Pittsburgh, PA - Main Street Capital Holdings, L.L.C., a Pittsburgh-based private investment firm, announced that it has purchased the assets and ongoing operations of TriFoods International, Inc. TriFoods produces Steak-Umm(R) sandwich steaks, Steak-Umm(R) frozen sandwiches and Red-L(R) (a) frozen hors d'oeuvres.
The newly formed entity will be named The Steak-Umm Company. The company's headquarters and operations will remain in its 176,000-square-foot Pomfret, Connecticut facility. The management and workforce also will remain in place.
Main Street, formed by Donald J. Jenkins and Gerald M. Prado, principals and co-managers, and the national law firm Eckert Seamans Cherin & Mellott, LLC, acquires companies valued at $15 million to $125 million.
"We are very pleased with this acquisition," said Donald Jenkins. "All of the fundamentals are in place -- a great brand name, an excellent management team and a state-of-the-art manufacturing facility. Steak- Umm is the acknowledged market leader in its category and offers a great foundation for significant growth and increased profitability," Jenkins said.
"We plan to extend and grow the Steak-Umm and Red-L product lines," said Gerald Prado. "We have contributed the capital and developed the sound capital structure to provide both a stable operating environment and the financial resources necessary to achieve that growth," he said.
Senior financing for the acquisition was provided by First Source Financial, Inc. Terms of the transaction were not disclosed.
This is the fourth such transaction Main Street has completed since its founding in 1994. Previous acquisitions include The Stiffel Company, the nationally known manufacturer of lamps and lighting fixtures in 1995; C&K Manufacturing and Sales Company, a supplier of smallware products such as gloves, cutting boards and cooking bags in 1996; and Lloyd's Barbeque Company, the nation's largest producer and marketer of precooked packaged barbecued meats and related products in 1997.
Main Street considers "controlling interest" investment opportunities in a broad range of industries and has a particular interest in corporate divestitures, family-owned businesses and companies where the owner is considering retirement. Companies that meet its investment criteria are well established, profitable and well managed. Management is always given the opportunity for ownership.
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