Houlihan Lokey Advises Florida Food Products (2)

Houlihan Lokey's Consumer, Food & Retail Group is pleased to announce that Florida Food Products, LLC, (FFP), a portfolio company of MidOcean Partners, (MidOcean), has received a majority equity investment from Ardian for an enterprise value in excess of $1 billion. MidOcean initially invested in the business in 2018 and will retain a significant stake in FFP alongside Ardian. The transaction is anticipated to close in the fourth quarter of 2021.

FFP is a leading innovator, formulator, and producer of vegetable and fruit-based clean ingredients. FFP manufactures natural, plant-based alternatives that replace traditional synthetic ingredients and improve texture and flavor, extend shelf life, and provide consumers with clean label and natural products. The company manufactures natural products for a diverse customer base across various applications of the food and beverage market. Headquartered in Eustis, Florida, the company is the largest provider of clean label cures for the protein sector.

Established in 2003, MidOcean Partners is a premier New York–based alternative asset manager that specializes in middle-market private equity and alternative credit investments. Since inception, the focus of the private equity funds has been on high-quality middle-market companies with attractive strategic, operational, and financial growth opportunities 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 (CLOs), and customized separately managed accounts.

Ardian is a leading private investment company with assets of $114 billion managed or advised in Europe, the Americas, and Asia. Ardian maintains a global network with over 780 employees working from 15 offices across Europe (Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris, and Zurich), the Americas (New York, San Francisco, and Santiago), and Asia (Beijing, Singapore, Tokyo, and Seoul). Ardian has deep and extensive experience in the ingredient sector and plans to leverage its global presence to expand the company’s international footprint.

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