Hyde Park Capital Announces Sale of Paradise Fruit Business to Seneca Foods
Tampa, Florida – August 1, 2019 – Hyde Park Capital Advisors, LLC (“Hyde Park Capital”) is pleased to announce the sale of Paradise, Inc.’s (“Paradise”) (OTCPink: PARF) candied fruit business to Seneca Foods Corporation (“Seneca”) (NASDAQ: SENEA, SENEB). Hyde Park Capital served as the exclusive investment banker to Paradise, Inc. for this transaction and provided a fairness opinion to the Paradise Board of Directors.
Randy Gordon, President and CEO of Paradise, stated: “We are pleased and excited that Seneca Foods has acquired our candied fruit division. The acquisition by Seneca will be a complimentary fit with their company’s offerings and I am certain with their vast network they will be able to improve our business growth as Paradise continues to be the nation’s leader in our business category. This transaction is somewhat bittersweet to me since Paradise has been supplying quality fruits and peels with excellent service for almost 60 years with my family providing the stewardship. I would like to thank Hyde Park Capital for all their hard work on this sale transaction. They were a pleasure to deal with and always conducted themselves in a professional manner.”
John McDonald, Senior Managing Director of Hyde Park Capital, said: “It has been a pleasure working with the Paradise management team and their legal and accounting advisors. We are very pleased with the outcome of our process and are glad to see that the company’s fruit business is now with an excellent new owner. The strategic fit with Seneca Foods could not be better. We thank Paradise for entrusting Hyde Park Capital to represent the company to the marketplace of buyers and advise the company on this very important sale-of-company transaction.”
About Paradise, Inc.
For over sixty years Paradise, Inc., based in Plant City, Florida, has produced, packed and distributed its brands of candied fruit, which have been the favorites of homemakers and commercial bakers throughout North America. The company’s candied fruit products serve as the primary fruit ingredient in holiday baked goods. The Paradise Brands include Paradise, Pennant, Sunripe, Mor-Fruit, Dixie Brand, and White Swan. In addition, some of America’s leading grocery retailers like The Kroger Companies, Safeway Stores, Food Lion and Bi-Lo have such confidence in Paradise quality that they offer it for sale under their own labels. Today, these brands make Paradise, Inc. the largest manufacturer and supplier of consumer packaged candied fruit ingredients for baked goods in the world. For more information, please visit www.paradisefruitco.com.
About Seneca Foods Corporation
Seneca Foods is North America’s leading provider of packaged fruits and vegetables, with facilities located throughout the United States. Its high quality products are primarily sourced from over 2,000 American farms. Seneca holds the largest share of the retail private label, food service, and export canned vegetable markets, distributing to over 90 countries. Products are also sold under the highly regarded brands of Libby’s®, Aunt Nellie’s®, READ®, Cherryman® and Seneca labels, including Seneca snack chips. In addition, Seneca provides vegetable products under a contract packing agreement with B&G Foods North America, under the Green Giant label. For more information, please visit www.senecafoods.com.
About Hyde Park Capital
Hyde Park Capital is an institutionally focused investment banking firm specializing in mergers and acquisitions and serving the corporate finance needs of middle market public and private companies. Our principals have extensive investment banking experience executing merger & acquisition engagements, including purchase and sale of company assignments, recapitalizations, financial advisory, fairness opinions and raising growth capital and acquisition financing for companies, including equity, mezzanine and senior debt. Hyde Park Capital is headquartered in Tampa, Florida and is a member of FINRA and SIPC. For additional information on Hyde Park Capital, visit www.hydeparkcapital.com.