Shoreline Equity Partners Announces the Sale of Mr. Greens to Sterling Investment Partners
04 May, 2023, 10:00 ET
JACKSONVILLE, Fla., May 4, 2023 /PRNewswire/ -- Shoreline Equity Partners ("Shoreline"), a purpose-driven, lower middle market private equity firm based in Jacksonville, Florida, has completed the sale of its portfolio company, Florida Veg Investments, LLC ("Mr. Greens" or the "Company"), to Sterling Investment Partners ("Sterling").
Mr. Greens is a value-added distributor of produce, dairy, and dry goods serving over 3,500 customers including restaurants, hotels, country clubs as well as other various clients. Mr. Greens has grown from serving Central and South Florida to gaining meaningful market share across Florida as well as key markets in Texas. With deliveries 365 days a year, 7 days a week, and multiple runs per day, Mr. Greens has set the gold standard for service. The Mr. Greens leadership team will continue to lead the Company and maintain a significant ownership position. Mr. Greens was the first investment from Shoreline's inaugural fund and also represents the first portfolio company sale for the firm.
Nick Politis, CEO of Mr. Greens, said, "We are thrilled to embark on this new chapter with Sterling as our next partner. Our platform is perfectly suited to continue taking advantage of the migration that has swept across the Southeast since 2020. Our partnership with Shoreline was exactly what we envisioned, and they lived up to everything they promised when we first met them in 2019. We are incredibly appreciative of the partnership and grateful for their support over the years."
Mike Hand and Peter Franz, Co-Founders of Shoreline, said, "Nick and the entire team at Mr. Greens have done an incredible job navigating the most challenging times the industry has experienced and gained incredible market share as foodservice demand has rebounded. We are forever grateful to Nick and Peter Politis for selecting us as their first institutional partner. One of the greatest joys we experience at Shoreline is recognizing how well-positioned our businesses become ahead of their next cycle of ownership. That statement could not be more fitting than for Mr. Greens."
Peter Politis, Chairman of the Board of Mr. Greens, said, "We're so proud of the Mr. Greens team for the many achievements made under Shoreline's ownership. Over the last several years Mr. Greens has made substantial investments in people and infrastructure while maintaining a best-in-class growth profile. We have collectively built a disruptive food distribution platform poised for continued excellence in its next stage of growth."
The transaction for Shoreline was led by Mike Hand, Managing Partner; Peter Franz, Partner; Ian Garland, Principal; Zach Mittelmark, Principal; Mike Mancini, Senior Associate; and Mike Dolak, Associate. Apogem Capital, Churchill Asset Management, investors advised by The Hillman Company, and NXT Capital co-invested in the transaction alongside Shoreline. NXT Capital and Churchill Asset Management were the Company's senior and subordinated lenders, respectively, throughout Shoreline's investment period. Baird and Truist Securities represented Mr. Greens and acted as the Company's financial advisors for the transaction, while Finn Dixon & Herling LLP served as legal counsel to Shoreline and the Company.
Headquartered in Miami, Florida, Mr. Greens is a produce, dairy, and dry goods distributor serving a large variety of clients, including restaurants, hotels, country clubs, caterers, grocery stores and retail outlets. Mr. Greens delivers 365 days a year, 7 days a week, and multiple runs per day to over 3,500 customers across Florida and Texas. For more information, please visit www.mrgreens.com.
Shoreline is a lower middle market private equity firm focused on actively partnering with leading management teams. Shoreline follows a total stakeholder model, meaning success should be a "win-win" proposition for shareholders, employees, customers, vendors, and the communities within which the firm's companies operate. Shoreline professionals believe in honesty, incentive alignment, and creating bigger, better businesses without relying on financial engineering or cost cutting to generate returns. With over $750 million of committed capital under management, Shoreline seeks to lead equity investments of up to $150 million per transaction in support of buyouts, recapitalizations, and corporate divestitures. Targeted businesses have enterprise values ranging from $50 million to $350 million and EBITDA of $5 million to $25 million. The firm strives to partner with management teams of businesses primarily within the specialized manufacturing, value-added distribution, and business and facility services sectors, among others. For more information, please visit www.shorelineequitypartners.com.
SOURCE Shoreline Equity Partners
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