January 16, 2024
Swander Pace Capital Completes the Sale of Patriot Pickle to H.I.G. Capital
Wayne, NJ (January 16, 2024) – Swander Pace Capital (“SPC”), a leading private equity firm specializing in consumer product companies, announced the sale of Patriot Pickle, a manufacturer and distributor of high-quality refrigerated pickles across the United States to restaurant chains, supermarkets, and delis, to an affiliate of H.I.G. Capital (“H.I.G.”). Since being acquired by SPC in April 2021, Patriot Pickle has benefited from significant investments in sales and operational infrastructure while completing two transformative acquisitions that have further strengthened the pickled and fermented foods platform and set the stage for even further growth.
“It was a pleasure to work with the Patriot Pickle team. The team’s hard work and dedication have enabled a fantastic result and are a great example of SPC’s ability to partner with a founder to help accelerate growth and value. Patriot Pickle is a leader in the pickled and fermented foods category and is well-positioned for the future. We wish the team all the success going forward, and we are confident that Patriot Pickle will continue to deliver for its customers in the many years to come,” said Corby Reese and Tyler Matlock, Managing Directors at SPC.
“Managing the complexity and intensity of rapidly growing businesses is hard work but partnering with Swander Pace Capital made this process easier, and we had fun along the way. SPC’s strategic perspective, network, and broader insights were key enablers of the team’s success,” said Bill McEntee, CEO of Patriot Pickle.
About Patriot Pickle
Patriot Pickle is a leading pickle manufacturer based in Wayne, New Jersey and Garland, Texas. For almost twenty years, Patriot Pickle has manufactured and shipped fresh, high-quality pickles across the United States to thousands of restaurants, delis, supermarkets, and distributors. With the motto “Always Fresh, Always Crisp,” Patriot offers a variety of refrigerated pickles, sauerkraut, and other pickled vegetables in a variety of packaging formats.
Patriot boasts state-of-the-art facilities totaling (185,000) square feet that are SQF Level 2 and HAACP certified. Additionally, Patriot has a deep commitment to sustainability to ensure its practices are modern and its manufacturing is environmentally friendly. Each of these tactics, along with sourcing fresh cucumbers and rich ingredients, creates a pickle like no other. For more information, please visit www.patriotpickle.com.
About Swander Pace Capital
Swander Pace Capital (SPC) is a private equity firm that invests in companies that are integral to consumers’ lives. SPC’s consumer industry expertise informs the firm’s strategic approach and adds value through access to its proven SPC Playbook, senior team, and extensive network. The firm partners with management teams to help build companies to their full potential. SPC invests in businesses across three domains of consumer lifestyles: Food + Beverage, Body + Wellness, and Home + Family. Representative investments include Bragg Live Food Products, Swanson Health Products, Café Valley Bakery, Mommy’s Bliss, Merrick Pet Care, Kicking Horse Coffee, Purely Elizabeth, Captek Softgel International, Fine Choice Foods, and Monistat. With offices in California, New Jersey, and Ontario (Canada), SPC has invested in more than 60 companies and raised cumulative equity commitments of approximately $2.2 billion since 1996. For more information, visit www.spcap.com.
About H.I.G. Capital
H.I.G. is a leading global alternative investment firm with $60 billion of 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, São Paulo, and Dubai, H.I.G. specializes in providing both debt and equity capital to middle market companies, utilizing a flexible and operationally focused/ value-added approach:
- 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.
- 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. also manages a publicly traded BDC, WhiteHorse Finance.
- H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.
- H.I.G. Infrastructure focuses on making value-add and core plus investments in the infrastructure sector.
Since its founding in 1993, H.I.G. has invested in and managed more than 400 companies worldwide. The firm’s current portfolio includes more than 100 companies with combined sales in excess of $53 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.
*Based on total capital raised by H.I.G. Capital and its affiliates.