Peacock Engineering Company announced today that it has completed its acquisition of L&L Foods, based in Anaheim, CA. A definitive agreement was announced earlier this month. Terms were not disclosed.
L&L Foods is a leading provider of high-volume, single-serve/portion-control packages of food products. Its products are primarily used in prepared salad packages and in fast-growing food-away-from-home venues, such as quick-serve-restaurants, cash & carry outlets and airlines. L&L offers unique formulations, sourcing and packaging capabilities to a number of leading food brands. L&L Foods was previously a portfolio company of CIC Partners, a Dallas-based private equity firm focused on growth capital investments in the food industry.
L&L Foods will become a business unit of Peacock Engineering Company, which is based in Geneva, IL, and is led by CEO Tom Sampson. Both companies will operate as they have in the past and will work closely to maintain their high levels of customer service as they come together.
Peacock is a leading food manufacturer and provider of packaging and supply chain management solutions to many of the top consumer food companies. Like L&L, Peacock works closely with key customers, acting as an extension of its customers’ supply chain networks and offering a valuable route to market for new product and channel innovation. Peacock is owned by Charlesbank Capital Partners, a Boston-based middle-market private equity firm.
Advisors for Charlesbank and Peacock on the transaction included PricewaterhouseCoopers for financial and Goodwin Procter for legal. For L&L Foods, Houlihan Lokey served as financial advisor and Norton Rose Fulbright as legal advisor.
About Peacock Engineering
Founded by Harold Peacock in 1942, Peacock Engineering Company is a focused food manufacturer and one of the largest providers of integrated supply chain and packaging solutions to the consumer food industry. The company specializes in refrigerated, frozen, and shelf-stable primary processing and packaging for many category-leading brands. Peacock operates five facilities totaling nearly two million square feet located in the greater Chicago area. For more information, please visit www.peacockfoods.com.
About L&L Foods
L&L Foods, headquartered in Anaheim, CA, is a high-volume niche food-packaging company that specializes in portion-control packaging solutions, primarily for salad kits. The company offers formulation and sourcing capabilities through direct relationships with suppliers and focuses on both component and assembly packaging. In October 2012, CIC partnered with L&L to provide the growth capital to support further growth.
About Charlesbank Capital Partners
Based in Boston and New York, Charlesbank Capital Partners is a middle-market private equity investment firm managing more than $3 billion of capital. Charlesbank focuses on management-led buyouts and growth capital financings, generally investing $50 million to $150 million per transaction in companies with enterprise values of $100 million to $750 million. The firm seeks to partner with strong management teams to build companies with sustainable competitive advantage and excellent prospects for growth.