Houlihan Lokey is pleased to announce that Harry's Fresh Foods, an affiliated portfolio company of Main Street Capital Holdings LLC and Sun Capital Partners Inc., has been acquired by Joshua Green Corp. through its food-focused subsidiary, JGC Foods LLC, which also owns Cuizina Food Co. The transaction closed on Aug. 5, 2013.
Houlihan Lokey served as the exclusive financial advisor to Harry’s, Main Street and Sun Capital and assisted in structuring and negotiating the transaction on their behalf. This deal represents another successful transaction for Houlihan Lokey in the food and beverage industry.
Headquartered in Portland, Ore., Harry’s is a leading producer of chef-inspired fresh refrigerated and packaged soups, entrées, sides, sauces, and desserts for the retail and foodservice markets. Harry’s customers include wholesale club stores, grocers, national restaurant chains, distributors, and select other outlets throughout the U.S. and Canada. All Harry’s products are made by hand in small batches by a team of culinary-trained chefs and are designed for busy families who want restaurant-quality meal solutions to simply heat and serve at home.
Founded in 1994, Main Street is a Pittsburgh-based private equity firm that acquires companies operating in a broad range of industries at the lower end of the middle market. Main Street has significant experience in the food industry, including highly successful investments in companies such as Lloyds Barbeque and the Wisconsin Cheese Group. A key to Main Street’s success is its strong partnerships with existing management teams and proven operators.
Sun Capital is a pioneer in operationally focused private equity. The firm focuses on market-leading companies that can benefit from Sun Capital’s in-house professionals, resources, and expertise to materially improve operating performance. Sun Capital affiliates have invested in more than 325 companies worldwide with combined sales in excess of $45 billion since inception in 1995. The firm has offices in Boca Raton, Los Angeles, and New York, and affiliates in London, Frankfurt, Paris, Luxembourg, Shanghai, and Shenzhen.
Joshua Green is a Seattle-based investment company that is privately owned by descendants of Joshua Green. The company has its roots in the shipping industry dating back to the late 1800s; expanding in the 1920s into banking and insurance with its acquisition of People’s Bank and its investment in SAFECO. The company invests for the long term, seeking to create value by investing in companies with good management teams and good long-term business prospects. Joshua Green seeks investment opportunities in both privately owned companies and the commercial retail real estate markets.
Houlihan Lokey is an international investment bank with expertise in mergers and acquisitions, capital markets, financial restructuring and valuation. The firm serves corporations, institutions, and governments worldwide with offices in the United States, Europe, and Asia. Independent advice and intellectual rigor are hallmarks of our commitment to client success across our advisory services.