Harris Williams & Co. Advises Ready Pac Foods, Inc. on its Sale to Bonduelle

March 21, 2017

Harris Williams & Co., a preeminent middle market investment bank focused on the advisory needs of clients worldwide for more than 25 years, announces the sale of Ready Pac Foods, Inc. (Ready Pac), a portfolio company of H.I.G. Bayside Capital (H.I.G.), to France-based strategic buyer Bonduelle (Euronext: BON). Ready Pac is a provider of ready-to-eat salads, packaged salads, snacks and pre-cut fruit and vegetables. Harris Williams & Co. served as the exclusive advisor to Ready Pac. The transaction was led by Tim Alexander, Ryan Budlong, Matt Conaty and Taylor Marsh of Harris Williams & Co.’s Consumer Group.

“Ready Pac has distinguished itself as a leading brand in the value-added produce market with a compelling growth profile and talented leadership team,” said Tim Alexander, a managing director at Harris Williams & Co. “The company has steadily expanded its customer base under H.I.G.’s ownership, appealing to the increasingly health-conscious consumer with its extensive line of convenient, great tasting, better-for-you products.”

“There continues to be strong interest in the M&A market for food and beverage brands and products that help consumers eat healthier and more conveniently,” added Ryan Budlong, a managing director at Harris Williams & Co. “Ready Pac’s proven ability to consistently innovate and introduce new products will undoubtedly aid the company’s continued penetration of the retail and foodservice channels alongside its new global strategic partner, Bonduelle. We look forward to seeing what they are able to accomplish together.”

Home of the original Bistro Bowl® complete meal salad, Southern California-based Ready Pac has been giving people the freedom to eat healthier for nearly 50 years as a premier producer of convenient fresh foods and fresh cut produce. With processing facilities throughout the U.S., Ready Pac manufactures a complete range of products featuring fresh produce and protein under the company’s Bistro®, Ready Snax®, Cool Cuts® and elevĀte™ brands. Offerings include fresh-cut salads, fruits, vegetables, snacking and complete meals available where consumers buy groceries and in restaurant chains across North America.

H.I.G. Bayside Capital is an affiliate of H.I.G. Capital, a leading global private equity and alternative assets investment firm with $21 billion of equity capital under management. Based in Miami and with offices in New York, Boston, Chicago, Dallas, San Francisco and Atlanta, as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Rio de Janeiro, Bogotá and Mexico City, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/value-added approach. Since its founding in 1993, H.I.G. has invested in and managed more than 200 companies worldwide. The firm's current portfolio includes more than 100 companies with combined sales in excess of $30 billion.

Bonduelle, a family business, was established in 1853. Its mission is to be the world reference in "well-living" through vegetable products. Prioritizing innovation and long-term vision, the group is diversifying its operations and geographical presence. Its vegetable products, grown over 128,000 hectares all over the world, are sold in 100 countries under various brand names and through various distribution channels and technologies. With unique agro-industrial expertise and 57 industrial or agricultural production sites, Bonduelle produces quality products by selecting the best crop areas close to its customers.

Harris Williams & Co. (www.harriswilliams.com), a member of The PNC Financial Services Group, Inc. (NYSE:PNC), is a preeminent middle market investment bank focused on the advisory needs of clients worldwide.  The firm has deep industry knowledge, global transaction expertise and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements and capital markets advisory services.

Harris Williams & Co.’s Consumer Group has completed more than 50 transactions in recent years across a variety of verticals, including branded consumer products; consumer services; food, beverage and agribusiness; and restaurant and retail. For more information on Harris Williams & Co.’s Consumer Group and other recent transactions, visit the Consumer Group’s section of the Harris Williams & Co. website.

Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is a private limited company incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales (registration number 7078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.