M&A Deal Summary

Sun Capital Partners and Main Street Capital Holdings Acquire Harry s Fresh Foods

On November 12, 2010, private equity firms Sun Capital Partners and Main Street Capital Holdings acquired food company Harry s Fresh Foods from Basic American Foods

Acquisition Highlights
  • This is Sun Capital Partners’ 6th and Main Street Capital Holdings’ 4th transaction in the Food sector.
  • This is Sun Capital Partners’ 68th and Main Street Capital Holdings’ 8th transaction in the United States.
  • This is Sun Capital Partners’ 2nd and Main Street Capital Holdings’ 1st transaction in Oregon.
Investment Fate
  • Harry s Fresh Foods was sold to a strategic buyer in 2013.
  • Harry s Fresh Foods was divested to a consortium of strategic buyers in 2019.

M&A Deal Summary

Date 2010-11-12
Target Harry s Fresh Foods
Sector Food
Buyer(s) Sun Capital Partners
Main Street Capital Holdings
Sellers(s) Basic American Foods
Deal Type Divestiture

Target

Harry s Fresh Foods

Portland, Oregon, United States
Harry's Fresh Foods is a provider of consumers and foodservice partners with a range of fresh and prepared foods, including soups, chilis, stews, side dishes, entrées, sauces, gravies, and desserts.

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Buyer(S) 2

Buyer

Sun Capital Partners

Boca Raton, Florida, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1995
PE ASSETS 13.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
Sun Capital's corporate headquarters in Boca Raton, Florida.
Sun Capital's corporate headquarters in Boca Raton, Florida.

Sun Capital Partners is a large private equity firm focused on leveraged buyouts, equity, debt, and other control investments in North America, Asia, and Europe. Sun looks for businesses that can benefit from the Firm's operating experience including underperformers, turnarounds, and special situations. Target companies typically have $50 million to $1 billion in revenue with strong market positions. Sectors of interest include paper and packaging, food and beverages, metals and mining, automotive after-market parts, consumer products, financial services, healthcare, media and communications, building products, telecommunications, technology, retailing and catalogs, restaurants, manufacturing and industrial. Sun Capital was formed in 1995 and is based in Boca Raton, Florida.


DEAL STATS #
Overall 90 of 172
Sector: Food M&A 6 of 10
Type: Divestiture M&A Deals 13 of 24
State: Oregon M&A 2 of 2
Country: United States M&A 68 of 118
Year: 2010 M&A 16 of 16
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-11-08 V&D B.V.

Amsterdam, Netherlands

V&D is a department store chain in the Netherlands with 62 branches. V&D has a particularly strong presence in the Dutch market with more than 1.7 million visitors per week.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-11-19 Decorative Panels International

Toledo, Ohio, United States

Decorative Panels International, Inc., a new entity doing business as DPI, was formed by Sun Capital for the purpose of acquiring the facilities. DPI produces high-quality hardboard and decorative paneling products, including tileboard, whiteboard, and wood grain paneling. The primary applications of the panels are for interior wall coverings in bathrooms, kitchens, offices, retail store fixtures, and other residential and industrial settings.

Sell -
Buyer

Main Street Capital Holdings

Pittsburgh, Pennsylvania, United States

Investor Investor


Category Private Equity Firm
Founded 1994
Size Small
Type Sector Agnostic
DESCRIPTION

Main Street Capital Holdings is a private equity firm that acquires profitable, growth-oriented companies located in the US. Areas of interest include electronic manufacturing services, food, homeland security, metallic alloy parts manufacturers, niche manufacturing, and value-added distribution. Prospective companies should have EBITDA of at least $2 million. Main Street looks to invest $3 to $25 million per transaction in businesses valued up to $125 million. The Firm prefers control situations and will not invest in start-ups, turnarounds, commodities, retail, or restaurants. Main Street Capital Holdings is based in Pittsburgh, Pennsylvania.


DEAL STATS #
Overall 8 of 15
Sector: Food M&A 4 of 6
Type: Divestiture M&A Deals 1 of 1
State: Oregon M&A 1 of 1
Country: United States M&A 8 of 14
Year: 2010 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-10-22 Sajar Plastics

Middlefield, Ohio, United States

Sajar Plastics, Inc. is a gas-assist injection molder company that supplies complex OEM parts for the medical, banking, consumer durables, and technology end-markets. The company utilizes three main injection molding processes: straight/standard, structural foam, and gas assist molding. Sajar Plastics was founded in 1949 and is based in Middlefield, Ohio.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-01-31 Conelec of Florida

Sanford, Florida, United States

Conelec of Florida LLC is a provider of electronic manufacturing services to original equipment manufacturers in the medical, military communications, and industrial markets. Conelec of Florida was founded in 1983 and is based in Sanford, Florida.

Buy -

Seller(S) 1

SELLER

Basic American Foods

Walnut Creek, California, United States

Category Company
Founded 1933
Sector Food
DESCRIPTION

Basic American Foods has the best selling line of shelf-stable potatoes and beans today by combining consumer preferred taste with exceptional convenience.


DEAL STATS #
Overall 2 of 2
Sector: Food M&A 1 of 1
Type: Divestiture M&A Deals 2 of 2
State: Oregon M&A 1 of 1
Country: United States M&A 2 of 2
Year: 2010 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-01-08 Ameriseed

Boise, Idaho, United States

Ameriseed LLC engages in development and production of agricultural seeds.

Sell -