Quirch Foods Receives ‘Significant’ Investment From Private Equity Fund
Quirch Foods Co., a distributor and exporter of protein and Hispanic food products, has received what is described as a “significant” investment from one of the affiliated private equity funds of New York-based middle-market private investment firm Palladium Equity Partners LLC. The investment was made in partnership with Quirch's owners and management. Terms weren’t disclosed.
Founded in 1967, Miami-based Quirch distributes beef, pork, poultry, seafood and other retail products to independent and ethnic grocers from multiple centers to the continental United States and Puerto Rico, U.S. national retailers, and Latin American export markets. Among the company’s extensive portfolio of owned and licensed brands are Panamei Seafood, Mambo and Chiquita Frozen.
Palladium will work with the Quirch family and management team to expand the company’s market reach through a series of growth initiatives that include expansion into new product offerings and geographies, and potential acquisitions in the food distribution industry.
Past and present food industry investments by Palladium include garlic and spice company Spice World, snack nut and trail mix product company Kar’s Nuts, Hispanic refrigerated food company Del Real Foods, GoodWest Industries, beverage dispensing solutions provider GoodWest Industries, bean and hominy items producer Teasdale Foods, premium branded nut and fruit snack manufacturer and marketer Sahale Snacks, salty snack manufacturer and marketer Wise Foods, and Castro Cheese, a manufacturer and distributor of premium, authentic Hispanic cheeses and other dairy products.
“Quirch represents a unique opportunity for Palladium to leverage its experience investing in the U.S. Hispanic market, founder-owned businesses and fragmented industries,” said Luis Zaldivar, a senior managing director at the private investment firm, which maintains a special focus on companies it believes will benefit from the rise in the U.S. Hispanic population. “We are excited to partner with Quirch’s management team along with the Quirch family to help support the company’s next phase of growth.”
“The partnership with Palladium will allow Quirch to better serve our customers and accelerate our growth – while upholding the legacy and core values instilled by the Quirch family that have made Quirch a success since its founding,” noted Quirch President Frank Grande.
Harris Williams acted as financial advisor to Quirch on the deal, while Holland & Knight acted as the company’s legal advisor. BB&T Capital Markets and RBC Capital Markets acted as financial advisors for Palladium, and Simpson Thacher & Bartlett acted as the firm’s legal advisor.