India Brook Partners advises on sale and recapitalization of Latina Niagara Foods, leading regional distributor in the pizza industry
Short Hills, NJ. India Brook Partners is pleased to announce that it acted as exclusive financial advisor to Latina Niagara Foods in connection with the sale of a majority interest in the Company to The Anderson Group. The sale transaction was accompanied by the acquisition of Boulevard Produce, Inc. as well as a senior debt refinancing in which Latina entered into new multi-year credit facilities with RBS Citizens Bank.
Based in Buffalo, NY, Latina Niagara is the leading distributor of specialty food products to the independent pizza industry in Western New York. As a business owned by the Marazzo family and founded in 1954, Latina has achieved significant growth in recent years under the management of Chuck Marazzo, Jr.. Latina Niagara supplies independent pizzerias and family restaurants in Buffalo, Niagara Falls, Rochester, Olean, Springville, Jamestown and throughout Western New York.
In connection with the transaction, Latina also acquired the business of Boulevard Produce, a leading regional produce distributor, and completed its plan to relocate to a new 80,000 square foot facility in Cheektowaga, New York. The combined business has aggregate revenues of approximately $80 million. In order to finance the combined transaction, the Anderson Group executed an equity recapitalization including an infusion of new growth capital. Terms of the recapitalization were not disclosed.
The Anderson Group is an operationally-oriented private equity firm with office locations in St. Petersburg, Florida and Bloomfield Hills, Michigan. Founded in 1985, The firm has a long and successful track record of acquiring and growing companies at the lower end of the middle market. The Anderson Group has experience investing in a broad range of industries and in a vast array of circumstances. Over the firm's more than thirty year history, The Anderson Group has completed more than sixty investments.
India Brook Partners acted as an exclusive sell side advisor to Latina Niagara in connection with the sale and also arranged the senior debt financing with Citizens Bank.
Founded in 2003 and based in Short Hills, NJ., India Brook Partners is a leading independent investment banking firm providing mergers and acquisitions and financial advisory services to corporations and institutional investors, specializing in the food and beverage industry. The Firm’s clients include leading food companies, private equity firms, financial institutions and management groups.