Titan Frozen Fruit Strengthens Team with the Additions of Alan Cutler as Chief Financial Officer and Tom Byrne as Executive Vice President of Commercial Development
Longtime Industry Executives to Support Titan's Sustainable Growth and M&A Initiatives
SANTA MARIA, Calif., Oct. 23, 2023 /PRNewswire/ — Titan Frozen Fruit ("Titan" or "the Company"), a market-leading, value-added food ingredient manufacturer and fruit processor, announced today two new additions to strengthen the Company's senior leadership team. Alan Cutler has been named Chief Financial Officer and Tom Byrne has been named Executive Vice President of Commercial Development. Titan is a portfolio company of Vestar Capital Partners and Windhover Capital.
"Given Alan's and Tom's successful track records, we are confident they will play a key role in Titan's transformation," said Jon Larsen, CEO of Titan. "Alan's leadership in developing financial strategies to drive sustainable growth, as well as his focus on enhancing Titan's finance function and processes, will be critical as we build out the organization. Additionally, Tom's strong sales and business development background and his M&A experience will be an asset for Titan as we look for new opportunities to grow the business both organically and through strategic acquisitions. I welcome them both to the Company."
Mr. Cutler has spent over 25 years building and leading teams in the food, agriculture and manufacturing industries, most recently as CFO of Randall Foods. Some of his previous C-level roles include serving as CFO at Vita-Pakt Citrus Products Co., CEO and COO at True Fresh High Pressure Processing/True Food Innovations, and CFO/President/GM at Goglanian Bakeries Inc. (now Rich Products Corporation, Inc.). Mr. Cutler earned both his bachelor of science and masters of business administration degrees from Troy University.
"I'm eager to work with the Titan team to leverage what I've learned over my long career in food processing to help position the Company for its next stage of growth," said Mr. Cutler. "I look forward to working closely with Jon, Tom and the rest of the Titan management team as we look to take advantage of opportunities in the market."
With more than 25 years of experience leading transformational changes in complex business environments, Mr. Byrne was most recently Senior Vice President – Division Manager at Golden West Packaging Group, where he led the integration of three agricultural-centric packaging businesses. Previously, he served as President of Growers Express, and was also Vice President – General Manager at Sambrailo Packaging, and Director of Food Sales at Peninsula Packaging. He holds a bachelor's degree in business management from the University of Notre Dame.
In this newly created Executive Vice President of Commercial Development position, Mr. Byrne will lead business and product development and operational efficiencies across Titan, and will also serve as a critical member of the Company's Corporate Development/M&A team.
"I'm thrilled to be joining Titan at an exciting stage of its development," said Mr. Byrne. "With its strong industry reputation and the resources and support from Vestar Capital and Windhover Capital, Titan is well positioned to become a true leader in a fragmented market. I am eager to drive new innovations and help grow the Company."
About Titan Frozen Fruit
Based in Santa Maria, CA and founded in 2013, Titan is a market leading, value-added food ingredient manufacturer and fruit processor. The Company buys berries from a network of large commercial growers in California and Baja California and processes the berries into a variety of pack styles (aseptic and pasteurized purées, purée concentrate, thermal particulate, individual quick frozen and block quick frozen). Titan sells the processed berries to a diversified roster of food and beverage manufacturers, foodservice/QSRs and retail/club stores. For more information on Titan, please visit www.titanfrozen.com.
About Vestar Capital Partners
Vestar Capital Partners is a leading U.S. middle-market private equity firm specializing in management buyouts and growth capital investments. Vestar invests and collaborates with incumbent management teams and private owners to build long-term enterprise value, with a focus on Consumer, Business & Technology Services and Healthcare. Since inception in 1988, Vestar funds have invested over $11 billion in 92 companies – as well as more than 200 add-on acquisitions – with a total value of approximately $52 billion. For more information on Vestar, please visit www.vestarcapital.com.
About Windhover Capital
Windhover Capital is a food, beverage, pet and consumer focused private equity firm based in Seattle, Milwaukee and New York. Windhover's strategy is to partner with management teams and owners to build strategic value, improve profitability and accelerate growth. For more information on Windhover, please visit www.windhovercap.com.
Edward Don & Company Announces Sale to Sysco
WOODRIDGE, IL – October 11, 2023 – Edward Don & Company (“DON”), a leading distributor of foodservice equipment and supplies since 1921, announced today that it has entered into an agreement to be acquired by Sysco Corporation. This partnership will allow DON to enhance its product offerings, expand strategic capabilities and provide even greater value to our customers while creating new and exciting
opportunities for our associates.
Upon completion of the transaction, DON will operate as a standalone specialty division within Sysco. Steve Don will continue to manage the business along with DON’s leadership team. All DON’s current employees will continue business as usual across North America, providing customers with the great level of service and products that they have come to expect from DON.
“Since 1921, DON has put customers first, delivering everything but the food,” said Steve Don, CEO & President. “In Sysco, we found a partner who not only understands our business but also has a deep appreciation for the customers, employees, and culture that have made us who we are today. Customers can expect the same high level of foodservice expertise, customer service, innovation and a deeper product selection from DON as we move forward as a specialty division within Sysco.” The acquisition is subject to regulatory approval and other customary closing conditions. J.P. Morgan Securities LLC and William Blair served as joint lead financial advisors to Edward Don & Company and Vestar Capital Partners.
About Edward Don & Company
Owned and operated by the Don family since 1921 and partnered with Vestar Capital Partners since 2017, Edward Don & Company is a leading distributor of foodservice equipment and supplies. Headquartered in Woodridge, IL, the company is the chosen supplier to all types of foodservice businesses including independent restaurants, national chains, health care, hospitality, country clubs, schools and universities, government institutions and foodservice management. DON, with approximately 1,200 employees, operates a nationwide distribution network supported by seven full-service distribution centers – in Chicago, Philadelphia, Atlanta, Miami, Dallas, Los Angeles and Seattle – and operates its own transportation fleet. DON serves national and multi-unit account programs with flexible, customized solutions that meet the needs of both the corporate office and the individual units. DON’s Foodservice Equipment Division offers full-service kitchen design, equipment purchasing and installation. For more information, please visit www.don.com.
Tech24 Partners with Big Fish
GREENVILLE, SC, October 5, 2023—Tech24, a national industry leader in commercial foodservice equipment repair and maintenance, has partnered with Big Fish, a provider of commercial HVAC, refrigeration and kitchen equipment installation and repair service throughout Texas.
Based in Buda, Texas, Big Fish specializes in the installation, repair, maintenance and replacement of HVAC, refrigeration, and hot side kitchen equipment for restaurants, hotels, hospitals, and other commercial facilities located across Austin, San Antonio, Houston, and the surrounding areas of Texas.
“Texas is among the largest markets for our services and is a strategic priority for Tech24. Big Fish has grown significantly in recent years and their culture and values are strongly aligned with those of Tech24. We are excited to welcome Daryl Mika and his team to the Tech24 family,” said Tech24’s CEO, Dan Rodstrom. Daryl Mika, President of Big Fish added, “Partnering with Tech24 will provide Big Fish even greater access to the resources we need to continue delivering high quality service to all our customers. We look forward to working with Tech24’s other Texas-based companies to offer the best technical training in the industry.”
Tech24 Announces Joint Investment from Vestar Capital Partners and HCI Equity Partners
GREENVILLE, S.C., Oct. 5, 2023 /PRNewswire/ -- Tech24 (or "the Company"), a national leader in commercial foodservice equipment repair and maintenance, announced today that Vestar Capital Partners ("Vestar") has joined as a new investor alongside existing shareholders HCI Equity Partners ("HCI") and the Company's management team.
The new investment will support Tech24's continued organic and acquisitive growth in new and existing geographies and end markets. Founded in 1982 and headquartered in Greenville, SC, Tech24 provides comprehensive repair and preventive maintenance solutions for commercial refrigeration, cooking, beverage, and HVAC equipment. Tech24 currently services over 50 major markets in 26 states, and its diverse customer base includes restaurants, grocery and convenience stores, retailers, schools and universities, and corporate and government facilities. The Company has completed 19 acquisitions since 2020.
"Vestar's deep experience in both commercial facilities services and the foodservice end market, as well as its track record in partnership-oriented sponsor recapitalizations, positions the firm as a perfect partner for Tech24 as we look to find new ways to accelerate growth," said Dan Rodstrom, CEO of Tech24. "We are pleased to welcome Vestar and are eager to work alongside their team and our existing investor HCI as we focus on our active acquisition pipeline."
"Tech24 has an impressive national footprint and a proven track record of delivering high-quality, mission-critical services to its customers," said Nikhil Bhat and Jake Olson, Managing Directors at Vestar. "We are excited to partner with management and HCI to leverage our sector expertise and 35 years of investing experience to enable the Company to capitalize on its numerous attractive growth opportunities."
"We are proud of the transformational growth and the foundation the Tech24 team has built over the last three years," said Doug McCormick, Managing Partner at HCI Equity Partners. "We believe Tech24 has differentiated itself both as a service provider and an acquirer in the highly fragmented commercial food equipment repair market and we are excited for the next phase of growth with the Vestar team."
Solomon Partners served as financial advisor and Quarles & Brady LLP served as the legal advisor to Tech24 and HCI. TD Cowen acted as financial advisor, and Kirkland & Ellis LLP acted as legal advisor to Vestar.
About Tech24
Tech24 is the industry leader in commercial foodservice equipment repair and maintenance, providing quick and comprehensive repair and preventive maintenance solutions for commercial refrigeration, cooking, beverage, and HVAC equipment. Founded in 1982 in Greenville, SC, Tech24 currently services over 50 major markets in 26 states from coast to coast and employs over 850 highly qualified service technicians that are equipped with the tools, technology and training they need to get the job done right. To learn more about Tech24, visit https://www.mytech24.com/.
About HCI
HCI Equity Partners is a lower market private equity firm focused on partnering with family and founder-owned distribution, manufacturing and service companies. HCI is headquartered in Washington, DC. For more information, please visit www.hciequity.com.