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Vestar Capital Partners VI, L.P. has signed a definitive agreement to acquire a majority interest in American Roland Food Corp.
The New York-based specialty food importer’s brands include American Roland, Bruno Scheidt Inc., Pro Warehouse Corp. and Costamar Corp. Terms were not disclosed. The transaction is expected to close by the end of September.
“My parents started Roland Foods in the U.S. nearly 75 years ago, and the company has grown consistently over the years with the help of our valued customers, suppliers, and staff,” said Charles Scheidt, a member of the company’s founding family and CEO of Roland Foods. “Vestar appreciates and shares our values, as well as our company’s single-minded focus on our brands, quality products, and exceptional and reliable customer service. This evolution enables Roland Foods to build on its excellent foundation.”
“Roland Foods is a great company with a unique niche and superb reputation in the industry, and an exceptional initial investment for our new Vestar VI fund,” said Dan O’Connell, founder and CEO of the New York-based private equity firm. “…Coupled with the bright growth outlook we see in the specialty foods sector, we believe Vestar’s resources and experience in the food and branded products arena can help Roland Foods grow substantially.”
Roland Foods expects a seamless transition for the suppliers, vendors and customers. The management team and staff will remain in place. Scheidt , who will retail a “meaningful investment” in the company, will continue as CEO and chairman of the board. A new CEO will be named in the coming year.
Founded in Paris in 1934 and established in the U.S. in 1939, Roland Foods has a national presence in the foodservice, retail, and industrial channels as well as international sales in the Caribbean, Central and South America, Asia, Africa and the Middle East.