August 5, 2013
Main Street Capital Holdings and Affiliates of Sun Capital Partners Announce Exit of Investment in Harry’s Fresh Foods
Leading Producer of Premium Fresh Refrigerated Foods Achieved Significant Profitability Growth and Broadened Customer Base
PITTSBURGH, PA – August 5, 2013 – Main Street Capital Holdings, L.L.C. (“Main Street”), a private investment firm specializing in acquisitions of growth-oriented companies and Sun Capital Partners, Inc. (“Sun Capital”), a leading private investment firm specializing in leveraged buyouts and investments in market-leading companies, today announced that an affiliate completed the sale of Harry’s Fresh Foods (“Harry’s” or “the Company”) to Cuizina Food Company, a Washington-based manufacturer and marketer of premium, gourmet style soups and sauces. Terms of the private transaction were not disclosed.
Headquartered in Portland, Oregon, Harry’s is a leading producer of chef-inspired fresh refrigerated and packaged soups, entrées, sides, sauces and desserts for the retail and foodservice markets. Harry’s customers include wholesale club stores, grocers, national restaurant chains, distributors and select other outlets throughout the U.S. and Canada.
Since its purchase by Main Street and affiliates of Sun Capital in November 2010 from Basic American, Inc., Harry’s has successfully transitioned into a standalone business. This has required establishing the infrastructure necessary for operating as an independent entity, the recruitment and hiring of a growth-oriented management team, and the rebuilding of an effective internal sales force.
Since evolving into a standalone business, Harry’s has achieved significant growth and increased profitability by broadening its customer base and leveraging its flexible manufacturing platform and innovative culinary team to introduce new products into the market.
“Much of our success at Harry’s can be attributed to the strength and experience of the management team,” said Dennis Prado, Principal of Main Street Capital Holdings. “The team’s commitment to quality and ongoing innovation will allow the Company to continue to anticipate and meet consumer demand. The Company’s flexibility and responsiveness has led to strong customer relationships that will continue to generate growth.”
“Harry’s emergence as an independent, successful market leader is the direct result of a disciplined commitment to strategic operational improvements, which has enabled the company to achieve excellent sales growth and triple profitability since our investment,” said Marc Leder, Co-CEO at Sun Capital. “We are confident that these efforts have positioned Harry’s for continued success.”