Detroit-based Huron Capital Partner’s portfolio companies Victoria Fine Foods Holding Co. and Victoria Fine Foods have been acquired for $70 million in cash by New Jersey-based B and G Foods, Inc., which manufactures, sells, and distributes branded shelf-stable and frozen foods. The deal is subject to a customary working capital adjustment.
The Brooklyn-based Victoria Fine Foods brand, founded in 1929, offers a variety of pasta and sauces, condiments, and spreads.
“The Victoria brand complements very well our existing portfolio of brands,” says Robert C. Cantwell, president and CEO of B and G Foods. “And, consistent with our acquisition strategy, we expect the acquisition to be immediately accretive to our earnings per share and free cash flow.”
Company officials with B and G Foods project that after it fully integrates the Victoria brand, the unit will generate on an annualized basis net sales of $41 million and adjusted EBITDA of $9 million.
B and G Foods funded the acquisition and related fees and expenses with cash on hand and additional revolving loans under its existing credit facility.
New York City-based Sawaya Segalas and Co. served as the financial advisor to Victoria Fine Foods. Perella Weinberg Partners LP, also based in New York City, served as a financial advisor to B and G Foods.
Huron Capital is a private equity firm that aims to grow lower middle-market companies. Founded in 1999, the firm has raised more than $1 billion in capital through four private equity funds and invested in over 120 companies. Huron Capital's sector focus includes business services, consumer products and services, and specialty manufacturing.