By Abigail Summerville
(Reuters) – Private equity-backed Roland Foods is exploring a sale that could value the specialty food provider at $700 million or more, including debt, people familiar with the matter said.
The company, which buyout firm Vestar Capital Partners acquired in 2013, is working with Wells Fargo on a sale process, the sources said.
Roland generates around $65 million in 12-months earnings before interest, taxes, depreciation and amortization, the sources added.
Vestar and Roland did not comment. Wells Fargo did not respond.
Roland, founded in 1934 and headquartered in New York, imports foods ranging from vegetables to crackers from over 40 countries. It sells them to foodservice, retail and restaurant clients.
In 2017, Harvest Partners joined as a minority investor, injecting $125 million into the company. Vestar is a middle-market private equity firm based in New York.
(Reporting by Abigail Summerville in New York; Editing by Lisa Shumaker)
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