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Case Study

Richmond Wholesale completes recapitalisation and raises growth financing

Founded in Richmond, California, in 1959 by the Doellstedt family, Richmond Wholesale is a leading food manufacturer and global exporter to the US military.

Case Study

Richmond Wholesale completes recapitalisation and raises growth financing

Founded in Richmond, California, in 1959 by the Doellstedt family, Richmond Wholesale is a leading food manufacturer and global exporter to the US military.

At a Glance

Pursuing the next phase of Richmond Wholesale’s continued growth

Richmond Wholesale is led by the second generation of the founding Doellstedt family with a deep and experienced management team. The owners were seeking a new partner to support the Company's next stage of growth. IMB Partners was selected as the sponsor and came to us to provide capital for the transaction.

Relationship since 2020
Transaction details:
  • Subordinated Notes
  • Sponsored by IMB Partners
“We appreciate the partnership approach that Pricoa brought to the transaction and look forward to their continued support as more than just a financing partner as we pursue the next phase of Richmond’s continued growth and innovation.”
Kelvin Pennington IMB Partners

The Full Story

Facilitating a recapitalisation transaction

Richmond Wholesale, founded in Richmond, CA in 1959 by the Doellstedt family, is a leading food manufacturer and global exporter to the US military. The Company’s Richmond Peak Quality brand is the second-largest military food brand and has supported the Subsistence Prime Vendors (“SPV”) program of the US Defense Logistics Agency (“DLA”) for more than 25 years. This DLA program provides food to US troops stationed both domestically and around the world. Richmond has a proven track record and assists SPVs with top quality products, on-time delivery, and high fill rates.

Richmond is led by the second generation of the founding Doellstedt family with a deep and experienced management team. The owners were seeking a new financial partner to support the next stage of growth and engaged DCA Partners, a boutique investment bank specialising in M&A advisory services as their financial advisor.  

IMB Partners (“IMB”), a private equity independent sponsor focused on lower middle-market companies serving government agencies and electric and gas utilities, was selected as the preferred partner. IMB subsequently reached out to us to provide financing.

IMB ultimately chose to work with us due to our shared relationship-focused approach, certainty of execution to meet a tight close deadline by year-end, prior experience in the industry, and ability and willingness to provide add-on financing to support future growth. We provided subordinated notes and the senior debt was provided by PNC Financial Services Group.

Packaging plant

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Nikolas Miller, CFA
Vice President
+1.312.540.4238
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Corporate Mezzanine

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