Lipari Foods Completes Acquisition of Troyer Cheese

SAN FRANCISCO–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/DairyGoods?src=hash” target=”_blank”gt;#DairyGoodslt;/agt;–H.I.G. Capital, LLC (“H.I.G.”), a leading global private equity
investment firm with over $30 billion of equity capital under
management, is pleased to announce that its portfolio company, Lipari
Foods (“Lipari” or the “Company”), a leading distributor, manufacturer,
and importer of perimeter-of-the-store, specialty, and branded food
products, has acquired Troyer Cheese, Inc., Troyer Bros. Trucking, Ltd.,
and Amish Wedding Foods, Inc. (collectively, “Troyer”).

Troyer, founded in 1959, is a specialty food distributor, manufacturer,
and processor located in Millersburg, Ohio. Troyer is primarily engaged
in the distribution, processing, and manufacturing of premium deli,
cheese, jar goods, confections, and other specialty food products,
proudly serving 2,400 grocery retail customers across 48 states. Troyer
offers multiple proprietary brands including Troyer meats, cheeses, and
deli products, Amish Wedding Foods’ jar goods, Backroad Country candy
and snacks, and Edna Lucille soaps and lotions.

Thom Lipari, President and CEO of Lipari commented, “We are excited
about the addition of Troyer’s unique product offerings into our
existing portfolio. Troyer is an excellent strategic fit that builds on
Lipari’s heritage in deli, dairy, confectionary, and other specialty
food categories. Additionally, we are eager to continue building our
specialty food manufacturing capabilities and look forward to extending
our geographic reach further across the Midwest.”

“We are pleased to support Lipari in its acquisition of Troyer,” added
Justin Reyna, Managing Director at H.I.G. “This transaction fits
squarely within the Company’s strategy of acquiring unique and
complementary food manufacturing and distribution businesses in existing
and adjacent markets. We are excited to partner with the Troyer team as
we continue to grow the Lipari business.”

Troyer is the second add-on acquisition that Lipari has completed since
H.I.G. acquired the Company in January 2019 and part of a broader
M&A-oriented growth strategy.

About Troyer Cheese

Founded in 1959 and located in the heart of Ohio’s Amish Country, Troyer
manufactures and distributes a full line of premium deli, cheese, meats,
jar goods, confections, and other specialty food products, proudly
serving 2,400 customers across 48 states. Troyer offers multiple
proprietary brands including Troyer meats, cheeses, and deli products,
Amish Wedding Foods’ jar goods, Backroad Country candy and snacks, and
Edna Lucille soaps and lotions. Over the last 60 years, Troyer has grown
to 175 employees and offers its customers a portfolio of 3,000 products.

About Lipari Foods

Jim Lipari, who began his career delivering BBQ sauce from the back of
his Buick station wagon, founded Lipari Foods in 1963. Today Lipari
Foods is a leading independent “perimeter-of-the-store” distributor in
the Midwest and beyond, delivering a wide range of high-quality deli,
bakery, dairy, specialty retail, seafood, packaging, confections, and
organic food and beverage products to over 13,000 retail locations
across 14 states. Over the years, Lipari Foods has also made substantial
investments in its manufacturing and importing capabilities, which both
support the distribution operation. Since that first employee in 1963,
Lipari Foods has grown to 1,500 associates while its product offering of
one BBQ sauce has grown to more than 25,000 items.

About H.I.G. Capital

H.I.G. is a leading global private equity and alternative assets
investment firm with over $30 billion of equity capital under
management*. Based in Miami, and with offices in New York, Boston,
Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as
well as international affiliate offices in London, Hamburg, Madrid,
Milan, Paris, Bogotá, Rio de Janeiro and São Paulo, H.I.G. specializes
in providing both debt and equity capital to small and mid-sized
companies, utilizing a flexible and operationally focused / value-added
approach:

1. H.I.G.’s equity funds invest in management buyouts, recapitalizations
and corporate carve-outs of both profitable as well as underperforming
manufacturing and service businesses.

2. H.I.G.’s debt funds invest in senior, unitranche and junior debt
financing to companies across the size spectrum, both on a primary
(direct origination) basis, as well as in the secondary markets. H.I.G.
is also a leading CLO manager, through its WhiteHorse family of
vehicles, and manages a publicly traded BDC, WhiteHorse Finance.

3. H.I.G.’s real estate funds invest in value-added properties, which
can benefit from improved asset management practices.

Since its founding in 1993, H.I.G. has invested in and managed more than
300 companies worldwide. The firm’s current portfolio includes more than
100 companies with combined sales in excess of $30 billion. For more
information, please refer to the H.I.G. website at www.higcapital.com.

Contacts

Justin Reyna
Managing Director
[email protected]


Matt Hankins
Principal
[email protected]
H.I.G.
Capital
P 415.439.5500

error: Content is protected !!