NEW YORK and MIAMI — Palladium Equity Partners, LLC (along with its affiliates, “Palladium”), a private investment firm with approximately $3 billion in assets under management, today announced that one of its affiliated private equity funds has made a significant investment in Quirch Foods, Co. (“Quirch” or the “Company”)Palladium Equity Partners Announces Investment in Partnership with Family Founders of Quirch Foods, a leading distributor and exporter of protein and Hispanic food products based in the U.S. Palladium’s investment was made in partnership with the owners and management of Quirch. Terms were not disclosed.
Founded in 1967 by the Quirch family, the Company utilizes multiple distribution centers across the U.S. to distribute beef, pork, poultry, seafood and other retail products to independent and ethnic grocers in the U.S. and Puerto Rico, U.S. national retailers, and Latin American export markets. Quirch’s extensive portfolio of owned and licensed brands includes Panamei Seafood®, Mambo® and Chiquita Frozen®.
Palladium will partner with the Quirch family and management team with the goal of expanding the Company’s market reach via a series of growth initiatives including expansion into new product offerings and geographies, and potential acquisitions in the food distribution industry.
Palladium’s current and past investments in the food industry include Spice World, a garlic and spice company; Kar’s Nuts, a snack nut and trail mix product company; Del Real Foods, a Hispanic refrigerated foods company; GoodWest Industries, a provider of beverage dispensing solutions; Teasdale Foods, a producer of bean and hominy products; Sahale Snacks, a manufacturer and marketer of premium, branded nut and fruit snacks; Wise Foods, a manufacturer and marketer of salty snacks; and Castro Cheese, a manufacturer and distributor of premium, authentic Hispanic cheeses and other dairy products.
Luis Zaldivar, a Senior Managing Director of Palladium, said, “Quirch represents a unique opportunity for Palladium to leverage its experience investing in the U.S. Hispanic market, founder-owned businesses, and fragmented industries. 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.”
Frank Grande, President of Quirch, said, “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.”
Mauricio Quirch, a member of the Quirch family, said, “We are excited to partner with Palladium, which shares our vision of maintaining the Company’s legacy as a strong business with proud heritage and identity. We believe this partnership with Palladium will be beneficial in the Company’s next chapter.”
Harris Williams served as financial advisor to Quirch on the transaction. Holland & Knight served as the Company’s legal advisor. BB&T Capital Markets and RBC Capital Markets served as financial advisors for Palladium. Simpson Thacher & Bartlett served as the legal advisor for Palladium.
About Quirch Foods
Quirch is a leading distributor and exporter of protein and Hispanic food products based in the U.S. Quirch is headquartered in Miami, Florida with operations in the Southeastern U.S. and the Caribbean. Founded in 1967, the Company recently celebrated its 50th year of operations. Additional information available at www.quirchfoods.com
About Palladium Equity Partners, LLC
Palladium is a middle market private equity firm with approximately $3 billion in assets under management. The firm seeks to acquire and grow companies in partnership with founders and experienced management teams by providing capital, strategic guidance and operational oversight. Since its founding in 1997, Palladium has invested over $2 billion of capital in 33 platform investments and more than 125 add-on acquisitions. The principals of the firm have significant experience in food and consumer, services, industrials, and healthcare, with a special focus on companies they believe will benefit from the growth in the U.S. Hispanic population. Palladium is based in New York City. For more information, visit www.palladiumequity.com
