HIG Bayside Capital, a special situations affiliate of private equity firm HIG Capital (HIG), has sold its portfolio company Ready Pac Foods to Bonduelle SA.
Based in Irwindale, California, Ready Pac is the market leader in the rapidly growing single-serve salad market through its Bistro Bowl line of products, as well as a supplier of other vegetable, fruit and snack products.
The company services its national network of blue-chip retail and foodservice customers through its four production facilities in the US.
Bayside recapitalised the company in 2007, and over the last decade has supported the company’s investments in product innovation, facility infrastructure and automation, procurement initiatives, marketing and overall building out of the management team under new CEO Tony Sarsam. These investments have helped Ready Pac capitalise on the growing demand for healthy, tasty and convenient foods.
Roman Krislav, Bayside managing director, says: “We have been proud to partner with and support Tony Sarsam and the Ready Pac team as they have transformed Ready Pac into a world-class company. Through numerous investments in people, processes and infrastructure, Ready Pac now leads the market in innovation, quality, food safety, branding, and overall value proposition to its customers. The growth within both retail and foodservice, particularly in the Bistro Bowl product, has helped make Ready Pac the clear market leader and positioned the company for significant continued growth. These achievements have resulted in a highly successful investment outcome for management, Bayside and its investors. We wish Ready Pac continued success in its next chapter with Bonduelle.”
Tony Sarsam, CEO of Ready Pac, says: “We appreciate Bayside’s support in the numerous investments we have made in the company over the years. They have been a great partner, and their guidance and support have enabled Ready Pac to become the market leader in our category and paved the foundation for continued growth for years to come.”
