Vestar Capital Partners has signed a definitive agreement to acquire a majority interest in the Roland Foods family of companies including Bruno Scheidt, American Roland Food, Pro Warehouse, and Costamar.
Terms of the deal were not disclosed. The transaction is expected to close by the end of September.
Roland Foods is a leader in the imported specialty foods business in the US and around the globe. Based in New York City, the company specializes in importing high-quality specialty food products from more than 40 countries.
Founded in Paris in 1934 and established in the US in 1939, Roland Foods offers specialty foods under the Roland brand as well as the Don Bruno, Chef Susanna's, Costamar, and Consul brands.
The company has a national presence in the foodservice, retail, and industrial channels as well as international sales in the Caribbean, Central and South America, Asia, Africa, and the Middle East.
Member of the company's founding family and Roland Foods CEO Charles E Scheidt said that the company has grown consistently over the years with the help of customers, suppliers, and staff.
"Vestar appreciates and shares our values, as well as our company's single-minded focus on our brands, quality products, and exceptional and reliable customer service. This evolution enables Roland Foods to build on its excellent foundation," Scheidt added.
Vestar Founder and CEO Dan O'Connell said that Roland Foods is not only performing extremely well but also has impressive potential.
"Coupled with the bright growth outlook we see in the specialty foods sector, we believe Vestar's resources and experience in the food and branded products arena can help Roland Foods grow substantially," O'Connell added.
The management team and staff will remain in place. Charlie Scheidt will continue as CEO and chairman of the board and will retain a meaningful investment in the company.
The company anticipates that a new CEO will be named in the coming year. Roland Foods expects a seamless transition for the suppliers, vendors, and customers, with continuity, stability, and growth being top priorities.
Wells Fargo Securities acted as the M&A advisor to Vestar in this transaction. Financing for the transaction was provided by BMO Capital Markets and GE Capital Markets. Vestar's legal advisor was Kirkland & Ellis.
Evercore Partners served as financial advisor to American Roland Food and McDermott Will & Emery served as legal advisor.
Vestar Capital Partners is a leading US middle-market private equity firm specializing in management buyouts and growth capital investments.