IMB Partners, a lower middle-market private equity firm targeting companies that provide business services to electric and gas utilities and government agencies, recently facilitated a successful $130 million dividend recapitalization for Pro Food Solutions.
Pro Food Solutions is their holding group for three leading military food suppliers: Alder Foods, Elite Brands, and Richmond Wholesale.
This financial maneuver involved securing $153 million in debt financing. IMB will use $130 million to pay off existing debt and distribute the remaining amount to IMB Partners and its investors, marking a significant return on investment for the firm.
IMB’s commitment to partnership is evident throughout its involvement with Pro Food Solutions. They began building the group in 2016 with the acquisition of Alder Foods. Tarrus Richardson, Founder & CEO of IMB Partners, emphasizes this approach in a recent press release: “As part of IMB Partners’ mission, we bring our relationships and networks to each investment partnership so we can help build out management teams, grow sales, and develop more diverse workforces and supply chains.”
Tarrus Richardson further highlighted the impressive growth achieved through collaboration via a recent LinkedIn post: “Over the last eight years, we have acquired three leading military food suppliers, and together we have grown our revenue to over $300 million.” This achievement speaks volumes about the combined strength of the companies under the Pro Food Solutions umbrella and the effectiveness of IMB’s partnership strategy.
The success of the recapitalization underscores the strength of Pro Food Solutions’ position within the growing military food supply market. IMB Partners’ ability to identify and cultivate promising companies in this sector, while fostering strong partnerships, has yielded a substantial return for their investors.
by Tony O. Lawson
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