M&A Deal Summary

H.I.G. Private Equity Acquires Patriot Pickle

On January 16, 2024, private equity firm H.I.G. Private Equity acquired food company Patriot Pickle from Swander Pace Capital

Acquisition Highlights
  • This is H.I.G. Private Equity’s 9th transaction in the Food sector.
  • This is H.I.G. Private Equity’s 232nd transaction in the United States.
  • This is H.I.G. Private Equity’s 7th transaction in New Jersey.

M&A Deal Summary
Date 2024-01-16
Target Patriot Pickle
Sector Food
Buyer(s) H.I.G. Private Equity
Sellers(s) Swander Pace Capital
Deal Type Secondary Buyout

Target

Patriot Pickle

Wayne, New Jersey, United States
Patriot Pickle provides a variety of refrigerated pickles, sauerkraut, and other pickled veggies. Patriot boasts a state-of-the-art, 86,000 square foot facility that is SQF Level 2 and HAACP certified. Patriot Pickle was founded in 2004 and is based in Wayne, New Jersey.

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Buyer(S) 1

Buyer

H.I.G. Private Equity

Miami, Florida, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1993
PE ASSETS 65.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HIG Private Equity is the private equity arm of HIG Capital LLC. The firm focuses on management buyouts, growth equity investments, and recapitalizations of middle market companies with an enterprise value of $50 - $1000 million. The Firm also will consider add-on acquisitions, industry consolidations, going-privates, and corporate divestitures. Sectors of interest include aerospace, building materials, business services, consumer products, distribution, healthcare, infrastructure, contracting, manufacturing, media, oil & gas services, IT, and transportation. HIG was formed in 1993 and has offices in Miami, Atlanta, Boston, and San Francisco. HIG's European affiliate is HIG Europe with offices in London, Hamburg, and Paris.

DEAL STATS #
Overall 349 of 369
Sector (Food) 9 of 9
Type (Secondary Buyout) 60 of 68
State (New Jersey) 7 of 7
Country (United States) 232 of 245
Year (2024) 2 of 22
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-01-01 ARC Compactors

Columbus, Mississippi, United States

ARC Compactors provides waste and recycling equipment rental, sales, and service. ARC Compactors is a national specialty lessor of waste equipment for waste haulers, brokers, and direct customers across a variety of end markets. ARC Compactors is based in Columbus, Mississippi.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-01-23 CHA

Albany, New York, United States

CHA is a diversified, full-service engineering consulting firm providing a wide range of technology-enhanced planning and design services to public, private and institutional clients. CHA was ranked the 36th largest design firm in the United States in 2017 by Engineering News Record and has annual revenue of $290 million. With technical personnel and offices throughout the United States and Canada, CHA offers engineering, architectural, survey, construction, and other services necessary to complete projects on time and within budget. CHA was founded in 1955 and is based in Albany, New York.

Buy -

Seller(S) 1

SELLER

Swander Pace Capital

San Francisco, California, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1996
PE ASSETS 1.8B USD
Size Large
Type Sector Focused
DESCRIPTION

Swander Pace Capital (SPC) is a private equity firm focused on investing in North American middle-market consumer products companies. SPC looks for companies exhibiting strong growth potential and sales of up to $500 million. Specific areas of interest include food/beverage, household products, health living, packaging, personal care, pet products, sporting goods, specialty apparel, and specialty distribution. Prospective investment situations include management-led buyouts, consolidations, divestitures, turnarounds, recapitalizations, and growth capital financings. SPC was formed in 1996 and has offices in San Francisco, California; Bedminster, New Jersey; and Ontario, Canada.

DEAL STATS #
Overall 41 of 42
Sector (Food) 21 of 22
Type (Secondary Buyout) 15 of 15
State (New Jersey) 2 of 2
Country (United States) 34 of 35
Year (2024) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-12-28 Boulangerie St-Méthode

Adstock, Quebec, Canada

Boulangerie St-Méthode is a supplier of healthy, value-add fresh bread products sold under the St Méthode brand to consumers through the retail grocery and club channels. Boulangerie St-Méthode was founded in 1947 and is based in Adstock, Quebec.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-05-01 Functional Formularies

Wilmington, Ohio, United States

Functional Formularies is a producer of organic, whole food, shelf-stable feeding tube formulas. The Company offers unique, organic, and whole food alternatives to traditional feeding tube formulas. Liquid Hope and Nourish are nutritionally complete, plant-based, and USDA-certified organic. Functional Formularies was founded in 2006 and is based in Wilmington, Ohio.

Sell -
Mergr

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