PE-backed Maxi Canada changes hands

One private equity firm is out and another is in at Maxi Canada.

Altamont Capital Partners announced its acquisition of the manufacturer of frozen poultry products this week, while Lake Pacific Partners concurrently announced its exit.

Financing for the acquisition was provided by Royal Bank of Canada, National Bank of Canada and Bank of America Merrill Lynch.

“We believe our industry experience and dedicated operating partners can provide value-added support to management as they continue to pursue growth opportunities,” Casey Lynch, managing director of Altamont, said in a statement.

St-Lin-Laurentides, Quebec-based Maxi, founded in 1970, has developed a portfolio of frozen poultry products sold throughout the US under the Yummy and Dino Buddies brands.

San Francisco-based Altamont has more than $2 billion of capital under management, focused on investing and growing mid-market businesses.

Altamont operating partner Tim Bruer, also CEO of Tall Tree Foods, will lead the existing management team as executive chairman to drive the continued growth across the US and development of new products, while the company’s plant and office will remain in St-Lin-Laurentides.

Chicago-based Lake Pacific said in a statement that during its ownership Maxi had “achieved dramatic growth, added capacity, shifted away from food-service and industrial markets, built well-known brands and greatly expanded retail distribution.”

Financial details were not disclosed and the firms did not respond to requests for additional details by press time.