Arbor Investments (“Arbor”) announced today the recapitalization of Darifair Foods, Inc. (“Darifair” or the “Company”). Founded in 1985 and headquartered in Jacksonville, Florida, Darifair is a provider of dairy products and fresh value-added ingredients for national chain restaurants and industrial food manufacturers. Terms of the transaction were not disclosed.
Darifair CEO Andrew Block will continue to lead the Company alongside current senior management team members President Midd McManus, CFO Bill Block, and EVP of Sales Jeffrey Block. The Darifair management team has over 20 years of experience leading the Company and has propelled the business to significant growth.
“My family and our employees are extremely proud of all that we have accomplished at Darifair over the past thirty-four years,” said CEO Andy Block. “We started out as a supplier of commodity dairy products and have evolved into a solutions-based provider of value-added dairy products and dairy alternatives. As we look to accelerate the Company’s growth, we believe Arbor is the perfect partner for us. Their extensive experience in the food and beverage industry, combined with their in-house resources for portfolio companies and multi-channel customer rolodex can help Darifair unlock new sales channels and opportunities. Together, we have a shared vision for where we can take the business. My family and I are excited to begin Darifair’s next chapter with Arbor.”
Commenting on the deal, Arbor Partner Alan Weed stated, “We are pleased to partner with the Block family and continue the legacy they’ve built at Darifair. We were drawn to the Company’s sophisticated culinary and product development expertise combined with their unique manufacturing capabilities. They are a recognized dairy expert and excel at bringing solutions-based products and innovation to their long-standing blue-chip customers. We look forward to using our extensive network to help the Company broaden their sales reach and expand their customer base.”
As part of the transaction, Arbor has brought on Peter Bradley as Operating Partner. Bradley brings more than two decades of executive leadership experience in the food and beverage, ingredient, and specialty chemical industries. Most recently he was CEO and Chairman of Novel Ingredients, an ingredients manufacturer for the nutraceutical, food and beverage, sports nutrition and pet care industries.
“We are very bullish on our new partnership with the Block family,” said Arbor CEO and Co-Founder Gregory Purcell. “As large consumer product companies and restaurants divest from food science and research investments, Darifair is a phenomenal conduit for taste innovation.”
This transaction marks Arbor’s fourth investment out of Arbor Fund IV and second investment with financing from Arbor’s Debt Opportunities Fund I. Winston & Strawn served as Arbor’s legal counsel in connection with the transaction.