Harris Williams & Co. Advises Teasdale Foods on its Sale to Snow Phipps Group
Harris Williams & Co., a preeminent middle market investment bank focused on the advisory needs of clients worldwide, announces the sale of Teasdale Foods, Inc. (Teasdale), a portfolio company of Palladium Equity Partners, LLC (along with its affiliates, Palladium), to Snow Phipps Group, LLC (Snow Phipps). Teasdale is a leading producer and marketer of beans and hominy in the US. The transaction, which closed on October 28, 2014, was led by Tim Alexander, Glenn Gurtcheff, Brant Cash, and Michael Gilkes of Harris Williams & Co.’s Consumer Group.
“Teasdale is a leader in its product categories and a compelling growth platform in the attractive Hispanic food sector,” said Tim Alexander, managing director in Harris Williams & Co.’s Consumer Group. “Under Palladium’s ownership, Teasdale completed several acquisitions and expanded organically to achieve strong growth. Teasdale has found a great partner in Snow Phipps, and we look forward to hearing about the company’s continued success.”
“Investors have a strong appetite for differentiated food companies,” added Glenn Gurtcheff, managing director in Harris Williams & Co.’s Consumer Group. “Teasdale was particularly interesting to potential buyers as it capitalizes on several key consumer trends: ethnic, healthy, organic, and flavorful, easy to prepare foods.”
Headquartered in Atwater, CA, Teasdale’s roots can be traced back to the 1930’s. Today, the company is a leading producer and marketer of beans and hominy, serving its customers from three strategically located facilities across the US. In addition to serving the Hispanic market through its Teasdale brand, the company manufactures shelf stable conventional, organic, ethnic, and kosher bean and hominy products for a range of national and regional foodservice providers, retailers, and consumer brands.
Palladium is a middle market private equity firm with over $2.5 billion in assets under management. Palladium seeks to acquire and grow companies in partnership with founders and experienced management teams, and focuses primarily on buyout equity investments in the range of $50 million to $150 million. Since its founding in 1997, Palladium has invested over $1 billion of capital in more than 20 platform investments and over 50 add-on acquisitions. The principals of the firm have significant experience in financial services, business services, food, healthcare, industrial, and media businesses, with a special focus on transitioning founder-owned businesses and investing in companies it believes will benefit from the growth in the U.S. Hispanic population. In April 2014, Palladium announced the final closing of Palladium Equity Partners IV, L.P. at $1.14 billion, significantly exceeding its target. Palladium is based in New York City.
Snow Phipps is a private equity firm focused on middle market control investments. With $1.5 billion of assets currently under management, Snow Phipps targets platform companies with enterprise values ranging from $100 million to $500 million. The firm utilizes an operating partner model to invest across select industries and seek value creation through an operationally focused strategy.
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 100 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 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.