News
PNC Equity Partners, L.P. Announces the Sale of Home Made Brand Foods, Inc.
Pittsburgh,PA [April 29 2008]—PNC Equity Partners (“PNC Equity”) announced today the sale of Home Made Brand Foods, Inc. (“HMBF”), a portfolio investment of PNC Equity Partners, L.P., to Greencore Group plc, one of Europe’s leading convenience food and malt producers.
Headquartered in Newburyport, Massachusetts, HMBF is a regional leader in the manufacture of freshly prepared foods including entrees, desserts, salads, pies and soups. The company’s products are sold primarily in the deli and fresh refrigerated foods sections of supermarket retailers and through foodservice distributors. For more information on the company, please refer to the company’s website at www.hmbf.com.
PNC Equity acquired HMBF in May 2005 and worked with Rick Walters, HMBF’s President and CEO, to strengthen the company’s management team and grow the business through expanded customer relationships and capacity expansion.
Rick Walters, President and CEO of HMBF, said, “We had a strong partnership with PNC Equity. Their willingness to invest in the human and capital resources needed to strengthen our manufacturing and distribution platform allowed us to meet the growing demand for prepared foods. PNC Equity helped us make the right strategic choices and I am appreciative for PNC Equity’s thoughtful advice and consistent support.”
Wali Bacdayan, Partner at PNC EP, said, “We have enjoyed our relationship with Rick Walters and the management team at HMBF. Rick and his team have consistently demonstrated dedication, vision and commitment while growing the business at 20%+ annually. The sale of HMBF to Greencore Group plc is a terrific outcome for the company’s customers and employees. I look forward to seeing HMBF’s continued success.”
Based in Pittsburgh, Pennsylvania, PNC Equity focuses on investing in important companies operating in "micro markets". PNC Equity makes private equity investments of $10- to $25-million in middle-market companies with enterprise values of $25 million to $125 million as part of a leveraged buyout, recapitalization or large minority growth financing. For additional information about PNC Equity, please refer to the firm’s website at www.pncequity.com.
