News
PNC Equity Partners and Management Recapitalize Home Made Brand Foods
Pittsburgh, PA [May 3, 2005] - On May 3, 2005, PNC Equity Partners and Management led a recapitalization of Home Made Brand Foods, a leading manufacturer of prepared foods, prepared salads, hot food entrees, chilled entrees and desserts. PNC Equity Partners provided $10.4 million of equity and subordinated debt to finance the transaction.
Founded in 1956, Home Made manufactures over 150 different products spread over 550 SKUs. The Company produces a wide variety of delicious grilled products, soups, white salads, green salads, baked goods and sandwiches. The Company operates out of a USDA-compliant manufacturing facility located in Newburyport, Massachusetts that was designed for the production of products that appear and taste "home made". Home Made sells it products through various grocery chains, restaurant chains, independent grocers, food service distributors, and food brokers in the Northeast, Mid-Atlantic, Southern, and Mid-West regions of the U.S.
"We are excited about the opportunity to partner with PNC Equity Partners and believe that this partnership will help Home Made strengthen its position as the premier provider of prepared foods and salads.", commented Rick Walters, Chief Executive Officer of Home Made.
PNC Equity Partners is represented on the Company's board by Wali Bacdayan and Peter Del Presto.
Founded in 1982, PNC Equity Partners, L.P. is the private equity affiliate of The PNC Financial Services Group, Inc. PNC Equity focuses on making equity investments in middle market companies that have enterprise values between $25 million and $125 million. Our equity investments are typically in support of change of control leveraged buyouts, recapitalizations and large minority financings. PNC Equity Partners targets companies that operate in the niche manufacturing, value-added distribution and outsourced services industries.
