HIG Capital’s affiliate has acquired food distribution company Lipari Foods from Sterling Investment Partners and certain other shareholders.
Based in Miami in the US, HIG is a private equity and alternative assets investment firm with $30bn of equity capital under management.
HIG managing director Justin Reyna said: “Lipari is an impressive platform that has grown significantly over the years by expanding upon its Midwestern roots. We are very excited to partner with the Lipari management team, who has a proven track record of profitable growth.
“The company’s significant customer value proposition, diverse product portfolio and unparalleled distribution capabilities uniquely position it to capitalise on growth opportunities within the food distribution, import and manufacturing markets.”
The investment firm plans for both organic and acquisition-driven growth of Lipari.
Financial details of the acquisition have not been disclosed by the companies.
Headquartered in Warren, Michigan, Lipari is a distributor of speciality and branded food products throughout the Midwest and beyond.
Its sells products covering deli, bakery, dairy, seafood, packaging, confections, ethnic and organic categories.
The company generates around $1bn of net sales annually and has a 725,000ft² distribution and food manufacturing facility outside of Detroit, Michigan.
Lipari president and CEO Thom Lipari said: “We are very excited about partnering with HIG to support Lipari’s strategic growth plan.
“The company continues to have numerous opportunities to expand and HIG’s experience and resources, particularly around M&A, will help us continue our successful growth trajectory. We remain committed to providing outstanding service to our longstanding, blue-chip customers.”
HIG plans to work with the Lipari family, as well as the existing management team to enhance Lipari’s distribution and manufacturing platform.
