A private equity firm has acquired Lipari Foods, a Midwest United States-based manufacturer and distributor of food, including seafood for retail.
An affiliate of San Francisco, California-based H.I.G. Capital acquired the Warren, Michigan-based Lipari Foods Operating Company from Sterling Investment Partners and Lipari. The terms of the transaction were not disclosed.
With approximately USD 1 billion (EUR 866 million) in net sales annually, Lipari is a leading distributor of perimeter-of-the-store, specialty and branded food products. Lipari primarily distributes perishable products in the deli, bakery, dairy, specialty retail, seafood, packaging, confections, ethnic, and organic categories.
Lipari has significantly ramped up its manufacturing capabilities in recent years and produces several food brands, including Wholey Seafood, a line of frozen, value-added seafood products.
The distributor services more than 6,300 customers operating 13,000 retail locations throughout the Midwest and beyond, and has plans for future growth.
“We are very excited about partnering with H.I.G. to support Lipari’s strategic growth plan,” said Thom Lipari, president and CEO of Lipari, in a press release. “The company continues to have numerous opportunities to expand and H.I.G.’s experience and resources, particularly around M&A, will help us continue our successful growth trajectory.”
“The company’s significant customer value proposition, diverse product portfolio, and unparalleled distribution capabilities uniquely position it to capitalize on growth opportunities within the food distribution, import, and manufacturing markets,” said Justin Reyna, managing director at H.I.G., in the release.