Willkie advised IMB Partners and Pro Foods Solutions, a leading food supplier to the U.S. military worldwide that comprises Alder Foods, Elite Brands and Richmond Wholesale, in connection with a $130 million dividend recapitalization.

On July 10, IMB announced the completion of a dividend recapitalization of its three portfolio companies Alder Foods, Elite Brands and Richmond Wholesale, which collectively form its military food supplier holding group, Pro Food Solutions. Pro Food Solutions closed on a $153 million debt financing, of which $130 million will be used to pay off existing debt and to fund a distribution to shareholders.

IMB acquired Alder Foods in 2016 and invested in Richmond Wholesale in 2020 and in Elite Brands the following year. Willkie represented IMB in its investments in Richmond Wholesale and Elite Brands.

IMB is a private equity sponsor focused on investing and partnering with management teams to grow lower middle market companies serving government agencies and utilities.

The Willkie team was led by partner A. Mark Getachew and included counsel Emerson W. Girardeau, III, and Ajanaclair Nicole Lynch.