Antares Capital announced is serving as administrative agent and joint lead arranger on a $121.6 million senior secured credit facility to support the acquisition of Del Real Foods by a private equity fund affiliated with Palladium Equity Partners, LLC.
Founded in 2002 and based in Mira Loma, CA, Del Real offers authentic, clean label, traditionally prepared Mexican cuisine, including prepared meats, specialty items (tamales and pupusas), fire roasted salsas, and side dishes (rice and beans). Products resonate with a broad range of consumers and are a unique option in the refrigerated, heat-and-serve aisle. The company has developed long term customer relationships with leading market players across diversified sales channels, including: club stores, ethnic grocery stores, traditional grocery stores and food service.
“The Antares team was constructive and creative throughout this transaction,” said Yue Bonnet, vice president with Palladium. “We value Antares as a financing provider due in part to their proven flexibility and ongoing support.”
“Del Real is a company well positioned for growth, both regionally and nationally, with its authentic, on trend products. We are excited to support Del Real and Palladium during their next phase of growth,” said Tim Brandt, vice president with Antares Capital. “We are pleased to lead this financing for Palladium and we welcome Del Real to our portfolio.”
Palladium is a middle-market private equity firm with over $2 billion in assets under management. The firm seeks to acquire and grow companies in partnership with founders and experienced management teams by providing capital, strategic guidance and operational oversight. Since its founding in 1997, Palladium has invested over $1.5 billion of capital in more than 25 platform investments and over 50 add-on acquisitions. The firm focuses primarily on buyout equity investments in the range of $50 million to $150 million. The principals of the firm have significant experience in financial services, business services, food, healthcare, industrial and media businesses, with a special focus on companies they believe will benefit from the growth in the U.S. Hispanic population.
Antares Capital is a leading provider of financing solutions for middle-market, private equity-backed transactions with offices in Atlanta, Chicago, Los Angeles, New York, Norwalk (Connecticut) and Toronto. Antares has facilitated more than $120 billion in financing over the past five years. Antares was named 2015 Dealmakers of the Year and 2014 Lender of the Year by Mergers & Acquisitions.