Farragut Invests in Virginia Food Group
CHEVY CHASE, MD – Farragut Capital Partners is pleased to announce the closing of an investment in Virginia Food Group, LLC (“VFG” or the “Company”). Farragut invested senior subordinated debt and equity, in partnership with NewSpring Capital and Salem Investment Partners, to support the acquisition of the Company by Azalea Capital (“Azalea”), a South Carolina-based private equity firm. Atlantic Union Bank provided senior debt financing in support of the acquisition.
Based in Wakefield, VA, the Virginia Food Group was established through the merger of Virginia Diner, Feridies, The Peanut Shop of Williamsburg, and Red Rocker Candy. Through these subsidiaries, VFG manufactures and markets premium Virginia peanuts and other snack foods including salted and flavored gourmet peanuts, sweet and savory snack mixes, and chocolate covered nuts and candies. VFG’s three main peanut brands have been leaders in the market for over fifty years and the Company sells its products to a diversified customer base including supermarkets, specialty food stores, specialty gourmet and gift stores, online retailers, and direct to individual consumers through its websites, print catalogs and three Company-managed retail locations.
“We are very excited to partner with Azalea Capital and our other institutional investors,” said Andrew Whisler, CEO of VFG. “Their alignment with our core values and emphasis on growth will enable VFG’s brands and our associates to reach their full potential. We look forward to bringing our distinct snack offerings to many new customers and retail partners in the coming years.”
Ben Wallace, Partner at Azalea Capital, added, “It was a pleasure to work with the team at Farragut Capital on this transaction. They provided steady and thoughtful support during due diligence. I know they will continue to be a value-added partner as we help VFG reach its growth objectives.”
Alan Cuthbertson of Farragut said of the transaction, “VFG is an established leader in a growing segment of the snack food industry and with Azalea’s support and Andrew’s leadership, we’re excited to be a part of its future.”
For more information on the Virginia Food Group family of companies, please visit www.vadiner.com, www.feridies.com, and www.thepeanutshop.com.