New entity backed by private equity firm looks to create super-regional competitor in foodservice distribution by combining mid and upper tier foodservice distributors
Richmond, VA /PRNewswire/ - Legacy Food Group announced today the acquisitions of Keck's Food Service, Inc. ("Keck's"), M&V Provisions Co. ("M&V"), Thomsen Foodservice, Inc. ("Thomsen"), and Legacy Foodservice Alliance ("LFA"), supported by an investment from Quad-C Management, Inc. ("Quad-C") a private equity firm in Charlottesville, VA.
Existing owners of new partner companies will retain an ownership interest in Legacy Food Group. Each operating division will retain its current name and management team and will operate with autonomy in the local market as an owned subsidiary of Legacy Food Group. All associates will remain in place.
Legacy Food Group was created to acquire high-quality regional independent distributors that will become operating divisions of a new firm that will provide a welcome new option for customers on a super-regional scale. Each operating division will enjoy new services and expertise that come from achieving scale. This includes enhanced supplier relationships, consolidated purchasing benefits, coordinated sales and marketing support, and many other resources to build upon each company's regional success.
Industry veteran Steve Push serves as CEO and a Member of the Board of Directors at Legacy Food Group, directing his focus on new deal origination and strategic oversight.
"Legacy Food Group was conceived from the premise of foodservice people working with foodservice people, powered by a strong, experienced private equity partner," said 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, 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."
The new entity is formed by the following four founding Members, which will operate as divisions of Legacy Food Group. The owners of the below companies will retain a meaningful equity position in Legacy Food Group. This convergence of the four companies will take place concurrently, marking a pivotal consolidation of resources.
- Keck's Food Service Inc., located in Millerton, PA.
- Founded in 1964, Keck's Food Service is a broadline foodservice and bakery ingredient distributor, complemented with a USDA fresh meat and portion control program, serving the finest independent restaurants and non-commercial foodservice establishments, bakeries, and regional and C-store chains within a market area spanning approximately 150 miles from Millerton, PA. Keck's Food Service is led by CEO and Chairman Brian Keck, and through its team of dedicated professionals, takes considerable pride in delivering the finest quality, value, service and support to its customers with a comprehensive product selection of approximately 5,000 SKUs.
- M&V Provisions Co., located in Ridgewood, NY.
- Founded in 1949 as a manufacturer of ham and bologna, M&V Provisions is now a fourth-generation, family-owned re distributor catering to the "jobber" community as well as other wholesalers. Under the leadership of Partners Mike Ciuffo and Joe Vallario, M&V Provisions continues to thrive in the foodservice deli, bodega and bagel shop market. Their exceptional customer service, competitive prices and high-quality product selection, highlighted by their trusted Northside Brand, make them a leader in this sector.
- Thomsen Foodservice, Inc., located in East Providence, RI.
- Founded in 1951, Thomsen Foodservice, Inc. is a broadline distributor that services a diverse base of independent restaurant customers in Rhode Island, Massachusetts, and Connecticut. Thomsen Foodservice pairs personalized service, starting with CEO Ed Thomsen, with an expert sales staff, professional drivers, dedicated front office team, and an extensive product selection to exceed customer expectations and foster new growth.
- Legacy Foodservice Alliance, located in Richmond, VA.
- Founded in 2009, Legacy Foodservice Alliance is a foodservice supply chain alliance with more than 120 foodservice distributors spanning North America, Central America, Bermuda, and the Caribbean that includes a global network of supplier partners. Legacy Foodservice Alliance thrives on uniting their foodservice Members, fostering Member success through shared buying power, advanced technology, industry expertise, and personalized service.
In addition, Legacy Food Group is presently engaged in active negotiations to partner with multiple independent foodservice distributors who appreciate the opportunity of greater resources without the bureaucracy of the large distributors.
An experienced team of foodservice professionals will join Push, starting with CFO Heidi Moore. Moore brings experience in a wide variety of industries, including a successful run as the CFO for Ace Endico Corporation, a major broadline foodservice distributor in Metro New York. The company is also currently looking to fill other senior executive positions.
Several other notable industry veterans will form Legacy Food Group's Board of Directors, including:
- Barry Friends, a respected figure with extensive experience as a Sysco Operating Company President, US Foods Zone President, and Reinhart Senior Vice President. Friends is a founding partner of the industry think-tank, Pentallect, Inc.
- Russell Libby, who held significant leadership roles at Sysco Corporation for over a decade, will contribute his deep industry knowledge to the project. As Sysco's EVP Administration and Corporate Secretary, Libby's responsibilities included merger and acquisition activities.
- Brian Keck, CEO and Chairman of Keck's Food Service, Inc., is an industry leader and well-respected name within the foodservice industry.
"Our team is excited to focus on distributor acquisition, expansion, and organic sales and profit growth to become a leading, entrepreneurial alternative in the industry. We're excited about the future of Legacy Food Group," Push stated.
Legacy Food Group will also partner with UniPro Foodservice as a Stockholder Member, which has already received approval from the UniPro Board of Directors, and the Stockholder Members.
About Legacy Food Group:
Legacy Food Group is a new holding company created to acquire high-quality regional independent distributors that will become owned operating divisions. By knitting together multiple distributors, Legacy Food Group will achieve macro-scale with micro-market nimbleness, preserving the differences that work for independents while achieving synergies that can greatly benefit Members. Learn more about Legacy Food Group at www.legacyfoodgroup.com.
Founded in 1989 and headquartered in Charlottesville, Virginia, Quad-C is a mid-market private equity firm focused on investing in established specialty distribution, industrials, transportation / logistics, business and consumer services, healthcare, food & beverage, and consumer products companies. In its three-decade history, Quad-C has invested more than $4.4 billion of capital in 83 platform companies. Learn more about Quad-C at www.quadcmanagement.com.
About UniPro Foodservice:
UniPro Foodservice, the pinnacle of foodservice cooperatives in the USA, has evolved from the merger of nine former buying groups. With a rich history of industry integration, UniPro continues to lead the sector by providing unparalleled support, innovation, and value to its diverse Membership base. Learn more about UniPro at www.uniprofoodservice.com.