Spring Capital Closes New Investment in Catalina Finer Foods
SPRING CAPITAL PARTNERS IV, L.P.
is pleased to announce the closing of an investment in
Catalina Finer Foods, LLC
$4.4 Million of Subordinated Debt and $1.9 Million of Equity
Spring Capital Partners IV, L.P. is a Small Business Investment Company (“SBIC”) as licensed by the United States Small Business Administration in accordance with the Small Business Investment Act of 1958, as amended.
Spring Capital Partners IV, L.P. (www.springcap.com) invested $4.4 million of subordinated debt and $1.9 million of equity in Catalina Finer Foods, LLC (“Catalina” or the “Company”). SCP IV partnered with the 2nd generation owner Justo Cepero, Promise Holdings, Midwest Growth Partners, Gemini Investors, Farragut Capital Partners, Lake Country Capital, and SharpVue Capital to provide succession and growth capital to fuel future organic and acquisitive growth.
Catalina, founded in 1974, is a manufacturer of authentic Cuban and Caribbean cuisine including varieties of croquettes, stuffed potato balls, tamales, stuffed cassava, and other ancillary products. The Company, headquartered in Tampa, Florida, provides these frozen products to a variety of foodservice and retail grocery customers. The Company will seek other frozen food manufacturers as potential bolt-on acquisitions to the Catalina platform that would expand its product portfolio or increase the Company’s geographic reach. Catalina currently employs 72 employees.
About Spring Capital Partners
Spring Capital Partners was founded in 1999 to provide mezzanine capital to growing small and medium sized businesses. The firm has managed over $600 million of capital and is currently investing out of its fourth fund, Spring Capital Partners IV, a $250 million SBIC. Investments are made in the form of subordinated debt and minority equity, typically in the range of $2 million to $20 million per investment. In addition to investing in change of control/buyout transactions with committed private equity funds and independent sponsors, Spring Capital also provides capital to privately held businesses to support acquisitions, growth, and minority recapitalizations.