Harris Williams Advises Mercer Foods on its Sale to Entrepreneurial Equity Partners and Mubadala Capital

Harris Williams, a global investment bank specializing in M&A advisory services, announces it advised Mercer Foods (Mercer), a portfolio company of Graham Partners (Graham), on its sale to Entrepreneurial Equity Partners (e2p) and Mubadala Capital. Mercer is a leading provider of freeze-dried fruit and vegetable ingredients. The transaction was led by Tim Alexander, Brant Cash, Andy Warczak and Cam Cornwell of the Harris Williams Consumer Group.

“Having advised Mercer on its sale to Graham in 2016, it was exciting to see what the company accomplished through their partnership with Graham and to once again be a part of Mercer’s journey,” said Tim Alexander, a managing director at Harris Williams. “Mercer has a strong history of innovation and growth, and we look forward to the company’s next chapter under the stewardship of e2p, Mubadala Capital and the founding management team.”

“We’ve continued to see a lot of interest from strategic buyers and financial sponsors in the ingredients sector,” added Brant Cash, a managing director at Harris Williams. “Mercer’s leading position supplying ingredients to the foodservice and CPG channels provides the company with outsized growth opportunities in a sector that already has significant tailwinds behind it.”

“Natural and clean label ingredient solutions continue to drive strong interest among investors in the food industry,” said Andy Warczak, a director at Harris Williams. “Freeze-dried fruit and vegetable ingredients have exciting applications throughout the food and beverage industry as a result of being plant-based, natural, nutritious and clean label.”

Based out of Modesto, California, Mercer is a leading provider of freeze-dried fruit and vegetable ingredients. The company was founded in 1980 by freeze-dried industry pioneer Jim Mercer and has evolved into an industry leader through freeze-dried ingredient innovation and best-in-class quality and service. Today, Mercer serves a variety of blue-chip foodservice operators, food manufacturers and retailers.

Graham is a private investment firm focused on investing in technology-driven companies that are spurring innovation. Graham targets companies with EBITDA between $5 million and $50 million and will invest in smaller companies to the extent they complement one or more of its other holdings. Since the firm's founding in 1988 by Steven Graham, Graham has closed over 130 acquisitions, joint ventures, financings and divestitures. The committed capital raised since inception through the Graham funds, together with Graham-led co-investments, totals approximately $3.4 billion. Investors include university endowments, charitable foundations, financial institutions and private investors. Based in suburban Philadelphia, the firm has access to extensive operating resources and industrial expertise and is a member of The Graham Group, an alliance of independent operating businesses, investment firms and philanthropic entities, which all share in the common legacy of entrepreneur Donald Graham.

e2p is a middle market, Chicago-based private equity firm focused on control-oriented investments in the food and consumer packaged goods industries. e2p’s team of professionals includes experienced food and consumer packaged goods executives and investors who bring an entrepreneurial mindset and extensive industry networks to supporting and collaborating with portfolio company teams.

Mubadala Capital is a wholly owned asset management subsidiary of Mubadala Investment Company, a leading global sovereign investor headquartered in Abu Dhabi, United Arab Emirates. In addition to managing its own balance sheet investments, Mubadala Capital manages approximately $9 billion in third-party capital vehicles on behalf of institutional investors in four of its businesses, including three private equity funds, two early-stage venture funds, a long-biased public equities fund and two Brazil special opportunities funds.

Harris Williams, an investment bank specializing in M&A advisory services, advocates for sellers and buyers of companies worldwide through critical milestones and provides thoughtful advice during the lives of their businesses. By collaborating as one firm across Industry Groups and geographies, the firm helps its clients achieve outcomes that support their objectives and strategically create value. Harris Williams is committed to execution excellence and to building enduring, valued relationships that are based on mutual trust. Harris Williams is a subsidiary of the PNC Financial Services Group, Inc. (NYSE: PNC).

The Harris Williams Consumer Group has completed transactions across a variety of verticals, including branded consumer products; consumer services; food, beverage and agribusiness; and restaurant and retail. For more information on the Harris Williams Consumer Group and recent transactions, visit the Consumer Group’s section of the Harris Williams website.

Harris Williams LLC is a registered broker-dealer and member of FINRA and SIPC. Harris Williams & Co. Ltd is a private limited company incorporated under English law with its registered office at 8th Floor, 20 Farringdon Street, London EC4A 4AB, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. Corporate Finance Advisors GmbH is registered in the commercial register of the local court of Frankfurt am Main, Germany, under HRB 107540. The registered address is Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany (email address: [email protected]). Geschäftsführer/Directors: Jeffery H. Perkins, Paul Poggi. (VAT No. DE321666994). Harris Williams is a trade name under which Harris Williams LLC, Harris Williams & Co. Ltd and Harris Williams & Co. Corporate Finance Advisors GmbH conduct business.

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