IMB Partners is Pleased to Announce Richmond Wholesale into Portfolio
January 19, 2021
On December 31, 2020, IMB Partners (“IMB”) recapitalized and made a growth equity investment in Richmond Wholesale Meat Company (“Richmond”). Founded in Richmond, California in 1959 by the Doellstedt family, Richmond is a leading food manufacturer and global exporter to the US military. Richmond is led by the second generation of the founding Doellstedt family with 55 employees, and is supported by a deep, experienced management team that has had longevity at the company.
“As a family-owned business for more than 60 years, we take pride in putting our customers first – aiming to carry out the slogan ‘To serve you is our pleasure’. We will continue this approach as Richmond embarks on this new partnership with IMB,” said Rich Doellstedt, CEO of Richmond. “We are aligned culturally and have a common vision for the future of the military food space—which will magnify our comprehensive value!”
The Company’s Richmond Peak Quality brand (the second-largest military food brand, behind Tyson Foods), 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.
“IMB is excited about this investment and its partnership with the Doellstedt family and the management team and we look forward to facilitating Richmond’s continued innovation and growth. It is also an honor and a privilege to be a leading food supplier to the US military and the troops,” said Tarrus Richardson, CEO of IMB Partners.
DCA Partners and Flaherty Capital Markets served as financial advisors to Richmond. DCA Partners is a boutique investment bank specializing in M&A advisory services throughout the Western United States and Flaherty Capital Markets is a private investment bank specializing in M&A and capital raising services, nationally, to the agribusiness and food & beverage industries. PNC Bank and Prudential Private Capital collaborated with IMB Partners as the lending partners in this acquisition. PNC Bank, National Association, is a member of The PNC Financial Services Group, Inc. (NYSE: PNC), one of the largest diversified financial services institutions in the U.S.
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