Investment Summary

Azalea Capital, Farragut Capital Partners and NewSpring Capital Invest In Virginia Food Group

On November 8, 2024, private equity firm Azalea Capital, mezzanine finance firm Farragut Capital Partners and private equity firm NewSpring Capital invested in food company Virginia Food Group

Investment Highlights
  • This is Azalea Capital’s 3rd, Farragut Capital Partners’ 6th and NewSpring Capital’s 3rd transaction in the Food sector.
  • This is Azalea Capital’s 24th, Farragut Capital Partners’ 97th and NewSpring Capital’s 197th transaction in the United States.
  • This is Azalea Capital’s 2nd, Farragut Capital Partners’ 9th and NewSpring Capital’s 9th transaction in Virginia.

Investment Summary

Date 2024-11-08
Target Virginia Food Group
Sector Food
Investor(s) Azalea Capital
Farragut Capital Partners
NewSpring Capital
Deal Type Growth Capital

Target

Virginia Food Group

Wakefield, Virginia, United States
Virginia Food Group is a manufactures, markets, and distributes Virginia peanuts and snack mixes. Virginia Food Group is based in Wakefield, Virginia.

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Investor(S) 3

Investor

Azalea Capital

Greenville, South Carolina, United States

Investor Investor Investor


Category Private Equity Firm
Founded 1995
Size Small
Type Sector Agnostic
DESCRIPTION

Azalea Capital is a private investment firm focused on providing equity capital to privately owned middle-market companies located in the Southeast US. Prospective transaction situations include management buyouts, divestitures, recapitalizations, and growth financings. Target companies typically have at least $10 million in revenue and are profitable with up to $8 million of EBITDA. Sectors of interest include niche manufacturing, value-added distribution, business services, consumer products, and healthcare. Azalea was formed in 1995 and is based in Greenville, South Carolina.


DEAL STATS #
Overall 24 of 24
Sector (Food) 3 of 3
Type (Growth Capital) 9 of 9
State (Virginia) 2 of 2
Country (United States) 24 of 24
Year (2024) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-08-07 Rainbow Restoration

Greenville, South Carolina, United States

Rainbow Restoration is a global franchise providing residential and commercial restoration and cleaning services from more than 400 locations worldwide. Rainbow Restoration was formed in 1981 and is based in Greenville, South Carolina.

Buy -
Investor

Farragut Capital Partners

Chevy Chase, Maryland, United States

Investor Investor Investor


Category Mezzanine Finance Firm
Founded 2011
PE ASSETS 1.7B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Farragut Capital Partners LLC is a private investment firm that provides mezzanine and equity capital to help finance buyouts, generational transfers, growth capital financings, and recapitalizations. The Firm prefers asset-light businesses with unique and defensible market positions, stable business models, and reasonable capital expenditure and working capital needs. Sectors of interest include light and niche manufacturing, business services, distribution & logistics, and media. Farragut's target investment size is $2 to $10 million. Farragut Capital Partners was formed in 2011 and is based in Washington, District of Columbia.


DEAL STATS #
Overall 97 of 98
Sector (Food) 6 of 6
Type (Growth Capital) 27 of 27
State (Virginia) 9 of 9
Country (United States) 97 of 98
Year (2024) 7 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-10-14 SPG

Atlanta, Georgia, United States

SPG manufactures and supplies commercial-grade, steel, stainless steel, and aluminum materials handling and storage products used in a variety of end-markets including industrial distribution, food service, and grocery and convenience stores. It primarily sells to the domestic locations of leading industrial distributors, quick-service restaurant brands and franchisees, big box retailers, and convenience stores, working directly with customers to engineer custom storage and material handling solutions. SPG was founded in 2010 and is based in Atlanta, Georgia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-02-19 IMRIS

Chaska, Minnesota, United States

IMRIS designs manufactures, and services its proprietary intraoperative MRI suites utilized by scores of hospitals and cancer centers worldwide. IMRIS was founded in 2005 and is based in Chaska, Minnesota.

Buy -
Investor

NewSpring Capital

Radnor, Pennsylvania, United States


Category Private Equity Firm
Founded 1999
PE ASSETS 3.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

NewSpring Capital is a private investment firm focused on growth companies in the Mid-Atlantic US. The Firm can provide both growth equity and junior capital to prospective companies. NewSpring's target investment size for both mezzanine and equity financing is $2 to $5 million, although for new ventures, the Firm can commit up to $10 million. Sectors of interest include specialty manufacturing, technology, business services, information technology, life science, healthcare services, and medical devices. NewSpring Capital was formed in 1999 and is based in Radnor, Pennsylvania with an additional office in Short Hills, New Jersey.


DEAL STATS #
Overall 201 of 201
Sector (Food) 3 of 3
Type (Growth Capital) 106 of 106
State (Virginia) 9 of 9
Country (United States) 197 of 197
Year (2024) 10 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-10-15 Xpect Solutions

Fairfax, Virginia, United States

Xpect Solutions is a provider of cutting-edge enterprise IT and security solutions to the Federal Bureau of Investigations (FBI), Department of Justice (DOJ), and the National Institutes of Health (NIH) agencies. Xpect Solutions is based in Fairfax, Virginia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-02-04 BOF

Aurora, Illinois, United States

BOF is a manufacturer of customized gravity-flow merchandising solutions serving the retail industry. BOF was founded in 1953 and is based in Aurora, Illinois.

Sell -