New owner of Texas Fish Fry is found
Acquisition of Louisiana Fish Fry Products, Inc. by MidOcean Partners, an alternative asset manager based in New York that specializes in middle-market private equity and alternative credit investments, from a Peak Rock Capital affiliate. The transaction’s financial details were kept a secret.
Louisiana Fish Fry was established in 1982 and produces a variety of goods, such as rice mixes, breadings and batters, seafood boils, sauces and marinades, and spices and seasonings. The company’s products are available countrywide in foodservice establishments, mass market and grocery stores.
2018 saw the acquisition of Louisiana Fish Fry by a Peak Rock affiliate from the founding shareholders’ family. Louisiana Fish Fry made a move from family to institutional ownership during Peak Rock’s ownership, implementing a number of operational and business strategies that were transformative and have helped the firm succeed. In order to meet rising demand, Louisiana Fish Fry has also made investments in the growth and size of its company. It has opened additional distribution centers and hired more than 75% of its workforce organically.
Michael Morse, president and CEO of Louisiana Fish Fry, stated, “We are thrilled to work with MidOcean to continue driving outsized growth for Louisiana Fish Fry.” “MidOcean has demonstrated remarkable success in implementing transformational expansion. We will be able to concentrate on important aspects of our plan, such investing in our employees and generating organic sales growth through increased distribution and product development, thanks to their collaboration, experience, and industry knowledge. As we enter new markets, we look forward to providing our clients and end users with even better service.
For several years, the private equity firm has been assessing potential in the branded food sector, according to Daniel Penn, managing director at MidOcean.
“We are ecstatic to collaborate with the outstanding management team at Louisiana Fish Fry for the business’s upcoming expansion phase,” Mr. Penn stated. “We have been concentrating on this area in collaboration with DJ Jenson, a MidOcean operational partner who has over thirty years of experience in the field and who will chair the board of the Louisiana Fish Fry. Along with DJ, the board will also include Dave Moran, a seasoned investor and industry executive, and two of our other elite operating partners, Tony DeLio and Lisa Mann, who both have extensive experience in branded food.
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Currently, Florida Food Products—a producer of natural, healthful foods with clean labels—is part of MidOcean’s portfolio. Previous investments include South Beach Diet, Sbarro, and Jenny Craig.
Robert Strauss, managing director of Peak Rock, commented on the company’s three-year ownership of Louisiana Fish Fry, saying, “It has been a great pleasure working with the LFF management team over the last three years.” Together with Peak Rock, LFF has made large organizational investments, accelerated the development of new products, improved distribution, and raised brand awareness for Louisiana Fish Fry. These actions have all contributed to the company’s strong sales growth and long-term success.