Beach Point Capital Management invested in Fullers Foods, a U.K.-based outsourced buying partner serving grocery retailers.
Beach Point manages more than $20 billion in assets and made the investment through its Hybrid Solutions strategy.
Fullers provides outsourced procurement and own-label program management services to retailers and foodservice customers.
Founded in 1871 and headquartered in Leeds, Yorkshire, the company supplies a broad range of frozen food products in private-label and branded formats sourced from suppliers around the world.
Beach Point has known Fullers and its management team since 2022 and said the new investment represents a renewal of that relationship.
The transaction also provided liquidity to existing investor Quilvest Capital Partners, which will remain an important stakeholder in Fullers.
Beach Point plans to support Fullers’ management team as the company pursues further growth and expansion.
The firm’s Hybrid Solutions strategy specializes in customized investments that can combine characteristics of both credit and equity.
The strategy manages approximately $1 billion in capital and is led by Jay Takefman and Robert Bergmann.
Beach Point said the investment reflects its ability to provide flexible capital structures to middle-market companies, business owners, and financial sponsors.
The Fullers transaction follows other activity from the Hybrid Solutions strategy, including recent exits involving Smile America Partners and E-Z Up.
KEY QUOTES:
“Fullers is a unique business with a long history of product innovation and category leadership in support of its world-class customers. We are proud to partner with the Company, its management team and all stakeholders during this important next step in its evolution.”
Jay Takefman, Co-Head of Hybrid Solutions at Beach Point Capital
“I am delighted to reunite with Jay Takefman and the Beach Point team. Myself and the management team are really excited to partner with Beach Point on the next phase of our growth journey and continue to build Fullers Foods into a valued supply partner our Retail and Foodservice customers can rely on.”
Kevin Smith, CEO of Fullers Foods
