Harris Williams Advises Quirch Foods® on its Sale to Palladium Equity Partners
Harris Williams, a preeminent middle market investment bank focused on the advisory needs of clients worldwide for more than 25 years, announces that it advised Quirch Foods® (Quirch) on its sale to a private equity fund affiliated with Palladium Equity Partners, LLC (Palladium). Quirch is one of the largest suppliers of fresh and frozen foods in the Southeastern United States, Puerto Rico and Latin America. The transaction was led by Tim Alexander, Brant Cash, Brant Wilczek and David Stead of Harris Williams’ Consumer Group.
“Quirch has been generating steady growth over its 50 year history by offering superior service, unique branded items and quality products that meet the need of domestic and international retailers,” said Tim Alexander, a managing director at Harris Williams. “We are excited to see the company partner with Palladium to build upon its leadership position and execute its growth strategy.”
“Investors were drawn to Quirch’s position serving the perimeter of the grocery store with meat, seafood and specialty items. In addition, their growing customer base of ethnic retailers both domestically and abroad has provided long term growth tailwinds,” added Brant Cash, a director at Harris Williams. “The food & beverage sector continues to be an active sector of the M&A market and businesses like Quirch are highly sought after assets.”
Established in 1967 as a food distributor, Quirch has since become one of the largest suppliers of fresh and frozen foods in the Southeastern United States, Puerto Rico and Latin America. Its thousands of customers include independent grocers, national chain supermarkets, food service distributors, cruise lines, restaurants and food processors/manufacturers. Quirch also provides its customers an extensive portfolio of owned brands including Panamei Seafood®, Mambo® and Chiquita Frozen®. The company is headquartered in Coral Gables, with additional distribution centers in Miami, Orlando, Atlanta, Chicago and Puerto Rico.
Palladium is a middle market private equity firm with approximately $3 billion in assets under management. The firm seeks to acquire and grow companies in partnership with founders and experienced management teams by providing capital, strategic guidance and operational oversight. Since its founding in 1997, Palladium has invested over $2 billion of capital in 33 platform investments and more than 125 add-on acquisitions. The principals of the firm have significant experience in food and consumer, services, industrials, and healthcare, with a special focus on companies they believe will benefit from the growth in the U.S. Hispanic population. Palladium is based in New York City.
Harris Williams (www.harriswilliams.com), a subsidiary 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 provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements and capital markets advisory services.
Harris Williams’ 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’ Consumer Group and other recent transactions, visit the Consumer Group’s section of the Harris Williams 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 07078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.