Avante Capital Partners has made a first lien debt and minority equity investment in Florida-based smoked sausage and meats business Uncle John’s Pride.
The firm took the step to support a growth investment in Uncle John’s by Promise Holdings, which is a minority and women-owned private holding and investment company that invests in and operates early and late-stage businesses in the food, fashion and beauty and leisure industries.
Private credit and structured equity firm Avante Capital is also a women and minority-owned asset management firm.
Uncle John’s offers a variety of fresh and smoked sausages through retail and foodservice channels. Its portfolio features brand-named products such as Bean Brothers, Garcia Brand, Peppino Foods, Realtree and Zummo Meat.
“Avante is proud to partner with Promise Holdings in their investment in Uncle John’s,” said Avante Capital partner Sylvester Burley in a statement. “We’re confident that their deep knowledge and experience in consumer products combined with Uncle John’s dynamic management team will lead to the platform’s success.”
Promise Holding’s food industry investments include Promise Confections, which owns the brands Abba-Zaba, Big Hunk, Rocky Road and Salted Nut. It has also backed Catalina Finer Foods, FoodBarz, Hickory Farmz and Pear’s Snacks, among others.
The firm closed its third flagship vehicle on $450 million in September 2022, surpassing its $300 million target and initial $400 million hard-cap.
At the time, managing partner Ivelisse Simon told affiliate title Private Debt Investor: “We could have raised $700 million, perhaps $800 million. But that would not have been the optimal size. We wanted to be able to make use of this money.”
Investors in the vehicle include Caisse de dépôt et placement du Québec, Cigna, the endowment of the University of Pittsburgh and PNC.