H.I.G. Capital News
1271 Avenue of the Americas
New York, NY 10020
H.I.G. Capital Completes the Sale of Lipari Foods
NEW YORK – October 31, 2022 – H.I.G. Capital ("H.I.G."), a leading global alternative investment firm with $52 billion of equity capital under management, is pleased to announce the sale of its portfolio company, Lipari Foods (the “Company”) to an affiliate of Littlejohn & Co. (“Littlejohn”). Terms of the transaction were not disclosed.
Lipari Foods is a leading specialty food distributor, importer, and manufacturer serving independent and specialty grocers, national chains, and convenience stores. The Company delivers over 25,000 high-quality products across nine categories to approximately 10,000 customers and over 15,000 retail locations throughout the Midwest and beyond.
H.I.G. acquired Lipari Foods in January 2019 in partnership with the Lipari family and the Company’s senior management team. Through numerous strategic initiatives, investments, and synergistic add-on acquisitions, the Company achieved significant growth during H.I.G.’s ownership period, generating a strong return for its investors.
Thom Lipari, Lipari Foods’ CEO, commented, “H.I.G. has been an outstanding partner to Lipari Foods since their initial investment in 2019. H.I.G. added significant value to our business and our leadership team while supporting investments across the Company, all of which have strengthened our ability to deliver high-quality service to our customers and their communities. As a result of our work together with H.I.G., Lipari Foods is larger, stronger, and more diversified today than it was four years ago. We are excited to partner with Littlejohn to support Lipari Foods’ next phase of growth, and are thrilled H.I.G. will remain a minority investor, highlighting their conviction in our long-term growth opportunities.”
“Thom and the Lipari Foods team have done an excellent job executing on strategic initiatives and growing the business,” said Justin Reyna, Managing Director at H.I.G. Capital. “We are proud to have partnered with the management team to strengthen the Company’s leadership position in the specialty food distribution sector.”
Matt Hankins, Managing Director at H.I.G. Capital, further commented, “We have been extremely pleased with our partnership with the Lipari Foods management team and look forward to participating in the Company’s continued success as a minority investor alongside the Lipari family, the management team, and Littlejohn.”
Piper Sandler and Harris Williams were financial advisors to Lipari Foods and McDermott Will & Emery LLP represented H.I.G. Capital and Lipari Foods as legal counsel in connection with the transaction.
About Lipari Foods
Founded in 1963 and headquartered in Warren, Michigan, Lipari Foods is a leading distributor of “perimeter-of-the-store”, specialty, and branded food products. The Company proudly serves approximately 10,000 customers across approximately 15,000 retail locations throughout the Midwest and beyond. Lipari Foods delivers over 25,000 high-quality products across deli, bakery, dairy, specialty retail, seafood, packaging, confections, ethnic, and organic categories, providing customers with the broadest selection of largely perishable on-trend, perimeter-of-the-store, and specialty food products. For more information, please visit www.liparifoods.com.
About H.I.G. Capital
H.I.G. is a leading global alternative assets investment firm with $52 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, Rio de Janeiro and São Paulo, 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. Since its founding in 1993, H.I.G. has invested in and managed more than 300 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.