The Full Story

Facilitating a recapitalization transaction

Richmond Wholesale, founded in Richmond, CA in 1959 by the Doellstedt family, is a leading food manufacturer and global exporter to the US military. The Company’s Richmond Peak Quality brand is the second-largest military food brand and 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.

Richmond is led by the second generation of the founding Doellstedt family with a deep and experienced management team. The owners were seeking a new financial partner to support the next stage of growth and engaged DCA Partners, a boutique investment bank specializing in M&A advisory services as their financial advisor.

IMB Partners (“IMB”), a private equity independent sponsor focused on lower middle-market companies serving government agencies and electric and gas utilities, was selected as the preferred partner. IMB subsequently reached out to us to provide financing.

IMB ultimately chose to work with us due to our shared relationship-focused approach, certainty of execution to meet a tight close deadline by year-end, prior experience in the industry, and ability and willingness to provide add-on financing to support future growth. We provided subordinated notes and the senior debt was provided by PNC Financial Services Group.