Insight Equity Affiliate Acquires Carolina Pride Foods, LLC
SOUTHLAKE, Texas; YOAKUM, Texas; and GREENWOOD, South Carolina – November 6, 2019 – Insight Equity Holdings LLC (“Insight Equity”), a leading middle-market private equity firm, is pleased to announce that its protein processing portfolio company, Eddy Packing Co., Inc. (“Eddy”), has acquired a majority of the assets of Carolina Pride Foods, LLC (“Carolina Pride”).
Based in Greenwood, South Carolina, Carolina Pride produces and sells pork, chicken, turkey, and beef products for retail and food service customers primarily in the Southeast. The company offers a variety of products under the Carolina Pride brand and in private label format, including: smoked sausages, lunch meats, hot dogs, bacon, fresh pork, hams, and pork sausages.
“We have been very impressed by the strong customer relationships that Carolina Pride has developed in its core market, and the Eddy team looks forward to continuing to serve those customers into the future. The entire Eddy team is excited to partner with Carolina Pride and its valued employees to continue to provide industry leading products with excellent customer service,” remarked Jim Reed, CEO of Eddy Packing Co., Inc.
The Eddy and Insight Equity teams worked together to identify and complete this transformative acquisition, and were both fully supportive of the growth potential provided by the transaction. Luke Bateman, a Senior Vice President at Insight Equity remarked, “Carolina Pride’s broad product offering is a perfect complement to Eddy’s current capabilities, and the combination will enable each company to better serve its customers.”
Eliot Kerlin, Senior Partner at Insight Equity added, “This acquisition provides the Eddy platform with another strong regional brand and expanded processing capacity. Additionally, the combination will support Eddy’s goals of becoming one of the nation’s premier protein processing companies.”
About Eddy Packing Company
Eddy Packing Company is a producer of high-quality beef, pork, and poultry products, and provides a diversified portfolio branded and private label products to its retail and food service customers. Eddy’s premium meats are found under various store brands from regional grocers to large national grocery chains, in restaurants and wholesale clubs across the United States.
About Insight Equity
Insight Equity makes control investments in strategically viable, middle-market manufacturing and distribution businesses across a wide range of industries. Leveraging a proven, collaborative value creation model, Insight Equity facilitates operating enhancements and growth. The firm specializes in partnering with companies in complex or challenging situations, including corporate divestitures, management buyouts, aggressive growth opportunities, going- private transactions, restructurings, and transitions from family ownership. Insight Equity’s headquarters is located near the Dallas / Ft. Worth International Airport in Southlake, Texas. The firm also has an office in New York City.