Private investment firm Palladium Equity Partners has invested a “significant” sum into Miami, Florida, U.S.A.-based Quirch Foods.
New York, U.S.A.-based Palladium, which manages USD 3 billion (EUR 2.6 billion) in assets, did not provide a total amount for its investment, but said in a 20 December press release it was made by one of its affiliated private equity funds.
Quirch distributes and exports seafood as well as beef, pork, poultry, and other products independent and ethnic grocers in the U.S. and Puerto Rico, U.S. national retailers, and Latin American export markets. Quirch distributes its seafood products under the Panamei Seafood brand. The company operates multiple distribution centers throughout the United States, and has operation centers in the Southeastern U.S. and the Caribbean.
Quirch President Frank Grande said he welcomed the investment.
"The partnership with Palladium will allow Quirch to better serve our customers and accelerate our growth – while upholding the legacy and core values instilled by the Quirch family that have made Quirch a success since its founding,” Grande said.
Palladium is a middle-market private equity firm that “seeks to acquire and grow companies in partnership with founders and experienced management teams by providing capital, strategic guidance and operational oversight.” The firm has previously invested in other food businesses, with a special focus on companies they believe “will benefit from the growth in the U.S. Hispanic population.”
"Quirch represents a unique opportunity for Palladium to leverage its experience investing in the U.S. Hispanic market, founder-owned businesses, and fragmented industries,” Palladium Senior Managing Director Luis Zaldivar said. “We are excited to partner with Quirch's management team along with the Quirch family to help support the company's next phase of growth."
The investment will be used to expand Quirch’s market reach via a series of growth initiatives, including expansion into new product offerings and geographies, and potential acquisitions in the food distribution industry, Palladium said.
"We are excited to partner with Palladium, which shares our vision of maintaining the company's legacy as a strong business with proud heritage and identity,” Mauricio Quirch, a member of the founding Quirch family, said. “We believe this partnership with Palladium will be beneficial in the company's next chapter."
