M&A Deal Summary

PNC Riverarch Capital Acquires Perfect Puree of Napa Valley

On December 12, 2023, private equity firm PNC Riverarch Capital acquired food company Perfect Puree of Napa Valley from SBJ Capital

Acquisition Highlights
  • This is PNC Riverarch Capital’s 4th transaction in the Food sector.
  • This is PNC Riverarch Capital’s 29th transaction in the United States.
  • This is PNC Riverarch Capital’s 4th transaction in California.

M&A Deal Summary
Date 2023-12-12
Target Perfect Puree of Napa Valley
Sector Food
Buyer(s) PNC Riverarch Capital
Sellers(s) SBJ Capital
Deal Type Secondary Buyout

Target

Perfect Puree of Napa Valley

Napa, California, United States
Perfect Puree of Napa Valley is a producer of premium fruit and vegetable puree and concentrates. The company has introduced over 40 exceptional flavors, ranging from staple flavors like raspberry, strawberry, and mango to tropical flavors like lychee, passion fruit, and pink guava. All purees and concentrates contain no artificial additives, preservatives, or colorings. The fruits are harvested at the peak of the season, pureed and packed, and shipped frozen to maintain the ultimate in fresh flavor, consistency, and color. Perfect Puree of Napa Valley was founded in 1988 and is based in Napa, California.

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Buyer(S) 1

Buyer

PNC Riverarch Capital

Pittsburgh, Pennsylvania, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2011
PE ASSETS 250M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

PNC Riverarch Capital is a middle-market private equity group that invests in privately-held companies headquartered throughout North America. The Group looks to commit $10 to $50 million to help fund recapitalizations, leveraged and management buyouts, corporate divestitures and growth financings. Target sectors include business and industrial services, specialized manufacturing, and value-added distribution. PNC Riverarch was formed in 2011 and is an affiliate of PNC Financial Services Group.

DEAL STATS #
Overall 34 of 35
Sector (Food) 4 of 5
Type (Secondary Buyout) 12 of 12
State (California) 4 of 4
Country (United States) 29 of 30
Year (2023) 5 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-11-07 Clayton Kendall

Monroeville, Pennsylvania, United States

Clayton Kendall is a provider of corporate branded merchandise and marketing products to franchised and multi-unit customers on a national basis. Clayton Kendall was founded in 1999 and is based in Monroeville, Pennsylvania.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-07-31 Hill Country Dairies

Austin, Texas, United States

Hill Country Dairies (HCD) provides full-service dairy programs and category management services to food service customers through a high-touch DSD model, serving thousands of customers across six Texas branches. Their product offering includes over 200 milk, butter, cream, and cheese items that are primarily used as input ingredients into core menu items at restaurants and other food service locations. Hill Country Dairies is based in Austin, Texas.

Buy -

Seller(S) 1

SELLER

SBJ Capital

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2013
PE ASSETS 600M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Spanos Barber Jesse & Co. (SBJ) is a private investment firm focused on lower middle-market consumer, business services and healthcare services companies. Prospective transaction types include buyouts, recapitalizations, acquisitions, and growth. SBJ looks to invest $10 to $50 million in companies generating sales up to $100 million and EBITDA of $3 to $15 million. Spanos Barber Jesse & Co. was founded in 2013 and is based in Walnut Creek, California.

DEAL STATS #
Overall 3 of 3
Sector (Food) 1 of 1
Type (Secondary Buyout) 1 of 1
State (California) 2 of 2
Country (United States) 3 of 3
Year (2023) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-11-15 Sydnic

United States

Sydnic is a franchisee of Precision Garage Door Service, a residential garage door repair company in the U.S.

Buy -
Mergr

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