Paine & Partners Makes Investment In Sunrise Growers-Frozsun Foods
Paine & Partners, LLC, a global private equity investment firm focused on investing in food and agribusiness, has announced that it has made an investment in SGF Produce Holdings, LLC, the parent entity of Sunrise Growers~Frozsun Foods, which was an affiliated portfolio company of Sun Capital Partners, Inc. Following the closing, Sunrise will no longer be an affiliated portfolio company of Sun Capital.
Sunrise is a leading value-added frozen fruit processor and marketer. The Company, headquartered in Placentia, Calif., was founded in 1977 and operates high quality processing facilities in Oxnard and Santa Maria, California, which are strategically located in the leading strawberry producing regions of the United States. Sunrise's products include frozen strawberries, blueberries, blackberries, raspberries, cherries, peaches and fruit blends in multiple product specifications and packaging configurations. Sunrise's consumer products are sold primarily under customers' private label brands and also under the Sunrise Growers brand name.
Edward Haft will continue to lead Sunrise as President and Chief Executive Officer, along with the rest of Sunrise's senior management team.
Kevin Schwartz, a founding Partner at Paine & Partners, said, "We are excited about our investment in Sunrise, a leader in the retail and foodservice frozen fruit markets that is well positioned to capitalize on the growing demand for healthy food options and quality frozen fruit products. We have been impressed by the Company's capabilities and the strong strategic relationships it has with its grower and customer partners. Together with the Sunrise management team, we have identified opportunities to enhance the Company's product offerings, including expansion into new fruit categories and markets. We look forward to continuing to work with Ed Haft and the rest of the Sunrise management team to execute on these exciting growth opportunities."
Financial terms of the transaction were not disclosed.