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Mill City Capital to buy JMH International

18 Dec 2012

Lower mid-market private equity firm Mill City Capital has agreed to buy soup, stock and sauce base maker JMH International.

Although financial terms of the deal were not revealed, Mill City generally invests in companies with EBITDA of between $7.5m and $25m.

Global investment firm Babson Capital Management made a debt and equity co-investment to support Mill Hill’s buyout.

Babson said it was the lead provider of subordinated debt for the deal.

Mike Klofas, the firm’s head of mezzanine and private equity, said, “Babson Capital appreciates the opportunity to invest once again alongside a private equity sponsor of Mill City’s caliber and track record.

“We see exciting growth opportunities ahead for JMH as its outstanding management team will have the opportunity to benefit from Mill City’s expertise in the food industry.”

Previous Mill City portfolio companies have included juice and frozen concentrate coffee provider Vitality Foodservice, and vegetables, nuts and spices distributor Speciality Commodities.

The firm also invested in grocery distributor Wholesale Produce Supply Company 12 months ago.

Mill City closed its debut buyout fund on $85m in August last year, thanks to commitments from LPs including the Massachusetts Mutual Life Insurance Company.

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