Investment allows Company to execute on strategic growth and expansion initiatives
Roseville, CA – DCA Partners and Flaherty Capital Markets (“DCA/FCM”) are pleased to announce that Richmond Wholesale Meat Co. (“Richmond”) has accepted a growth capital investment from IMB Partners. DCA/FCM is proud to have served as financial adviser to Richmond on this transaction.
Richmond is a leading food manufacturer and global exporter to the US military. The Company’s Richmond Peak Quality brand (the second-largest military food brand, behind Tyson Foods), has supported the Subsistence Prime Vendors (“SPV”) Program of the US Defense Logistics Agency (“DLA”) for more than 25 years. This DLA program provides food to US troops stationed both domestically and around the world. Richmond has a proven track record and an impressive history of quality and dependability, consistently exceeding strict SPV requirements with top quality products, on-time delivery, and high fill rates.
“As a family-owned business for more than 60 years, we take pride in putting our customers first – aiming to carry out the slogan ‘To serve you is our pleasure’. We will continue this approach as Richmond embarks on this new partnership with IMB,” said Rich Doellstedt, CEO of Richmond. “We are aligned culturally and have a common vision for the future of the military food space—which will magnify our comprehensive value!”
IMB Partners, based in Bethesda, MD, is a private equity independent sponsor focused on partnering with management teams to grow companies serving government agencies.
“Richmond’s partnership with IMB Partners will set in motion a rousing period of growth,” said Curt Rocca, Managing Partner of DCA Partners. “IMB Partners’ investment will enable Richmond to execute on strategic growth initiatives and expand its manufacturing and distribution capabilities both globally and domestically.”
About DCA Partners
DCA Partners is Central Valley’s leading Investment Banking and Private Equity firm with significant experience in distribution. On the Investment Banking side, DCA helps family-owned and other closely held businesses grow through acquisition (buy-side advisory), or maximize the value they receive in a sale of the business (sell-side advisory). Similarly, the Private Equity Investment arm invests in growing family-owned and other closely held businesses in a broad spectrum of industries throughout the region. DCA can provide investment capital with very flexible structures for a variety of purposes, including growth capital, acquisition financing, and complete company buyouts.
About Flaherty Capital Market
Based in Sacramento, Flaherty Capital Markets is a boutique investment banking firm specializing in the agribusiness and food & beverage industries. Flaherty Capital has been working nationally assisting companies in the food chain with growth, capital, or ownership issues for over 30 years. Transactional expertise focuses on mergers and acquisitions and raising capital—an investment banker to the food industry.
About Richmond Wholesale Meat Co.
Richmond Wholesale, headquartered in Richmond, California, is one of the largest wholesale food distributors serving the military around the world. The company provides frozen, chilled, and dry food solutions. Founded in 1959, its mission is “to be a recognized leader in wholesale food manufacturing and worldwide distribution specializing in customized orders for customers and strategic business partners.” For more information, visit richmondwholesale.com
About IMB Partners
Founded in 2010, IMB Partners (IMB) is a private equity independent sponsor focused on making control acquisitions and partnering with management teams to grow lower middle market companies serving government agencies and electric and gas utilities. IMB’s investment in Richmond continues to build momentum in the military food space following the 2016 acquisition of Alder Foods, which sells and distributes seafood and national grocery brands to the military around the world. IMB believes that diversity is an advantage and is focused on building large minority-business enterprises (MBEs) of scale.
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