Houlihan Lokey Advises Comax Manufacturing Corp.

Houlihan Lokey's Consumer, Food & Retail Group is pleased to announce that Comax Manufacturing Corp. (Comax) has been acquired by Florida Food Products (FFP), a portfolio company of Ardian and MidOcean Partners.

This deal represents another successful transaction for Houlihan Lokey in the Consumer, Food & Retail space.

Comax is a provider of clean label flavor solutions focused on the beverage & nutrition markets headquartered in Melville, NY. Under the stewardship of the Calabretta family, Comax has grown to become one of the largest providers of clean label flavors in the U.S. since its founding in 1977. Comax formulates natural ingredients that replace synthetic flavors and maintains a portfolio of nearly 1,000 natural flavor SKUs.

Founded in 1954, FFP is the leading innovator, formulator, and producer of vegetable and fruit-based clean label ingredients. The company’s products replace traditional, synthetic ingredients with natural, plant-based alternatives, which improve texture and flavor, extend shelf life, and ultimately provide consumers with clean label and natural products. FFP is the largest provider of clean label cures for the protein sector, and the company’s rapidly growing portfolio of natural ingredients have applications in every segment of the food and beverage industry.

Ardian is one of the world's leading private equity firms with $115 billion under management and/or advisory in Europe, America, and Asia. The company, which is majority owned by its employees, has always placed entrepreneurship at the heart of its approach and offers its international investors top-tier performance. Through its commitment to sharing the value created with all stakeholders, Ardian participates in the growth of companies and economies around the world. Based on its values of excellence, loyalty, and entrepreneurship, Ardian benefits from an international network of 700 employees in 15 offices in Europe (Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris, and Zurich), North America (New York and San Francisco), South America (Santiago), and Asia (Beijing, Singapore, Seoul, and Tokyo). The company manages the funds of 1,000 clients through its five investment pillars: Direct Funds, Funds of Funds, Infrastructure, Real Estate, and Private Debt. With seven offices in Europe and the U.S., Ardian’s global Buyout team acquires high-quality mid- and large-cap companies across Western Europe and North America, applying transformational and multicultural buy-and-build strategies that enable portfolio companies to become global leaders in their respective sectors.

MidOcean Partners is a premier New York–based alternative asset manager specializing in middle-market private equity and alternative credit investments. Since its inception in 2003, MidOcean Private Equity has targeted investments in high-quality middle-market companies in the consumer and business services sectors. MidOcean Credit Partners was launched in 2009 and currently manages a series of alternative credit strategies, collateralized loan obligations, and customized separately managed accounts.

Houlihan Lokey served as the exclusive financial advisor to Comax and assisted in structuring and negotiating the transaction on its behalf.