, manufacturers, and distributes seafood, beef, poultry, pork, vegetable, dairy, and snack merchandise to navy bases, deployed plane carriers, and commissaries globally.
“The Comvest staff was fast to know an advanced business and a posh deal,” IMB Companions Founder and CEO Tarrus Richardson mentioned. “They moved with effectivity and thoughtfulness in delivering a one-stop financing bundle that finest positions Professional Meals to answer ever-shifting navy wants whereas pursuing its business-building and -expansion initiatives.”
Professional Meals Options operates the Ocean Direct Seafood model and Rainbow Seafood Firm. Ocean Direct makes a speciality of U.S.-caught seafood and is a full-line seafood producer that processes its seafood in U.S. services. Its merchandise embody a wide range of finfish, shellfish, and value-added merchandise like breaded pollock and shrimp.
Rainbow Seafood Firm has offered seafood merchandise to the U.S. navy for greater than 20 years, offering cooked and uncooked shrimp together with specialty merchandise like scallops, lobster, and crab meat. The corporate has additionally partnered with Australis Aquaculture to supply its “The Higher Fish” barramundi merchandise.
“Professional Meals is a singular enterprise that has differentiated itself by offering high quality merchandise and high-touch service to a geographically dispersed buyer base,” Comvest Principal Kamau Hixon mentioned. “Comvest was happy to supply an entire and versatile financing resolution that features each a dividend and progress capital to assist Professional Meals’s strategic objectives. We sit up for working alongside IMB Companions, which has deep experience within the authorities contracting market.”
IMB is a non-public fairness sponsor centered on investing and partnering with administration groups to develop decrease center market corporations serving authorities businesses, together with electrical and fuel utilities. IMB seeks platform funding targets with between USD 10 million (EUR 9.2 million) and USD 250 million (EUR 230 million) in income.
