Prime Meats, a US processor and supplier to retail and foodservice, has bagged an undisclosed investment from Shoreline Equity Partners.
Ian Garland, a principal at the Florida-based private-equity firm, said its partnership with Prime Meats will seek to foster growth organically and through bolt-on acquisitions in the US.
With a focus on Hispanic customers, the Duluth, Georgia-headquartered business supplies beef cuts, poultry, pork and seafood such as shrimp and salmon across 15 US states. It also operates an e-commerce platform – Marble Hills Ranch.
Norberto Sanchez, who set up Prime Meats in 1992, will remain with the company, along with the existing management team. Together, they will “maintain a meaningful ownership position” in the business, Shoreline said in a statement, but did not reveal the size of its interest.
Sanchez, who is the chairman of Prime Meats, said: “For over 30 years, Prime Meats has been providing the highest quality service and product to our customers, and we are committed to providing the same high-touch service and best-in-class product offering.”
Shoreline has more than $750m under management targeting average single investments in the region of $150m. The private-equity firm seeks out businesses generating annual revenues of $50-$350m and EBITDA of $5m to $25m, it said.
The investor did not disclose Prime Meats' sales or profit performance as a privately-owned company.
In the food space, other investments from Shoreline include Engelman’s Bakery, a bread and rolls maker also based on Georgia. That partnership, where the acquired stake was again not revealed, dates back to 2020.
Carbon’s Golden Malted, a supplier of waffle mixes to the out-of-home channel, is also part of Shoreline’s portfolio.
Daniel Arcila, who oversees more than 250 employees as CEO of Prime Meats, said the partnership with the investor “will allow us to meaningfully expand our operations and footprint across the US”.
