Protein Solutions LLC, the Illinois-based, privately-held portion control company providing services to restaurant chains and distributors, refinanced its senior debt with the assistance of Advantage Capital Partners, a small business finance firm.
Wells Fargo Business Credit refinanced its senior credit facility. Terms of the deal were not disclosed and calls seeking comment were not responded to by press time.
Middle market investment bank Dresner Partners worked on the deal, including managing director Gregg Pollack.
Pollack said the investment from Advantage and refinancing via Wells Fargo “will enable the company to maintain its pace of rapid growth.”
Plenty of deals have emerged in the food space this year, in part aided by improving margins that were inflated with the assistance of decreasing commodities prices following 2008’s market crash.
Yesterday, listed, Pittsburgh-based condiment maker Heinz announced plans to acquire Foodstar, the Chinese soy sauce maker, from private equity firm Transpac in a $165 million deal. And earlier this month, Lombard Investments exited its take in S&P Syndicate, selling the Thai restaurant and bakery chain. Other restaurants have been shopped, and sold, as well.
Sun Capital Partners acquired Capitain D’s Seafood Kitchen from Sagittarius Brands last month and take-privates have pulled listed restaurants from markets; Mill Road Capital bought California chain Rubio’s and Apollo Management revealed a plan to take private CKE Restaurants. Further, restaurant chain California Pizza Kitchen announced plans recently to explore a possible sale.