Detroit’s Huron Capital, a lower-middle-market private equity firm, has partnered with Chicago’s KCM Capital Partners and Columbus, Ohio-based Stonehenge Partners in a joint investment in Atlantic Beverage Co., a national food service supplier based in New Jersey. Terms of the deal were not disclosed.
Atlantic Beverage will serve as Huron Flex Equity’s newest platform in the food service and distribution markets.
“With its strong market presence and proven longevity, we believe Atlantic Beverage is an excellent investment opportunity with an industry leader that will benefit from our combined resources,” says Doug Sutton, partner and head of Huron Flex Equity. “Our goal is to further develop and boost the market share of Atlantic Beverage by working with (co-founders) Jeff and Elliot to cultivate organic growth, product line expansion, and additional acquisitions.”
Atlantic Beverage was founded in 1986 and is a specialty importer and distributor of more than 2,000 non-perishable food and beverage products to customers across the U.S. The company will continue to be led by founders Jeff Muhlgeier and Elliot Braun.
“We are excited to collaborate with our new equity partners and believe this relationship will benefit our customers and employees as we expand our resources and operating expertise,” says Braun. “We started out more than 30 years ago as a wholesale beverage operation and have grown into a top food-service distribution company serving customers throughout the country with a roster of national brands, company-owned import brands, and in-house packaged spices.”
Huron Flex Equity has completed non-control equity investments in three companies since its inception.
“Atlantic Beverage has a solid foundation with a deep market presence on the East Coast, South and Midwest, presenting us with a dynamic opportunity for growth,” says Derek Ferguson, partner at KCM Capital Partners. “We are thrilled to partner with Huron Capital, Stonehenge Partners, and Atlantic Beverage’s seasoned management team to further advance the company.”