The PennZone

LOS ANGELES - PennZone -- Felbro Food Products, a leading food and beverage manufacturer founded in 1946, has been recapitalized by Felbro Culinary Specialties LLC, a company formed by management, new investors, and members of the founding Feldmar family. Over its nearly 80-year history, Felbro has served customers in the foodservice, retail, and industrial food markets across the United States and internationally. The partnership with new investors with extensive food manufacturing experience positions the company to build on its history of growth.

With two production facilities in Los Angeles and Compton, CA, Felbro develops, blends, packages, and distributes liquid and dry blended foods, including beverages, desserts, syrups, sauces, and soups. Customers include regional and national quick service restaurants, coffee and donut chains, national retailers, grocery chains, foodservice ingredient suppliers, and foodservice distributors.

The new investment group, led by Clover Capital Partners LLC and Evanston Partners LLC, has provided significant liquidity for the founding family and will invest financial and strategic resources into Felbro to further expand its capacity and product capabilities. Felbro will also pursue add-on acquisitions of complementary companies.

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As part of the transaction, Janet Caldwell joined the company as its new President. Ms. Caldwell was previously with the Gill Corporation where she served as CFO and COO. She has extensive experience in the food manufacturing industry, serving in executive leadership positions at a variety of companies including 11 years as CFO and COO of Kronos Foods.

Daniel Feldmar, whose grandfather and great-uncle founded Felbro, will be continuing in a senior leadership role as Chief Commercialization Officer. He stated, "The recapitalization led by Clover and Evanston will help Felbro accelerate growth while upholding the legacy of our family business. The Felbro team is excited for this new chapter in our long history."

Debt financing for the transaction was provided by Proterra Investment Partners, and the buyer was advised by Levenfeld Pearlstein, LLC. The sellers were represented by CenterPoint M&A Advisors.

About Clover Capital Partners LLC

Clover Capital Partners LLC has been investing in and acquiring food and beverage manufacturing companies since 2011. A value-added partner to lower middle market businesses, Clover and its principals focus on helping management teams navigate generational transition, build scalable infrastructure, and efficiently deploy resources to achieve growth. Co-Founders David Choe and Alex Schneider serve Felbro as investors and directors. For more information please contact us through www.clovercp.com

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About Evanston Partners LLC

Evanston Partners LLC is a private equity investment firm which partners with management teams to recapitalize, acquire and build small growth companies. We seek to work with partners who demonstrate passion, integrity and strong work ethic and to build already profitable companies with a long-term focus on value creation. Managing Members William V. Glastris, Jr. and Jeffrey D. Ellis serve Felbro as investors and directors. For more information, please contact us through www.evanstonpartners.com