Quad-C Management has formed Legacy Food Group and has acquired four businesses with the buys of Keck’s Food Service, M&V Provisions, Thomsen Foodservice, and Legacy Foodservice Alliance.
The four acquired companies will retain their current names and management teams and will continue to operate in their local markets as subsidiaries of Legacy Food Group.
Keck’s Food Service is a Pennsylvania-based foodservice, bakery ingredient, and poultry and meat distributor to independent restaurants, bakeries, and regional convenience store chains; M&V Provisions is a New York-based manufacturer of ham and bologna serving the foodservice deli, bodega and bagel shop market; Thomsen Foodservice is a Rhode Island-based broadline distributor of food and paper products to independent restaurants; and Legacy Foodservice Alliance (LFA) is a Virginia-based foodservice supply chain alliance with more than 120 foodservice distributors spanning North America, Central America, Bermuda, and the Caribbean.
LFA was founded in 2009 by CEO Steve Push to acquire and partner with regional independent distributors to allow the combined group to operate on a super-regional scale and create enhanced supplier relationships, consolidated purchasing benefits, and coordinated sales and marketing support. Mr. Push has been named as the new CEO of Legacy Food Group and a member of the company’s board of directors. In partnership with Quad-C, Mr. Push will be active with new transaction origination and strategic oversight.
In addition to Mr. Push, the owners of the three other acquired companies will retain an ownership interest in Legacy Food Group.
“Legacy Food Group was conceived from the premise of foodservice people working with foodservice people, powered by a strong, experienced private equity partner,” said Mr. Push. “Our objective is to maintain the exceptional customer service and other benefits of local ownership and management, while combining to achieve the scale benefits and broader service to customers seeking a new option capable of serving a larger region. We will be able to offer a compelling option that will resonate with owners who do not want to sell to a large corporate distributor.”
“During Quad-C’s 30 plus year history, a key focus of our firm has been investing alongside successful owner operators and family business owners to help their companies grow and take them to the next level,” said Michael Brooks, a partner at Quad-C. “We have been active investors in distribution across a range of industries and have been specifically pursuing the highly attractive foodservice sector for the last several years in partnership with Steve Push. We are thrilled to be joining forces with Steve and the impressive teams at Keck’s, M&V, Thomsen, and LFA, and we see tremendous growth and value for the prospects of Legacy Food Group as we continue to partner with additional distributors going forward.”
Other members of Legacy Food Group’s board of directors include Barry Friends, an experienced food industry executive who has held senior leadership positions with Sysco, US Foods, and Reinhart Foodservice; and Russell Libby, a former senior executive with Sysco and a current member of the board of publicly traded HF Foods Group.
Quad-C invests in companies with enterprise values of $50 million to $400 million. Sectors of interest include business and consumer services, food and beverage, consumer products, healthcare, industrials, transportation and logistics, and specialty distribution. Quad-C was founded in 1989 and is headquartered in Charlottesville, Virginia.
© 2023 Private Equity Professional | September 12, 2023
