New Mountain Capital has acquired Diversified Foodservice Supply Inc. from Denver private equity firm KRG Capital Partners.
Diversified Foodservice, headquartered in Mt. Prospect, Illinois, provides maintenance, repair and operations parts, supplies and equipment to the U.S. food service industry. The company operates through multiple brands, including AllPoints Foodservice Parts & Supplies, Tundra Restaurant Supply, Franklin Machine Products, Mill Hardware and Restaurant Parts & More.
New Mountain, a New York private equity firm, closed a fund in October with $4.13 billion in commitments. The firm's other investments include Alexander Mann Solutions, a talent management firm that New Mountain paid $416.5 million for in October 2013.
The Diversified Foodservice deal closed on February 17, marking KRG's fourth exit from its fourth fund. The firm invested in Diversified Foodservice in 2010. KRG has $4.3 billion in capital either deployed or available for investment.
Robert W. Baird & Co. advised Diversified Foodservice on the deal, and Hogan Lovells provided legal advice.