Investment Summary

Farragut Capital Partners, Midwest Growth Partners, Gemini Investors, Spring Capital Partners, Lake Country Capital and Cadence Bancorporation Invest In Catalina Finer Foods

On March 7, 2022, mezzanine finance firm Farragut Capital Partners, private equity firm Midwest Growth Partners, private equity firm Gemini Investors, mezzanine finance firm Spring Capital Partners, mezzanine finance firm Lake Country Capital and Cadence Bancorporation invested in food company Catalina Finer Foods

Investment Highlights
  • This is Farragut Capital Partners’ 4th, Midwest Growth Partners’ 3rd, Gemini Investors’ 5th, Spring Capital Partners’ 1st, Lake Country Capital’s 1st and Cadence Bancorporation’s 1st transaction in the Food sector.
  • This is Farragut Capital Partners’ 84th, Midwest Growth Partners’ 11th, Gemini Investors’ 93rd, Spring Capital Partners’ 39th, Lake Country Capital’s 2nd and Cadence Bancorporation’s 2nd transaction in the United States.
  • This is Farragut Capital Partners’ 3rd, Midwest Growth Partners’ 1st, Gemini Investors’ 6th, Spring Capital Partners’ 4th, Lake Country Capital’s 1st and Cadence Bancorporation’s 1st transaction in Florida.

Target

Catalina Finer Foods

Tampa, Florida, United States
Catalina Finer Foods is a manufacturer of authentic Cuban and Caribbean cuisine including varieties of croquettes, stuffed potato balls, tamales, stuffed cassava, and other ancillary products. Catalina Finer Foods was founded in 1974 and is based in Tampa, Florida.

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Investor(S) 6

Investor

Farragut Capital Partners

Chevy Chase, Maryland, United States

Investor Investor 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 84 of 94
Sector (Food) 4 of 5
Type (Growth Capital) 23 of 26
State (Florida) 3 of 4
Country (United States) 84 of 94
Year (2022) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-02-09 Atlas Executive Consulting

North Charleston, South Carolina, United States

Atlas Executive Consulting is a digital consulting firm providing analytics, data science, and program support services to the national security sector. Atlas Executive Consulting was founded in 2006 and is based in North Charleston, South Carolina.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-10-17 Parry Labs

Alexandria, Virginia, United States

Parry Labs designs and deploys advanced systems solutions ranging from mission computing and power systems to RF solutions to defense and commercial markets. Parry Labs is the creator of Stellar Relay hardware and software family of systems, which provides the digital backbone and connectivity for the Multi-Domain Operations environment to exist on any Air, Ground, or Sea platform. Parry Labs was founded in 2016 and is based in Alexandria, Virginia.

Buy -
Investor
DESCRIPTION

Midwest Growth Partners is a private equity firm focused on investing in established, growing businesses throughout rural areas across the country. The Firm targets businesses operating in the food, agriculture, manufacturing, and distribution sectors with $4 to $100 million in revenue. Midwest Growth Partners provides a variety of debt and equity capital and seeks to commit $500k to $10 million per investment. Midwest Growth Partners was formed in 2013 and is headquartered in Des Moines, Iowa.


DEAL STATS #
Overall 11 of 15
Sector (Food) 3 of 4
Type (Growth Capital) 6 of 7
State (Florida) 1 of 1
Country (United States) 11 of 15
Year (2022) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-28 Superior Metal Products

Omaha, Nebraska, United States

Superior Metal Products is a precision machining business, including assembly, kitting, light fabrication and testing. Superior Metal Products was founded in 1971 and is based in Omaha, Nebraska.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-03-24 Adams

Gonzales, Texas, United States

Adams is a full-service dry and wet flavor manufacturer and distributor of seasonings, spices, panko, extracts, and food coloring. Adams was founded in 1888 and is based in Gonzales, Texas.

Buy -
Investor

Gemini Investors

Wellesley, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1993
PE ASSETS 700M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Gemini Investors is a middle-market private equity firm that targets investments in growing and established businesses. Areas of interest include technology, business services, consumer services, healthcare, education, manufacturing and distribution. Gemini looks for companies with $5 to $50 million in annual revenue and typically makes investments of $3 to $8 million in the form of preferred stock and/or subordinated debt. Prospective transaction types include growth capital, recapitalization and buyout situations. Gemini Investors was formed in 1993 and is based in Wellesley, Massachusetts.


DEAL STATS #
Overall 93 of 96
Sector (Food) 5 of 5
Type (Growth Capital) 28 of 29
State (Florida) 6 of 7
Country (United States) 93 of 96
Year (2022) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-09 Phoenix Aromas

Norwood, New Jersey, United States

Phoenix Aromas is a value-added distributor of essential oils, aroma chemicals, absolutes, and oleoresins. These flavor and fragrance components serve as the foundation of hundreds of end products in the growing markets of food & beverage, fragrance, and personal care. Phoenix Aromas was founded in 1994 and is based in Norwood, New Jersey.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-03-08 Satellite Phone Store

Bradenton, Florida, United States

Satellite Phone Store is a satellite phone, internet, equipment, and Mobile Satellite Services (MSS) retailer. The Company boasts strong partnerships with MSS providers, including Inmarsat, Iridium, Kymeta, Globalstar, and Thuraya with relationships spanning 15-years. Satellite Phone Store was formed in 2003 and is based in Bradenton, Florida.

Buy -
Investor

Spring Capital Partners

Lutherville, Maryland, United States

Investor Investor


Category Mezzanine Finance Firm
Founded 1999
PE ASSETS 600M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Spring Capital Partners is a mezzanine finance provider for small to medium-sized businesses. Spring invests $2 to $20 million, primarily in the form of subordinated debt with equity features in each transaction. The Firm does not have an industry focus. Spring Capital looks for businesses located in the Mid-Atlantic US with revenues between $10 and $150 million. Spring Capital Partners was formed in 1999 and has offices in Baltimore, Maryland and Radnor, Pennsylvania.


DEAL STATS #
Overall 39 of 44
Sector (Food) 1 of 1
Type (Growth Capital) 14 of 16
State (Florida) 4 of 4
Country (United States) 39 of 44
Year (2022) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-05 Green Cloud Defense

Greenville, South Carolina, United States

Green Cloud Defense is an independent channel-only cloud Infrastructure-as-a-Service (IaaS) provider. Green Cloud Defense is based in Greenville, South Carolina.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-08-16 Perimeter Insect Guard

Stonewall, Mississippi, United States

Perimeter Insect Guard is a provider of insecticide treatment services for uniforms and garments, primarily used by the various branches of the U.S. Military. The Company treats uniforms with an EPA approved chemical mixture that repels insects, protecting against numerous pathogens such as malaria, Zika virus, Dengue fever, and Lyme disease. Perimeter Insect Guard was founded in 2006 and is based in Stonewall, Mississippi.

Buy -
Investor

Lake Country Capital

Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 2017
PE ASSETS 182M USD
Size Small
Type Sector Agnostic
DESCRIPTION

Lake Country Capital is a debt and equity investment firm providing transitional and growth capital to US lower middle-market companies. The firm targets businesses with over $2 million in EBITDA across a variety of industries, including the manufacturing, business services, consumer-related and medical/healthcare sectors. Lake Country Capital works in partnership with management teams, business owners and private equity firms to finance growth initiatives, recapitalizations and ownership transitions. Lake Country Capital was established in 2017 and has offices in Minneapolis and Los Angeles.


DEAL STATS #
Overall 2 of 2
Sector (Food) 1 of 1
Type (Growth Capital) 1 of 1
State (Florida) 1 of 1
Country (United States) 2 of 2
Year (2022) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-30 Creative Tent

Henderson, Nevada, United States

Creative Tent is a designer and manufacturer of highly engineered tension fabric, clear-span structures deployable for a wide range of defense, aerospace, government, and commercial applications. Creative Tent was founded in 2004 and is based in Henderson, Nevada.

Buy -
Investor

Cadence Bancorporation

Houston, Texas, United States

Category Company
Founded 1885
Sector Financial Services
Employees1,800
Revenue 924M USD (2020)
DESCRIPTION

Cadence Bancorporation is a bank holding company established to acquire and operate failed or distressed U.S. banks. Cadence Bancorporation provides consumers, small and middle-market businesses, and commercial clients with a full range of innovative banking and financial solutions, and serves as a sound source of capital for leading companies. Cadence Bancorporation was founded in 1885 and is based in Houston, Texas.


DEAL STATS #
Overall 2 of 2
Sector (Food) 1 of 1
Type (Growth Capital) 1 of 1
State (Florida) 1 of 1
Country (United States) 2 of 2
Year (2022) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-02 Cadence Bank - Seven Branches

Houston, Texas, United States

Cadence Bank branches provide corporations, middle-market companies, small businesses, and consumers with a full range of innovative banking and financial solutions.

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