Choice Foods and a management group join forces to acquire the Nashville foodservice manufacturing facilities of PPI, Inc (an H.J. Heinz subsidiary). 2nd Generation Capital, LLC advised and represented the management-led buyout group.
2006
Heinz considered shutting down its restaurant-service oriented portion packing facilities in Nashville as part of a strategic realignment. 2ndG worked with the plant's management to develop a plan to retain the 100,000 square foot plus plant and its non-Heinz customers. More….
2ndG initiated the transaction, identified Choice Foods, a diversified Nashville-based foodservice company, as a partner/investor, and aided the PPI management group in a three-way negotiation with Heinz and Choice Foods. The entire process was completed in a three-month time-frame, and the plant retained its major customers and its full staff. The transaction pricing details were not disclosed.
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