H.I.G. Capital Exits Albertville Quality Foods

7/31/17

MIAMI–(BUSINESS WIRE)–H.I.G. Capital, a leading global private equity investment firm with approximately $22 billion of equity capital under management, is pleased to announce the sale of its portfolio company Albertville Quality Foods, Inc. to OK Foods, a subsidiary of Industrias Bachoco S.A.B. (NYSE: IBA).

Albertville is among the largest independent further processors of protein based products. The Company focuses on the development and production of customized center of the plate products that meet the demanding specifications of national and regional restaurant chains and other foodservice channels. The Company operates two facilities in Albertville, AL.

H.I.G. acquired Albertville in 2010 and subsequently completed the strategic add-on acquisition of Sunrise Foods in 2012. Through H.I.G.’s partnership with Albertville’s leadership team, the Company made significant improvements in both operations and sales. During H.I.G.’s investment period, Albertville established a sophisticated sourcing model and implemented significant facility improvement projects to increase operational performance and expand capacity. Furthermore, the Company has formed entrenched partnerships with several leading restaurants and retailers.

“We are proud to have partnered with the Albertville management team during this critical phase of growth for the Company,” commented Richard Stokes, a Managing Director of H.I.G. Capital. “Through substantial investment in people, products and facilities, Albertville has developed into a market leader in the areas of innovation, quality and food safety. We look forward to seeing Albertville continue its successful growth trajectory with OK Foods.”

About Albertville Quality Foods

Albertville Quality Foods, headquartered in Albertville, AL, is a leading further processor of poultry and other protein-based products. Founded in 1988, Albertville focuses on complex, quick turnaround runs that must meet the stringent specifications of its restaurant, foodservice, and retail customers. Superior product quality, flexible operations, industry expertise, and strong customer partnerships have supported high service levels and the ability to develop custom products. Products such as breaded chicken tenders, boneless wings, and many others are produced for hundreds of customers at its facilities.

About H.I.G. Capital

H.I.G. is a leading global private equity and alternative assets investment firm with approximately $22 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Mexico City and Rio de Janeiro, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/ value-added approach:

1. H.I.G.’s equity funds invest in management buyouts, recapitalizations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.

2. H.I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. is also a leading CLO manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance.

3. H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.

Since its founding in 1993, H.I.G. has invested in and managed more than 200 companies worldwide. The firm’s current portfolio includes more than 100 companies with combined sales in excess of $30 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.

* Based on total capital commitments managed by H.I.G. Capital and affiliates.

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