November 9, 2009

Mistral Equity Partners Invests in Chef Solutions Holdings

Mistral Equity Partners, a private equity firm focused on the consumer and media sectors, announced that it has invested $24 million in Chef Solutions Holdings LLC and its affiliates, which, through its operating subsidiary Orval Kent Food Company Inc., is the second largest manufacturer in North America of fresh prepared foods for retailers and foodservice accounts, according to the company.

“As consumers continue to live more time-pressured lifestyles and demand increased convenience without giving up quality and taste, traditional grocery, mass and club retailers are focusing on meeting these demands through expanded product offerings in the fresh prepared food area,” commented Robert Fioretti, Managing Director of Mistral Equity Partners. “This provides an exceptional opportunity for Orval Kent, which, as one of the only companies in this sector with national scale, is well positioned to benefit from this growing trend. In addition, this transaction shows our continued focus on investing in consumer businesses with strong management teams that capitalize on demographic or psychographic trends.”

Steve Silk, CEO of Orval Kent said, “I am excited about our partnership with Mistral. Having known the principals for 15 years, I know that their knowledge of the market, growth-orientation and marketing acumen will enable us to become America’s largest and most trusted fresh foods provider. Their talents, combined with those of Questor and our management team, sets us up for market-leading performance.”

Orval Kent’s parent company is currently majority owned by private equity funds managed by Questor Management Company LLC, an investment firm headquartered in Birmingham, Mich. The proceeds of Mistral’s investment, which will be in the form of Subordinated Debt and Preferred Equity, will be used to pay down debt, fund various cost savings initiatives and provide funds for growth.





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