Richmond, California, U.S.A.-based food distributor Pro Food Solutions obtained USD 153 million (EUR 141 million) in credit to further grow its government, and specifically its military, business.
Comvest Credit Partners in West Palm Beach, Florida, U.S.A., provided the senior secured credit facility to support a dividend recapitalization of Pro Food, as well as organic growth and potential acquisitions. Pro Food, a portfolio company of IMB Partners, sources, brands, and distributes seafood, beef, poultry, pork, vegetable, dairy, and snack products to military bases, deployed aircraft carriers, and commissaries globally.
“The Comvest team was quick to understand a complicated industry and a complex deal,” IMB Partners Founder and CEO Tarrus Richardson said. “They moved with efficiency and thoughtfulness in delivering a one-stop financing package that best positions Pro Food to respond to ever-shifting military needs while pursuing its business-building and -expansion initiatives.”
Pro Food Solutions operates the Ocean Direct Seafood brand and Rainbow Seafood Company. Ocean Direct specializes in U.S.-caught seafood and is a full-line seafood manufacturer that processes its seafood in U.S. facilities. Its products include a variety of finfish, shellfish, and value-added products like breaded pollock and shrimp.
Rainbow Seafood Company has provided seafood products to the U.S. military for more than 20 years, providing cooked and raw shrimp along with specialty products like scallops, lobster, and crab meat. The company has also partnered with Australis Aquaculture to provide its “The Better Fish” barramundi products.
“Pro Food is a unique business that has differentiated itself by providing quality products and high-touch service to a geographically dispersed customer base,” Comvest Principal Kamau Hixon said. “Comvest was pleased to provide a complete and flexible financing solution that includes both a dividend and growth capital to support Pro Food’s strategic goals. We look forward to working alongside IMB Partners, which has deep expertise in the government contracting market.”
IMB is a private equity sponsor focused on investing and partnering with management teams to grow lower middle market companies serving government agencies, along with electric and gas utilities. IMB seeks platform investment targets with between USD 10 million (EUR 9.2 million) and USD 250 million (EUR 230 million) in revenue.
